What does it mean if I'm told my sale or purchase is an electronic transaction? Property Exchange Australia (PEXA) is Australia's online property exchange network, and was formed under the direction of the Council of Australian Governments to simplify and digitise the property exchange process.
By July 2019, all standard property transctions in NSW will be conducted electronically. At the moment, not all conveyanciners and solicitors are on board with this option, so not every transaction can occur on the PEXA platfrom.
If your sale or purchase is however, able to transact this way, it means all parties involved at the time of settlement lodge documents and complete financial settlements electronically in real time, rather than needing to meet and hand over cheques and paper documents.
Anderson Conveyancing is proud to be an early adopter of this efficient change to the settlement process!
LEARN MORE: http://www.registrargeneral.nsw.gov.au/eConveyancing/what-is-econveyancing
How is land tax calculated for 2018?
Land tax is calculated on the combined value of all the taxable land you own. The land tax threshold for 2018 is $629,000. This means your land tax assessment is calculated on the combined value of all the taxable land you own above this threshold. The amount of tax is $100 plus 1.6 per cent of the land value between the threshold and the premium rate threshold ($3,846,000) and 2 per cent thereafter.
If the combined value of your land does not exceed the threshold, no land tax is payable.
Information on Land Tax and threshold for 2016
News from Anderson Conveyancing - Erina, Central Coast
As detailed in an earlier news update below, the Swimming Pools Act 1992 was amended in 2012, requiring all swimming pools in NSW to be registered by 29 October 2013 and a compliance certificate included in any Contracts for Sale by 29 April 2014. A short time out from that compliance date, the Government announced the date was to be extended to 29 April 2015 due to the overwhelming amount of pools which were yet to be inspected. Now, a little over a month away from the extended date, the Government has once again announced that due to a high rate of failure for initial pool compliance inspections, the requirement for a compliance certificate is to be extended by a further 12 months to 29 April 2016.
The media release in relation to the extension can be found at the following site: Office of Local Government media release. You can also telephone the Office of Local Government with any particular queries for sale and lease requirements for properties with a swimming pool on 02 4428 4100.
Selling a property with a pool?From 29 April 2014 a certificate of compliance (or an occupation certificate issued within the last three years), as well as a certificate of registration, must be annexed to the Contract where a property with a pool is being sold.
You should already have registered your pool - that deadline has been and gone. Were you one of the majority of pool owners who left the process until the last minute? If so, you would have experienced the registration website being overloaded, preventing some registrations until past the deadline date.
A certificate of compliance requires a physical inspection of the pool. Don't leave it until too late to start the process! Inspectors are likely to get booked up, and you risk not being able to sell your house when you want to. A bit of pre planning could save you losing a good buyer when you're ready to get moving.
Swimming Pool Changes
The first part of the amended swimming pool legislation commenced in April 2013, with all swimming pools in NSW required to be registered. The online register can be found here: swimming pool register
All pools must be registered by 28 October 2013 or a $220 fine will apply.
The Department of Local Government has a brochure outlining the swimming pool laws for your assistance.
Always keep in mind that while proper fencing and regular reliability checks help reduce drowning in backyard pools, there is nothing like adequate supervision of children by a parent or another responsible adult. The most common contributing factors in on child drownings in backyard pools indicates are unfenced or unmaintained pools, or people leaving gates open inadvertently.
The next stage of the amended legislation will become effective on 29 October and will require either a certificate of compliance, or occupation certificate, to be annexed to all Contracts for Sale of properties with a pool. NB: The requirement of those document/s being available will also extend to all residential tenancy leases for properties with pools from that date.
What are the current stamp duty grants / concessions offered by the Office of State Revenue NSW?
First Home Buyers
Up to 1 October 2012
- A Grant of $7,000.00 is available for a purchase of up to $835,000.00
- An exemption from stamp duty is available for New Homes only (First Home - New Home Scheme)
After 1 October 2012
The previously existing FHOG is replaced with FHOG (New Home) Scheme and:
- Applies only to First Home Owners who purchase or build a NEW home,
- Applies only where the value of the new home is less than $650,000.00,
- The Grant available is $15,000.00 from 1 October 2012 to 31 December 2013 and $10,000.00 after 1 January 2014,
- Stamp Duty exemptions apply as follows:
- Full exemption for new home up to $550,000.00
- Concessions apply for new homes between $550,000.00 and $650,000.00
- Full exemption for vacant land up to $350,000.00 (providing you have the intention to build)
- Concessions apply for vacant land between $350,000.00 and $450,000.00 (providing you have the intention to build),
New Home Grant Scheme
* Applies to purchasers of new homes or purchasers of vacant land (other than First Home Buyers) for building where contract is dated after 1 July 2012,
- A Grant of $5,000.00 is available for a purchase of a new home up to $650,000.00
- A Grant of $5,000.00 is available for a purchase of vacant land up to $450,000.00
Regional Relocation Grant - available between 1 July 2011 and 30 June 2015
A Grant of $7,000.00 is available if;
- You have owned a home in a metropolitan area within the last 12 months, and you have (or will have) disposed of it within 12 months
- You must move into the regional home as your Principal Place of Residence within 12 months