Stamp duty changes to hit residential developments in Victoria
The Victorian Government is proposing a sweeping reform of the “economic entitlement” provisions of the Victorian duties legislation. The result of the proposed changes would be to effectively bring to duty a common form of project funding and structuring used for residential developments in Victoria. Typically these transactions enable a residential developer to secure rights […]
ReadmoreVCAT refuses proposal for a residential tower in South Yarra
VCAT has overturned the decision of the Stonnington City Council and refused an application for a twenty-two storey mixed use development in South Yarra, which would have exceeded the preferred maximum building height for the subject site by 30m. The Tribunal’s decision in C&L International Holdings Pty Ltd v Stonnington CC [2019] VCAT 69 demonstrates […]
ReadmoreVictorian Municipal Councils to facilitate for finance rectification costs of combustible cladding
The Building Amendment (Registration of Building Trades and Other Matters) Bill 2018 introduces reforms to the Victorian Local Government Act 1989 to allow residential owners and owners corporations to access low cost finance to fund the cost of removing combustible cladding. Following the recommendations of the Victorian Cladding Taskforce, these reforms will introduce Cladding Rectification […]
ReadmoreThe sun sets on developers using Sunset Clauses
Developers are in the firing line again as the Victorian Government seeks to restrict the ability of developers to terminate an “off the plan” contract of sale. The Sale of Land Amendment Bill 2018 (Vic) (Bill) was introduced to the Parliament by the Minister for Consumer Affairs on 21 August 2018. The Bill seeks to […]
ReadmoreLease or Licence?
It is common in developments where the developer does not own the land that a developer will enter into a development agreement with the land owner coupled with a construction lease or licence to occupy and construct on the land. The ability to occupy the land is crucial to undertaking the development and if the […]
ReadmoreHow will the new GST withholding regime impact your development?
The ATO has released a draft of the legislation which will give effect to the proposed new GST withholding requirements for buyers in new developments announced by the Treasurer in this year’s budget speech. Partner Matthew Raven has produced this brief summary. Who is affected? The proposal will affect all developers of apartments and […]
ReadmoreHousing affordability policy initiatives create concerns and uncertainty for Victorian property investors and developers
Significant housing affordability policy initiatives were unveiled by the Victorian government over the weekend. Whilst the announcements have focused on the impact of these initiatives on first home buyers and the efforts to tackle housing affordability for these buyers, the proposals contain cause for concern for Victorian property investors and developers. A proposed stamp duty relief for […]
ReadmoreCopying Building Plans – Cost Savings…or Costly Mistake?
A recent Federal Court decision1 serves as a reminder that copying building plans can be an infringement of copyright, which may attract significant financial imposts on both the landowner and the builder. Background Mr and Mrs Mistry (Mistrys) and building designer, Henley Arch Pty Ltd (Henley) were in discussions to design and build the “Amalfi […]
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