It is normal practice that spouses or de facto partners hold ownership in their property jointly. However, there are times, when you may need to consider holding the property in only one name. When: if real property (house, land, unit, etc.) is owned in joint names and you want it exclusively owned in one person’s name Why: there a numerous reasons, but some of the more common uses are – asset protection – where one partner is in a high risk career...
From 1 December 2015 the Commonwealth government of Australia introduced sweeping reform of the laws regarding foreign investment into land in Australia. The penalties for failure to comply with foreign investment laws are strict and accordingly it is important to understand your obligations prior to purchasing residential land in Queensland. The Rules Generally foreign persons can only purchase land in Queensland if the purchase is for a new build or vacant land on which a new building will be constructed. However, it...
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...
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...
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...
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...
