On 12 July 2019, the Independent Planning Commission (IPC) made its direction to the Sydney Western City Planning Panel for the refusal of the proposed Wallacia Memorial Park development. The IPC’s webpage for the Wallacia Memorial Park application may be accessed here. As a former Wallacia resident, the principal of Stratos Lawyers supported the local…
There is currently speculation that the airbnb economy will be targeted under new land tax measures. This article considers the current land tax position in NSW with respect to airbnb activities. The AFR recently reported that the State of Tasmania is currently evaluating a new land tax rule to raise revenue from “airbnb” arrangements involving the…
The following is a case summary of the recent New South Wales Court of Appeal decision in Chief Commissioner of State Revenue v Metricon Qld Pty Ltd [2017] NSWCA 11 (10 February 2017). Tax Insights For readers seeking immediate gratification, we set out below five tax insights we derive from the Metricon appeal case: The…
Recently I posted our article GST Insights | Consequences of non-resident on-selling off the plan properties. Only days later, I found myself acting for clients dealing with a vendor who refused to register for GST. The Vendor’s legal structure The vendor’s legal structure looked something like this (I was not invited to review any documentation but after discussing the…
In part 3 of our Tax insights | investing in property series, we discuss the CGT main residence exemption to situations involving multiple main residences. Multiple properties – which do you choose as your main residence? For some owner-investors, a simple but effective property strategy can involve owning and occupying a dwelling and “trading up” from…
In the second part of our Tax insights | investing in property series, we extend our discussion of the capital gains tax (CGT) “main residence” exemption (sometimes also referred to as the “principal place of residence exemption”) in the context of Australian expats and investing in vacant land. We also consider the special “6 year rule” which extends the availability…
About to buy your second property? STOP AND READ THIS! We previously published a popular article discussing negative gearing with property investments which offered 5 useful tax tips to consider when buying property. In this series, we will discuss further opportunities to take into consideration when investing in property. Part I discusses what happens with a…