NewsFlash 14th October 2008

On 14th October 2008, the Australian Government announced an economic stimulus package designed to strengthen the Australian economy.

As part of that package the government has announced that it is extending the first home owners grants up to $21,000 for persons that qualify.

It is estimated that up to 150,000 first home buyers may be entitled to benefit from these grants.

It should be noted, however, that the additional grants will only be applicable to contracts exchanged between 14th October, 2008 and 30th June, 2009.

For further information about the government initiatives  please follow the links.

NewsFlash 12th May 2009

On the 12th May 2009 the Australian Government announced the following measures in its 2009 budget papers:

• First Home buyers buying an existing home will continue to receive  government grants of $14,000 and those buying a new home will receive $21,000 for purchases by 30th September 2009. From 1st October until 31st December 2009 the grants will continue but  reduce to $14,000 for those buying a new home and $10,500 on established homes.
• For Small Businesses there will be a 50% tax deduction for spending on capital assets purchased between December 2008 and December 2009 and installed and ready for use by 31st December 2010. The change means business owners can claim a "bonus" tax deduction on new capital assets bought for more than $1,000. Businesses with a turnover of less than $2 Million will be able to apply for this benefit.

If you wish to discuss the government initiatives or are considering purchasing a property please feel free to contact us for a no-obligation free consultation.

NewsFlash 9th June 2011

Amendments were passed on 24th May 2011 to the Real Property Act 1900 and The Real Property Regulation 2008 to abolish the Torrens Assurance Levy.

The amendments will come into force on !st July 2011.

The Torrens Assurance Levy introduced by the previous government on 1 July 2010 was payable by purchasers of land where the purchase price was more than $500,000.

The effect of the repeal of the Torrens Assurance Levy is that purchasers entereing into agreements to buy property on or after 1 July 2011 will not incur any Torrens Assurance Levy, regardless of the purchase price.

The levy will remain payable in some instances where a transfer is lodged for registration after 1 July 2011 but relates to a contract entered into between 1 July 2010 and 30 June 2010 and the pruchase price is more than $500,000.

The Torrens Assurance Fund (TAF) underpins the effective operation of the Real Property Act 1900 by providing a state guarantee of interests registered in the Torrens land register. The purpose of the guarantee is to provide compensation for anyone who is deprived of a registered interest in land through fraud or error or omission in the regsiter.

The new legislation resores the arrangements which were already inplace before 1 JUly 2010. From 1 July 2011 $4 from every dealing lodgement fee will go into the TAF to ensure the fund mainatians sufficent funds.

If you wish to discuss how the above changes may impact you please feel free to call us.

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