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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Personal Property Securities Act 2009 (Cwlth) – background and key concepts

11 July, 2017

Published March 2012 – updated July 2017 The Personal Property Securities Act 2009 (Cwlth) (PPS Act) commenced on 30 January 2012. Since then LPLC has received claims every year for mistakes by practitioners in dealing with PPS Act issues. This bulletin contains background information about the PPS Act and key concepts. Background NB: The PPS […]

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

10 July, 2017

Download PDF Published July 2016 – updated July 2017 The 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 […]

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1 July 2017 amended CGT withholding payments for real property sales

10 July, 2017

Published 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 […]

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CGT withholding payments – practical examples

10 July, 2017

Published November 2016 – updated July 2017 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 […]

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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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Sections 55 and 55A of the Estate Agents Act 1980 (Vic)

11 September, 2014

This bulletin replaces LPLC bulletin dated March 2013 Key points If an agent (or employee or relative) wants to purchase a property or business the agent has been engaged to sell, they must sign a form prepared by Consumer Affairs Victoria (CAV). LPLC recommends practitioners refer their vendor client to a valuer for independent valuation […]

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Land Leases and the PPS Act

11 September, 2013

1.  Introduction Practitioners for both landlords and tenants need to understand that the Personal Property Securities Act 2009 (Cth) (PPS Act) may apply to the lease of premises because: Sometimes a landlord of premises also leases goods to the tenant. A landlord may obtain a cash security deposit from the tenant. A landlord may provide […]

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Sale of Land and the PPS Act

11 September, 2013

1.  Introduction Practitioners for both vendors and purchasers need to understand that the Personal Property Securities Act 2009 (Cth) (PPS Act) may apply to a contract of sale of land because: Sometimes a vendor selling land, also sells goods to the purchaser. Sometimes a vendor selling land also transfers a licence to the purchaser. The […]

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