The By Lawyers has attended to the following 1 January updates required by legislation and practice in all relevant jurisdictions:
Land tax – Increases to threshold values – NSW
Land tax thresholds in NSW are indexed to rise on 1 January each year.
The 2021 threshold combined land value has increased to $755,000 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.
If the aggregate taxable value exceeds the premium rate threshold of $4,616,000 then $60,164 is payable plus a marginal tax rate of 2% over that amount.
All relevant commentary and precedents in the By Lawyers Conveyancing & Property and Trusts guides have been updated accordingly.
By Lawyers Contract for sale of land
The 2021 edition is now available on the Sale of real property matter plan in the Contract section.
Leases and subleases – NSW, VIC, QLD, SA and WA
The 2021 editions are now available on the Leases – Act for Lessor matter plan for each jurisdiction.
These additions form part of our continuing commitment to enhancing our content and helping our subscribers enjoy practice more.
Bankruptcy
In response to the COVID-19 pandemic temporary changes were made to bankruptcy law, increasing the debt threshold to $20,000 from $5,000 and increasing the time frame for a debtor to respond to a bankruptcy notice to 6 months from 21 days.
As of 1 January 2021 these changes have ceased and a new permanent bankruptcy threshold has been implemented.
The current debt requirement for bankruptcy is a minimum debt of $10,000 and the current time to respond to a bankruptcy notice is 21 days.
The By Lawyers Insolvency – Bankruptcy of individuals publication has been updated accordingly.
Always up to date
In addition to our annual 1 January updates, By Lawyers ensures our publications are updated for 1 June and any other statutory or regulated adjustments where necessary. We also promptly update our content for all relevant legislative amendments and other legal developments throughout the year, in all jurisdictions.
The team at By Lawyers wishes everyone a prosperous and safe 2021.