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We like to keep all our clients as up to date as possible, with changes in legislation that will affect your property transfer.
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Liz Sciacca-Witt
Licensee / Principal at
Key2 Conveyancing
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First Home Purchase Benefits

FIRST HOME - NEW HOME (stamp duty concessions/exemptions)

Important facts
1. Exemption from stamp duty on the purchase of new homes valued at up to $650,000.00
2. Concessions on stamp duty for new homes valued between $650,000.00 and $800,000.00
3. Exemption from stamp duty on purchase of vacant land valued up to $350,000.00
4.

Concessions from stamp duty on vacant land valued between $350,000.00 and $450,000.00

For more information regarding these benefits and to confirm your eligibility, contact us at Key2 Conveyancing or log on to the Office of State Revenue Website at www.osr.nsw.gov.au


 

GENERAL INFORMATION

FOREIGN CAPITAL GAINS WITHHOLDING CLEARANCE CERTIFICATE

Vendors of property where the sale price, or value of the property, is $750,000 or more, are required to provide the purchaser, prior to settlement, with an ATO Capital Gains Withholding Clearance Certificate to ensure no capital gains amount is withheld at settlement.
We will assist you with this requirement prior to the settlement of your contract - more information in this regard can be found at www.ato.gov.au


SMOKE ALARMS — WHAT DO I NEED?

On 1 May 2006 the NSW Government introduced a Regulation – the Environmental Planning & Assessment Amendment (Smoke Alarms) Regulation 2006 – which requires smoke alarms for residential properties.
Generally the Regulation requires that owners of houses, flats and units must ensure that smoke alarms are installed and that the smoke alarms comply with the Australian Standard.
For more information about the NSW smoke alarm requirements see www.planning.nsw.gov.au


SWIMMING POOLS - Selling your property with a Pool? What do you need to know?

If you are selling property that has a pool then you must ensure that the pool complies with all safety requirements as to child restraint barriers and that the required Warning Signs are erected in a prominent position in the immediate vicinity of the pool.
In addition the contract for sale of your property must contain a Warning Statement – if this statement is not attached then the purchaser can rescind (“cancel”) the contract. If you are selling your property with a pool and you do not have a compliance certificate from council then you should make arrangements to obtain this certificate prior to listing your property for sale.


LAND TAX - What is it and do I have to pay it

Land Tax is a State Tax that is levied on land in New South Wales as at midnight on the 31st December each year. Your principal place of residence is exempt from land tax. The tax is levied on all other properties owned by you where the unimproved value of those properties exceeds $432,000.00. The value of your property is obtained from the Valuer General's Valuations and usually your accountant/tax agent would advise you in relation to any land tax liability.


HOME OWNERS WARRANTY INSURANCE

The Home Building Act 1989 generally requires that a Licensed Builder or Owner Builder selling residential property within 6 years of completion of the residential building works, must have Home Owners Warranty Insurance at the time that they exchange contracts for the sale of the property. If the Insurance is not available at the time of exchange of contracts, then the purchaser can rescind (“cancel”) the contract any time before settlement and the seller can be fined. For more information regarding Home Owners Warranty Insurance you could refer to BuildSafe at www.buildsafe.com.au


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