Wilson Lawyers in Woolloongabba | Lawyer & law firm

Wilson Lawyers

Locality: Woolloongabba

Phone: +61 7 3392 0099

Address: 32 Logan Road 4102 Woolloongabba, QLD, Australia

Website: http://www.wilsonlawyers.net.au

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14.01.2022 On Thursday, 28 May 2020, Queensland Parliament passed the Retail Shop Leases and Other Commercial Leases (COVID-19 Emergency Response) Regulation 2020, giving effect to the National Cabinet Mandatory Code of Conduct. Please see below the links to the Regulation and a summary provided by Queensland Government. We will provide an outline of the key points of the Regulation shortly. https://www.legislation.qld.gov.au//h/asmade/sl-2020-0079... https://www.business.qld.gov.au//covid-commercial-landlords

06.01.2022 Do you have a discretionary trust that holds property in NSW? Do you have a discretionary trust that holds an interest in other entities that own property in NSW? Is the property zoned residential? If so you may be impacted by the surcharges that apply to land tax and purchaser stamp duty. Should you take action before 31 December 2020? NSW legislation provides that a trustee of a discretionary trust that owns residential property in NSW (or potentially those which have an... ownership interest in company or unit trust that owns residential property in NSW) is deemed to be a foreign person for foreign surcharge purposes if the trust deed does not irrevocably prohibit a foreign person from being a beneficiary of the trust. This is regardless of whether there is any intention to distribute to a foreign person. If the trust contains the potential of a foreign person being a beneficiary (e.g. if there are wide classes of beneficiaries such as future spouse of children, even if the children are currently minors), it is caught. This means the trustee will incur surcharge purchaser duty and surcharge land tax. The surcharge land tax may apply in circumstances where you receive an exemption on land tax. Residential land extends to vacant land or farming land which is zoned residential. There is an opportunity for trustees of such trusts to consider whether to amend the trust deed prior to 31 December 2020. Such amendment would need to irrevocably prevent foreign persons from benefiting from the trust. If such amendment is not made before 31 December 2020, then the trustee will be treated as a foreign trustee and that means: 1. Surcharge purchaser duty on any purchase of residential property in NSW from 1 July 2016 onwards (currently 8% of market value); 2. Land tax surcharge will apply annually on residential property in NSW as of 31 December each year (currently 2% of unimproved land value); 3. The land tax surcharge will apply for 2017, 2018, 2019 and 2020 land tax years; and 4. There is no entitlement to receive a refund for surcharge duty or surcharge land tax already paid on the above. You miss the boat on 3 and 4 if no amendment is implemented before 31 December 2020. If you think that this may impact on you, please immediately contact us on (07) 3392 0099 to discuss what steps should be taken next. Wishing you all a Merry Christmas, The Wilson Lawyers Team

02.01.2022 Welcome to the team Kellie!