Walsh Conveyancing

Did you know if your residential property was vacant for more than 6 months in the preceding calendar year, you may be subject to vacant residential land tax (VRLT)?   The Victorian Government introduced VRLT from 1 January 2018 to help address the lack of housing supply in Victoria. VRLT is assessed by calendar year (1 January to 31 December) and the owner of the property is liable for it.    From 1 January 2025, VRLT’s scope is changing. VRLT will apply to residential land across all of Victoria if the land is vacant for more than 6 months in the preceding calendar year. Prior to 1 January 2025, it applied only to vacant residential land in inner and middle Melbourne. This means that if you own residential land in Victoria that is vacant for more than 6 months in 2024, you may be liable for VRLT in 2025. For more details on VRLT head to https://lnkd.in/gEe-aiGf

For those investing in commercial or industrial property, you may or may not be aware that Commercial and Industrial property is moving from land transfer duty (also known as stamp duty) and landholder duty to an annual property tax known as the commercial and industrial property tax (CIPT) reform. Find out more via our latest article https://lnkd.in/gVhxiE3r #Walshconveyancing #Commercialproperty #Industrialproperty #landtransferduty #stampduty #reform 

An owner-builder selling their home within six years and six months of completing the building work has certain responsibilities. An ‘Owner Builder’ is someone who takes responsibility for domestic building work carried out on their own land. The responsibility is not just with respect to the actual work but for the legal obligations also. For more details visit https://lnkd.in/gTyisD44

When inheriting a property, there are many elements that need to be taken into consideration. One of the most common questions is around Capital Gains Tax (CGT). For more details on how this relates to both residential and commercial properties visit our latest article. #Walshconveyancing #inherit #capitalgainstax #property #realestate #investment #commercialproperty

Property investing has long been associated with the Baby Boomer generation, however new data through the Australian Bureau of Statistics (ABS) is suggesting that another generation is starting to make their way into the investment market. Take a look at our latest news article to find out more https://lnkd.in/gBQeR5Q9 #Walshconveyancing #propertyinvesting #Babyboomer #millennials #rentvesting #realestate

The Australian Tax office has a handy resource called the Tax Time Tool Kit for Investors. It covers everything you need to know and more! With a downloadable fact sheet that will help rental property owners avoid common tax mistakes. Whether you use a tax agent or choose to lodge your tax return yourself, it is worth taking a look at this great resource https://lnkd.in/gxJr5aD6 #Taxtime #propertyinvestment #Walshconveyancing #ATO #toolkit #realestate #property 

If you’re planning to navigate your property purchase alone, it’s wise to think again - expert support can make all the difference.    As the buyer, you’re best engaging a conveyancer before you’ve even put in an offer. They can help you navigate everything from the property’s legal documents to the settlement process and suss out certain issues with prospective properties.   https://lnkd.in/gkye8E9u   #Walshconveyancing #bestfriend #propertypurchase #expertsupport #realestate #property #investment #Morningtonpeninsulaproperty

From 1 July 2023, a windfall gains tax applies to all land rezoned by the same planning scheme amendment resulting in a value uplift to the land of more than $100,000. In determining the value uplift, all land owned by the person or group and subject to that rezoning is taken into account.   For more details visit https://lnkd.in/gAmWCDB5   #Windfallgainstax #Walshconveyancing #land #rezoned #property #realestate #planning #investment

For those of you investing in Commercial property you may be interested to know that Stamp Duty on the purchase of a property is being replaced with an annual property tax known as Commercial and Industrial Property Tax (CIPT). CIPT will come into play on 1st July and properties will transition to the new scheme as they are sold. CIPT will begin to apply to the land at a flat rate of 1% of the land's site value each year. It is payable by the property owner. For more details head to https://shorturl.at/fIQge #Commercialproperty #Industrial #tax #stampduty #CIPT #propertyowner #realestate #Walshconveyancing #Investmentproperty

Have you ever thought of doing up an old property to on-sell and make a quick profit? Otherwise known as house flipping, this has become popularised by reality television shows like “The Block” and American program “Flip or Flop”.   For more details on this emerging trend head to  https://lnkd.in/ga8RpMZi #Houseflipping #renovate #profit #realestate #Walshconveyancing #property #forsale #invest