Author - George Economous

Capital Gains Tax (CGT) Withholding

George Economous2024-11-09T06:21:50+10:00

The Commonwealth government has introduced a new CGT (Capital Gains Tax) withholding regime targeted at ensuring foreign residents comply with their CGT obligations when they dispose of real property in Australia. However, in effect all vendors and purchasers of property in Australia (not just foreign residents) are affected by the new regime and must comply with the requirements of Australia Tax Office (ATO). The Regime The withholding regime applies to any contract for real property in Australia (worth at least $2million) and...

Why Do I Need a Will?

George Economous2024-11-09T06:21:57+10:00

What is a Will?

Making a will is one of the single most important things you can do to make sure your spouse and child are cared for should something happen to you. In your will you can appoint a person (guardian) to care for your children if you die before they become legal adults. You can also designate a person (executor) to manage your money for your children until they reach adulthood. You can appoint one person to act as...

De Facto Relationship… Are You In One?

George Economous2018-10-23T04:22:38+10:00

In Queensland, a de facto relationship exists where two people live together as a couple without being married: section 32DA(1) Acts Interpretation Act 1954 (Qld). Straightforward….unfortunately not….there is nothing simple when it comes to defining what constitutes a “de facto” relationship. There are dozens of legislative provisions across all Australian jurisdictions which complicate the definition.  Notwithstanding this, there may be many reasons why a person will want to prove or disprove a de facto relationship exists at law. So what factors show that...

Legislative Changes for “Off the Plan” Purchases and What They Mean for You

George Economous2018-12-15T01:41:01+10:00

Introduction The Queensland Government has undertaken substantial reform of the law regarding “off the plan” property, which came into effect on the 1 December 2014. The government’s objective in making these reforms has been to streamline the law and reduce red tape in this area while maintaining consumer protections. Regardless of whether or not the reform achieves these objectives both Buyers and Sellers will have to be extra careful to ensure their interests are protected. ‘Lot’ or ‘Allotment’? There is now no difference...

Reform and Repeal of PAMDA

George Economous2017-03-06T03:59:08+10:00

Under sweeping reform by the Queensland Government, the Property Agent and Motor Dealers Act (PAMDA) will be repealed on the 1 December 2014. There have been consistent complaints about the amount of red tape people have to go through because of PAMDA. One reason for the red tape is that PAMDA is a complex piece of legislation that attempts to regulate many different industries. The government has attempted to keep the important consumer protection policies contained in PAMDA while reducing red...