What happens if a commercial property is sold, and there is a sublease that is not registered and is for a term greater than 3 years and a deed of covenant was not entered into by the parties as part of the sale process?

Tenant solvency issues have always been a risk for commercial landlords to consider, but the unprecedented fears surrounding the default of tenants that landlords experienced during the COVID-19 pandemic brought this risk to the forefront like never before.

When embarking on a new property project that will involve multiple parties, there are a number of considerations. One of the first will be structuring the project. While this is often a question of liability, risk management, governance and profits, it is also critical to weigh up the tax implications and what the potential consequences are for the structure you decide on. Read on for a breakdown on what to consider when structuring property ownership.

New provisions in the Corporations Act 2001 now requires all company directors, or anyone who intends to become a director, to obtain a Director Identification Number (DIN). This 15-digit number confirms an officer’s identity by way of a unique identifier and provides a clear record of the officer’s relationships and conduct across multiple companies.

On 9 November 2021, the Legislative Assembly passed the Civil Law (Sale of Residential Property) Bill 2021 (the Bill) amending the Civil Law (Sale of Residential Property) Act 2003 (the Act) with effect from that date and affecting all existing off-the plan contracts retrospectively. These changes introduce new requirements for compliance by developers where a developer seeks to rescind an off-the-plan contract in certain circumstances. In turn, the changes enhance consumer protections to buyers to safeguard against inappropriate use of certain rescission clauses in a rising property market.

Estate Planning still ongoing during lockdown