Real Estate Agents and the Law
There have been two recent decisions regarding the eligibility of persons to recover commissions or fees on the sale of properties.
For more information, please read our brochure.
If you have any concerns or need our assistance regarding real estate commissions, please contact us on 3221 8352.
Extension of first home owner scheme
The First Home Owner Boost Scheme has been extended for eligible contracts signed up to and including 30 September 2009.
If eligible you will still receive the Qld Governments grant of:
Extra $7,000 for buying an established home.
Extra $14,000 for buying or building a new home.
For contracts between 1 October 2009 and 31 December 2009 the "boost" will be reduced to $3,500 and $7,000.
Unless extended the boost will cease after 31 December 2009.
For more information please view our brochure
If you have any concerns or need any assistance regarding the First Home Owners Boost Grant please contact us on 3221 8352
First home owner's boost scheme
The First Home Owner Boost Scheme is an Australian Government initiative to assist first home buyers purchase or build their first home. The scheme is administered by the Qld Government and is in addition to the $7,000 First Home Owner Grant.
Extra $7,000 for buying an established home.
Extra $14,000 for buying or building a new home.
For contracts made between 14 October 2008 and 30 June 2009.
For more information please view our brochure
If you have any concerns or need any assistance regarding the First Home Owners Boost Grant please contact us on 3221 8352
Important new changes to Australia's foreign investment policy
The Australian Government has announced it will shortly amend its Foreign Investment Policy.
This amendment will have a material effect on residential land buyers.
The big change is that temporary residents may purchase second hand dwellings. This took effect from 18 December 2008, but will change again shortly.
For more information please read our brochure
If you have any concerns or need any assistance regarding Australia's Foreign Investment Policy please contact us.
STAMP DUTY CHANGES
The Background
When the Qld Treasurer, Andrew Fraser, handed down the 2008/2009 State Budget it outlined various changes to stamp duty associated with Queensland properties.
The intent of the new structure was to generally improve competitiveness with other states and assist First Home Owners with the affordability of buying their own homes.
While the budget contains reductions in stamp duty for some home buyers and retirement village residents, there is still a sting in the tail in the form of increased rates which will affect transactions over $590,000.00.
The Good News!!
Concessions and exemptions for home buyers and retirement village residents:
1. Abolition of Mortgage Stamp Duty;
2. An increasing in the threshold for the firm home buyers duty exemption from $320,000.00 to $500,000.00;
3. An increase in the ceiling for the principal place of residence concession from $320,000.00 to $350,000.00; and
4. An extension of the principal place of residence concession to retirement village residents who adopt lease and sub-lease occupancy arrangements, which has never applied before.
When combined with the new duty rates, these concessions and exemptions will reduce the duty payable on homes valued between $320,000.00 and $1,000,000.00.
The Bad News!!
As the new rates lead to savings for transactions under $590,000.00 they have lead to increased rates of stamp duty for transactions over $590,000.00 , with the top marginal rate increasing from $4.50 to $5.25 per $100.00. ie. For a transaction of $750,000.00 stamp duty has risen from $26,225 to $26,775.
C-Property Conveyancing’s Help
C-Property Conveyancing has developed comprehensive tools for use by you in assisting calculating stamp duty payable by your clients to make things easy for you. Should you have any further queries please do not hesitate to contact us.
Welcome to C-Property Newsletter
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