Australia: Property & real estate news – 19 April 2017

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.

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Authors
Katie Miller
Gerard Timbs
 
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