Do I need a Foreign Resident Capital Gains Withholding Clearance Certificate (FRCGWCC) when I sell my property?

Are you an Australian resident selling a property? Will the sale price to be more than $750,000?   If so, you will be need to provide a Foreign Resident Capital Gains Withholding Clearance Certificate (FRCGWCC, or ‘clearance certificate’) to purchasers prior to settlement.  What is a clearance certificate?   From 1 July 2017 onwards, legislation requires 12.5% … Read more

What should you be looking out for before signing an off the plan contract?  

Recent incentives provided by the Federal Budget have generated more interest in off the plan properties. However, buyers should keep in mind certain contract conditions before signing on.   Subject Clauses   Off the plan contracts are usually subject to either or both of the following conditions being satisfied:  the registration of the proposed plan of … Read more

What happens to my super fund if I pass away? Can I put it in my Will?

Your superannuation fund (i.e. ‘super fund’) may be a major, if not the largest, asset of yours. When managing your estate and assets it is crucial understand how your superannuation benefits are dealt with after your death. How are my super benefits dealt with?   Your super fund is managed by a board of trustees (‘the trustees’) … Read more

Can I Exclude Someone from My Will?

“Where there’s a Will, there are 500 relatives.”   In making a Will, it can be just as challenging to decide who to exclude from your estate as it is to decide who is to benefit from it. People often think ‘it’s my Will, so I get the final say’. However, Australia laws prevents Will-makers, also … Read more

Don’t have a Will? Rules of Intestacy will apply! 

To Will or not to Will? Let’s explore the legislative rules that apply in the event of you passing without one.   What are the Rules of Intestacy?  If you don’t have a will, you are said to have died ‘intestate’ upon death. As such, the Rules of Intestacy will apply.   This means the … Read more

I have inherited property – what happens now?

Itis never easy dealing with the loss of a relative or close friend. Having some understanding of how property transfers from deceased estates are treated can alleviate the stress from managing the remaining assets and belongings of your lost loved one.   What is a ‘Deceased estate’?  A deceased estate is anything owned by the person … Read more

DIY Wills – what are the risks? 

Making a Will is the essential step in estate planning – outlining your wishes and how your loved ones are to be cared for when you are no longer around. Surprisingly, some people still feel that spending money on ensuring a Will is validly prepared is unwarranted. While DIY Wills and DIY Will Kits are money … Read more

FIRB Approval for residential properties: what you need to know 

Foreign Investment Review Board (FIRB) approval is a permit issued by the Australian Tax Office (ATO) that allows foreigners to have property investments or buy a home in Australia. For the purpose of this article, we will be focusing on residential property investments. Am I Required to Apply for FIRB Approval?  Before a contract is … Read more

The Pros and Cons of Buying Off-The-Plan

Entering the property market can be challenging. Additionally, it can be overwhelming having to also consider factors such as affordability, stamp duty, and property age. Buying an off-the-plan property can be an attractive solution as they are often more affordable, come with stamp duty savings, and are brand new. What is an Off-The-Plan Property? An … Read more

Selling your property? Disclosure obligations differ across different states

As the world becomes more globalised it is increasingly common for Vendors to sell property across different states and territories.   In Australia, certain attributes of a property must be disclosed by a vendor to the purchaser prior to the sale. Vendor disclosure obligations are unique to each state. As a result of this, it is … Read more

What is a caveat? Do I need one? 

What is a caveat?  Under Section 89 of the Transfer of Land Act 1958, a caveat can prevent the transfer of a land title without the consent of the caveat holder. When a caveat is registered it will appear on a property’s title unless withdrawn by permission of the caveator.  When you purchase a property, you may … Read more

What is a “covenant”? How does it affect my property?

You may have heard this term ‘covenant’ or ‘restrictive covenant’ when looking into property. But what exactly is it? And why is it important for property buyers and sellers?   What is a restrictive covenant?  A restrictive covenant, or more commonly known as just a covenant, is a private agreement or contract between neighbouring landowners. … Read more

What is an Owners Corporation? 

An Owners Corporation (OC), formerly known as Body Corporate, is a legal entity which is created when subdivided land containing a shared area (common property) or facility is registered with state Land Registries. This is typically seen in larger scale subdivisions with mixed residential and commercial uses. More than one Owners Corporation can be created. … Read more

What is a GST Withholding Form? Do I need it for my property sale?

If you are selling property, you may be obligated to notify Purchasers to withhold an amount (i.e. GST) from the purchase price on the contract to be paid to the Australian Tax Office (ATO). This can apply to some residential properties and potential residential land. Failure to notify is a strict liability offence that may lead to … Read more

Federal Budget 2022-2023

To address the continuing challenges faced by first home buyer Australians breaking into the property market, the Federal Government has announced in its Federal Budget 2022-2023 several measures to ease entry barriers.    Continued Incentives Family Home Guarantee The scheme aims to support single parents with dependent children in purchasing a family home. Eligible buyers will … Read more

wealthsource writing a will

When should I start thinking about writing a Will?

While this is a sensitive topic and you may be hesitant asking your friends and family, having a plan is important for peace of mind. Here we address some of the common reasons people put off preparing their Will.  ‘I don’t have any assets’  It’s not unusual for many to believe that they don’t have … Read more