The Queesland Government’s new planning system has commenced from July 2017 to ensuring the community is at the forefront of the planning process across Queensland.
Deputy Premier and Minister for Planning Jackie Trad said the new system heralds a new era for planning in Queensland. “The Planning Act 2016, which replaces the existing Sustainable Planning Act 2009, will create a new, simplified planning system that is easier to navigate for the community, local government and industry alike,” Ms Trad said. “It’s clear that Queenslanders want more transparency and accountability around development decisions and our new Planning Act delivers on this. “The new system embraces genuine community engagement while giving the industry certainty to deliver jobs, better protects our heritage and addresses the threat of climate change. “It introduces a number of measures to ensure decision making is fair, open and transparent including making it mandatory for councils to publish reasons for decisions on development applications. Source: Deputy Premier, Minister for Transport and Minister for Infrastructure and Planning - The Honourable Jackie Trad For more information about the new planning system - visit https://planning.dilgp.qld.gov.au/ The new legislation can be viewed here - https://www.legislation.qld.gov.au/
0 Comments
THE most common day to settle a property is Friday, chosen by purchasers in order to move into their new home over the weekend — however, the REIQ advises that purchasers may want to consider a either a settlement in the early half of the week.
Settlement is the day when the property ownership passes from the seller to you and the day when the balance of funds is due in full. Settlement is when the purchaser receives the title to the property. It is also the last day the seller is responsible for outgoings, such as rates, water and sewage. The purchaser takes over the outgoings after settlement. Settlement is also the day when you can collect the keys from your agent. As a risk minimization strategy you may want to consider changing the locks. Five settlement tips to consider:
Source: REIQ Realestate From 1 July 2017, the withholding tax rules that were introduced last July for properties $2 million and above, will now apply to all property transactions where the market value of the property is $750,000 and above.
Although the new laws are aimed at foreign residents, real estate agents must be aware that these new laws impact all property sales at $750,000 and above. The new laws require a purchaser to withhold 12.5% of the purchase price of real property valued at $750,000 and above and to pay that amount to the Australian Taxation Office (ATO) on settlement unless the seller obtains a clearance certificate. Actually, the new laws will start on 1 July 2017 and are aimed at vendors that are ‘foreign persons’. However, these laws will impact all property transactions valued $750,000 and over, irrespective of whether the vendor is a foreign person or not. For any sale contract entered into on or after 1 July 2017 where the purchase price is $750,000 or greater, the purchaser has a statutory obligation to withhold 12.5% of the purchase price at settlement from the vendor and pay that amount to the ATO unless the vendor can provide a clearance certificate. Following settlement, the vendor applies for a tax credit in relation to the amount withheld by the ATO for the capital gains liability arising from the transaction. This means that Australian resident vendors who are selling property with a market value of $750,000 or above will need to apply for a clearance certificate from the ATO to ensure that their sale proceeds are not withheld. Source: REIQ |
Archives
August 2020
Categories
All
|