Legal

Wills Awareness Day - 19 August 2011

Tue, 27 Sep 2011 12:10:00 GMT

“If you’re not ready to die, then how can you live?”
Charles de Lint

Get ready, and start thinking about Estate Planning, which includes the preparation of a Will, a Power of Attorney and an Enduring Power of Guardianship.

The whole aim of estate planning is to eliminate uncertainties over the administration of your estate after you die, maximising the value of your estate by reducing taxes and other expenses, and minimising the heartache and distress of the loved ones you leave behind.

What is a will?

A Will is a legal document that sets out how your property will be distributed after death.

Should I have a will?

Every adult should have a Will. A Will gives you control over who gets your property after you die. It should be your choice about how your assets are distributed. Your Will may deal with items of sentimental value, and may direct that a particular asset be left to a particular person. Also, you Will can state that a particular member of your family shall receive more or less than other beneficiaries. You may include gifts to charities or other significant people in your life who may not be related to you.

What if I die without leaving a valid Will?

If you die without leaving a Will, it means you are “intestate”. In NSW, the Succession Act 2006 provides a formula which will be applied to your assets and will determine who is entitled and in what share.

This may result in unfair and unintended distribution amongst your family. It will be left to those people who feel they have been treated unfairly by the application of the formula to your estate to apply to the Court to seek a share. This can be expensive and stressful and most importantly can be avoided if you leave a valid Will.

19 August 2011 is Wills Awareness Day, an initiative by the Law Society of New South Wales. Have a Will prepared by a professional today, it is an inexpensive process that won’t take as much time as you think, and the peace of mind when it’s done will be priceless.

Approval vs Fines and Demolition Orders, your choice!

Tue, 04 Oct 2011 08:28:00 GMT

When you begin to plan any renovations or extensions to your property, you need to ask yourself the question, “Do I need approval?”

It happens far too often that home owners complete alterations or renovations to their property and face all sorts of problems once it goes onto the selling market.

Under the Home Building Act individuals are restricted from conducting RESIDENTIAL BUILDING WORK, ELECTRICAL WIRING WORK, or refrigeration or air-conditioning work unless they are a member or employee of a company that holds a contractor licence, or the individual holds an OWNER-BUILDER PERMIT for the work involved.

Penalties for individuals can be as high as $20,000.00.

Obtaining a Home Building Warranty certificate will also assist in selling your property. Purchasers will be wary where there is unauthorised work on the property. As well as confirming that approval was granted for the work, the certificate provides a number of WARRANTIES that ease the purchaser’s mind.

In addition to the penalty above, if you have conducted work without council approval, the council may require you to rectify or demolish the work performed. Is this something you are prepared to risk?

So save yourself the headache, not to mention the possibility of hefty fines, and does some research before you commence any work and confirm whether a development application and approval is required by your council. If in doubt, contact us.

Improve your Property Investment Returns

Tue, 04 Oct 2011 08:30:00 GMT

OSR Home Builders Bonus offers a positive incentive for investors

With all the uncertainty for investors in the market place, we can lose sight of the schemes which still exist and offer substantial savings and exemptions.

The NSW Home Builders Bonus (HHB) includes the following exemptions on stamp duty:

Full exemption on stamp duty for transactions relating to vacant land and off the plan purchases where building has not commenced. The value of the vacant land must not exceed $400,000.
A partial exemption of 25% of duty payable for purchases of completed new homes or off the plan purchases where construction has commenced. The value of the new property must not exceed $600,000.
The Senior’s Principal Place of Residence Exemption provides a full exemption for eligible seniors purchasing a new home that is to be occupied as their principal place of residence. Applicants must be over 65 years of age, and selling their current residence.

Only transactions entered into after 1 July 2010 and before 1 July 2012 will be eligible. And best of all, there is no limit to the number of new homes a person may purchase under the HHB.

So, if you have been considering an investment, a building project, or even making a move to a new family home, this may be an opportune time to consider the HHB and the eligibility requirements.