First Home Buyers Changes to the First Home Owner Grant of $7,000 take effect from 11 October 2012. Contracts for the purchase of a home, other than a new home, made before 11 October 2012 will be eligible for the first home owner grant. Contracts for the purchase of a home, other than a new home, made on or after 11 October 2012 will no longer be eligible. The First Home Owner Construction Grant of $15,000 continues for contracts made on or after 12 September 2012 for first home buyers who are buying a newly constructed or off-the-plan property.
Our suggestion is to buy the property you want rather than buying another property just to be eligible for the Grant!
Land Tax Assessments
October is the month when the Qld Office of State Revenue (OSR) issue their Land Tax Assessment Notices. If you have changed your address and do not receive the Notice, contact the OSR and update your address, or we can assist you. If land tax has been assessed on a property that was previously owned for investment purposes but was occupied as your home on 30 June 2012, then you will need to lodge an objection. Some land valuations have decreased which may result in lower land tax assessment. Interest is payable where the Notice is not paid within 90 days of the date of the Notice.
Commercial Property Buyers
Where you are considering buying a commercial property for your business or as an investment, we have created an information sheet and added a page to our website. The topics covered include:
1. Commercial Property Contracts
2. What Purchasers Need To Know
3. How Purchasers Protect Themselves
4. Who Will Be The Purchaser
5. Property Subject To Ongoing Agreements
6. Purchase Price – Goods And Services Tax
7. Purchase and Owner Costs
Property-Legal Blog
Where you would like more information, our new weekly blog talks about a variety of topical or important property and legal matters. At the moment, we have a series of tips for commercial tenants considering entering into a retail shop lease or commercial lease. The Blog also appears on our website.