Property & Leasing

Costly reminder: Plus GST is not an optional extra

The saying that God is in the detail is particularly applicable in this case. Details do matter and in this case, failing to comply with the plain and clear details of the Sale Contract and making the assumption that “GST” was the same as “plus GST” cost the vendor $290,000.

Is your business to business lease governed by the Retail Leases Act 2003 (Vic)?

There has been a gradual broadening of leases that fall within the definition of “retail” under the Retail Leases Act 2003 (Vic) (RLA). It is important that you understand your rights and obligations under these revisions. For many there is still confusion as to whether or not the RLA applies to various leases where the permitted use is for services.

Estate Agents Look Out! Be sure to understand new pricing law

New legislation to stamp out underquoting in the real estate industry has been passed. Failing to comply could result in a fine of more than $30,000 as well as potentially forgoing sales commission and other fees resulting from the sale. Ensure you are in compliance with the revised Estates Agents Act.

Broader application of the foreign resident Capital Gains Tax withholding rule

Contracts regarding the sale of some Australian assets by foreign residents are now subject to a 10% withholding regime. Understand your obligations as a buyer and seller and how this new Bill can impact property, lease premiums and mining transactions along with other related concerns you may be a party to.