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Harbourside Legal Services

First Home Buyer Assistance Scheme. Are You Eligible?

Source: www.revenue.nsw.gov.au, Thursday 08, October 2020
 
News:
The new scheme from 01, August 2020 until 31, July 2021 will enable those buying a home for the first time to be exempt from paying transfer duty. This applies to:

New homes up to $800,000.00
Existing homes up to $650,000.00
Land valued up to $400,000.00

Buyers can also apply for a concessional transfer rate (variable).
So, what is a new home?
Our friends at the NSW Revenue tell us that a new home is defined as:

A home not occupied before
A home not previously sold as a residence
A substantially renovated home
A replacement home (i.e. built to replace a demolished premises).

Eligibility for the Scheme.
For buyers to qualify and be eligible for the scheme, the following must apply:

to be eligible for the increased transfer (stamp) duty threshold, the contract must be dated on or after 1 August 2020 and on or before 31 July 2021
the buyer must be individual, not a company or trust
the buyer must be over 18
a first home buyer is just that; you, and your spouse/partner should never have owned or co-owned residential property in Australia before
you, and your spouse/partner must never have received an exemption or concession under this scheme
at least one of the buyers must be an Australian citizen or permanent resident.

Do You Have to Live in The Property?
You, or one of the other first home buyers, must occupy the property within 12 months after buying the property and reside there for at least six continuous months (exemptions available for members of the Australian Defence Force).
 
Want to Know More About Your Options? Looking to Buy Your First home?  
Contact Today. 02 9955 6692 | [email protected] | www.hslegal.com.au
Harbourside Legal Services Group – Expert Legal Services
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English Language Test for Partner Visas?

Australian Immigration Updates.
Source: www.sbs.com.au, Wednesday 07, October 2020
 
News:
The Government makes major announcements regarding Australian Immigration Program.
Highlights:

Maintain 160,000 places for 2020-21
Greater emphasis and ‘sharper focus’ on family stream visas. Level raised from 47,732 to 77,300 places (one-off basis)
Priority given to onshore applicants and partner visa applicants
Triple allocation for Global Talent Independent Program
Introduction of English language requirement for partner visas and permanent resident sponsors
May mean cuts to places in the Parent Category but adds c4,000 child visas. 50% of program will be family stream.

Skilled stream:

Priority to Employer-Sponsored, Global Talent, Business Innovation and Investment Program visas within the Skilled Stream. Fastest method to gain PR
15,000 places allocated to the Global Talent Independent (‘GTI’) program.

Business Innovation and Investment Program:

13,500 places allocated.
From 01, July 2021, Government to ‘streamline and improve the operation’, and introduce changes.

Visa Application Charge (VAC)
VAC refunds, waivers or visa extensions to be offered by Government to visa holders unable to travel to Australia due to COVID-19. Includes a wavier of the VAC for Working Holiday Makers and Visitors when borders re-open.
 
 
Want to Know More About Your Australian Immigration Options?
Contact Today. 02 9299 5815 | [email protected] | www.hslegal.com.au
Harbourside Legal Services Group – Expert Legal Services.
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Testamentary Trusts

Testamentary trusts can be very effective estate planning tools to assist in providing for spouses, children and grandchildren, and are becoming increasingly popular as more people become aware of their advantages. A Testamentary Trust is any trust established under a will, but the term is usually used in the context of a discretionary family trust […]

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Dispute Resolution

What is Civil Litigation Civil litigation is the process of dispute resolution between members of a community through the court system. Civil law grants to individuals the right to sue for compensation or for specific action in matters such as breach of contract, defamation and negligence. When can I sue someone? If you feel that […]

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Employment Law – How to Avoid Redundancy

Employers can easily fall into dispute with their employees by failing to properly handle redundancies. There is often uncertainty surrounding redundancy, in terms of handling it within the law, as well as cost. Redundancy commonly occurs when a business is sold and a new owner offers jobs to the vendor’s existing workforce. Some employees decline […]

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Six things to know about Binding Financial Agreements

There are many names for Binding Financial Agreements or BFA’s, including; Pre-nuptial Agreements (commonly known as pre-nups), Post-nuptial Agreements (post-nups); and Cohabitation Agreements. They are known by the courts as Binding Financial Agreements. There have even been movies about them and their enforceability and plenty of sensational newspaper stories but this article sets out the […]

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What it means now 457 visas have been axed

The Temporary Work (Skilled) Visa program (457 visa) commenced in 1996 with the objective of addressing genuine skill shortages in the Australian labour market. Employers (known as business sponsors) could recruit overseas workers for skilled positions for which they could find no suitable local candidates.   The 457 visa allowed migrants to work in Australia […]

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Verification of Identity in property transactions

Verification of Identity in property transactions (VOI) is a process used to confirm the identity of a person. Lawyers and other parties involved in property transactions have an obligation to ensure that the person claiming authority to deal with land is legally permitted to do so. This includes confirming a person’s capacity to act as […]

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Starting a Business – An overview of Common Business Structures

There are 4 main types of business structures for doing business in Australia, each with their own advantages and disadvantages. A person can carry on business as a sole trader, partnership, trust and company. The choice of business structure is an important decision to make at the start of a business venture, as the structure […]

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Employer or Contractor – do you know the difference?

It’s important for all businesses to have systems in place to determine whether workers should be classified as employees or independent contractors, as tax, super and other government obligations are different depending on whether the working arrangement is employment or contracting. Employees generally have PAYG withholding, super and fringe benefits tax paid by the employer. […]

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Immigration Law

Immigration Laywer Sydney When moving to a new country there are many things to research and the decision does not come easily. Immigration Law is a constantly changing and complex area of  the law. That’s why you need a migration expert who’s has the knowledge and experience to guide you through the process. At Harbourside […]

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