ByLawyers News and Updates

SA – Revenue SA changes from 22 June 2017

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Off the plan apartments.

A $10 000 grant will be provided to eligible off-the-plan apartment purchasers where the contract is entered into between 22 June 2017 and 30 September 2017.

Off-the-plan stamp duty concession.

From 22 June 2017 the off the plan stamp duty concession no longer applies to foreign purchasers. Generally the concession has been extended until 30 June 2018 .

Land tax exemption

A five year land tax exemption will apply to eligible apartments bought off-the-plan where the contract is entered into between 22 June 2017 and 30 June 2018.

Foreign purchasers – From 1 January 2018

A stamp duty surcharge of 4% will apply to foreign purchasers of South Australia residential property.

From 1 July 2017 – Foreign Resident Capital Gains Withholding Payments

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For contracts entered into on or after 1 July 2017 the new foreign resident capital gains withholding (FRCGW) rate and threshold will apply to:

  • real property disposals where the contract price is $750,000 and above (currently $2 million); and
  • the FRCGW withholding tax rate will be 12.5% (currently 10%).

All precedents and commentaries were updated to reflect these changes.

Foreign Resident Capital Gains Withholding Payment

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Early Alert – Foreign Resident Capital Gains Withholding Payment

It is proposed that from 1 July 2017 the regime will apply to all real property with a market value of $750,000 or above. Once the bill is law this alert, the commentary and precedents will be updated.

Practice management – superannuation

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FROM 1 JULY 2017 Concessional Contributions Cap for superannuation reduced to $25,000 for all ages. Before-tax contributions include compulsory employer contributions and salary sacrifice arrangements. Contributions greater than $25,000 from before-tax income may mean payment of extra tax.

Music copyright

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Following a recent mentor question the Sale & Purchase of Business commentary in all states was updated to discuss the licensing requirements  for business owners when playing background music in their businesses. Amendments were also made to the Retainer Instructions in each state.

Wills, Powers of Attorney & Advance Care Directives SA

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Wills, Powers of Attorney & Advance Care Directives

DECEMBER 
  • New Commentary on Challenging the validity of a will
    • Challenging a will questions its validity. Contesting a will questions the fairness of its provisions. The circumstances and processes when challenging a will are similar across all the states in legislation and in the common law principles that govern this interesting area of the law. This addition to commentary covers helpful tips for practitioners if they are faced with a client wishing to challenge the validity of a will.
OCTOBER
  • Costs Agreements – Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
SEPTEMBER
  • Powers of Attorney and Advance Care Directives – Update  paragraph on South Australian Civil and Administrative Authority.
JUNE 
  • Added new precedent – Individual will creating multiple testamentary discretionary trusts.
APRIL
  • File Cover Sheets for all publications have been completely re-formatted for a better look.
MARCH
  • Powers of Attorney Commentary enriched to include a new section ‘What an attorney can’t do’. Commentary also enriched to include Instruments made in other states.
FEBRUARY 
  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.
  • The Advance Care Directives Kit produced by the South Australian government has been included in the guide. The kit is useful for practitioners who may wish to pass on additional information to their clients. The kit includes:
    • Advance Care Directive Form
    • Information Statement
    • Substitute Decision-Maker Guidelines
    • Information for Witnesses
    • Information for Interpreters

Estates SA

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Estates

OCTOBER
  • Commentaries updated regarding deceased estates and foreign resident capital gains withholding payments.
  • Costs Agreements – Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
SEPTEMBER
  • Addition to commentaries regarding whether cause of death might give rise to any compensation or damages.
  • Update links to Cultural Gifts Program and Supreme Court Civil Rules 2006.
MAY
  • New Precedent – Initial letter to creditor confirming account.
  • Letters of Administration commentary – Update content re Right to a copy of the will and the inventory of assets. In line with change to Probate
  • Letters of Administration commentary – Update to Administrator commission content re Professional administrators.
APRIL
  • File Cover Sheets for all publications have been completely re-formatted for a better look.
  • Letters of Administration – New precedent added – Initial letter to beneficiaries in will annexed
  • Probate – New precedent added – Search request form for copy of will or grant
MARCH
  • Precedents updated to reflect changed probate legal fees:
  1. Retainer instructions – Estates
  2. Costs agreement – Probate
  3. Costs agreement – Letters of administration
  • From 28 February 2016 fixed fee replaced with sliding fee.
FEBRUARY
  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.

Conveyancing SA

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Conveyancing

OCTOBER
  • Sale and Purchase of Real Property – added in commentary discussing foreign resident clearance certificates.
  • Purchase of Real Property Commentary – clause added on payment of fees when purchaser not proceeding.
  • New Precedents
    • To do list – Sale of real property
    • To do list – Purchase of real property
  • Costs Agreements
    • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
    • Clause on recovery of fees added when purchaser not proceeding.
AUGUST
  • Sale of Real Property – commentary updated to include discussion on bringing co-ownership arrangements to an end via partitioning.
  • Sale and Purchase of Real Property commentaries – added further content on Foreign Resident Capital Gains Withholding Payments.
MAY
  • Foreign resident capital gains withholding payments amendments made to Commentaries and Retainer instructions.
  • Include foreign resident capital gains withholding payments when over $2 million to all necessary precedents and to do lists.
APRIL
  • File Cover Sheets for all publications have been completely re-formatted for a better look.
MARCH 
  • New section included in the commentary on powers of attorney for land transactions to accompany power of attorney precedents.
FEBRUARY
  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.

Magistrates’ Court Civil SA

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Magistrates’ Court Civil 

OCTOBER
  • Costs Agreements – Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
AUGUST
  • From 1 August 2016 Small Claims reduce from $25,000 to $12,000 or less. Edit scale of costs – Third schedule.
APRIL
  • File Cover Sheets for all publications have been completely re-formatted for a better look.
FEBRUARY
  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.

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