Some purchasers required to withhold GST from 1 July 2018

27 June, 2018

Download PDF Key points New GST withholding regime applying to some settlements from 1 July 2018. New notification obligations on vendors of new residential or potential residential land. New notification and withholding obligations on purchasers of new residential or potential residential land. Penalties apply for both vendor and purchaser if they fail to comply. Practitioners […]

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GST withholding special condition

27 June, 2018

Download PDF GST withholding 1.1. In this special condition, section references are to Schedule 1 of the Taxation Administration Act 1953 (Cwth) as amended by Treasury Laws Amendment (2018 Measures No.1) Act 2018 (Cwth) and asterisked terms have the same meanings as when used in that schedule. 1.2. If section 14-255(1) applies to the supply […]

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Security warning for PEXA users

25 June, 2018

Recent news reports and emails from PEXA have described a fraud involving the PEXA workspace. Any users of the PEXA workspace need to read this bulletin for tips on how to avoid this happening to them. The fraudster appears to have gained access to a subscriber’s email account and intercepted a change of password email […]

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Cyber security breach – claims caused by fake client email

29 June, 2017

It is no longer safe practice to transfer money to a client’s account based only on email instructions from your client. Always verify email instructions from a client, especially if it involves handling money, by confirming the details orally with the client. LPLC has received four notifications in the last two years, one only last […]

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CGT withholding payments – practical examples

6 November, 2016

Updated July 2017 Introduction This bulletin contains practical examples of how the withholding requirements, which commenced 1 July 2016 and were amended with effect from 1 July 2017, work. For more general information about the new regime please refer to the following two LPLC bulletins: 1 July 2017 amended CGT withholding payments for real property […]

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Cyber security cautionary tale

19 October, 2016

Introduction Cyber security needs to be at the forefront of everyone’s mind, whether you are in a small firm or a large firm. The recent experience of a Victorian law firm is a good example of how easy it is to be caught out. The realistic email A principal of one of our insured firms […]

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Amended CGT withholding payments for options, company title interests and indirect Australian real property transactions

6 July, 2016

Updated July 2017 Introduction This bulletin contains information on the withholding requirements which commenced on 1 July 2016 as amended in June 2017 by the Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Act 2017 (Cwlth). This bulletin focuses on: options and rights to acquire company title interests indirect Australian real property interests. You […]

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1 July 2017 amended CGT withholding payments for real property sales

2 June, 2016

Updated July 2017 Key points Amended withholding requirements for contracts of sale of real estate worth $750,000 or more from 1 July 2017. All purchasers of such real estate must register to withhold 12.5 per cent for acquisitions from 1 July 2017 (previously 10 per cent) unless they are given a clearance certificate by the […]

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New ID law means mortgages could be void

24 September, 2014

Strict requirements for mortgagees to take positive steps to verify the identity of borrowers were introduced in Victoria on 24 September 2014. Similar requirements are already in place in Queensland, New South Wales, South Australia and Western Australia. The Transfer of Land Amendment Act 2014 (Vic) received Royal Assent on 23 September 2014 and commenced […]

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Amended section 32 statement

23 September, 2014

Key points In October 2012 Consumer Affairs Victoria (CAV) released a discussion paper about amending section 32 of the Sale of Land Act 1962 (Vic). In May 2013 CAV released an options paper setting out the CAV proposed amendments and suggestions by stakeholders. CAV also sought submissions relating to the options paper. You can find […]

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