Practitioners who act for multiple parties are often caught unaware by conflicts, which can be difficult to anticipate and arise before the danger becomes apparent. This leaves the practitioners exposed to allegations of breach of duty and the conduct rules, and preferring the interests of one client over another. In acting for more than one party, you create a minefield for yourself.
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The Sale of Land Act 1962 (Vic) regulates a vendor’s right to end a contract of sale pursuant to a ‘sunset clause’ in residential off the plan sale contracts (ROTP contracts).
There is a good reason why you should always include a water information certificate in a section 32 statement. The certificates will show the water and sewer lines, which are unregistered easements, and need to be disclosed.
LPLC continues to see claims involving land transfer duty (stamp duty) and other state property taxes.
The LPLC Annual Report for 2023–2024 was tabled in the Victorian Parliament on 31 October 2024.
The Victorian Government has introduced the State Tax Amendment Bill 2024 which, amongst other taxation changes, will (if passed) broaden the holiday home exemption to allow shareholders of companies, as well as certain beneficiaries of trusts and relatives of those shareholders and beneficiaries, to satisfy the exemption for a property owned by a company or trust.
The State Taxation Acts and Other Acts Amendment Act 2023 received Royal Assent on 12 December 2023. The new law introduces significant property tax changes in Victoria with effect from 1 January 2024.
