In the media – National
2017 State of the Land
The ninth annual State of the Land report has been released. The
report, sponsored by the UDIA and based on the National Land Survey
Program (NLSP) by Charter Keck Cramer and Research 4, is a rare,
"bottom-up" analysis of one of the most important housing
markets in the country -- the greenfield land market (05 April
2017). More...
Good times for hotel property sector
The hotel property sector is currently outperforming all other
property classes in the Australian market, with Sydney and
Melbourne the standout performers, finds Savills Australia's
hotel market report. Hotel capital markets continue to be dominated
by eastern seaboard transactions (04 April 2017).
More...
In the media – Victoria
New Approach to Development off Public Land in
Victoria
The Andrews Labor Government has established its new agency to
lead the development, renewal and revitalisation of public land in
Victoria. Development Victoria, the new agency, will ensure
revitalisation of land owned by the public, benefits the public
– by improving housing affordability, employment
opportunities and access to education, services and open space (06
April 2017).
More...
Plan Melbourne: density and heritage come into
conflict
Critics are concerned Plan Melbourne's renewed push for
development in activity centres combined with reformed residential
zones will damage the city's distinctive heritage (31 March
2017).
More...
In the media – Queensland
Calls for government to help residents in high-risk
flood zones
Residents badly affected by flooding in Queensland and NSW say
they have no low-cost housing alternatives, and want compensation
or a government buy-out of their land (07 April 2017).
More...
Wivenhoe Dam $900m facelift considered to prevent flood
disaster
Seqwater is considering a massive upgrade of Wivenhoe Dam that
could raise the dam wall by 4 metres in a bid to prevent a
"rare" catastrophic flood event in Brisbane in the future
(05 April 2017).
More...
"Jewel" construction project ramps up with
2,500 Gold Coast jobs
2,500 workers who will gain jobs and employment opportunities
through the $1 billion "Jewel" residential tower project
on the Gold Coast. Locally designed by Gold Coast architect Barry
Lee, of DBI Design, and being built by Australian construction
company Brookfield Multiplex, Jewel will be Australia's largest
hotel and residential complex (04 April 2017).
More...
Published – articles, papers, reports
REIA News – March 2017
31 March 2017 - Included in this issue: Highlights of REIA
National Awards for Excellence 2017, Industry heads down the
professional path, First homebuyers access to super not a radical
idea, National affordability and national market snapshot. More...
In Practice and Courts
Administrative change to screening arrangements –
Foreign Investment Review Board
The screening of non-sensitive commercial real estate and internal
reorganisation (restructure) foreign investment applications will
be undertaken by the ATO from 1 April 2017. More...
Announcements, Draft Policies and Plans released 2017
SRO Victoria: New measures for vacant property in
Victoria
The Victorian Government has announced it intends to introduce a
vacant residential property tax (VRPT). The VRPT will be levied
on dwellings that are vacant for more than a total of six months in
a calendar year. Subject to the passage of the State Taxation
Acts Amendment Bill 2017, the VRPT will apply from 1 January
2018 (06 March 2017).
More...
Notice of the preparation of an amendment –
Amendment C258
The land affected by the amendment is all land within the
Melbourne municipal area affected by a Heritage Overlay and land in
West Melbourne. The Amendment proposes to replace the existing A to
D heritage grading system with the Significant / Contributory /
Non-contributory grading system and implements the recommendations
of the 'Heritage Policies Review 2016'. Any person who may
be affected by the Amendment may make a submission to the planning
authority about the Amendment. The closing date for submissions is
12 May 2017.
More...
OSR DA019.1.4—Extension of time to lodge certain
agreements transferring dutiable property
The purpose of this public ruling is to explain when the
Commissioner may grant an extension of time to lodge an agreement
for the transfer of dutiable property (agreement), in particular
circumstances (issued 31 March 2017).
More...
Cases – Victoria
Danvest Pty Ltd & Anor v Commissioner of State Revenue
[2017] VSC 125
DUTIES – Transfer of dutiable property – Whether
transfer of interests in partnership a "transfer of dutiable
property" – Nature of interest of a partner in
partnership property – Duties Act 2000, ss 3, 7 and
10 – Commissioner of Stamp Duties (Queensland) v
Livingston [1964] UKPCHCA 2; (1964) 112 CLR 12; CPT
Custodian Pty Ltd v Commissioner of State Revenue [2005] HCA
53; (2005) 224 CLR 98; Commissioner of Taxation v Linter
Textiles Australia Ltd (in liq) [2005] HCA 20; (2005) 220 CLR
592; Inland Revenue Commissioner v Gray [1994] STC 360;
R v Toohey; ex parte Meneling Station Pty Ltd [1982] HCA
69; (1982) 158 CLR 327; Stow v Mineral Holdings (Aust) Pty
Ltd [1979] HCA 30; (1977) 51 ALJR 672; BPG Caulfield
Village Pty Ltd v Commissioner of State Revenue [2016] VSC
172; In Re Bourne; Bourne v Bourne [1906] 2 Ch 427; Re
Bainbridge; ex parte Fletcher (1878) 8 Ch D 218; Watson v
Ralph [1982] HCA 35; (1982) 148 CLR 646; Commissioner of
State Taxation (SA) v Cyril Henschke Pty Ltd [2010] HCA 43;
(2010) 242 CLR 508; Canny Gabriel Castle Jackson Advertising
Pty Ltd v Volume Sales (Finance) Pty Ltd [1974] HCA 22; (1974)
131 CLR 321; Bolton v Federal Commissioner of Taxation
[1965] ALR 481 at 485, 491; Hurst v Bryk [2002] 1 AC 185;
McDonald v Dennys Lascelles Ltd [1933] HCA 25; (1933) 48
CLR 457 at 476; United Builders Pty Ltd v Mutual Acceptance
Ltd [1980] HCA 43; (1980) 144 CLR 673; Hancock Prospecting
Pty Ltd v Wright Prospecting Pty Ltd [2012] WASCA 216; (2012)
45 WAR 29; and Sze Tu v Lowe [2014] NSWCA 462; [2014] 89
NSWLR 317.
Lotus Projects Pty Ltd v Commissioner of State Revenue
[2017] VSC 63
LAND TAX – Exemption – Land leased for outdoor
sporting, outdoor recreational or similar outdoor activities
available for use by members of the public where the proceeds of
leasing are applied exclusively for charitable purposes –
Land leased for public golf course – Meaning of
"Land" for the purposes of exempting provisions –
Land Tax Act 2005, s 71 – Commissioner of State
Revenue v Famajohn Nominees Pty Ltd (1999) 43 ATR 29 –
Applewood Residential Development Pty Ltd v Commissioner of
State Revenue [2006] VSCA 207; (2006) 64 ATR 291 –
Capital Club Pty Ltd v Commissioner of State Revenue
[2007] 17 VR 357 – Wines v Commissioner of State
Revenue [2011] VCAT 310.
Legislation - Commonwealth
Regulations
PAYG
Withholding variation for foreign resident capital gains
withholding payments – income tax exempt
entities
06/04/2017 - This instrument removes the need for an income tax
exempt entity to make an application for a variation under
subsection 14-235(2). As a result of this instrument, no
withholding is required when an income tax exempt entity disposes
of ownership of a relevant asset.
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.