Estate Group update: Get your trust deeds updated! Changes to foreign trust purchaser rules for New South Wales are coming
From 1 January 2021, if a trust owns or purchases residential property in New South Wales, the trust may be subject to additional stamp duty and land tax unless the trust deed is amended before 31 December 2020.
Competition and Consumer Law update: Who is covered by consumer guarantees? It’s about to get stricter for suppliers
From 1 July 2021, new regulations will see the definition of ‘consumer’ in section 3 of the Australian Consumer Law changed with the monetary threshold increasing from $40,000 to $100,000. This change means more consumers will be able to rely on the consumer guarantee protections under ACL when buying goods and services. Businesses have less than 12 months to prepare for this change and to ensure their goods and services comply with the new consumer guarantee regime.
Property update: Victorian State Budget delivers temporary relief for owners and buyers of Victorian property
On Tuesday, the Victorian Government announced significant temporary tax relief for owners and buyers of property in Victoria in its 2020-2021 State Budget.