NSW State Mini-Budget released - 11 November 2008
The Treasurer, the Hon. Eric Roozendaal MLC, has delivered the 2008-09 NSW Mini-Budget to the NSW Parliament today. The Budget seeks to support the State's tax revenue base by deferring some of the state taxes that were shortly due to be abolished and increasing the rate of land tax on certain premium properties.
Changes to GST Margin Scheme Rules - 26 September 2008
A Bill setting out a range of proposed margin scheme amendments was yesterday introduced into Parliament. The amendments had previously been announced in May as part of the Federal Budget.
ATO changes view on GST and residential development costs - 21 August 2008
The ATO has recently published a new interpretative decision, ATO ID 2008/114, which sets outs its revised view on the entitlement of a developer of "new residential premises", to input tax credits (GST credits) where the developer temporarily leases the premises.
NSW liquor industry faces shake up - 1 July 2008
Today, the Liquor Act 2007, and its accompanying regulations, commences and replaces the existing statutes which regulate all liquor sales and related activities in Hotels, Registered Clubs and Star City Casino in New South Wales.
High Court decision overturns GST treatment of forfeited deposits - 22 May 2008
In a unanimous decision, the High Court has held that GST does apply to a forfeited deposit. This overturns the earlier decision of the Full Federal Court, which specified that GST does not apply to a forfeited deposit.
Margin scheme changes flagged in Budget - 14 May 2008
Changes to the margin scheme provisions in the GST Act were flagged in the Federal Budget released on 13 May 2008.
Mandatory carbon reporting - are you ready? - 13 May 2008
A large number of Australian businesses will, for the first time, be required to monitor and report their energy use and greenhouse gas emissions under new Commonwealth legislation to take effect on 1 July 2008.
Affordable housing initiative will create new property industry sector - 3 March 2008
Mallesons Stephen Jaques predicts the emergence of a new property industry sector catering for affordable housing developments, kick started by the government’s affordable housing subsidy.
Concerns over margin scheme sales for residential developments - 26 February 2008
Justice Middleton of the Federal Court recently handed down his decision in Brady King Pty Ltd v Commissioner of Taxation [2008] FCA 81. This is an important case which throws into question the availability of the margin scheme in the context of residential developments (and other stratum developments).
Taxation review of managed investments – 26 February 2008
On 22 February 2008, the Assistant Treasurer announced that he had requested the Board of Taxation to review the taxation arrangements that apply to managed funds (Review).
Energy Efficiency Opportunities Act 2006 (Cth) - Moving forward after registration - 23 April 2007
Our Alert of 22 March 2007 highlighted the need for corporate groups that used more than 0.5 petajoules (PJ) of energy in 2005-2006 to register under the Energy Efficiency Opportunities Act 2006 (Cth) by 31 March 2007. By now you will hopefully have assessed whether your corporate group was required to register.
China finally enacts landmark Property Rights Law - 5 April 2007
China’s top legislating body has enacted the country’s first property law. This is one of the most significant laws China has issued in the last ten years, and is as much a political event as a legal development. It is a clear attempt, by a nominally Communist government, to provide legal protection to personal wealth.
Energy Efficiency Opportunities Act 2006 (Cth) Deadline 31 March 2007 - 22 March 2007
Following the introduction of the Energy Efficiency Opportunities Act 2006 (Cth), corporate groups that used more than 0.5 petajoules (PJ) of energy in 2005-2006 have to register under the Act by 31 March 2007.
New regulatory framework for bodies corporate in Victoria - 2 August 2006
The Owner’s Corporation Bill 2006 (Bill) was introduced into the Victorian Parliament on 18 July 2006. The Bill, if passed, will significantly reshape the framework for the establishment, administration and management of bodies corporate in Victoria.
Corporate class actions in Australia - 15 June 2006
A comprehensive review of the increasing trend towards Australian corporate class actions.
Welcome revision to ACT’s property asbestos laws - 8 May 2006
On 30 March 2006, the Minister for Industrial Relations, Katy Gallagher, introduced the Asbestos Legislation Amendment Bill 2006. If passed the Bill will commence on 1 July 2006. It will establish a new asbestos management regime for the residential sector and those occupations that handle asbestos on a regular basis or in the course of their work.
Substantial changes for retail leasing practice in New South Wales - 16 December 2005
Major changes to the Retail Leases Act 1994 (NSW) have been introduced by the Retail Leases Amendment Act 2005 (NSW). The Act, which commences on 1 January 2006, will increase transparency and access to information in retail leasing arrangements. This Alert summarises some of the key amendments and their likely practical implications for landlords and tenants respectively.
Real estate investment trusts - 28 October 2005
Recent positive regulatory developments in Hong Kong and Singapore make it an exciting time for real estate investment trusts. There are now seven REITs listed in Singapore and it is anticipated there will shortly be REIT listings in Hong Kong. The regulatory developments should encourage further growth in domestic and cross-border REIT activity. While several of the regulatory changes aim to accommodate overseas investments, all REITs listed in Hong Kong and Singapore are affected by the developments.
Congestion Levy Bill - 10 October 2005
The Congestion Levy Bill 2005 was introduced into the Victorian Parliament on Wednesday 5 October 2005. The levy comes into effect on 1 January 2006 and will affect the owners and operators of car parks in the central Melbourne area.
Sons of Gwalia Limited - 10 October 2005
Members as creditors: Sons of Gwalia Limited (Administrators Appointed) v Margaretic [2005] FCA 1305.
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