Property
Property work is technical and time critical, combined with time and cost pressures and involving a client’s most valuable asset, the stakes are high.
Alert
Spike in duty claims from conveyancing transactions
There has been a spike in duty claims in the last 12 months. Practitioners handling conveyancing matters should review their knowledge and precedents about duty immediately to ensure they reflect the current law.
Conveyancing
Claims arising from conveyancing are regular and consistent in nature. Time and cost pressures, in what is a very technical area of the law, can result in simple errors.
GST
GST is not simple but there are some easy steps you can take to help protect you and your clients. Claims usually occur during the sale of commercial or new residential land or the sale of businesses.
Leases
Claims relating to commercial and retail leases account for around 3% of the total claims LPLC sees each year.
Building and Construction
Building and construction claims are seen in commercial, litigation, leasing and conveyancing with litigation and conveyancing having the most claims.
Tax
Tax issues arise in many files, especially conveyancing and everyone needs to have at least a basic understanding of those tax issues. LPLC have many resources intended to help practitioners understand the tax issues which arise in conveyancing transactions.
Stamp duty and land tax: tips and 'trips' you need to know
29 July 2021
Recorded webinar
Webinar providing practical guidance to help identify and manage commonly overlooked stamp duty and land tax issues that arise on business and property transactions. Also covers:
Victoria's 'foreign purchaser additional' duty, particularly in the context of discretionary trustthe 'absentee owner' land tax surchargedouble duty risks on nominations / sub-salesnon-Victorian stamp duty that can arise in respect of business acquisitions.
Presented by: James Hamblin, Special Counsel and Melinda Waduge, Senior Associate, Minter Ellison.
Spike in duty claims from conveyancing transactions
12 July 2021
3 min read
There has been a spike in duty claims in the last 12 months. Practitioners handling conveyancing matters should review their knowledge and precedents about duty immediately to ensure they reflect the current law.
Foreign purchaser additional duty for discretionary trusts
12 July 2021
5 min read
From 1 March 2020, the Victorian State Revenue Office (SRO) changed its approach to FPAD in the context of acquisitions of residential property made by 'family' discretionary trusts. The change of approach has meant there has been, and will be, an increase in discretionary trusts found by the SRO to be foreign trusts liable to pay FPAD when acquiring residential property. Practitioners practicing in conveyancing matters need to be aware of the way the FPAD regime works for discretionary trusts so that clients can be advised of its application.