With almost three quarters of Australians owning real property, clients will be turning to you – their accountant – to discuss the structuring and tax implications of disposal, sub-division or development opportunities.
On 1 October 2016, the new Chapter 4 of the Duties Act 2001 (Qld) (the Act) introduced the Additional Foreign Acquirers Duty (AFAD). As with any new legislation it comes laden with detail, which can be difficult to wade through and understand the impacts for you or your clients.
Reap the benefits, not the consequences! Trusts and self-managed superannuation funds (SMSFs) are becoming increasingly popular structures for the purchase of properties, particularly where investment properties are concerned.
Five tips for real estate agents to stay out of the firing line. Real estate is a tough game, with tough rules. For agents, this means that there are a lot of ways you can slip up and potentially land yourself, and your agency, in hot water.
It seems that we can’t open a newspaper at the moment without reading negative reports about the real estate market. All this negativity is feeding more negativity, and ultimately damaging our industry.
Full disclosure when selling a property isn’t just ethical – it’s the law. Failure to comply with disclosure requirements could lead to a buyer terminating the contract, costing real estate agents and their clients serious dollars.
The Australian government is ramping up efforts to collect tax from foreign residents selling property within Australia. Rather than relying on the vendor to comply, the recent Tax and Superannuation Laws Amendment (2015 Measures No. 6) Act 2016 shifts the responsibility to the purchaser.
Although the standard form Contracts of Sale issued by the Real Estate Institute of Queensland and the Queensland Law Society are sufficient for most property sales, frequently sellers and buyers will request special arrangements for their transactions which are required to be recorded as special conditions.
New Property Occupations Act (“POA”) Form 6 (Appointment and reappointment of a property agent, resident letting agent or property auctioneer) and Form 8 (Disclosure to prospective buyer) are effective as of Thursday 1 October 2015.
The introduction of the Property Occupations Bill 2013 (“the Bill”) into State Parliament on 20 November 2013 has been long awaited for those in the development industry. The Bill is one of four Bills that, if passed, will see the repeal and split of the Property Agents and Motor Dealers Act 2000 (PAMDA).