29/08/2018
We're not property lawyers but all of our clients need a property lawyer every now and again - so this is highly relevant to everyone.
Federal and State Governments continue to turn property lawyers into revenue collectors (stamp duty, CGT and now GST) with risks for getting it wrong. They don't give lawyers any payment for doing so and let's face it, the lawyers have been absorbing the costs into their fees to this point. Conveyancing is ridiculously cheap for the work & risk involved to the lawyer!
Up until recently, your property lawyer was already assessing the stamp duty payable on the transaction, ensuring the required paper trail is in place for doing so, maintaining & storing records for the requisite period and being audited as required. Now it's Plus! Plus! on to that.
Yes, the price is going up so that the burden of property developers failing to comply with GST laws can become your responsibility.
Wouldn't it be interesting to know how much GST the tax office was actually missing out on?
CONVEYANCING costs are about to become more expensive for those who decide to purchase a new home.