When it comes to property matters, whether it be buying or selling a property, many legal procedures need to be followed to ensure a smooth transaction. Conveyancing, in particular, refers to the process of transferring a property’s legal ownership from one person to another. It is often carried out by a professional known as a Conveyancer, who specializes in property law and will guide you through every step of your property purchase or sale.

Need help dealing with the legal requirements of buying or selling a home? Call us at
(02) 8084 2764 to get started.

 

How Does Conveyancing Work?

Conveyancing may work differently, depending on whether you are the buyer or seller of the property. To give you a better idea of how the process goes, here is a quick rundown:

Selling a Property

The process begins with agreeing on the sale once you find an interested buyer. Contact your Conveyancer to inform them of this, and you will receive a checklist or information pack to complete and learn about all the important things necessary for the next stage. Your conveyancer will also handle any negotiations and issue any amendments with the buyer if needed until a final contract is agreed upon.

Once that is finished, you can proceed with the exchange of contracts. Typically, this step involves getting a deposit from the buyer and asking your mortgage lender for a settlement amount that you have to pay once the sale is finalized. The last step will be completing the sale, where your buyer’s solicitor confirms the details on the transfer of the remaining payment, which will be used to pay for your mortgage and other fees incurred during the sale.

Buying a Property

When buying a property, the pre-purchase stage works slightly differently. For one, it is highly advisable that you start by getting a loan pre-approval to get financing for your home and do some research to know your options in the housing market. Should you be interested in any properties, your Conveyancer can assist you by reviewing the contract of sale or issuing a building report or similar report if needed.

Like in the seller process, your conveyancer will negotiate any amendments needed before the contract is finalized. Once that is settled, you proceed to the exchange of contracts. In this step, your solicitor will help you prepare the contract and assist you in the execution of the contract of sale before sending it to the seller. After, you can then discuss the pertinent documents needed for your mortgage and look for a removalist to assist you with the moving process.

The final step will be settlement, where you get the keys and other necessary devices to access your new home. Up until this point, your conveyancer will still guide you and ensure that all documents are in place and you pay the settlement amount in time.

How Much Does Conveyancing Cost?

Sydney Conveyancing Fees can ultimately vary based on a number of factors. Some conveyancers may charge an hourly rate, while others may charge a flat rate. According to the New South Wales government, Conveyancing Fees can range from $700 to $2,500 (of course, this is just an average estimate provided). However, you must take note that your conveyancer may also pay for a few charges in certain steps, and you will have to reimburse these once the process is finished.

Frequently Asked Questions (FAQs) – Why Platinum Lawyers is Highly Recommended

  1. What is conveyancing, and why is Platinum Lawyers Sydney recommended for this process?
  • A: Conveyancing is the legal transfer of property ownership. Platinum Lawyers Sydney, with expertise in property law, guides clients through every step of the buying or selling process, ensuring a smooth transaction.
  1. How can Platinum Lawyers Sydney assist in dealing with the legal requirements of buying or selling a home?
  • A: Our team at Platinum Lawyers Sydney provides comprehensive assistance in navigating the legal requirements of property transactions. Call (02) 8084 2764 to get started.
  1. What role does a conveyancer from Platinum Lawyers Sydney play in selling a property?
  • A: For sellers, our conveyancers facilitate the sale process, handling negotiations, amendments, and ensuring a final contract is agreed upon. They guide clients through the exchange of contracts, settlement, and finalizing the sale.
  1. In the buying process, how does Platinum Lawyers Sydney support clients during the pre-purchase stage?
  • A: During the pre-purchase stage, our conveyancers advise clients to secure loan pre-approval, conduct research, review contracts, and negotiate amendments. They guide clients through the exchange of contracts, settlement, and obtaining necessary documents.
  1. How does Platinum Lawyers Sydney ensure a smooth exchange of contracts for both sellers and buyers?
  • A: Platinum Lawyers Sydney ensures a smooth exchange of contracts by overseeing negotiations, preparing contracts, and assisting in their execution. This critical step solidifies the commitment of both parties to the transaction.
  1. What financial aspects are managed by Platinum Lawyers Sydney during the sale of a property?
  • A: During the sale, our conveyancers handle financial aspects such as securing deposits, determining settlement amounts, and coordinating with mortgage lenders. They facilitate the transfer of remaining payments and address fees incurred during the sale.
  1. What steps are involved in the settlement process, and how does Platinum Lawyers Sydney guide clients through it?
  • A: Platinum Lawyers Sydney guides clients through the settlement process by ensuring all necessary documents are in place and overseeing the timely payment of settlement amounts. This includes the transfer of keys and other devices for accessing the new property.
  1. How does Platinum Lawyers Sydney determine the cost of conveyancing in Sydney for its clients?
  • A: The cost of conveyancing varies based on factors such as hourly or flat rates. Platinum Lawyers Sydney provides estimates aligning with New South Wales government guidelines, ensuring transparency in conveying potential costs to clients.
  1. Is engaging Platinum Lawyers Sydney for conveyancing optional, and why is it highly recommended?
  • A: While optional, engaging Platinum Lawyers Sydney for conveyancing is highly recommended to avoid missing crucial steps. Our legal professionals ensure a thorough understanding of legal processes, providing expertise for a seamless transaction.
  1. What additional charges might clients need to reimburse during the conveyancing process, as mentioned by Platinum Lawyers Sydney?
  • A: Clients may need to reimburse Platinum Lawyers Sydney for certain charges incurred during the process. Clarifying these charges during consultations ensures transparency and a clear understanding of potential additional costs.
  1. How can potential clients contact Platinum Lawyers Sydney to initiate a consultation for conveyancing services?
  • A: To initiate a consultation and learn more about Platinum Lawyers Sydney’s conveyancing services, potential clients can contact the firm at (02) 8084 2764.
  1. Why is having a legal professional from Platinum Lawyers Sydney essential for a successful and stress-free property transaction?
  • A: Having a legal professional from Platinum Lawyers Sydney is essential for expertise, guidance, and a stress-free property transaction. Our conveyancers ensure a thorough understanding of legal requirements, providing confidence and peace of mind for clients.

While it is optional to engage with a conveyancer to help you with the sale or purchase of property, having a legal professional by your side ensures that you do not miss out on any important step. As such, contact our firm today at (02) 8084 2764 to get a consultation and learn more about our conveyancing services.

Digital Inheritance: How to Deal with Cryptocurrency in Your Will?

Even though digital currencies are in their infancy, investing in Bitcoin has given many people solid financial returns. Those who have diversified their investment baskets into Cryptocurrency should consider what to do with this asset class in their will. Leaving this out of the picture equates to a huge financial faux pas. If something unfortunate or sudden happens, your investment may remain inaccessible, or it could fall into the wrong hands. So, knowing how to deal with cryptocurrency in your will can save a lot of stress and uncertainty for your loved ones when the time comes. 

 

The Repercussion of Not Including Cryptocurrency in Your Will

Times have changed, so it’s worth it to rethink your will to included a Digital Inheritance component. After all, you don’t want your future beneficiaries to have issues. Without the proper protocols in place, they may not be able to access what you’ve left (or intended to leave) to them. 

For example, last year, a Canadian CEO died without leaving his account number and password to his digital tokens, including Bitcoin, Ether, and Litecoin, the sum of which was valued at $200 million AUD. But the money could not be released from the digital wallets because no one knew the password. 

There was another similar scenario where the Digital Currency remained inaccessible due to a lost device with biometrics (like facial recognition or thumbprint scans) required to unlock it. Such scenarios are understandable when you consider the fact that digital currencies are a relatively new concept. But, we need to learn from others’ mistakes and take the necessary precautions to avoid a similar fate. If you do not tell anyone you have this investment, it can sit in your digital wallet indefinitely. 

The Most Important Consideration in Writing the Will

If you invest in Eitheirum or other digital currencies, leaving this to someone in your will can get tricky. The key is to not put the digital wallet password in your will. Doing so means you make this sensitive information public knowledge. Your will becomes a public document that others see. As a result, someone could access it, and your Digital Currency investment can fall into the wrong hands. The most important thing you have to remember is to keep your password and account number secure. 

Unlike stock shares, bonds, or even bank accounts with an obvious paper trail, investing in a digital currency like Eitheirum leaves no paperwork. If your heirs do not know what you have, they wouldn’t know what to look for. Since crypto is a fairly new concept, your children may not even know that you have these assets. Hence, you need a will that mentions your Cryptocurrency investment. 

Crucial Steps to Take for Protection

Remember, you don’t want people to know your password, but you have to let them know of your Digital Currency wallets. Mentioning that you have this investment in your will is a must-do. You can also include who will be the beneficiary of it. However, you can leave out the specific password and account details. Instead, tell your future beneficiaries directly how to access your password in case of your demise. In instances where it’s possible to do so, you can leave the account and password information in a secret safe that only the beneficiary can access. Taking these steps will ensure your Digital Assets remain safe and are passed on to the person you nominate without any issues. 

If you need professional help to put together an iron-clad will, get in touch with Platinum Lawyers Australlia. Call us on (02) 8084 2764. We are well-versed in property distribution, cryptocurrency estate planning, and family law

 

Make A Pledge To Take Control of Your Finances This Women’s Day

 

Platinum Lawyers wishes all the women out there a ‘Very Happy Women’s Day.’ Every year, we see more and more women making big strides, taking the corporate world by storm with their tenaciousness and hard work. While this is laudable, we also need to look at the flip side of things. While more women are in the workforce than ever before, an appalling fact is that many of them are not comfortable when it comes to managing their finances.

Why Being in Control of Your Own Finances Is So Important?

According to a report from UBS, 56% of married women have handed over all financial responsibilities to their husbands. And a shocking 85% of those women state that they believe their husbands are more competent when it comes to financial matters.
This is very concerning for two reasons, the first being that divorce rates have gone up. So, in the unfortunate event that marriage ends in divorce, the divorced woman is faced with not just the emotional anguish of her marriage ending but must also face the harsh reality of an uncertain financial situation. The second reason this trend is so worrisome is that, on average, women tend to live longer than men. This means that almost 90% of women will have to live on their own at some point during their lives. Taking control of your finances is necessary to ensure that you’re able to truly live independently, come what may.

How to Be More Financially Savvy?

Ready to go from ignorant to knowledgeable when it comes to your finances? Here’s a list of the top 3 aspects of your finance that you need to take stock of to start your journey to financial freedom.

Know Your Annual Household Income

It’s imperative that you know your annual household income. An easy way to find out is to review the tax returns from the past few years so you get a clear idea of exactly how much you and your husband are bringing in.

Know All Your Debts & Assets

Don’t wait for something drastic to happen before scrambling around trying to figure out your debts and assets. Instead, make it a yearly ritual to sit down with your spouse and take stock of all your assets as well as debts. Not only will this keep you on the right track when it comes to investments and expenditure, but it will also act as a motivation to help you achieve your financial goals when it comes to savings.

Meet with A Lawyer & Draw Up A Will

Many married couples shy away from making a will. But having a clear will in place is highly advisable. Apart from knowing what assets you will inherit, you also need to be aware of how much income you will get from sources such as life insurance, in the unfortunate event that your spouse passes away. For instance, will you be able to afford the mortgage plus your living expenses? We understand that you probably don’t want to think about such eventualities, but life is unpredictable and being prepared financially will ensure you’re able to survive hard times a little bit better.

Platinum Lawyers hopes that you will make the change this Women’s Day and take the reigns when it comes to your finances. We want to see women be truly independent – in all aspects of their lives. Once again, Happy Women’s Day!
In need of a lawyer? Give Platinum Lawyers a call at (02) 8084 2764

How Safe Is Your Franchise Agreement?

 

The Franchising Code of Conduct was established in October 1998 after which it was heavily amended in March 2008. This mandatory industry Code of Conduct carries a substantial importance as franchisers and franchisees have to follow this Code in addition to the usual business laws and regulations. Platinum Lawyers Sydney will assist you in understanding both your rights and obligations under the Franchising Code. Platinum Lawyers will ensure that all the involved parties are informed about a franchise before entering into any such deal.

Our aim is not just to provide regulation to the entire process but we also work as a mediator, providing a cost-effective dispute resolution system for both the franchisers and franchisees.

Compliance with Code for both the franchisers and franchisees is mandatory. In case of non-compliance, the party can be prosecuted for breaching the section 51AD of the Trade Practices Act (now, the Competition and Consumer Act). Non-compliance can result in unnecessary and expensive legal proceedings that could be instituted against you by the affected parties or even the Australian Competition and Consumer Commission (ACCC) itself. ACCC provides an easy-to-read Franchise Manual that is advised to be read by all the concerned parties before entering in the agreement.

Why Choose Platinum Lawyers for Franchise Agreements:

The Expert team at Platinum Lawyers has years of experience of handling franchising matters. To help our clients avoid any kind of mishaps at the later stages of the agreement, we will assist them to understand all the important facets of the Code of Conduct before signing Franchising Agreements in Sydney.

As a business owner, this is essentially giving someone the license to operate a business using the brand name and its operating structure. It becomes a little difficult to manage this tricky relationship as the franchisee is the owner of the franchise but the business is actually owned by the franchiser. This kind of agreement, however, is fruitful for both the parties as franchisee using the existing market presence, training and support among other several resources so that the franchiser gives the new business more chances of success. This also benefits the franchiser as they earn by just extending their business’s existing support system.

To ensure that this relationship is a success for both parties, it is important that you have a team of lawyers that have previously helped its clients in understanding all the relevant laws, regulations, and codes of the Franchising Agreements.

What does a Franchise Lawyer do?

  •      Review of already established franchise documents and systems
  •      Updating of documents to reflect the changes of the new Franchising Code of Conduct
  •      Assist you in preparing legal documents
  •      Consultancy and advice before establishing a new franchise system
  •      Working along with other party’s accountants / consultants to streamline all the processes
  •      Issuing of disclosure and franchise agreements for new and renewing franchisees
  •      Sale or purchase of franchise systems (for franchisers)
  •      Sale of franchised businesses (for franchisees)
  •      Business structuring and advice
  •      Dispute resolution
  •      Australian Consumer Law audits and reviews
  •      Review of proposed advertising and marketing strategies to ensure compliance with the Australian Consumer Law, and several other services and consultancies

Contact Platinum Lawyers at (02) 8188 2310 and let us help you understand your rights before entering or renewing your Franchising Agreement in Sydney and Parramatta.

 

What You Need To Know Before Franchising Your Business

 

If  your business is going well you may consider franchising it. When franchising is done well, it can prove to be beneficial for both parties. You need the knowledge to make it happen and the capital to back it. For franchise lawyers that give you the right advice’s, get in touch with Platinum Lawyers if you are based in Sydney.

Here’s what you need to know before franchising your business:

Advantages of Franchising

Franchising gives your business the ability to grow quickly. As a franchisor you don’t have to deal with day to day dealings of each outlet. You can achieve growth through the resources of the franchisee both in terms of staffing and financing. You pass on the responsibility of each outlet’s success to its owner. This allows you to make a profit with very little input. Your brand can reach across Sydney, Australia and the world. To get started with franchising make sure you get in touch with an experienced franchise solicitor in Sydney. Using a lawyer can make the process much smoother for you as they are knowledgeable in this area of the law.

Things to Consider Before Franchising

You need to prepare before franchising and make sure your business is successful, unique and can be replicated. Get professional advice when considering this venture, solicitors are handy to have on hand. Franchise lawyers are even better as they know this area of the law very well. A Franchise Agreement must be prepared by a franchise solicitor that knows what they are doing. Don’t get greedy and avoid overselling and instead be selective when choosing franchisees. Have excellent training in place so that your original business can be replicated in all of your outlets. You should make sure you cement your relationship with your franchisees and keep in touch on a regular basis. For the best success there should be a focus on the satisfaction of your franchisees and ensure they are profitable. Development for the franchise should be ongoing and the standards should be maintained consistently across the board. Your local franchise lawyer can ensure that the franchise agreement contains what is necessary to ensure a successful franchise.

Verifying the Business Concept

Small businesses are prone to failure within the first five years of operating. Therefore you should aim to wait out this period before you even think about franchising. This allows you to demonstrate there is a need in the market for your business and could be replicated. You could try this out by opening a few more outlets with your own capital to see if it works. There will be lessons learned which can enable you to have the best possible start in the franchising sector should you choose to follow this path. For the legalities of franchising make sure you hire a solicitor that is experienced in this field to pave a smoother path.

Weigh up the advantages of franchising and how you could make this work with your business model. Take your time and ensure there is a market and you can replicate your business concept in a number of outlets. Always take time to find an experienced franchise solicitor to ensure legal and smooth dealings. If you require a franchise lawyer or need conveyancing in Sydney, contact Platinum Lawyers for assured great results.

How A Lawyer Can Assist You With Debt Recovery?

 

If you have provided goods or services to a customer and they are refusing to pay up then it’s time to explore your options. There are different procedures that can assist with following up a debt. Platinum Lawyers in Sydney has experienced debt recovery lawyers that can provide advice and help you take action. Here’s how a lawyer can assist you with your debt recovery.

Letter of Demand

 The first step you should take is to send a letter to your debtor clearly outlining the debt and demanding payment within a certain timeframe. This is known as a ‘Letter Of Demand’ and should be written by a lawyer. The aim of the letter of demand is to advise the debtor that you will be undertaking legal proceedings if they do not settle the debt. It also gives them one last opportunity to pay. If the matter goes to court the letter of demand can be used as evidence that you made every attempt to resolve the debt. If you are not happy with the response or do not receive a response at all then you can start legal proceedings. If the debtor makes contact and organises a payment plan this should be put into writing.

Determining if You Should Go To Court

 It’s frustrating as an individual or a business to be owed money. However, you should weigh up if it is worth going through the courts to recover the debt. Some factors include how much the debt is, if the debtor has the capacity to pay and if there is a genuine dispute over the debt. To go through the courts you will need to ensure you have strong evidence and start legal proceedings within a certain timeframe. Discuss your case with an experienced lawyer such as Platinum Lawyers to help you decide if it’s worth pursuing.

Information Required

 To go through debt recovery proceedings you will need to have some details about the debtor. If they are operating under a business name you need to search for the owner through the Australian Securities and Investments Commission (ASIC) Business Names Register. If your debtor is a company you will need to find out their Australian Company Number (ACN). You will also need to obtain an address of their registered office so that a Statement of Claim can be served. Make sure they have not gone into liquidation. Once you have these details you will need to find out which court you should go through.

Small Claims Procedure

 When the debt is under $100,000 you can go through the Magistrates Court Civil Division. If you have larger debts owed to you they should be claimed in the District Court. If a company is then unable to pay it will be taken to the Supreme Court. A lawyer can help with the process no matter how big or small the amount is.

For assistance with debt recovery proceedings contact Platinum Lawyers. We have a team of professional lawyers with extensive experience in this area of the law.

Contact Platinum Lawyers at (02) 8084 2764 and make a well informed decision about your debt recovery problems.

Ever Wondered What Will Happen to Your Cryptocurrency When You Die?

 

Cryptocurrency has been the buzzword on everyone’s lips in recent times. There’s been a lot of speculation on the reliability and stability of such digital assets that operate on a decentralized, peer-to-peer network.

 

Some experts predict that the monstrous growth of cryptocurrencies such as Bitcoins is not sustainable and should not be trusted. Some others argue that cryptocurrency is the future, and that it’s just going through a volatile period now before it stabilises. Whichever side of the debate you’re on, it is always good to know more about any new technology that comes up, especially something as significant as cryptocurrency, and its relevance from a legal stand point. For instance, what happens to the cryptocurrency that you own if you suddenly die? Is there such a thing as Cryptocurrency inheritance? If yes, how does it work and what should you do with your digital assets to ensure that it gets passed on to your loved ones in the event of your death?

Advantage of Cryptocurrency

One of the biggest advantages of cryptocurrencies, cited by proponents, is the fact that they are not controlled by traditional financial institutions such as banks. But this advantage also comes with a downside. On the event of someone’s unexpected demise, it becomes next to impossible to track their cryptocurrency assets, to ensure that they get handed over to the next of kin. Currently, the only way to ensure that your cryptocurrency gets passed on to the right person is to include it in your will. Another complication with such digital assets is that they are stored in digital wallets, with many passwords, keys and other protection in place to keep them as secure as possible. So, unless one has all the keys and passcodes to access the assets, there is no other way to get their hands on them.

Transferring your Cryptocurrency

If you own cryptocurrency that you want to be passed on to your spouse or children after your death, the best route to take would be to specify it in the will and provide them with all the necessary information. Of course, every care must be taken to ensure that the information is passed on in a secure manner, leaving no room for a security breach.
It’s early days yet, with the government still grappling with setting up laws and regulations in place concerning cryptocurrencies. When it comes to cryptocurrency and estate planning, the only way to go about it is to explicitly state your wishes in your will and provide the intended heir with the passcodes/keys to gain access to your cryptocurrencies. Failure to do so might meant that the cryptocurrencies will be lost forever, left unclaimed in the vortex of the digital world.

Important Changes to The Capital Gains Tax (CGT) and How It Will Affect Expats?

 

As of 30th June 2020, there will be changes to the Capital Gains Tax laws for our expats. On 9th May 2017, the Australian Government presented the Federal Budget, unveiling a host of changes aimed at reducing the impact on housing costs and putting “Australians first for Australian accommodation.” 

The Federal Budget proposed that international and provisional tax residents would henceforth not be immune to capital gains tax (CGT) upon the selling of their principal residential property effective from 7:30 pm (AEST) on May 9, 2017. This regulation was, however, made open to an exemption for current assets owned on the above date and sold on or before June 30th, 2020. 

Overseas inhabitants, who are Australian citizens as well as residents holding primary households, need to understand how such reforms would affect their conditions. 

 

Some Background to the Capital Gains Tax

Before leading up to the Federal Budget disclosures in May, both residential and non-residential taxpayers had access to waivers to the CGT principal residence taxation charges, which usually allowed an exclusion from the country’s CGT in respect of a residential property that was deemed to be the principal residence of a tax-paying citizen. The waiver tended to be valid for a period of a maximum of six years, unless a homeowner relocated away from their principal home and instead obtained gains through renting it out to other parties. 

The above choice proved common among itinerant workers who pursued a work placement abroad and were an Australian non-resident citizen for taxation reasons. Those taxpayers who granted a rent of their principal home in Australia while on their work placement abroad could still have access to the waiver if they ceased using their principal home to earn revenue until the end of the aforementioned six-year period. 

What the CGT Entails

On 21 July 2017, the Australian Treasury issued a draft, disclosing the specifics of the law proposing to abolish the principal residence waiver for overseas residents to the CGT. 

It contained the following proposals: 

  • The Draft recommends that during the transaction for the selling of the land, access to the CGT principal residence waiver be withdrawn for all persons who are not residing citizens for Australian taxation reasons. 
  • This latest law would also extend to Australian nationals or permanent citizens and residents who are disposing of their primary Australian residency because they are an overseas ex-pat. 
  • The suggested retrospective provisions would authorize international residents access to the CGT principal residence waiver such that the instance of the sale of property takes place on or prior to 30 June 2019, and also that the property’s ownership involvement was retained in the duration beginning prior to 7:30 pm (AEST) on 9 May 2017 and concluding before the actual selling to take place. 
  • For all such persons who are not eligible for the aforementioned transitional requirements, withdrawing the right to the CGT principal residence waiver would require higher tax expenses involved with buying and selling principal residences, along with a modification in how they can report the benefits and file for their tax returns. 
  • Companies should disclose these modifications to their workers so that they acquire the appropriate guidance to help ensure that workers who perform a secondment abroad are not left out unexpectedly and therefore having to pay Australian CGT unfairly at their principal residence. While it depends on the condition of the person, the preparation may require postponing the beginning of their overseas secondment.

Bear in mind: If you happen to be a resident of an overseas country for taxation reasons in the occurrence of your death, the amendments may extend to legitimate family members, trustees, creditors of the former’s properties, special disability trusts or shared owners. 

A compromise in the new proposal is that only if an international resident was not living overseas for a sustained duration amounting to more than six years and any one of these following requirements are fulfilled, an international resident may qualify to use the principal residence waiver: 

  • The individual’s legal partner or underage child had a fatal health issue during the whole or periods of time of his or her international residence. 
  • The individual’s legal partner or underage child expires at the time of his or her international residence. 
  • The individual’s CGT related selling of the primary residence has been the consequence of a dissolution of the marriage between the individual and a legal partner (or former partner).

Why is CGT a concern for expats?

The main concern is that very few individuals have maintained accurate accounts of land purchasing expenditures that could extend back to at least the later period of the 1980s. The concern is that the legislation is focused on the initial price base when estimating the CGT rates. 

This encompasses not only the initial cost, but the expense for the acquisition, the holding expenditures and the upgrades and developments made to the house. Numerous people have not kept the CGT related documents to sort out every expense basis sufficiently. Owing to which, most taxpayers will be subject to unjust and unfairly huge amounts of taxation charges for CGT. 

It is also of concern that not just the residential properties, but individuals will be charged CGT of non-residential properties as well. 

If you are relying on the discounts on CGT rates to help you, it should be of further concern to you that in some cases the discount rates will be lower than 50% or in certain instances nil. 

If You Require Assistance

Expats owning Australian real estate that was their principal residence must obtain counsel before transferring the ownership rights of their properties so that they may gain the opportunity to consider the consequences of CGT as there may be a horde of concerns for you to individually take care of given the short window of time. Individuals may yet have strategic resources to explore including utilizing the interim time until 30 June 2020. 

Since every case is distinctly nuanced, counsel and strategy on taxes must be tailored to the situations of each taxpayer. This requirement could perhaps only be successfully fulfilled by legal representatives with several years of experience and efficiency. All these reasons for your apprehensions come to an end when you choose Platinum Lawyers for seeking legal advice and for the drawing of contracts as best suited to your advantage. 

Contact Us:

Please call Platinum Lawyers to discuss your property and the implications of Capital Gains Tax on your individual situation. 

CALL (02) 8084 2764

A Fairer Fines System for NSW: What You Need to Know

 

The NSW Government has made some big changes to the State’s fines system in a bid to make it easier for people to pay or resolve their fines. Whether it’s a speeding ticket or parking fine, going forward, NSW residents will find it’s simpler and fairer when it comes to paying or resolving fines.

Pay Fines in Instalments

The Fines Amendment Act 2019 came into effect on July 1, 2020. In a drastic overhaul of the Fines Act 1996, the NSW Government has made some sweeping changes to make the fines system simpler and fairer. Treasurer Dominic Perrottet assured the public that the changes were made to make the system fairer, while maintaining the deterrent factor by retaining all other penalties. So, for instance, if you were speeding, you will still receive the full demerit points but you can choose to pay the fine incurred in instalments via a payment plan (an enforcement fee may apply).

Time Restrictions Have Been Relaxed

Under the new system, when you receive a fine, you will have more time to decide on your course of action whether it’s requesting a review, opting to face the matter in court or nominating the responsible driver.

Opt to Have Your Fine Sent to You Digitally

You can now choose to have the fine notice sent to you digitally instead of through post.

Individuals in Financial Hardship Can Apply for A Fine Reduction

Those in financial hardship and who receive Government benefit at the time the fine is incurred may be considered for a 50% reduction in their fine amount. However, there are certain exceptions to this:

  • You need to apply for a reduction before the fine is overdue.
  • Reductions do not apply for fines issued by a court, jury duty fines, fines issued to a body corporate or for voting related fines.
  • The Commissioner of Fines Administration reserves the right to deny fine reductions for serious or significant offences as they see fit.

As mentioned earlier, these changes are in relation to the fines only and have no effect on demerit points and other penalties. The reforms have been put in place to ensure people are still held accountable for their actions and made to face the consequences, but without the acute financial burden. By providing them with flexible, simpler ways to handle the fines, the Government is providing some much-needed support for the vulnerable and disadvantaged members of our community.

Copped a speeding ticket or caught for drink driving? Get in touch with Platinum Lawyers at (02) 8084 2764.

Here’s What You Need To Remember About Tax Depreciation While Inheriting an Investment Property

 

People who find out that they are Inheriting An Investment Property have critical decisions to make. In this blog, we will study two options that Property Lawyers Sydney comes across quite often.

Property inheritance from the Best Lawyers in Sydney

To keep making optimum use of the estate as an investment before deciding to sell it or live in it is where any property owner gets a fix.
Each situation has its individual factors to consider, including taxation implications.
If you wish to get more data about taxation and property inheritance from the Best Property Lawyers in Sydney, you must contact the services of Platinum Lawyers. Now, let’s take a look at the two most popular inheritance scenarios.

Scenario one: You choose to continue using the property as an investment before selling.
Investment is always a good option. The scenario mentioned above is an excellent way to either grow a current investment property portfolio or move up a step on the property investing ladder. But it’s essential to learn about the tax implications.
Firstly, any rental revenue received from the estate will be taxable income for the new owner. Hence, tax deductions connected with the property, such as interest repayments, council rates, insurances, maintenance costs and property management charges, will also be deductible for the current owner.
To claim the prices associated with the property during the time of tax payment, the owners are expected to keep records of the costs. But how can they claim depreciation, which doesn’t require a financial expenditure?(You must seek a suitable Property Investment Advisor if you want an appropriate answer for it.)
Depreciation is the general wear and tear of assets and estates over time. Inheritors of income-producing properties can declare this depreciation as a tax deduction in each financial year. In order to do this, the owners need a tax depreciation program prepared by a specialist quantity assessor. The tax depreciation schedule is a report that outlines each depreciable component of the property, which an accountant utilises to determine the depreciation deduction.

The current owner should be well aware of the capital gains tax (CGT) implications at the time of the trade. Remunerating CGT when Inheriting An Investment Property is complicated and mainly depends on how the property was maintained and how long the new buyer held the property before selling it. These are the chief contributing factors of whether the estate will be fully or partially CGT exempt or you will have to pay the tax.
If the property was bought before 20 September 1985 (the date when CGT came into the picture) and the new proprietor sold it within two years, then the property is fully exempt from CGT.

It gets somewhat more complicated in the scenario when the property was purchased after this date.
If the estate was bought after 20 September 1985, and if the new proprietor acquired the investment property after 20 August 1996, then a total CGT exemption won’t be available. Nonetheless, they may be able to receive a partial exemption, and the individual’s accountant will evaluate this when the time arrives to calculate any CGT.
For more detailed information on tax exemption, you should talk to one of the experienced Property Lawyers in Sydney. Moving on…

Scenario two: Residing in the property before selling it
The primary thing to know in this situation is that the proprietor must honour the current fixed lease. This means the present resident can stay at the house until the lease period expires or all parties agree to an earlier date.
The new owner must remember that while the property is still leased, they can claim tax deductions even if they have completed a full financial year. Pro-rata reductions can be applied to any sort of tax deduction, including interest repayments and depreciation.
If the property is the new owner’s primary habitation before the sale, they will be partially CGT exempt. The only situation where a total CGT exemption would apply would be if the property was the previous owner’s primary residence and they never rented it out.

 Best Advisor On Property Investment Sydney

So, these were the 2 principal scenarios where you can get tax exemption (full, partial, or none) depending on your case. If you’re in the process of Inheriting an Investment Property and want the best advice regarding the same from one of the trusted Property Investment Advisor, you must contact our services.
The Property lawyers at Platinum Lawyers Sydney services deal with anything that includes lands, estates, houses or buildings, whether you are seeking to buy or sell one. However, certain confusions are constantly arising regarding the relationship between Conveyancing Lawyers and Licensed Conveyancer. But several clients of ours ascertain that a Licensed Conveyancer is comparatively cheaper than a Conveyancing Lawyer, and so is a property advisor. Regardless, the inheritance of any property is a tricky subject, and our team will be pleased to assist you regarding the same.
For more information on making the best out of an inherited investment property you have just purchased and assistance in tax exemption, contact the services of Platinum Lawyers Sydney. Call (02) 8084 2764 or Request a Quote by filling the form provided on this page.

Common property usually gets divided whenever a marriage or de facto relationship dissolves. It leads to a simple division of household objects; for instance, one person takes the refrigerator, and the other takes the big-screen TV. Separated partners who can readily agree on an asset split rarely formalise their agreement. In that instance, each side goes away confident that the other will not seek their assets in the future.

Property Consent orders or a BFA (binding financial agreement) are the two options for settling financial concerns with your ex-partner.

Both papers are legally binding, but one may be more appropriate than the other, depending on your circumstances. Because informal agreements about asset split frequently fail, it is critical to conclude matters in a legally enforceable manner.

We’ve seen unfortunate cases where a spouse has filed a court application more than 20 years after a handshake asset division—requesting a different and larger settlement because of unsolved and unfinalised financial matters.

What is a Binding Financial Agreement?

A BFA (Binding Financial Agreement) is a unique contract between two people. It is a private agreement that does not require Australia’s Federal Circuit and Family Court approval. A BFA, on the other hand, is only legally binding and established under the Family Law Act 1975 (Cth) (except for de facto couples in Western Australia, where the Family Court Act 1997 applies). Ironically, only if the parties construct a BFA under the wording of this legislation would the agreement be exempt from the Family Law Act and Family Court Act’s property division procedures.

A couple can create a BFA at any point in their relationship. A BFA is usually a prenuptial agreement, a legally binding financial arrangement that a couple makes before they marry or begin living together as a de facto couple. A prenuptial agreement can benefit a marriage by providing assurance and stability.

What are Property Consent Orders in Family Court?

The Federal Circuit and Family Court orders of Australia are known as Property Consent Orders. These orders are drafted and agreed upon by the parties themselves, usually through conversations between their solicitors, despite the Court making them.

The parties submit a draught copy of their financial agreement to the Court and ask that it be legally binding. In case there is a future breach of the orders, the Court has the authority to enforce them.

The Court decides whether the Property Consent Orders are “fair and equitable” under the Family Law Act 1975 or 1997 before issuing the orders (WA). As soon as the Court gives these orders, they become legally binding. They can, however, be set aside in certain circumstances.

What Makes The Two Documents Different?

BFAs and Property Consent Orders are used by divorcing couples to achieve the same fundamental goal: a legally binding financial split. Despite their same aim, the instruments are vastly different. Although each is superior to the other, there are some situations where one is the better option. Below are the main distinctions between the two instruments:

  • Independent Legal Advice

Property Consent Orders are reviewed by court authorities to verify that they are equitable and enforceable. The Court will reject an unjust agreement, providing a safety net for litigants without legal assistance. Property Consent Orders are therefore less expensive than BFAs, which require both parties to get independent legal advice. However, because the Court would not approve consent orders with major technical flaws, the parties should have them drafted by an experienced family law practitioner.

  • Ability To Enforce

Because the Court grants Consent Orders, if one of the parties fails to comply, the Court will automatically enforce the agreement. It is different from a BFA in that you must file a lawsuit to execute the contract. Although the outcome is likely to be the same, waiting for the Court to determine that the BFA is binding can be stressful. If the Court considers the BFA to be invalid, it has the option of refusing to enforce it.

  • Adaptability

A BFA provides significantly more flexibility than Consent Orders because it is a private contract. Even if the Court would not consider the subject fit for inclusion in Property Consent Orders, a BFA has the option to add any matter that is essential to the former spouse. Non-derogatory terms, for example, could be included in a BFA to prevent ex-partners from publicly criticising each other.

  • Honesty

Both BFAs and Consent Orders call for “full and frank disclosure” of each party’s financial information. Essentially, the parties cannot agree on a property split unless they know each other’s income and assets. The BFA differs from Consent Orders in that the parties do not need to go through discovery to confirm the accuracy of their disclosures. That is, they are not required to document their financial claims. As a result, if one or both parties have complicated financial arrangements, a BFA lets that party avoid the added labour and expense of discovery.

Should I Get a Binding Financial Agreement (BFA) or Go With Consent Orders?

Whether you should use a BFA or consent orders in your property settlement depends on what you want to achieve and prevent.

In general, a BFA is the best choice if:

  • Both sides consent to a financial division that isn’t fair and equitable;
  • The parties value privacy and the parties want to include spousal maintenance.
  • Other issues that aren’t typically addressed in Consent Orders.

Consent Orders are typically the best option when:

  • The parties have simple financial arrangements;
  • They want to strike a fair agreement;
  • keep legal fees to a minimum.

If you’re thinking about making a BFA or a Property Consent Order, go to Platinum Lawyers, a competent law firm. You can contact the experts at Platinum Lawyers for our experienced help.

You may have numerous doubts and questions, and our staff at Platinum Lawyers will be available to assist you at any moment. If you have any will-related or other legal difficulties in Sydney or Parramatta, call (02) 8084 2764.

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