Will Mandatory Meth-Testing of Rentals become Law in Queensland?
08Feb
13Nov
Changes to GST Withholding – What You Need to Know
Changes to GST Withholding from 1 July 2018: What you need to know
Announced in the 2017 Federal Budget and coming into effect on 1 July, 2018, the GST Withholding Law requires buyers of certain residential premises to withhold a portion of the purchase price from the seller at settlement to be paid as GST to the Australian Tax Office (ATO). This new law is designed to prevent tax avoidance by companies through phoenixing. The Real Estate Institute of Queensland (REIQ) has...
17Aug
Federal Budget 2018: Implications for Vacant Land Owners
Vacant land owners in Australia were the subject of tax incentive cutbacks in this year’s budget. The measures are set to reduce tax incentives for vacant land owners, who will be unable to claim certain expenses, such as interest and maintenance costs associated with the property in income tax returns. This is estimated to save $50 million, discourage “land banking” and increase the supply of land in the property market. What is “Land Banking”? “Land Banking” describes real estate investment involving the...
18May
Olsen Lawyers Conveyancing Searches Guide
Searches conducted during a conveyance will ensure that good title is transferred to you upon settlement. This means you will be aware of any financial or other encumbrance and can act on this before settlement. This will ensure you aren’t taking over any of the previous owners’ unpaid debts and can use the property in line with your intended purpose. Example 1 – you purchase an existing house with a view to building a pool in the back yard, but failed...
17Apr
How do the lockout laws affect your premises?
Under the Tackling Alcohol-Fuelled Violence Legislation Amendment Act 2016 (Qld) in conjunction with the Liquor Act 1992 (Qld), licensed premises in Queensland must abide by strict licensing laws. This new legislation was designed to minimise alcohol-related violence in “Safe Night Precincts” (“SNPs”). These precincts are key entertainment areas as defined by Tackling Alcohol-Fuelled Violence Legislation Amendment Act 2016 (Qld) s 173P (2). What this means for you Does your premises fall within an SNP area? As at March 2018, there are 15...
08Mar
Buying at Auction: The Pros & Cons
Most purchases involving residential real estate in Queensland are governed by the Real Estate Institute of Queensland’s (REIQ) Standard Conditions, including provisions protecting the Buyer’s right to termination. However, when purchasing under auction conditions, these standard safeguards can unwittingly be reduced or even removed. Here are the pros and cons of purchasing under auction, and what you need to know and be armed with when you go along to auction day. Buyer’s basic termination rights under REIQ Standard Conditions Cooling-Off Period...
04Jul
Foreign Resident Capital Gains Tax Withholding
Foreign Resident Capital Gains Tax Withholding
One of the measures taken by the Australian government in the recent budget to balance the books was to crack down on foreign buyers avoiding capital gains tax (CGT) on the sale of real property. To this end, the foreign resident capital gains tax withholding (FRCGW) scheme has been adjusted in the following key areas: The purchase price of real property caught by FRCGW has been reduced to $750,000 from $2 million; and The...
03Apr
Why do I need an enduring power of attorney as well as a will?
What is an enduring power of attorney?
An enduring power of attorney (EPOA) is a formal document which gives another person the authority to make personal and/or financial decisions on your behalf. The main difference between a EPOA and a General Power of Attorney is that an EPOA will “endure” and continue to be valid in the event you lose capacity.Why do I need one?
Olsen Lawyers recommends having an EPOA in addition to your will. This ensures someone you trust has the...
06Mar
Duty Concessions For Home/First Home Owners Explained
When buying property in Queensland you must pay stamp duty, which is calculated according to the value of the property. If you intend to use the property as your home or are acquiring the residence as your first home you may be eligible to claim a concession that reduces the amount of stamp duty you have to pay.
Am I eligible for a home concession?
You can claim a home concession if you intend to live in the property as your principal place...
05Mar
Executing Transfers Outside of Australia
When executing transfers outside of Australia or selling real property in Queensland (e.g. house, unit or land), you are required to execute a Form 1 – Transfer. The original form is then registered at the Titles Office of Queensland and officially signifies the change in ownership from you to the new owner. Because of the important nature of this form, there are stringent rules set out in the Land Title Practice Manual about executing the form in the correct way.
