The sale and purchase of land is a complicated process regardless of which party you act for. Did you know there are over 30 pieces of legislation conveyancing practitioners need to know about? When acting for a vendor one crucial role for a practitioner is to ensure that the section 32 statement is correct. It takes a lot of work to get it right.
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The Commercial and Industrial Property Tax Reform Bill (the Bill) was introduced into the Victorian Parliament on 20 March 2024. The reforms are expected to pass into law in early May before commencing on 1 July 2024.
LPLC is continuing to see conveyancing claims where practitioners have assisted clients transferring property to a spouse or domestic partner, with an exemption from paying land transfer duty under section 43 of the Duties Act 2000 (Vic) and have failed to provide adequate advice about the criteria for the exemption.
Only give undertakings when you can control and ensure compliance.
The LPLC Professional Indemnity (PI) Insurance portal is open for processing renewals for the 2024–25 year for private law practices.
Our office will be closed from 5pm on Thursday 21 December 2023 and will re-open at 9am on Monday 8 January 2024.
LPLC’s office will relocate to new premises at Level 19, 140 William Street, Melbourne, VIC 3000 from Monday 15 January 2024. Phone and email contact details remain unchanged.
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.
