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Personal Property Security Register Reminder
Contact: John Irvine or Jasmine Chen 30 January 2019 marked the seventh anniversary of the commencement of the Personal Property Security Act 2009 (Cth) (‘the Act’) and the accompanying Personal Property Security Register(‘PPSR’). This is also the date that registrations on the PPSR began to expire. Failing to renew existing registrations on the PPSR can have serious […]
“Company Title” and what it means for you
Contact: John Irvine or Jacob Powell Company title is a form of quasi-strata ownership resulting in a ‘contractual’ right to exclusive occupation of a property, as opposed to a “proprietary” right of ownership. The main difference being that owners are not the “registered proprietors” of their parcel of land or unit but instead, owners purchase shares […]
Deposit or Penalty: What Happens to the Other Half of a ‘Deposit by Instalments’ When a Property Sale Goes Wrong?
Contact: Michael James and Andrew Ekert Introduction In 1889, Lord Macnaghten (of the UK House of Lords) proclaimed, “everyone knows what a deposit is”. Later, in 1980, Justice Brooking of the Victorian Supreme Court added a rider: “… unhappily the law is not clear on the simple question whether a vendor who puts an end to the contract […]
GST Payable on Settlement – Update
Contact: Michael James and Andrew Ekert On 28 March 2018, the Federal Parliament passed the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 introducing the new Residential Withholding Payment scheme (RW Scheme). This means that from 1 July 2018, purchasers of ‘new residential premises’ or ‘potential residential land’ attracting the RW Scheme must withhold […]
Foreign resident capital gains withholding payments regime – threshold lowered
Contact: John Irvine, Mark Poretti, Michael James On 1 July 2016, the Federal Government introduced the Foreign Resident Capital Gains Withholding payments regime, which imposes a 10% non-final withholding tax on payments made to foreign residents who dispose of certain taxable Australian property. The regime applies to vendors and purchasers of real estate with a […]
