Developers don’t look away now…the week that was
Last year the Victorian State Government announced ambitious housing targets, committing to delivering 800,000 dwellings in greater Melbourne over the next 10 years, plus 425,600 new homes for regional Victoria by 2051. Under increasing pressure to meet these targets, the Government has had a bumper week of housing-related announcements. The Gadens Real Estate & Construction […]
ReadmoreDuties update: Purchasing land in NSW for $20 million or more – Revenue NSW’s updated assessment process
Revenue NSW is introducing a new duty assessment process for transactions with a dutiable value of $20 million or more, which may affect timeframes for purchasers to receive their duty assessment from Revenue NSW. What is changing? Revenue NSW is transitioning its assessment process for transactions involving agreements or contracts for the sale of land […]
ReadmoreChanging development approvals for developers and property owners in Queensland
Developers or property owners often need to make changes to a development approval in response to changing market conditions or operational needs. In Queensland, under the Planning Act 2016 (Qld) (PA) a person may apply to change a development approval for either a ‘minor change’ or a change ‘other than for a minor change’ (other […]
ReadmoreIs the finality of arbitrations now a myth for apportionable claims?
Proportionate liability now applies to the substantive law of arbitrations in Australia The finality of arbitrations is now a myth – at least in respect of disputes involving apportionable claims where parties have not contracted out of the proportionate liability regime. When parties to a commercial contract select arbitration as a forum for resolution of […]
ReadmoreLife in the (planning) fast lane… what’s the cost?
Last year the State Government expanded Victoria’s Development Facilitation Program (DFP) – making the Minister for Planning the decision maker for significant residential developments ($50 Million or more in Melbourne, or $15 Million or more in regional Victoria) that include affordable housing. As a result of these changes to the DFP, many developers have (or are in the process […]
ReadmoreOliver Hume decision – Independent investors charged with aggregated landholder duty on capital raising
The Victorian Court of Appeal has recently handed down its unanimous decision in Oliver Hume Property Funds (Broad Gully Rd) Diamond Creek Pty Ltd v Commissioner of State Revenue [2024] VSCA 175. The Court of Appeal found that 18 independent and unrelated investors who subscribed for shares under a publicly available information memorandum were held […]
ReadmoreStrata developers in NSW spared increase in bond payments until November 2024
Amendments to the Strata Schemes Management Regulation 2016 – bond increase to 3% delayed until 2 November 2024 Under section 207 of the Strata Schemes Management Act 2015 (NSW) (Act), prior to applying for an Occupation Certificate, the developer of a strata scheme is required to provide security (called a ‘building bond’) equal to 2% […]
ReadmoreDoing business in Australia
The Gadens Doing business in Australia guide provides foreign investors with an overview of the Australian business, economic and regulatory environment, as well as practical advice on how to go about setting up and doing business in Australia. Australia is an ideal investment location for foreign companies looking to grow internationally, benefitting from well-developed infrastructure, […]
ReadmoreDraft statewide housing targets for Victoria – More than 2 million new homes by 2051
Last week, the Victorian Government released their draft statewide housing targets. In an ambitious target, 2,001,000 additional dwellings are proposed to be constructed between now and 2051 across Metropolitan Melbourne – being almost double the number of existing dwellings currently constructed in Metropolitan Melbourne. The Government wants local councils to ‘unlock space for more homes […]
ReadmoreManufactured Homes (Residential Parks) Amendment Act 2024 set to shake up the land lease environment
With Australia’s aging population and low-income retirees flocking to downsize their retirement homes, the manufactured homes sector is a growing industry that has now received its first tranche of major reforms and park owners will take the brunt of these changes. In Queensland, the partnership between manufactured park owners and homeowners was regulated by the […]
ReadmoreThe new DBP Act amendments – insurance requirements for Builders remain exempt until 1 July 2025
Amendments to the DBP Act – further 12 month reprieve for DBP Act insurance requirements for Builders Under the Design and Building Practitioners Act 2020 (NSW) (DBP Act), it is a condition of registration for design and building practitioners that they are ‘adequately insured’ against liabilities arising under the DBP Act including as a result […]
ReadmoreUncovering greenwashing: ASIC’s latest pursuit of accountability – Judgment against Active Super
Last week, the Federal Court found that the superannuation fund Active Super had made misleading representations concerning its commitment to environmental, social and governance (ESG) factors in its investment decision-making. On 10 August 2023, the Australian Securities and Investments Commission (ASIC) commenced proceedings against the Local Government Superannuation Scheme (LGSS), as trustee of Active Super, […]
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