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
Major changes proposed to Victorian property tax laws
On 3 October 2023 the State Taxation Acts and Other Acts Amendment Bill 2023 (the Bill) was introduced into the Victorian Parliament. The Bill, if passed, will shortly result in significant changes to Victorian tax laws in the areas of land tax, windfall gains tax (WGT) and duty.
Solicitors and conveyancing practitioners should be alert to and familiarise themselves with these major changes now and be ready to promptly update their law practice’s processes and precedents.
Key proposed changes include:
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.
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.
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.
More on property
Windfall gains tax hub
17 November 2022
Information and resources to help lawyers understand the legislation, manage the associated risks and provide guidance about how to act now to avoid surprises later.
Windfall Gains Tax is here — Understand it and act now
17 November 2022
Recorded webinar
This webinar, presented by expert state taxes advisor, Craig Whatman from Pitcher Partners, helps practitioners understand the new tax, how it may impact their clients and helps them identify some key risk management actions to take now to avoid any surprises.
Windfall gains tax — beware the sleeping duties
24 March 2022
Recorded webinar
In this webinar presenter Matthew Cridland, tax specialist and Partner at K&L Gates, discusses the new Windfall Gains Tax provisions that come into operation in July 2023 and what practitioners will need to consider now. Matthew also provides an update on the circumstances where the expanded 'economic entitlement' provisions may apply, potentially triggering a duty liability.
Also related to Property
Verification of Identity
Practitioners must take reasonable steps to verify the identity (VOI) of their clients both to avoid claims and comply with common law obligations and Victoria's electronic conveyancing Participation Rules. To help practitioners understand the importance of VOI and manage their roles and obligations LPLC has developed a range of resources and information.
Cyber security
Cyber-crime is a growing risk to law firms of all sizes as lawyers and the legal profession are increasingly becoming targets of cyber-criminals. Having strategies, policies and processes to boost a firm’s cyber-security is an essential part of practice management. LPLC provides a range of information and resources, including our Cyber Security Guide for Lawyers, to support practices to do so.
Engagement/retainer management
Engagement management is about choosing the right client and the right matter at the right time, and then properly scoping and documenting the retainer. We see claims where firms fail to do these things or they fail to manage the client’s expectations to the retainer or recognise when the retainer has changed.
Find Resources
Practitioner and client resources to provide information and advice about common issues leading to claims.