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.
Legislation
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.