Please reach us at info@ewayconveyancing.com.au if you assistance to your question.
Please be advise that as part of our legal and compliance obligations, our office must complete Anti-Money Laundering and Counter-Terrorism Financing checks for property transactions.
These checks help us verify your identity, confirm your authority to Sale/purchase, verify the source of settlement funds and keep proper compliance records on your file.
These are standard compliance requirements and do not mean that we suspect any wrongdoing. Our office will check your details throughout the matter, including before preparing settlement documents, and before settlement funds are paid or used. We may ask for further documents if details change or if additional information is required.
At EWAY CONVEYANCING, our focus is on making this process as clear and efficient as possible. We are committed to ensuring every transaction is handled with professionalism, transparency and care, while continuing to support our clients through each step of their property settlement journey.
If you have any questions about these requirements, please contact us or for further information please visit www.austrac.gov.au
The State Revenue Office provided direction on their website this week about the payment of duty on penalty interest and how it is to be practically administered so as to not hold up settlement. Duty will be payable on penalty interest in Victoria for contracts entered into on or after 1 July 2022 if the penalty interest is $5000 or more. There are some exceptions to this set out on the SRO website. Purchasers have only 30 days after settlement to notify SRO by email at ElectronicLodgement@sro.vic.gov.au and of the penalty interest and relodge the transaction for assessment.
If you are selling or buying new residential premises or potential residential land, you may need to pay GST at settlement. The way GST is paid for certain property transactions affects purchasers, suppliers and their representatives
More information can be found at ato.gov.au
When you buy your first home on or after 1 July 2017, you may be eligible for an exemption or concession from duty. If you entered into a contract to buy your first home before 1 July 2017, you may be eligible for the first home buyer duty reduction. This duty assistance is available to eligible first home buyers, in addition to the First Home Owner Grant.
There are some temporary duty exemptions and concessions that may be available if you are a first home buyer, even if you don’t qualify for the first home buyer duty exemption or concession.
More information can be found : https://www.sro.vic.gov.au/fhbduty
If you are unsure how much duty payable amount is required. Check out this calculator to work out your land transfer (stamp) duty liability when you buy a property.
https://www.e-business.sro.vic.gov.au/calculators/land-transfer-duty
The vacant residential land tax (commonly referred to as the vacant residential property tax or vacancy tax) is a tax on residential properties in the inner and middle suburbs of Melbourne which are unoccupied for more than six months a year.
More information can be found:https://www.sro.vic.gov.au/vacantfaq