Law

what is a will

Understanding Wills – What is a Will?

What is a will? It is commonly asked what is a will. A will is a document which expresses how and to whom the property of an individual (the testator) will be distributed after their death. It is prudent to engage a solicitor and give clear instructions regarding how and to whom your property will be distributed after your death to ensure the validity of your will. Under a will, a trustee holds property on trust for the nominated beneficiaries and...

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Additional Foreign Acquirer Duty

Additional Foreign Acquirer Duty

Additional Foreign Acquirer Duty - What You Need to Know! Additional foreign acquirer duty (AFAD) is an additional duty that applies to foreign acquirers purchasing residential property in Queensland. From 1 July 2018, the Queensland Government increased the AFAD amount from 3% to 7%. This means that a foreign person now needs to pay an additional 7% transfer duty to the Government when acquiring residential land in Queensland. Who has to pay AFAD? AFAD applies to “foreign persons” who include: Foreign individuals – an...

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off the plan olsen lawyers

When Buying Off The Plan Doesn’t Go To Plan

When Buying off the plan doesn’t go to plan – changes to my disclosure statement, can I terminate? Choosing to buy a property off the plan means you are entering into a contract before the construction has been completed or commenced. Changes in market conditions or other changes during construction can mean things don’t always go as planned. Difference between buying off the plan and a standard contract for sale Most standard contracts of sale settle in thirty to sixty days. Buying...

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Will Mandatory Meth-Testing of Rentals become Law in Queensland?

Mandatory Testing A New South Wales woman has been forced to vacate her house after learning that the dwelling was found to contain residue of methamphetamine. The drug commonly known as ‘ice’. After being ill for months, she was horrified to learn that her house contained residue of the drug and that all of her possessions were contaminated as a result. This unfortunate personal story highlights important questions regarding not only the feasibility and likelihood of mandatory meth-testing at the...

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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)...

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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...

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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...

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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...

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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...

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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 ...

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