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Important GST Withholding Legislation

On 1 July 2018, a new regime of GST withholding obligations comes into effect and is set to create considerable change to property transactions which property lawyers should be aware of.

Where a supplier (the vendor) makes a taxable supply of new residential premises or a subdivision of potential residential land by way of sale or long term lease, the recipient of the supply (the purchaser) is required to withhold an amount from the contract price and remit it to the Australian Taxation Office on or before settlement. [...]  READ MORE →

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Why should you speak to a separation lawyer about who keeps the engagement ring?

In New South Wales the leading case concerning who keeps the engagement ring is Papathanasopoulos v Vacopoulos [2007]. Mr V and Ms P were engaged to be married in 2005, but 10 days after their engagement party Ms P called it off. Shortly after calling off the engagement Ms P attempted to return the ring to Mr V, only to retain it in a box with other mementos from the failed relationship. There the ring was destined to stay, until an interaction on the phone between the parties further soured their interactions; to the extent that Ms P instructed her father to throw the box of mementos, including the ring, in the garbage. Mr V, upon learning of the ring’s fate, brought a claim against Ms P in the Supreme Court for the value of the ring, being $15,250. [...]  READ MORE →

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Property Law changes to Off-the-Plan Contract

As of 2 November 2015, property law in New South Wales has changed in relation to off-the-plan contracts, giving purchasers increased protection which make it harder for developers to enact sunset clauses to cancel contracts. This applies to all contracts for sale, even those already entered into.

A sunset clause is traditionally included in an off-the-plan contract in order to allow a buyer or developer to rescind if completion has been delayed. However, some developers have been using abusing these clauses, intentionally delaying a project in order to cancel existing contracts and then resell to new buyers at a higher price to reflect the current market. [...]  READ MORE →

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Strata Legislation

The legislation governing strata schemes in New South Wales, being the Strata Schemes Management Act 1996 (NSW) and the Strata Schemes (Freehold Development) Act 1973 (NSW), has now been replaced with the Strata Schemes Management Act 2015 (NSW) and the Strata Schemes Development Act 2015 (NSW) which commenced on 30 November 2016. The new legislation will govern NSW strata schemes. Please contact us if you are concerned about the impact of the new legislation and require strata legal advice from a qualified strata schemes lawyer. [...]  READ MORE →

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Property Settlement Agreement – What Exactly Counts as Property?

Although many separating couples have some idea as to what constitutes ‘property’, there is often some confusion when it comes to determining what exactly is ‘property of the relationship’ and thus subject to be examined in the property settlement agreement. A brief overview of what is considered ‘property of the relationship’  during property settlement agreement negotiations include

Assets owned either jointly or in separate names by yourself and your former spouse, for instance:

  • Family home
  • Holiday house
  • Investment Properties
  • Any cars or other vehicles
  • Household appliances, furniture and other chattels
  • Personal belongings (e.g. jewellery)

Assets under the control of yourself or your former spouse, including:

  • Any businesses
  • Superannuation
  • Shares in family businesses
  • Investment properties in family trusts

Any joint or separately held liabilities, such as:

  • Mortgages
  • Credit cards

Our specialist family law team can assist and advise in your property settlement. Our Accredited Family Law Specialists are able to look at the best outcome for you and give you advice as to your property, legal rights and entitlements. [...]  READ MORE →

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Finally the Personal Property Securities Register is making its mark

We are starting to see an increasing trend in new registrations and searches being carried out on the Personal Property Securities Register (PPSR).  This is an encouraging sign as we hit the 2 year mark since the implementation of the Personal Property Securities Act (PPSA) on 30 January 2012.

The PPSA was introduced to streamline how we deal with and record security interests in personal property other than land. The PPSR brought together 23 separate registers to create one national public register of securities. [...]  READ MORE →

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Priority of Personal Property Securities Register

Maiden Civil Pty Ltd; Re; Albarran v Queensland Excavation Services Pty Ltd [2013] NSWSC 852

Issue

The Supreme Court of New South Wales has ruled that the nemo dat rule (that one cannot give what is not theirs) has been removed from Australian law in relation to thePersonal Property Securities Act 2009 (Cth) (“PPSA”).

This case also provides that in circumstances where a party has not secured their interest in property as the true owner, their interests may be outweighed by the secured interest of a third party, under the act. [...]  READ MORE →