Property & Estate Planning Lawyers
Call 1300 600 536 for more information or to arrange an appointment
WHY CHOOSE US?
LATEST NEWS AND POSTS
You may be aware that the Office of State Revenue is the Queensland Government tax collector. The OSR informed us last week that they are in the process of sending text messages to home buyers who received a transfer duty concession when they purchased their home.
When you buy a residential property to live in as your home, you pay a lower rate of transfer duty compared with what investors would have to pay for the same property. For first home buyers up to $500,000, no duty is payable.
It is expected that the OSR will be reminding home buyers of their obligations where their circumstances change within the relevant time period.
Where you were not entitled to the full concession, you may have to pay the higher amount of transfer duty to the OSR. In addition to the transfer duty, failing to notify the OSR of a relevant change of circumstances is an offence – where the maximum penalty is $12,615.
Earlier this year, a court judgement was delivered in yet another case where there was a dispute between 2 people as to which Will of a deceased person (there were two) was their true Last Will and Testament.
The court proceedings were commenced by the deceased person's niece. The niece was initially successful - judgement was given in her favour.
However, that judgement was not the end of the matter! The beneficiary who lost "her" inheritance appealed the decision. Her appeal was successful!
It's a sobering reminder that whilst the evidence and the law may be on your side - the journey may be longer and considerably more expensive than anticipated.
As usual, this article focuses on preventing problems from occurring - rather than expensive solutions.
Trying to get useful information from the internet is about as easy as getting a glass of water from a fire hydrant! If you haven't heard that expression before, you have now. I heard that at a law conference last year.
I also heard a discussion on the radio about the ever-increasing need for professional advice due to the avalanche of information which people will be unable to properly decipher and use.
Why write about this?
I've just read an article published by a reputable national company involved with the real estate industry - not a real estate agency.
The topic was transfer duty (or stamp duty) - and it contained significant factual errors.
It's a concern because when information is shared by a well-known brand in the industry, it's likely that most of their readers will rely upon it and develop their plans based on the information.
Many smaller organisations may re-publish or share the information with their own readers - further adding to the spread of mis-information.