RSSCategory: Business & Corporate Services

Jun

26

Property Ownership Structures

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Property can be owned in various structures.  The structure that you choose will depend on your circumstances and the different objectives that you would like to achieve in relation to the ownership of that property such as long term wealth creation; tax effectiveness; stamp duty; asset protection; income distribution, estate planning, etc. The highly skilled […]

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Jun

26

Owner-Builder

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OWNER – BUILDER It is not uncommon for building work to be performed on a property by individuals who are not licensed to carry out that building work. Owners of property often renovate or extend their property themselves. In Queensland, owners wanting to undertake building work at their own property must apply for an owner-builder […]

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Jun

26

Listing Price

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THE DEFINITION OF LISTING PRICE AND THE IMPLICATIONS FOR AGENTS Under the Property Agents and Motor Dealer Act 2000 (PAMDA) a Reserve or Listing Price is required to be inserted at Part 4.2 of PAMD Form 22A by an Agent for a Private Treaty Sale for all variations of the private treaty listing type. We have identified […]

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Jun

26

Legal Profession Act Agents Preparing Contracts

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LEGAL PROFESSION ACT – AGENTS PREPARING CONTRACTS Much confusion has arisen recently in relation to the interpretation of Section 24 of the Legal Profession Act and whether or not that particular Section bans Real Estate Agents from completing contracts. Section 24(1) of the Legal Profession Act provides that a person must not engage in legal practice in Queensland unless […]

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Jun

26

Land Tax

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WHAT IS LAND TAX? Land Tax is a tax levied each year calculated on the aggregate unimproved value of freehold land owned by a person within Queensland as at midnight on 30 June each year. Land Tax administration and collection is governed by the provisions of the Land Tax Act 1915. WHO IS REQUIRED TO PAY […]

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Jun

26

Home & First Home Stamp Duty Concessions

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Home Buyers and First Home Buyers are entitled to claim a concession for transfer duty for a dutiable transaction that is for the transfer, or agreement for the transfer of a home or first home, or land on which a first home is to be constructed. Eligibility Requirement  Requirements to live in the property –          […]

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Jun

26

Building and Construction Industry Payments Act

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Background and Overview On 1st October 2004, the Building & Construction Industry Payments Act 2004 (“BCIPA”) came into effect. The object of the Act is to ensure speedy recovery of progress payments for work carried out under a Construction Contract, or for related goods and services under a Construction Contract. The BCIPA will affect Construction Contracts […]

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Jun

26

First Home Owners Grant

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On 14 October 2008 the Australian Government announced a First Home Boost to supplement the Queensland Government funded First Home Owner Grant Scheme. The following will apply to first home buyer transactions, provided the eligibility requirements of the First Home Owners Grant are met: Details of Contract entered into Grant Contract to purchase an existing […]

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Jun

26

Divided Fences

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CONSTRUCTION OF  A FENCE This is one of the most common sources of neighbor disputes. The Dividing Fences Act 1953 provides the mechanism by which these types of disputes are resolved. The party wishing to construct a fence must serve on the owner of the adjoining land what is known as “Notice to Fence” pursuant […]

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Jun

26

Certificate of Classification Requirement Building Act 1975 (QLD)

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On 23 April 2009 Section 108A of the Building Act 1975 came into effect requiring owners of ‘relevant’ buildings with a Certificate of Classification to conspicuously display the certificate as near as practicable to the building’s main entrance. The penalty for failing to comply with the section is $16,500.   A ‘relevant’ building Section 108A of the […]

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