The NSW government has today announced its 2020-21 budget. A part of the budget announcement by NSW Treasurer Dominic Perrottet was a proposal to reform the State’s archaic stamp duty regime. In an effort to make housing more affordable, the Treasurer announced that the government is looking into a model that would allow home buyers the choice of either a one-off stamp duty payment or smaller annual property charges. Rather than the initial average $34,000 lump sum payment of stamp duty at the time of completing the purchase of a property, buyer’s may choose to instead spread this cost over a number of years. It is estimated that this scheme could reduce outlays by $20,000 over the first four years of homeownership. “We have a model that we think works and this is something we will consult on through until March,” Treasurer Dominic Perrottet said of the proposed reform. The proposal is open for public consultation until 15 March 2021. Members of the public can have their say on this proposal thorough the below website: https://www.haveyoursay.nsw.gov.au/nsw-property-tax-proposal The team…
New regulations have been enacted to reduce face-to-face contact and make it easier for people to stay home and reduce physical interactions while, still completing important transactions during the COVID-19 pandemic.
Temporary changes to Australia’s Foreign Investment Framework have been enacted by the Federal Government, effective from 29 March 2020.
Back in November, the NSW Premier, Gladys Berejiklian, highlighted four crucial areas of reform to the NSW planning system for 2020, including addressing the uncertainty of developer contributions to propel investment in the sector. The Planning and Public Spaces Minister, Rob Stokes, considers this uncertainty and lack of transparency “the number one issue I hear from industry”. Mr Stokes has now announced the appointment of Productivity Commissioner Peter Achterstraat to undertake a review of the current contributions and offer recommendations for a new system by the end of this year.
Our Strata team is constantly being asked about what types of meetings can be held during the Government restrictions brought about due to COVID-19. The Strata Regulations make allowances for electronic meetings, such as pre-meeting email votes, telephone, videoconferencing or voting website.
In the current COVID-19 climate, with so many businesses facing hardship and insolvency, many businesses and individuals are looking for ways to recoup monies owed and keep their own businesses afloat despite the downturn in their debtor’s sectors
The NSW Minister for Planning and Public Spaces, Rob Stokes, has recently issued a number of Ministerial Orders in response to COVID-19 which effects the way planning and development will occur in NSW for the foreseeable future.
The NSW COVID-19 Small Business Support Grant of $10,000 will be available to eligible NSW small business owners.
The Government is making a number of changes to temporary visa holder arrangements during the coronavirus crisis in order to protect the health and livelihoods of Australians, support critical industries, and assist with the rapid recovery post the virus.
Prime Minister Scott Morrison this afternoon has urged commercial landlords and tenants to come to an agreement in relation to financial hardship as the Government reserves announcement regarding a mandatory Coronavirus Industry Code of Practice to be announced and imposed next week.