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
New Windfall Gains Tax — what you need to know
The new Windfall Gains Tax (WGT) introduced by the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021 commences on 1 July 2023. In broad terms, WGT applies to land rezoned after 1 July 2023. However, practitioners need to be across the issues now, particularly if negotiating long term sale contracts, or options, that will settle after that date that may then be subject to the WGT.
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 — 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.
New Windfall Gains Tax — what you need to know
15 February 2022
3 min read
The new Windfall Gains Tax (WGT) introduced by the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021 commences on 1 July 2023. In broad terms, WGT applies to land rezoned after 1 July 2023. However, practitioners need to be across the issues now, particularly if negotiating long term sale contracts, or options, that will settle after that date that may then be subject to the WGT.
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.