Changes that affect your land tax
The Queensland Government has introduced new land tax amendments which will consider the value of all land owned in Australia when determining land tax liability in Queensland. These changes represent a landmark shift in calculating Australian-owned property. Owners of interstate and Queensland holdings should be aware of these changes to determine if they will be affected come 30 June 2023.
The Rise of the “Anti” Phoenix
An explanation of legal and illegal Phoenixing and what it means for liquidators and creditors ise. Phoenixing involves the transfer or sale of a company’s assets to another entity. Illegal phoenixing is when company assets are transferred or sold to another related entity, at an undervalue, which only leaves liabilities to the seller which is then placed into liquidation resulting in creditors not being paid.
Incoming Changes to QLD Residential Contracts
Incoming Changes to Queensland Residential Contracts
A new residential contract will be issued for use from 20th January 2022. We summarise these changes relating to the extension of Settlement Dates, Smoke Alarms, Grace Period for Deposit by Direct Debits, Seller Warranties, Services, Notices to do Work and Contract Dates.
Settlement Timing Changes
Under current REIQ contracts, if a buyer is unable to settle by 4pm on the settlement date a seller is entitled to terminate the contract, take the buyer’s deposit and sue for damages. From 20 January 2022 these entitlements will be adjusted. Buyers will also be entitled to terminate a contract and sue for damages if a seller is unable to settle on time.
New Smoke Alarm Legislation Queensland
Times are a-changing! Phase 2 of the Queensland Smoke Alarm Legislation will commence on 1 January 2022. We outline what Landlords and Sellers need to know and what the risk is if you are not compliant. Residential property owners entering into an agreement to sell or lease their property should check to see whether the smoke alarm in the property is compliant.
What to consider when choosing a lawyer
Obtaining legal advice sooner than later will save time & anxiety by identifying clear options to guide making good decisions. We outline what you need to consider before signing a cost agreement or retainer.
