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Stamp Duty News Sydney

Author By clixpert@devPosted on

Stamp Duty News Sydney

50% off Stamp Duty

On all newly built homes up to $600,000

Now first home owners aren’t the only ones who get help buying a new home.

As part of its economic stimulus plan, the New South Wales Government is helping all eligible buyers of newly built homes up to $600,000, cutting stamp duty by 50%.

Save up to $11,245.

First Home Benefits

If you are buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme, NSW First Home Buyers Supplement, Australian Government First Home Owner Boost and the First Home Plus Scheme.

The Schemes were established to assist eligible first home owners by offering a total benefit of up to $41,990.

The First Home Owner Grant Scheme and the NSW First Home Buyers Supplement are fully funded by the NSW Government and together with the Boost are administered by the Office of State Revenue.

Feel free to contact one of our Conveyancing Lawyers for further information.

Level 2, 275 Clarence Street, Sydney NSW 2000
Phone: (02) 8084 2764.  | Fax: (02) 8079 6843
Email: robert.nasr@platinumlawyers.com.au
Web: www.platinumlawyers.com.au

This article is not legal advice and not intended as legal advice. This article is intended to provide only general, non-specific legal information.

Parenting Arrangements After Separation

Author By clixpert@devPosted on

Parenting Arrangements After Separation

 

A divorce or separation is a stressful time as is, but when there are children involved, an extra level of stress is added over. Questions like “What will happen to the children?” and “How will they be affected by the separation?” arise. The answers to these questions lie in the different kinds of parenting arrangements to choose from and the one you opt for.

The decision you make depends on whether both parties involved are on amicable terms or not. Hiring an experienced family lawyer can help you make this decision and draw out the parenting arrangements, too.

Platinum Lawyers Sydney has some of the best family lawyers who are not only qualified but also understanding and reliable when it comes to dealing with your legal problems. We have expert legal consultants who not only understand every nook and hidden clause of legislation, but are also empathetic enough to understand your troubles during the difficult time of separation.

To help you understand some of the basic parenting arrangements, our expert Family Lawyers in Sydney have put together some important notes for you. Please note that you would need support and legal help of a Family Lawyer, so don’t take this information as the bible and visit Platinum Lawyers for more tailored solutions to your problems.

The parenting arrangements, you can opt for, fall in the following categories:

Informal Arrangements

An informal arrangement is when parties who are on amicable terms come to a verbal agreement on how the child will be parented. This agreement is not legally binding, has no written form and is not reviewed over by lawyers.

With such unenforceable arrangements, there is no guarantee that the arrangement will hold in the future when the relationship between the parties can change. It is thus recommended to have a skilled lawyer oversee the arrangement and come up with a more durable and reliable arrangement.

Parenting Plan

A parenting plan is similar to the informal arrangement in that it is also an amicable arrangement between both parties. However, unlike informal arrangements, parenting plans are written contracts drawn up and mutually agreed upon by both parties. You’re not required to go to the court to make a parenting plan and there are no such guidelines on how the plan should be drawn.

Consent Orders

Consent orders also involve the agreement of both the parties and are written documents too. They are different from parenting plans, however, in that they require the court to approve the orders. The court will first check if the orders are in the best interest of the child and will then make them legally binding.

The advantage for consent orders is that since they are legally binding, a breach of contract will have legal ramifications.

Parenting Orders

Parenting orders are made by the court in a situation, where both parties cannot come to an agreement. In this case, the court will make all the decisions and come up with a legally enforceable parenting order that is in the best interest of the child.  This will help ensure the safety and healthy growth of the child.

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

  1. Why is it crucial to seek legal assistance during a divorce or separation involving children?
  • A: Seeking legal help is vital as it ensures informed decisions are made regarding parenting arrangements, considering the well-being of the children and the legal implications involved.
  1. What role do family lawyers at Platinum Lawyers Sydney play in helping individuals during a divorce or separation?
  • A: Our family lawyers provide not only legal expertise but also understanding and reliability, guiding you through the complexities of family law and offering tailored solutions to your specific situation.
  1. What are the main categories of parenting arrangements individuals can opt for during divorce or separation?
  • A: The main categories include Informal Arrangements, Parenting Plans, Consent Orders, and Parenting Orders, each with its unique features and legal implications.
  1. What is an Informal Arrangement, and why is it recommended to have legal oversight?
  • A: Informal Arrangements involve verbal agreements between amicable parties. Legal oversight is recommended to ensure durability, reliability, and to address future changes in the relationship dynamics.
  1. How does a Parenting Plan differ from an Informal Arrangement, and why consider it?
  • A: A Parenting Plan is a written contract mutually agreed upon by both parties, offering a structured alternative to informal arrangements. It provides clarity and may offer more security for the future.
  1. What are Consent Orders, and how do they differ from Parenting Plans?
  • A: Consent Orders are legally binding written documents requiring court approval. Unlike Parenting Plans, they undergo court scrutiny, ensuring they are in the child’s best interest with legal ramifications for breaches.
  1. When is it advisable to opt for Parenting Orders, and how are they enforced?
  • A: Parenting Orders are court-made decisions in situations where parties cannot reach an agreement. They are legally enforceable, ensuring the safety and well-being of the child.
  1. What advantages do Consent Orders offer in terms of legal ramifications for breaches?
  • A: Consent Orders, being legally binding, carry legal consequences for breaches, providing added protection and enforceability.
  1. How can Platinum Family Lawyers at Sydney assist individuals in setting up a parenting arrangement?
  • A: Platinum Family Lawyers offer expert legal advice and support, guiding individuals through the process of setting up parenting arrangements. Contact us at (02) 8084 2764 for personalized solutions.
  1. Is the information provided a comprehensive guide, or is it recommended to consult with a family lawyer?
  • A: While this information offers insights, it is advisable to consult with a family lawyer for a comprehensive understanding and tailored solutions to specific situations.
  1. How do parenting arrangements contribute to the safety and healthy growth of the child?
  • A: Properly structured parenting arrangements, whether informal or court-ordered, contribute to the child’s safety and healthy growth by providing a stable and supportive environment.
  1. Why is Platinum Lawyers Sydney a reliable choice for legal assistance during divorce or separation with children?
  • A: Platinum Lawyers Sydney offers not only qualified and experienced family lawyers but also empathetic consultants who understand the challenges of separation, providing reliable and understanding legal support.

If you need help or legal advice over setting up a parenting arrangement, call Platinum Family Lawyers for better legal advice at (02) 8084 2764. today.

Grandparents’ Rights to See Their Grandchildren – What Does the Law Have to Say About It?

Author By clixpert@devPosted on

Grandparents’ Rights to See Their Grandchildren – What Does the Law Have to Say About It?

 

The bond between grandparents & grandchildren is special & quite unlike any other relationships. What happens when that bond, that connection between a grandparent and their grandchild, is threatened or severed? What rights do grandparents have, in the eyes of law, to see their grandchildren?
When parents decide to end their marriage by getting a divorce, it could sometimes adversely affect the grandparent-grandchild relationship as well. If a parent does not allow the grandparents access to their grandchildren, can the court intervene?

The Family Law Amendment Act 2006

The Family Law Amendment Act 2006 brought about important changes to the Family Law Act. One such change was that “children have a right to spend time on a regular basis with, and communicate on a regular basis with, both their parents and other people significant to their care, welfare and development, including grandparents.”
What this means is that, if your relationship with your grandchildren is deemed essential for their wellbeing & development, then the court will take that into consideration when making decisions about the child’s living arrangement & visitation rights.


What Can You Do to Protect Your Relationship with Your Grandchildren?

Of course, there are things you can do to protect your relationship with your grandchildren.

Request to Be Included in A Parenting Plan

A Parenting Plan is basically a written agreement, signed by both parents. Most Parenting Plans discuss the children’s living arrangements, how important decisions regarding the child’s life will be made, & who the child/children communicate & spend time with. If you’re worried about how your adult child’s divorce will affect your relationship with your grandchildren, you can request to be included in the Parenting Plan. Clear guidelines can be set out as to the communication between you & the grandchildren & your rights to visit them or to have them visit you on a regular basis. Doing this will give everyone clarity & can help avoid a lot of friction & stress between concerned parties. Please note that Parenting Plans are not legally binding, although the courts will take them into consideration while making their ruling.

Getting a court order

In the absence of a Parenting Plan or when one or both parents refuse to allow grandparents access to their grandchildren, grandparents can apply to get a court order. Grandparents can cite that their relationship with the grandchildren is crucial for the children’s “care, welfare and development”, and hence they should be allowed to see, communicate & spend time with their grandchildren.

The Government’s First Home Buyer Deposit Scheme

Author By clixpert@devPosted on

The Government’s First Home Buyer Deposit Scheme

 

Why you need a Lawyer now more than ever to look over your Conveyancing, Mortgage and Contract of Sale agreements

Buying a home in Sydney, just got more complicated, which is why the services of a Conveyancing Lawyer in Sydney has become indispensable. The Federal Elections are over, the New South Wales Metro has just gone live plus the Coalition Government will soon launch its First Home Buyer Deposit Scheme.

Pandits are hopeful that these measures will reverse the 10.9% fall in property values that Property Insights and Analytics firm, Core Logic, reported occurred in the last 11 months in its report titled Australia’s Dwelling Values Fall Half A Percent In April As Rate Of Decline Continues To Ease.

While no-one can say what impact, precisely, the First Home Buyer Deposit will have on Sydney’s property prices, experts online suggest that it is possible that the scheme, coupled with other property and real estate developments, may reverse the 10.9% decline the market in Sydney has seen in the last 11 months.

What do these developments mean for First Home Buyers and Property Investors in Sydney?

It means you should look at your Conveyancing, Mortgage and other Home Purchase Agreements even more carefully than you may have done, previously.

When buying a home, or apartment, you need to enter into several agreements as a buyer with the seller of your home, your bank and if you’re buying the property with your partner – your partner. This is particularly important given divorce rates in Sydney which stand at 41% according to Statistics Australia.

Property agreements are complicated. So, they need to be looked over by an expert from the legal field because once you enter into these agreements which include your Contract of Sale, Mortgage and Partnership Agreements – you are legally bound by their terms and conditions.

 

The Law Society of New South Wales is very clear about what Home-buyers should do when purchasing a home or apartment in Sydney

In an excellent report titled Once You Have Decided To Buy, the New South Wales Law Society details ‘why’ you must consult a Lawyer before you put that deposit down on your home.

It is because buying a home in Sydney today has become a minefield full of traps.

Because of the complexity involved with buying a home today, it is critical that you consider using the services of a competent and experienced Law Firm like Platinum Lawyers Sydney to help you understand the legal paperwork and guide you through it.

The First Home Buyer Deposit Scheme is just the tip of the iceberg

Yes, the Government will give people who have never owned a home in Australia before the opportunity to obtain a loan at 5% of the home’s purchase price.

This is limited to 10,000 home loan applicants only – the Government has not yet detailed the criteria on which their selection will be based.

But from where we sit in the Legal Industry, the First Home Deposit Scheme is not as important as understanding the wider berth of purchase and mortgage agreements with your bank or private lender, partner and seller that you will invariably need to enter into.

Your purchase could be, for example:

  1. By Private Treaty
  2. By Auction
  3. Or you could buy your home ‘off the plan’ or directly from the home’s owner

Then there’s the range of documents, processes and terms you need to know about:

  1. The Contract for Sale
  2. Cooling Off period
  3. Settlement
  4. Freehold purchase
  5. Leasehold purchase
  6. Strata title
  7. Company title
  8. Community Title

With over a decade’s experience helping Sydneysiders buy property as well as invest in it, Platinum Lawyers is qualified and competent to help you buy your property and ‘settle’ it! We have a large in-house team of Legal Experts whose experience you can draw upon to ensure the property agreements you are entering into meet legal considerations and standards – protecting your home as well as the personal interests you will invariably have attached to it.

To speak to a Property Lawyer today, please call us on (02) 8188 2310.

Are Your A First Home Buyer? You Don’t Need To Pay Stamp Duty Upfront!

Author By clixpert@devPosted on

The Property Tax (First Home Buyer Choice) Bill 2022 was approved on Friday, 11 November 2022 – Act No 60.  This Act enables first-home buyers to be given a choice to either pay an annual property tax or the upfront cost of stamp duty.

The Property Tax Bill 2022 only Applies to First-home Buyers That Must Meet The Following Eligibility Requirements:

  • you must be an individual (not a company or trust)
  • you must be over 18 years old
  • you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
  • you or your spouse must not have previously:
    • owned or co-owned residential property in Australia
    • received a First Home Buyer Grant or duty concessions.
  • the property you are buying must be worth less than or equal to $1.5 million
  • you must move into the property within 12 months of purchase and live in it continuously for at least 6 months
  • you must sign the contract of purchase on or after 11 November 2022 (see below for details).

The Property Tax Bill 2022 aims to lower the upfront costs of owning a home for First Home Buyers and practical moves to increase home ownership in New South Wales.

Addressing The Declining Home Ownership Rates

The new taxation policy addresses the prevailing issue of declining home ownership throughout the New South Wales region. This problem has been ongoing since the 1990s with increasing real estate prices and the added tax burdens.

Only 64% of the New South Wales population owns their own home. The steady decline is evident among young families and the younger generation within the lower income bracket.

The new legislation is said to make it easy for first-home buyers to acquire a property. It removes the obligation of paying the stamp duty upfront, which will lower the upfront costs and cut at least two years of their time in saving for their home.

Current concessions for stamp duty are accessible to first-home buyers with a cap limit of $800,000. With the expansion of the property tax system, the new tax option will become available to those seeking broader coverage, or 97% of first-time home buyers, or roughly 57,000 people every year. The property tax option will be available for properties for up to $1.5 million.

Empowering Young Families and First Home Buyers

New South Wales’s move to allow first home buyers to opt by paying the upfront stamp duty or paying an annual property tax. The options are as follows:

  • (a) paying the usual amount of stamp duty based on the dutiable value of your property; or
  • (b) paying an annual property tax based on the land value of the property.

It will not only ease the financial burden for young families but also empower the younger generation to put their money into property. This change will significantly impact Australia’s economic growth and boost the dwindling real estate market.

Housing demands are expected to build economic security, foster financial independence, and allow younger families greater freedom. In addition, this reform offers New South Wates residents better means of purchasing their first homes without experiencing higher penalties or having the property foreclosed.

Choosing Between Property Tax or Stamp Duty

The legislation has already passed the NSW Parliament and is a step closer to becoming accessible to New South Wales residents. It is expected to officially start in January 2023, with grantees purchasing their property from 12 November onwards.

Anyone approved within the allotted transition period can get their money returned on their stamp duty if they opt for the yearly tax instead. Under this new program, individuals and families seeking to buy their homes for the first time can choose to pay an annual tax of $400 plus the 0.3% land value.

For example, a first-time home buyer purchasing an $830,000 home in Sydney with a $265,000 land value can either pay the upfront cost of $32,440 stamp duty or opt for the yearly $1,195 yearly property tax.

The same goes for an individual purchasing a Sydney house amounting to $1,350,000 with $810,000 land value. They can opt to pay the $59,129 lump sum or spread their payments into annual repayments of $2,830.

Choosing between the stamp duty payment or yearly property tax is a matter of personal fit and financial capacity. First-time home buyers generally keep their houses longer than 10 years, which gives them enough time to repay the government of their tax dues.

How Does The First Home Buyer Choice scheme work?

The legislation has already passed the NSW Parliament and is a step closer to becoming accessible to New South Wales residents. It is expected to officially start in January 2023, with grantees purchasing their property from 12 November onwards.

Anyone approved within the allotted transition period can get their money returned on their stamp duty if they opt for the yearly tax instead. Under this new program, individuals and families seeking to buy their homes for the first time can choose to pay an annual tax of $400 plus the 0.3% land value.

For example, a first-home buyer purchasing an $830,000 home in Sydney with  $265,000 land value can either pay the upfront cost of $32,440 stamp duty or opt for the yearly $1,195 yearly property tax.

The same goes for an individual purchasing a Sydney house amounting to $1,350,000 with $810,000 land value. They can opt to pay the $59,129 lump sum or spread their payments into annual repayments of $2,830.

Choosing between the stamp duty payment or yearly property tax is a matter of personal fit and financial capacity. First-home buyers generally keep their houses longer than 10 years, which gives them enough time to repay the government.

How Much the NSW Government is Putting Into The Housing Scheme

According to the Treasury Office of New South Wales, the government is allocating $728.6 million stretched over the next four years to entice young families and individuals to buy their first homes. The First Home Buyer Choice scheme reduces the upfront costs needed for purchase and the time required to save on the initial deposit.

If you are a first-home buyer and looking for a property law firm that can act on your behalf of you during the buying process then Platinum Lawyers can help.

Call us at (02) 8084 2764 or enquire online

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