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The Government has recently introduced legislative amendments (due to the Full Federal Court's decision in FCT v Gloxinia Investments (Trustee)) to impose GST on sale of newly constructed residential premises.
The amendments will ensure that the sale of newly constructed residential premises to home buyers and investors is subject to GST…” (emphasis added) Further details at: http://assistant.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2011/135.htm&pageID=003&min=brs&Year=&Doc The aim of the amendments is to ensure:
This change will have effect on the day the amending Bill receives Royal Assent – presumably in the next few months.
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Practitioners are also reminded that the Neighbourhood Disputes Resolution Act 2011 will commence on 1 November 2011. The Act requires a party to provide a buyer, before the contract is signed, a copy of an application or order subject to the Act. This requirement will be included in the new editions of the REIQ Contracts.
General public information is available at neighbourhooddisputes.qld.gov.au. Parties, including agents, to property sale should turn their minds to meet this new obligation when reducing their agreement to writing. According to the Qld Office of State Revenue, the 2011–12 State Budget introduces a number of significant changes to Queensland’s revenue laws, including:
Queensland building boost grant The $10,000 Queensland building boost grant (QBBG) is available to any person or corporation buying or building a new home to live in or to rent out for investment purposes. The QBBG will be available for homes less than $600,000 from 1 August 2011 to 31 January 2012. Transfer duty home concession The home concession for transfer duty will cease on 31 July 2011. The concession is currently available to people who are not first home buyers but purchase a home to live in as their principal place of residence. New transfer duty rates The transfer duty rate structure will be revised in light of the removal of the home concession. The new structure will ensure that the transfer duty payable on a home will continue to be lower in Queensland than under the standard rate in any other mainland Australian state. The rate changes commence from 1 August 2011. First home and first home vacant land transfer duty concession The first home transfer duty concession and first home vacant land concession continue to apply. However, the concession rates will be revised in light of the removal of the home concession. In particular, the concession will reduce for values from $500,000 to $600,000 against duty at the standard rate. These changes commence from 1 August 2011. Regional first home owner grant The standard $7,000 first home owner grant will continue to apply. However, the regional first home owner grant will cease on 30 June 2011. This grant currently provides an additional $4,000 for the purchase of a new home in regional Queensland by a first home buyer. Land tax cap The 50% cap on the annual increase in land values for land tax purposes will continue to apply for 2011–12 land tax assessments. Payroll tax—apprentice and trainee rebate The payroll tax rebate of 25% of the eligible wages of apprentices and trainees has been extended to the 2011–12 financial year. Landholder duty Landholder duty replaces Queensland’s land rich duty from 1 July 2011. It will apply to the acquisition of 50% or more of an unlisted company or 90% or more of a listed company or listed unit trust holding land in Queensland worth $2 million or more. Royalties—change in revenue administration As part of the government’s move to centralise revenue collection, responsibility for mineral and petroleum royalty administration will transfer from the Department of Employment, Economic Development and Industry to OSR from 1 July 2011. Revenue collection will also change from quarterly to monthly collections in 2012, with implementation to be undertaken in consultation with the mining industry. For further information, please contact DC Lawyers on 07 3009 5430. |
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