So you’ve talked to several property brokers, gone through the laborious process of scanning through real-estate ads and you’ve finally found yourself a perfect house in Brisbane. A house which you have chosen so you can decorate and style; a house which you will call your ‘home’. Read more
A property investment can be one of the most important investments you make in your life. With the real estate sector reaching new levels, owning a property nowadays requires you to invest a significant amount of your lifelong earnings. An investment worth this much needs to be processed smoothly, efficiently, as well as according to Australia’s property ownership regulations. Read more
Are you buying or selling a house in Prahran? Jim’s Conveyancing now have an office in Prahran to help you out with your property legal services needs. Come visit our Prahran conveyancer for all your property conveyancing requirements.
Jim’s conveyancing in Prahran offer conveyancing services or legal property services in residential sales and purchases, settlement attendance, off the plan, contract preparation, vendor’s statement, plan of subdivision lodgement, contract advice and much more! Read more
Many apartment owners could be forced to sell their apartment to developers under proposed reforms.
At present, if a building is to be sold it must be agreed by all 100 per cent of owners. The Victorian Government however wants to lower this threshold to 75 per cent as it is currently difficult, expensive and impedes progress for old buildings to be redeveloped, when a single apartment owner can stop a collective sale from going ahead. Read more
People over the age of 65 who downsize their home will be able to contribute up to $300,000 each into their superannuation fund from the sale proceeds. This super contributions from downsizing incentive will start from 1 July 2018 according to the Federal Budget 2017/2018.
To be eligible for this super contributions from downsizing incentive older Australians must have owned their principal place of residence for at least 10 years. This is also eligible to both members of a couple for the same home, meaning $600,000 per couple can be contributed to superannuation. Read more
From 1 of July 2017 it was announced in the Federal Budget 2017/2018 that First-home buyers will be allowed to make voluntary contributions (salary sacrifice) into their superannuation up to $30,000 in total over an individual’s lifetime and up to $15,000 per year to help them save up for a first home deposit. These contributions are taxed at 15 per cent.
This salary sacrifice contributions can be withdrawn any time after 1 July 2018. First home buyers will be allowed to withdraw the maximum $30,000 of contributions plus the earning generated from those savings to be used towards a first home deposit. The withdrawals will be taxed at an individual’s marginal tax rate, minus a 30 per cent offset. Read more
From next financial year, July 1 the government will close a property loophole. Property transfers between partners will no longer be exempt from stamp duty in Victoria. Exemptions will still apply for principal place of residence and for transfer of properties following a relationship breakdown.
It is estimated about 3000 people a year use such an arrangement. Read more
From 1 January 2018, a tax will apply for vacant residential property.
The vacant residential property tax will be a 1 per cent annual tax on the capital improved value (CIV) of the taxable property. The CIV can be found on your council rates notices. Properties will be considered vacant if they are left unoccupied for six months or more in a calendar year. Note the six months do not need to be continuous. Read more
The First Home Owner Grant (FHOG) for regional new home purchases will double to $20,000. This is for contracts signed between 1 July 2017 to 30 June 2020. As with current FHOG rules this will only be available to purchases valued up to $750,000. The purchaser and purchaser’s partner must be first home buyers consistent with the definition under the First Home Owner Grant Act 2000 and the purchased property must be used as the purchaser’s primary place of residence for a continuous period of 12 months, starting within 12 months of possession of the purchased property. Read more
No More Stamp Duty for First Home Buyer
Good news for first home buyers! The Victoria State Government has announced that from 1 July 2017 stamp duty will be abolished for new and existing properties under $600,000 and for those first home buyers purchasing a property between $600,000 and $750,000 a concession or discount will apply (SRO 2017). What does this mean for first home buyers? This will save first home buyers an average of around $8,185 for a home valued at $400,000, $15,535 for homes valued at $600,000 and $12,357 for a home valued at $700,000, plus it will help buyers contribute more towards the equity of their home and reduce their mortgage payments. Read more
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