THIS QUERY OFTEN RAISES it’s head … whenever the proposed new tenant is felt to have insufficient financial resources. [Read more…]
PEXA – the Future of eConveyancing
AS OF 1 OCTOBER 2018, Victoria has moved one step closer to a completely digital conveyancing process as all property settlements (with some exceptions) are required to be completed via PEXA (Property Exchange Australia). [Read more…]
Are You Aware of the Absentee Owner Surcharge?
AS OF 1 JANUARY 2017, Victorian land owned by an “absentee owner” is subject to an additional 1.5% Absentee Owner Surcharge. The purpose of the surcharge is to require foreign buyers, who do not pay other taxes, to contribute to government services and infrastructure in Victoria.
Although this surcharge also applies to commercial property, it was originally introduced as an attempt to manage foreign purchasing of residential real estate in Victoria – to assist with housing affordability. [Read more…]
Why You Should Have Your Commercial Lease Prepared by Professionals
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QUITE OFTEN THE QUESTION will arise, as to whether you need incur the cost of having a lawyer to prepare your commercial lease. And perhaps the answer is best found in this case study. [Read more…]
Pop-up Shops are Becoming Far More Common
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THE RETAIL LANDSCAPE is altering and evolving – being partially driven by the changing expectations, wants and needs of today’s consumers. And the rise of the ‘pop-up’ shop is one example of this. [Read more…]
Underquoting Laws Change
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UNDERQUOTING can take place whenever a real estate agent misleads a potential buyer about the likely selling price of a property – be it for commercial or residential real estate.
For example: When a property is promoted at a price that is lower than its estimated selling price, the seller’s asking price or at a price that the seller has already rejected. [Read more…]
WARNING: Your Land Tax Objections for 2017
THIS IS A REMINDER to Review your Assessments and Object before the 60-Day Deadline expires very soon.
As you may well be aware, the State Revenue Office is currently issuing 2017 Land Tax assessments for Victorian landholdings owned as at midnight on 31 December 2016. [Read more…]
How Solar Panel Initiative Helps Commercial Landlords
A RECENT INITIATIVE by City of Melbourne set to accelerate the rollout of Solar Cells on commercial buildings across Australia.
You may not realise, but Australia has the highest number of solar panels on residential rooftops per capita in the world. However, solar panels on commercial buildings in Australia are few and far between -- with plenty of roof space not generating any energy.
Foreign Resident CGT Withholding Regime
ON 25 FEBRUARY 2016, Parliament passed a new foreign resident capital gains tax withholding regime.
The regime applies to contracts entered into on or after 1 July 2016; and is intended to assist the Commissioner of Taxation in the collection of the CGT payable by foreign residents.
Under the regime, a 10% non-final withholding tax will apply to foreign residents on the disposal of relevant taxable Australian property.
Do You Fully Understand “Cooling Off” Periods?
COMMERCIAL PROPERTY INVESTORS will generally live in a residential property. So, here is something to consider when you come to buy your next home.
A recent decision in the Supreme Court of Victoria (Tan v Russell [2016] VSC 93) has made it clear that real estate agents do not have authority to receive notices of termination when purchasers seek to exercise their cooling off rights, unless otherwise authorised to receive such notices.
Negative Gearing Reform
Do Commercial Investors have anything to fear?
WHILE NEGATIVE GEARING is relied upon by investors across various sectors in the Australian economy, it has once again been brought under the spotlight within the context of property investment.
And both sides of politics have shared their positions, where it has been hotly debated over the last few months.
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