1 January updates are always a big focus for By Lawyers. While the profession takes a well-earned break By Lawyers remains hard at work ensuring our publications are updated for legislative and regulatory changes that take effect from the new year.
This year’s 1 January updates for relevant jurisdictions include:
In New South Wales and Victoria, land tax is calculated for the calendar year. Threshold values increase annually.
In New South Wales, the 2022 threshold combined land value has increased to $822,000 for all liable land. Special trusts and non-concessional companies are excepted. A marginal tax rate of 1.6% of the aggregate taxable value above the tax-free threshold, plus $100 applies from 1 January. If the aggregate taxable value exceeds the premium rate threshold of $5,026,000 then $61,876 is payable, plus a marginal tax rate of 2% over that amount.
In Victoria, the tax-free threshold for general land tax has increased to $300,000. The trust surcharge threshold remains at $25,000.
All relevant commentary and precedents in the By Lawyers Conveyancing and Property and Trusts guides for each relevant state will be updated for these new threshold amounts from 1 January.
By Lawyers Contract of sale of land
The 2022 edition of the By Lawyers contract will be available 1 January in the Sale of real property publications for Victoria and New South Wales. The contract is located in the Contract folder on the matter plan.
Leases and subleases
In New South Wales, Victoria, Queensland, South Australia and Western Australia the 2022 editions of lease and sub-lease precedents will be available from 1 January. these are found in the Leases – Act for Lessor section of each Leases publication.
Keeping up to date
In addition to our 1 January updates, By Lawyers updates our publications for 1 June and other regulated adjustments where necessary.
Of course we always update our content for relevant legislative amendments and other legal developments throughout the year, in all jurisdictions, as required.
Keeping up to date is one of the ways By Lawyers help our subscribers enjoy practice – and holidays – more!
The team at By Lawyers wishes everyone a prosperous and safe 2022.