First Class Legal

07/03/17: Off the plan stamp duty concession to be restricted!

Filed under: Industry News

There was a lot of media over the weekend about savings to stamp duty but one measure was hidden in the detail: From 1 July 2017, the off the plan stamp duty concession will only be available for those who qualify for the principal place of residence stamp duty concession or the first home buyer stamp duty exemption/concession. The concession will no longer be available for other purchases, such as residential investment properties and commercial […]

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06/03/17: Conveyancing never sleeps!

Filed under: Industry News

What a few days it has been for changes to Melbourne property! 1 JULY 2017 – new stamp duty savings for First Home Buyers. A home (new or existing) will be stamp duty free if the price is under $600,000. There is a reduced sliding scale until $750,000 when full stamp duty kicks in. If a first home buyer is buying a new home in a rural area, then the First Home Owners’ Grant doubles […]

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04/03/17: 1 August 2019 – the date the Victorian Land Registry is working towards for 100% digital lodgement

Filed under: Industry News

      What does 100% digital lodgement mean? It means that all settlements will be electronic and not paper. If you want to know more about this, contact one of our offices. If your conveyancer/solicitor is not a subscriber to PEXA (the body which facilitates electronic settlements) and is still clinging to the security blanket of paper and bulky files, talk to us! #digitaltransformation

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02/06/16: Foreign Resident Capital Gains Withholding Payment (FRCGW)

Filed under: Industry News

The Federal Government has introduced a measure to apply to all Contracts of Sale of Real Estate dated on or from 1 July 2016 where the purchase price is $2 million dollars or more. ALL vendors must obtain a clearance certificate from the ATO. If a clearance certificate is not produced by the vendor to the purchaser on or prior to settlement, the purchaser must withhold 10% of the purchase price and remit it immediately […]

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