Busy day in Parliament – Victorian Government responds to stamp duty and apartment design standards
On Thursday 21 March 2024, the Victorian Government released its responses to the inquiries in relation to land transfer duty fees and apartment design standards. Key takeaways are provided below. Commercial and Industrial Property Tax The government in its response confirmed its commitment to abolish and replace stamp duty with the Commercial and Industrial Property […]
ReadmoreA new Banking Code of Practice is on the horizon
Background The Australian Banking Association’s (ABA) Banking Code of Practice (the Code) contains a set of contractually enforceable industry standards that customers and small businesses can expect subscribing banks to uphold. The Code has been in place in various forms since 1993, including a range of protections that are intended to complement and set higher […]
ReadmoreBuy Now Pay Later: ‘Walks like a duck’ regulation announced
On 22 May 2023, the Treasury announced that the Buy Now Pay Later (BNPL) industry will be regulated under the National Consumer Credit Protection Act 2009 (Credit Act). The move was announced by the financial services minister and assistant treasurer, Stephen Jones MP, at the Responsible Lending & Borrowing Summit. The announcement confirms that the […]
ReadmoreGreen loan financing – taking root in fertile soil
Green finance is financing where the proceeds are used by a borrower in financing projects that make a contribution to an environmental objective. This is an important way in which finance markets are contributing to the objectives of the 2015 Paris Climate Agreement, seeking to align finance with low greenhouse gas emissions and climate-resilient development. […]
ReadmoreCOVID-19 | Victorian Commercial Tenancy Relief 3.0 – Victoria introduces extended rent relief for small business
In response to the ongoing impact of COVID-19, the Victorian Government has now released the Commercial Tenancy Relief Scheme Regulations 2022 (Vic) (2022 Regulations) which extends the entitlement to rent relief and related protections for certain small businesses. What has changed? Our previous publication on the Commercial Tenancy Relief Scheme Regulations 2021 (2021 Regulations) can be found […]
ReadmoreCountering Victoria’s Land Tax Grab
Amidst the outcry over the Victorian Government’s recently announced increases in land tax rates, it is more important than ever for landowners to consider potential strategies for containing their land tax cost. Indeed the latest announcement is just a further symptom of the Government over-reliance on land tax, which is also impacting landlords in a […]
ReadmoreCOVID-19 | Reminder to Landlords: 2020 land tax relief applications close soon
This article is issued as a timely reminder to Landlords who intend to seek COVID-19 land tax relief for the 2020 land tax year. Applications for relief in New South Wales and Victoria must be lodged prior to 31 March 2021. In this update, we summarise the application process, eligibility criteria and evidentiary requirements for […]
ReadmoreWorth the paper they are written on – the importance of independent advice certificates in financing transactions
Socrates famously said “to find yourself, think for yourself.” The Victorian Court of Appeal recently disagreed and reasserted the ability of lenders to rely on independent legal and financial advice certificates without making further inquiries of their own. Jams 2 Pty Ltd v Stubbings [2020] VSCA 200 involved “asset-based lending”, lending on the value of […]
ReadmoreCOVID-19 | 2020 The Year of COVID, or Year of the Pivot?
The COVID-19 pandemic has affected society and business more than any event in recent history. It has not spared any industry or sector, creating immense opportunity for a lucky few and decimating many others. In response, Gadens have seen businesses pivot, whether by expanding their service offering, changing their method of delivery or reallocating their […]
ReadmoreRed card for borrower claiming application fee as penalty
With the recent lending slowdown in the Australian banking sector, lead by the Banking Royal Commission, tougher lending standards and tighter serviceability requirements, demand for alternative non-bank lenders continues to increase. It is common for a non-bank lender’s lending terms to include an up-front arrangement or origination fee in respect of the establishment of the […]
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