Absentee Land Tax and additional Duty for Foreign Acquirers


The rates for Stamp Duty and Land Tax in Queensland have recently been amended to provide additional charges for foreign and absentee land owners – do they apply to you?


Duty

An additional charge for Duty now applies at the rate of 3% of the GST inclusive transfer value where the acquirer is:

  1. A foreign individual,
  2. A foreign corporation, or
  3. A Trustee of a foreign Trust.

The definitions in the Act treat as foreign anyone who is not either an Australian citizen or a permanent resident of Australia.  Importantly, a Trust is deemed to be a foreign Trust (Section 237 of the Duties Act) if at least 50% of the primary (often called residuary) beneficiaries in the Trust are foreign citizens / corporations.

Please note that the legislation allows a reviewing of this situation should it change at any time within 3 years of the date of acquisition (see Section 246A). [Read more…]

Just a “standard” Lease?

Your dream of owning or relocating your business is almost true!  You have found the ideal premises at the perfect location and the Landlord requires you to sign the Lease or the “Agreement to Lease” to get in before others who expressed interest.   “It’s just a standard lease”, the Landlord says.

“Standard” leases can impose some serious burdens and present some nasty surprises to Tenants who haven’t sought legal advice.  Our commercial lawyers at Samford and The Gap are experienced in leasing matters.  We are here to review your Leases and assist you in getting a fair deal and help grow your business.

Why should you care about Trade Marks?

Do you have a name or an image that you use for your business that’s important to you?


Why Should you Care About Trade Marks?

Trade Marks and the associated goodwill are quite commonly the largest single asset of a business, particularly in businesses engaging and providing services.  Having a good Trade Mark which is appropriately registered can only help to quantify and increase the value of your business in the long term.

 

What is a Trade Mark?

Simply, it is a sign (which can be words, images, colours, smells, or combinations of them) which is used to distinguish your goods or services from the good or service from other businesses.

[Read more…]