Melbourne East Conveyancing Lawyers in Kew, Victoria | Property

Melbourne East Conveyancing Lawyers

Locality: Kew, Victoria

Phone: +61 412 562 425

Address: PO Box 1066 3101 Kew, VIC, Australia

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

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20.01.2022 STAMP DUTY BUDGET UPDATE: The changes proposed by the recent Victorian Budget have been geared towards creating more owner occupiers and less investors. The government is trying to address the issue of home ownership affordability by introducing more concessions for owner occupiers and removing concessions for investors. Proposals include: off the plan stamp duty concessions will only apply to buyers using the home as their principal place of residence; abolishing stamp duty ...for first home buyers purchasing property up to $600,000 and granting stamp duty savings for first home purchases valued from $601,000 up to $750,000; removal of the stamp duty exemption for property transfers between spouses and de facto partners involving commercial or investment property; and the introduction of a vacant residential property tax. Please contact Melbourne East Conveyancing Lawyers if you would like any advice in relation to these proposed legislative changes. It is likely that these changes will be approved by the Victorian Parliament in June 2017 and will take effect from 1 July 2017, except for the vacant residential tax which is due to commence on 1 January 2018. See more

17.01.2022 NEW FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING PAYMENT PROVISIONS NOW IN FORCE. Vendor’s selling property from 1 July 2017 with a market value of $750K or more will need to apply for a clearance certificate from the ATO, otherwise purchasers will be required to withhold 12.5% of the purchase price and remit this to the ATO. Melbourne East Conveyancing Lawyers order the clearance certificates on behalf of vendors as part of the conveyancing process. Please call Victoria on 0412 56 2425 if you would like any further information.

08.01.2022 UPDATE ON FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING PAYMENT PROVISIONS: The foreign resident capital gains withholding payment provisions came into force on 1 July 2016. Currently, when a property with a market value of $2m or more is sold, the purchaser is required to withhold 10% of the purchase price and remit this sum to the ATO unless the vendor provides a clearance certificate to the purchaser on or before settlement. The legislative provisions are changing from 1 July... 2017 to capture a greater amount of foreign residents. Under the new legislation, the withholding provisions will apply to all contracts entered into on or after 1 July 2017 with a market value of $750,000 or more and the withholding amount will be increased to 12.5%. All vendors, whether foreigners or not, are required to provide a clearance certificate. The penalty for a purchaser failing to withhold is equal to the amount that was required to be withheld. It is therefore crucial that the amount required to be withheld is remitted to the ATO on the day of settlement. Where there is more than one vendor, clearance certificates need to be provided for all vendors. Clearance certificates are valid for 12 months so the same certificate can be used for multiple transactions. Melbourne East Conveyancing Lawyers order the clearance certificates on behalf of vendors as part of the conveyancing process. Please call Victoria on 0412 56 2425 if you would like any further information. See more

06.01.2022 CHANGES TO DUTIES ACT: Legislation has now been passed on the following Victorian Budget matters: (1) The stamp duty exemption for transfers between spouses/domestic partners is available only for a principal place of residence transfer from 1 July 2017 (not investment or commercial properties); (2) Stamp duty is abolished for first home buyers purchasing property on or after 1 July 2017 at or below $600K and is phased in for properties valued up to $750K; and (3) Stamp duty savings for off the plan purchases now only apply if buying a principal place of residence, not for investment or commercial purposes. These changes apply to contracts entered into on or after 1 July 2017. Please contact Melbourne East Conveyancing Lawyers on 0412 56 2425 for more information.

03.01.2022 NEW FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING PAYMENT PROVISIONS NOW IN FORCE. Vendors selling property from 1 July 2017 with a market value of $750K or more will need to apply for a clearance certificate from the ATO, otherwise purchasers will be required to withhold 12.5% of the purchase price and remit this to the ATO. Melbourne East Conveyancing Lawyers order the clearance certificates on behalf of vendors as part of the conveyancing process. Please call Victoria on 0412 56 2425 if you would like any further information.

02.01.2022 Stamp Duty Budget Update: The changes proposed by the recent Victorian Budget have been geared towards creating more owner occupiers and less investors. The government is trying to address the issue of home ownership affordability by introducing more concessions for owner occupiers and removing concessions for investors. Proposals include: off the plan stamp duty concessions will only apply to buyers using the home as their principal place of residence; abolishing stamp duty ...for first home buyers purchasing property up to $600,000 and granting stamp duty savings for first home purchases valued from $601,000 up to $750,000; removal of the stamp duty exemption for property transfers between spouses and de facto partners involving commercial or investment property; and the introduction of a vacant residential property tax. Please contact Melbourne East Conveyancing Lawyers if you would like any advice in relation to these proposed legislative changes. It is likely that these changes will be approved by the Victorian Parliament in June 2017 and will take effect from 1 July 2017, except for the vacant residential tax which is due to commence on 1 January 2018. See more