Property taxes could raise $7b, boost economy by $9b: Grattan

A leading think tank is calling for a new property tax that would raise around $7 billion a year for state governments and might also boost economic efficiency (15 July 2015) Property taxes could raise $7b, boost economy by $9b: Grattan

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For more information contact John CorcoranRosemary Southgate or Ji-Shen Loong

Australia a magnet for Chinese capital

Australia attracted over one-quarter of the Chinese capital that flowed into global real estate in Q1, 2015 – with Sydney and Melbourne the primary targets, according to a new report from CBRE (14 July 2015)

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For more information contact John Corcoran or Ji-Shen Loong

Record-breaking building approvals to aid housing affordability

Building approvals continue their unbroken upward trajectory, hitting new records over the past 12 months, according to the latest data released 1 July from the ABS (01 July 2015)

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For more information contact Rosemary SouthgateKathryn Elleman or Mark McKinley

New report debunks negative gearing and CGT myths: PCA

Around a third of all new home dwelling construction is financed by investors, according to a new report commissioned by the Property Council of Australia and Real Estate Institute of Australia (30 June 2015) 

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For more information contact John CorcoranRosemary Southgate, Rohan Harris or Ji-Shen Loong

 

Broad alliance points to common ground on policy

The Australian Climate Roundtable, an unprecedented alliance of major Australian business, union, research, environment, investor and social groups has come together to put the climate policy debate on common ground and offer a way forward (29 June 2015)

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Green Star - Performance data to accelerate climate bond issuance in Australia

Australian property owners can now leverage Green Star – Performance data on greenhouse gas emissions to attract new sources of funds (29 June 2015)

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For more information contact Mark McKinley or Ji-Shen Loong

RICS launches consultation on new global residential measurement standard

A new global standard on measuring residential property has been published for consultation. RICS is encouraging the more than 100 000 chartered surveyors and property professionals from around the world to have their say on this landmark standard (18 June 2015)

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For more information contact Rosemary Southgate or Mark McKinley

Push For Better Apartments Draws Voices

The Minister for Planning has chaired a local government and industry forum on the Andrews Labor Government's Better Apartments discussion paper. All the participants shared a common goal: the desire to encourage innovation and best-practice design in the apartment industry so future buildings offer decades of liveability (10 July 2015)  

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For more information contact Mark McKinley

480 New Apartments For Our Fast-Growing City

Planning Minister Richard Wynne has given the green light to another three apartment projects, equating to almost 480 new apartments around inner Melbourne. The heights had been reduced across the three projects in keeping with the planning controls for each site (08 July 2015)

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For more information contact John CorcoranRosemary Southgate or Mark McKinley

 

$50 Million Outer-Suburban Growth Fund Open For Business

Communities in Melbourne’s fastest-growing suburbs will be the big winners from the Andrews Labor Government’s $50 million 2015-16 Interface Growth Fund (03 July 2015)

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For more information contact John CorcoranRosemary Southgate or Ji-Shen Loong

Councils Doing A Good Job, But There’s Room To Improve

Most Victorians believe their local council is doing a good job, according to an annual survey, but residents believe there is still room for improvement (27 June 2015)

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For more information contact Michael Dowling or Kate Bartlett

 

Victorians To Have A Say On Plan For Better Rental Laws

The Victorian Government has announced a three year review of the Residential Tenancies Act 1997 to examine a broad spectrum of rental housing issues, including those relating to the rights and responsibilities of landlords and tenants  (24 June 2015)

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For more information contact Emma Dunlevie

 

Building Better Infrastructure For Jobs And Growth

The Andrews Labor Government will introduce legislation into the Parliament to create Infrastructure Victoria, delivering on a key election commitment and providing certainty for our infrastructure pipeline (23 June 2015)

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For more information contact Michael Dowling or Morgan Scholz

Stronger Protection For Victoria’s Heritage

A state-wide review into the Heritage Act 1995 has been launched to better protect Victoria’s state-significant buildings and objects. Minister for Planning has released a discussion paper as the first step in reviewing the 20-year-old Heritage Act (22 June 2015)

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For more information contact John Corcoran or Ji-Shen Loong

$3 Billion In Development Approved Under Labor

A high-end apartment and hotel project near Melbourne’s Flagstaff Gardens has been given the go ahead, pushing the value of inner-city approvals under the Andrews Labor Government to more than $3 billion (17 June 2015)

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For more information contact John CorcoranRosemary Southgate, Mark McKinley or Ji-Shen Loong

 

Legal Changes to the CBD Program

Amendments to the Building Energy Efficiency Disclosure Act 2010 and its subordinate legislation will come into effect on 1 July 2015, introducing new categories of exception and exemption from disclosure obligations.

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For more information contact Emma Dunlevie or Lauren Smyth

SRO: State Taxation Acts Amendment Bill 2015

As part of the 2015-16 State Budget the Victorian Government introduced a new non-resident duty surcharge and an absentee owner land tax surcharge. This surcharge, which is in addition to any stamp duty or landholder duty payable, is proposed for contracts entered into (or a relevant acquisition made) on or after 1 July 2015

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For more information contact John Corcoran or Ji-Shen Loong 

Landmark Property Enterprise Pty Ltd v Monash Property Developments Pty Ltd [2015] VSC 266

SALE OF LAND – Contract for the sale of land – Contract varied – Whether contract became a terms contract – Whether contract voidable by purchaser – Australian Horizons (Vic) Pty Ltd v Ryan Land Co Pty Ltd [1994] VicRp 70; [1994] 2 VR 463 – Ottedin Investments Pty Ltd v Portbury Developments Co Pty Ltd (2011) 35 VR 1 – Portbury Development Co Pty Ltd v Ottedin Investments Pty Ltd [2014] VSC 57 – Sale of Land Act 1962 ss 29A, 29M, 29N, 29O, 29P, 29S.

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For more information contact Wai-Hwoon Low or Ji-Shen Loong

Regis Aged Care Pty Ltd v Commissioner of State Revenue [2015] VSC 279

TAXATION – Duty – Appeal against assessments of duty by Commissioner of State Revenue – Duties Act 2000 (Vic), ss 70, 71, 72, 74, 76, 78, 79, 88 – Whether taxpayer ‘land rich’ – Whether taxpayer’s land holdings comprise 60 per cent or more of unencumbered value of all its property – Value of land holdings considered on a standalone and portfolio basis – Allocation of derived unencumbered value of all property between land holdings and non-land holdings not required by s 71(2)(b) – Significant goodwill found to exist – Commissioner of Taxation of the Commonwealth of Australia v Murry [1998] HCA 42; (1998) 193 CLR 605 – Taxpayer not a ‘land rich’ landholder as at the relevant date – Appeals allowed – Assessments set aside.
VALUATION – Discounted cash flow methodology – Methodology for determining unencumbered value – Allowance for small company risk – Treatment of value of expected synergies – Treatment of value of contract to purchase land on foot at the relevant date but terminated after the relevant date – Whether accommodation bonds are loans repayable on demand and property that is not counted for the purposes of s 71(3).

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