BRISBANE’S EXECUTIVE RENTAL LISTINGS
$600 p/w DESIGNER GROUND FLOOR 114/38 Helen Street, Teneriffe 2
$420 p/w 1 WEEKS FREE RENT! AVAILABLE NOW! 7/145 Sydney Street, New Farm
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$2500 p/w 2
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$520 p/w MODERN AND STYLISH TOWNHOME 1 /4 Cowlishaw Street, Newstead
PLATINUM RIVERFRONT PENTHOUSE 9/166 Oxlade Drive, New Farm
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I heard recently that from 1st July there will be a new form for sellers to fill in. I often think back to how simple the paperwork was when I first began selling real estate. To list a property was a carbon copy 1 pager and from memory a contract of sale was about 4 pages. Today to list or sell a property is a detailed exercise involving multiple contracts, declarations, acknowledgments, authorisations and special condition after special condition. A lot of the paperwork has been introduced to protect buyers. But unfortunately there were a number of examples in the post GFC climate that saw litigators find devil in the detail that gave access to many lawsuits resulting in many originally willing purchases finding loopholes in contracts that they had previously had every intention of settling. The order of the paper work, no re-direction to warning statements and font size all required with the best intentions saw millions of dollars worth of Australian home owners sales lost. So the introduction of a new form sends a cold shiver up the spine of many experienced agents. Over the years they have added body corporate disclosures, warning statement, sustainability declarations, pool safety certificates, smoke alarms & safety switches acknowledgements and probably some other forms that I’ve forgotten. The sale process has become a bit of a bottleneck to check in on the property and now it seems, the owner. From the 1st July 2016 there is a new certificate needed for any person selling their property for $2million or more. These certificates are provided by the ATO and application forms can be downloaded today from their web-site (www.ato.gov.au). This certificate is essential to avoid paying 10% of the purchase price to the ATO. From what I’ve read this new process is to ensure foreign residents meet their capital gains tax liabilities.
$450 p/w SPACE & STYLE - 1 BED + STUDY 1/31 Adeline Street, New Farm 1
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$870 p/w PRIVATE, PEACEFUL & PRESTIGIOUS 6/63 Mark Street, New Farm 3
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$1,100 p/w EXCLUSIVE ULTRA MODERN, 3 BED 51 Hynes Street, Fortitude Valley 3
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$370 p/w 1 BEDDER ON QUIET, LEAFY STREET 4/4 Abbott Street, New Farm
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L I V I N G H E R E C U S H PA R T N E R S
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PH: 3606 8300
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Now time matters in sales, whilst the ATO is going to provide an online form which should see certificates dispatched quickly for those who use post there will be some delay. In circumstances where a seller gets over $2million unexpectedly (sure I get it’s a good problem to have) either from an ‘off market sale’ or through outstanding competition at auction they will be unable to provide this certificate. The property can still sell but without the certificate prior to settlement there will be questions about this 10% tax. To avoid this happening I share similar comments to the Assistant Commissioner Malcolm Allen, any homeowner who is eligible for the certificate and may consider selling in the next 12 months should get online and apply for one now.
Haesley is the local principal of Living Here real estate and a columnist for the Sunday Mail. Portions of this article may be an extract from his column. (07) 3606 8300 68/241 Arthur Street, Teneriffe
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