Australia: Property & Real Estate - What's News - 12 July 2016

Last Updated: 17 July 2016
Article by Chris Lovell, Lou Farinotti and Lisa Cody

Most Read Contributor in Australia, September 2017

In the media – National

National Australia Bank Ltd joins big three to ban foreign property buyers
The National Australia Bank Ltd has become the last of the big four banks to ban lending to foreign buyers without domestic income. Australia and New Zealand Banking Group, Commonwealth Bank of Australia and Westpac Banking Corp all introduced rules to restrict lending to foreign buyers over the past few months (27 June 2016). More...

Report: Australia's "internationally embarrassing" recycling rates must be fixed
Parties running in the federal election urgently need to respond to Australia's "internationally embarrassing" recycling rate, according to a new report from the Australian Council of Recycling (23 June 2016). More...

APRA 'dials up' scrutiny of bank lending for commercial real estate
The prudential regulator is "dialling up" its scrutiny of bank lending to commercial real estate projects, an area that regulators have pinpointed as being the most exposed to a deterioration in economic conditions (23 June 2016). More...

In the media – Victoria

$2 Billion In Development Pours Into Melbourne
Minister for Planning Richard Wynne approved five major projects in June, which equate to more than 2,000 apartments, more than 300 serviced apartments and hotel rooms, office and retail space (29 June 2016). More...

In the media – Queensland

Deregulation brings competitive electricity pricing to South-East Queensland
South-East Queensland electricity users are set to have access to a wider range of innovative products and deals as a result of the deregulation of the retail electricity market, which comes into effect today (01 July 2016). More...

Palaszczuk Government's $20,000 First Home Owners' Grant starts today
Queensland first home buyers will receive a $5,000 boost to the Queensland First Home Owners' Grant from today, giving them $20,000 to get into the market (01 July 2016). More...

Barada Barna People and Widi People win native title rights
Three native title decisions, made during a Federal Court hearing in Moranbah today, gave the Barada Barna and Widi peoples control over their destiny. The decision covers about 3,233 square kilometres of land and waters south-west of Mackay and north-west of Rockhampton in the Bowen Basin (30 June 2016). More...

New liquor laws start 1 July 2016
The Palaszczuk Government's new laws to tackle alcohol-fuelled violence are set to provide a boost to the social life and economy of Queensland's towns, cities and entertainment precincts (26 June 2016). More...

More national park areas added to Queensland protected estate
Significant areas have been added to national and regional parks in Queensland this week, bringing the total protected area to 13,704,240 hectares covering 7.92 percent of Queensland (25 June 2016). More...

Published – articles, papers, reports

New Withholding Tax Regime for Australian Property
The new requirements imposed on buyers under the Tax and Superannuation Laws Amendment (2015 Measures No 6) Act 2015 (Cth) come into effect on 1 July 2016. While targeted at disposals by foreign residents, the Act introduces a requirement for all buyers of Australian real estate, valued at $2m or over, to retain 10% of the purchase price and pay this amount as withholding tax to the ATO. This is unless the seller produces an ATO clearance certificate or a variation notice prior to settlement. More...

Announcements, Draft Policies and Plans

Qld Treasury: The Commissioner of State Revenue releases public ruling DA012.3
On 23 June 2016, the Commissioner of State Revenue issued public ruling DA012.3.1—Sale of retirement village businesses—obligations under section 71 of the Retirement Villages Act 1999 to pay exit entitlements to outgoing residents. This ruling clarifies whether the assumption, by a purchaser of a retirement village business, of a vendor's obligation to make payments to outgoing retirement village residents will be included as consideration under s.12(1)(a) of the Duties Act 2001 (01 July 2016). More...

Duties and Other Legislation Amendment Bill 2016 (Qld)
The Bill amends the Duties Act 2001 (Duties Act) and the First Home Owner Grant Act 2000 (FHOG Act) to implement 2016–17 State Budget measures. The Duties Act is amended to extend the existing transfer duty concession for interfamilial transfers of family primary production businesses (family primary production business concession) by removing the requirement that the transfer be by way of gift, from 1 July 2016.
The Duties Act is also amended to impose a 3% duty surcharge that will apply to direct and indirect acquisitions of specified residential property in Queensland by foreign acquirers (additional foreign acquirer duty, or AFAD). This measure will apply from 1 October 2016.
The FHOG Act is amended to increase the amount of the Queensland First Home Owner's Grant (the grant) from $15,000 to $20,000 for eligible transactions entered into between 1 July 2016 and 30 June 2017, both dates inclusive.

Title Registry update – Fees and charges
The revised Queensland Titles Registry fees take effect from 1 July 2016.
The new fees for the 2016-2017 financial year are prescribed in the Natural Resources and Mines Legislation (Fees) Amendment Regulation (No. 1) 2016 which is available on the Office of the Queensland Parliamentary Counsel website. More...

In practice and courts – Commonwealth

New Withholding Tax Regime for Australian Property
The new requirements imposed on buyers under the Tax and Superannuation Laws Amendment (2015 Measures No 6) Act 2015 (Cth) came into effect on 1 July 2016. While targeted at disposals by foreign residents, the Act introduces a requirement for all buyers of Australian real estate, valued at $2m or over, to retain 10% of the purchase price and pay this amount as withholding tax to the ATO. This is unless the seller produces an ATO clearance certificate or a variation notice prior to settlement. More...

SRO: Changes to state taxes June 2016
The State Taxation and Other Acts Amendment Act 2016 received Royal Assent on 28 June 2016. It introduces changes to the Duties Act 2000, Fire Services Property Levy Act 2012, First Home Owner Grant Act 2000, Land Tax Act 2005, Payroll Tax Act 2007, Planning and Environment Act 1987 and the Taxation Administration Act 1997. The legislative update 2016 explains the changes made by this Act (29 June 2016).

Cases – Victoria

Sellers & Anor v Michael Faltermaier Lawyers [2016] VSC 341
PROPERTY LAW – Application to remove caveat – Bankruptcy proceeding – Prima facie case not disputed – Balance of convenience in favour of the plaintiff – Caveat removed – Transfer of Land Act 1958 ss 89, 89A.

Secretary to the Department of Economic Development, Jobs, Transport and Resources v Manor Lakes (Werribee) Pty Ltd [2016] VSC 358
LAND ACQUISITION AND COMPENSATION – Loss attributable to disturbance – Replacement land costs – Land compulsorily acquired held for residential and commercial sub-division – Whether acquired land was stock in trade – Replacement land acquired pursuant to pre-existing option agreement – Whether acquisitions of replacement land 'the natural, direct and reasonable consequence' of the compulsory acquisitions – Meaning of 'natural, direct and reasonable' – Halwood Corporation Ltd v Roads Corporation (1995) 89 LGERA 280; Melbourne City Link Authority v Teford Pty Ltd [2001] VSCA 54; (2001) 113 LGERA 102 – Whether an award of compensation for replacement land costs precluded by s 41(2) – Whether award of compensation for replacement land costs should be discounted on the ground that statutory interest accrued from the dates of acquisition rather than from the dates the costs were actually incurred – Land Acquisition and Compensation Act 1986 (Vic), ss 40, 41(1)(d), 41(2), 53.

Cases – Queensland

PSAL Limited v Galilee Solicitors [2016] QDC 162
PROFESSIONS AND TRADES – LAWYERS – DUTIES AND LIABILITIES – SOLICITOR AND CLIENT – NEGLIGENCE – where fund were borrowed –– where the loan was to be secured by a mortgage over property – where the mortgage was not registered due to fraud – where the loan fell into default – whether the plaintiff was the client of the defendant in respect of the loan transaction - whether the defendant was negligent and in breach of its retainer in respect to its advice to the plaintiff and the manner in which it carried out its duties – whether the plaintiff suffered loss as a consequence of the defendant's breach.


Duties and Other Legislation Amendment Bill 2016
Passed on 17/06/2016 Assent Date: 27/06/2016 Act No: Act No. 37 of 2016
Commences: see Act for details. The objective of the Bill is to amend the Duties Act 2001 (Qld) and the First Home Owner Grant Act 2000 (Qld) to implement 2016-17 State Budget measures.

This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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