First Avenue Legal Pty Ltd | Estate planning solicitor

First Avenue Legal Pty Ltd

Phone: 0418135895

Address: Suite 4, 9 Ormond Blvd Bundoora Victoria 3083

Website: http://www.firstavenuelegal.com.au

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25.01.2022 The Victorian Budget has effected stamp duty savings, including a 50% reduction on new homes and 25% on established homes and increasing the threshold when stamp duty concessions can apply from $750,000 to $1 million. This change will apply for contracts signed on or after 25 November 2020 until 1 July 2021.

25.01.2022 From 1 July 2021, the Federal Government is introducing an exemption from Capital Gains Tax in relation to "granny flats" built on properties of family members. Under the existing law, a cash payment made (for example) by a parent for adult children to build a granny flat on their property creates a capital gains tax liability for the child of the property. The 50 per cent discount does not apply and there is no cost base to offset the proceeds, so the entire amount is subje...ct to tax when the property is sold. The proposed change applicable from 1 July 2021 will grant a CGT exemption in cases where there is a formal written agreement. The application of the tax has stopped some families from establishing a formal agreement, leaving the older person with no protection if there is a breakdown in the family. Granny flats are normally defined as a self-contained secondary dwelling with their own entrance and bathroom, kitchen, laundry and living space which are built on the same lot as the main house. Although titled "granny" flats, they may be built to accomodate family members with disabilities, as well as grandpas and other elderly or vulnerable family members. It is important for those considering a granny flat to wait until 1 July 2021 to take advantage of the new proposed changes so that they are not hit with an unexpected CGT bill, as well as seeking legal advice to prepare a contract which: (a) Sets out the agreement between all parties involved, particularly those whose names appear on the title on which the property is built; (b) It is advisable that the older person has some sort of legal interest in the property to support their financial contribution, whether that is an interest registered on title or else a registered caveat on title to indicate that they have an interest in the land; (c) A deed or agreement setting out who is responsible for payment of bills or maintenance on the granny flat; (d) If there are any additional contributions to the property by one party, then terms and conditions should be set out to establish ground rules as to what each person(s) entitlements will be; (e) Try to anticipate future issues and devise strategies to resolve them - this could be a minimum term for the older person to live in the granny flat and return of cash payment if the agreement does not reach the minimum term - eg. if higher level of care is required, as well as other expectations - eg. the amount of babysitting expected of a grandparent so that the older person is not taken advantage of; and (f) Decide on an exit strategy when negotiating the agreement. For example, if the children who own the property decide to divorce, then how will the granny flat be valued at the time of sale? What will be the right of the older person in the case of a family breakdown to recoup their initial investment?

21.01.2022 Ban on real estate inspections of occupied properties - COVID-19 Late yesterday, Consumer Affairs Victoria (CAV) banned real estate agents from conducting public or in-person private inspections of tenanted or occupied properties. In the view of CAV - they believe that agents, prospective owners/tenants and existing tenants are unable to each comply with their legal requirements under the current Directions from the Chief Health Officer.... There is also "no exemption for tenants or occupants to temporarily vacate their place of residence" so inspections can take place under the four reasons to leave your house - buying essential supplies, medical/compassionate reasons, exercise and attending work/study. Agents have been blindsided by the announcement, made 5pm before Good Friday - as majority of properties are sold or leased whilst occupied, and this will have the potential to harm the financial viability of many real estate agencies whilst the ban is in force. Until further notice, properties can only be sold or leased if they are vacant (and fully disinfected) or via a virtual inspection.

18.01.2022 Hi all, just letting you know that we are still operating as an "essential service". Our expertise is in conveyancing, Wills and lodging probate and letters of administration, as well as commercial leases and contracts. We are still:... * lodging probate and letters of administration via Supreme Court; * settling conveyancing transactions via PEXA; * preparing section 32 statements and contracts of sale; and * preparing and finalising Wills, powers of attorney and medical treatment decision maker documents. all while maintaining social distancing with our clients. Support local business during COVID-19 and get in touch if you need any legal assistance

12.01.2022 It’s one of those things that nobody wants to do, but the reality is that dealing with end of life matters is much easier and cheaper if you have a valid Will in place before you pass away.

12.01.2022 Just another day in the office!

10.01.2022 Can you imagine this? Having a mouse that runs away from you when you are working too late, so that you can have a better work-life balance and start knitting. Obviously filmed pre-COVID-19!

09.01.2022 Emergency legislation enacted last night in Victoria now means that Wills, Powers of Attorney, Mortgages and Statutory Declarations can now be witnessed electronically via video link. Please refer to: COVID-19 Omnibus (Emergency Measures)(Electronic Signing and Witnessing) Regulations 2020

09.01.2022 Introducing "PEXA Key" to all of our settlements As part of the settlement process, clients of First Avenue Legal will be invited to track their settlement on their smartphone via the PEXA Key app. This is optional and free to download exclusively from the App Store or Google Play. PEXA Key can also be used to securely communicate bank account details, where necessary, and offers a safe alternative to insecure communication methods.

09.01.2022 Thank you to the amazing shout out from Ray White Diamond Creek! If you are seeking exceptional service and the absolute best results in relation to real estate, Ray White Diamond Creek are able to provide experienced and trusted advice in relation to: - sales, providing an obligation free appraisals on your property;... - property management - commercial and residential; - purchases Ray White Diamond Creek are a genuine family focussed and family owned business, with award winning "Ray White Elite Status" agents. You can contact the team on (03) 9435 8866

08.01.2022 In what has been a turbulent, challenging and crazy year, I would like to take the time to thank all of my wonderful clients and the amazing support that I have received from local businesses and other referral partners during 2020, especially during COVID-19. I have loved working with each and every one of you, and look forward to a successful and productive 2021. I hope that you have an amazing, well-earned break with your friends and families and that the holidays are safe... and relaxing for all. I look forward to assisting you in 2021. Best wishes, Amanda

08.01.2022 We are completely devastated to hear of the tragic loss of four police officers in the accident on Eastern Freeway last night in Victoria. Everyone deserves to come home from work every day, what a tragedy.

07.01.2022 A new survey undertaken by comparison site Compare the Market indicated that only 52% of Australian mortgage holders have a Will. Of those people who didn't have a Will, 61% said that they did not get around to doing it. Note that the following things could happen if you do not have a Will:... (a) The distribution of assets occurs in accordance with a legislative formula which may not be beneficial for your circumstances; (b) Someone that you may not have chosen could be appointed as the guardian of your children when you die; (c) Your beneficiaries may be required to sell your assets; (d) Your family or partner could be taken to court if others believe that they should be beneficiaries of your assets. See the following article from Nest Egg https://www.nestegg.com.au//1-in-2-aussies-with-a-mortgage

04.01.2022 Common sense has prevailed and the ban on inspections of occupied properties impacting real estate agents has now been overturned.

03.01.2022 Looking forward to reopening again after COVID and getting all of those draft Wills signed up!

03.01.2022 A wonderful review from a very happy client, thank you Sharon!

02.01.2022 Melbourne - We can get through this together Melbourne - We can get through this together