As we embark on the new financial year, we are pleased to present the latest edition of The Lot – our publication dedicated to keeping you informed about key legal developments in the property sector.
In this issue, we tackle some of the most pressing legal issues in property, including new tax regulations and a tax cheat sheet for developers, vendor termination rights, FIRB changes and updates to domestic building insurance in Victoria.
Our first article explores the Victorian Supreme Court decision that challenges the concept of a vendor’s ‘absolute discretion’ in terminating off-the-plan contracts due to onerous subdivision authority requirements.
We also delve into Victoria’s new Commercial and Industrial Property Tax, which commenced on 1 July 2024, which imposes a 1% annual levy on the unimproved value of commercial and industrial land. Hear about how it will affect your transactions and use our helpful tax cheat sheet to navigate the complex state taxes currently at play in Victoria.
Maddocks Construction team discuss the Building Legislation Amendment (Domestic Building Insurance New Offences) Act 2024 and what it means for builders and developers in Victoria.
Finally, FIRB expert, Chong Ming Goh examines the Federal Government’s changes to the FIRB’s foreign investment framework and the new fee structure for property investors.
We hope you find this edition of The Lot
both insightful and practical.
We explore the decision in the Victorian Supreme Court that has challenged the concept of a vendor’s ‘absolute discretion’ when trying to terminate an off-the-plan contract on the basis that authority requirements for a plan of subdivision were ‘too onerous to perform’.
Victoria’s new Commercial and Industrial Property Tax (CIPT) will commence operation on 1 July 2024 and impose a 1% annual tax (additional to land tax) on the unimproved value of land classified as ‘Commercial or Industrial Property' (CIP).
Domestic building insurance (DBI) is (subject to a small number of exemptions) a mandatory precondition to the carrying out, or the managing or arranging of the carrying out of domestic building work where the contract price is more than $16,000 (including labour and material costs).
We delve into the Federal Government's changes to the Foreign Investment Review Board’s (FIRB) foreign investment framework application fee structure.
Property Digest: Recent Projects & Deals
Maddocks advises Elanor Investors Group on logistics site acquisition
We advised real estate investment and funds management group, Elanor Investors Group, with the acquisition of a new logistics site in Melbourne that will form part of a $250m Australian portfolio strategy.
Maddocks advises Supalai on joint venture with Stockland for acquisition of $1.063 billion masterplanned communities
We advised Supalai Australia Holdings, the Australian subsidiary of leading Thai real estate development company Supalai (SPALI), on a joint venture partnership with Stockland to purchase 12 masterplanned communities from Lendlease.
Maddocks acts for Stockland on new automated facility
Maddocks advised Stockland on the leasing of a new automated facility to e-commerce company New Aim - the first completed building at Melbourne Business Park.