Costs to rise for home buyers

first_imgFile photo.CONVEYANCING costs are about to become more expensive for those who decide to purchase a new home.Under new federal laws, buyers of new properties would now have to ensure that the GST owed (on the property purchased) by the developer of the project, was paid to the Australian Taxation Office.The Queensland Law Society has already alerted its members about the changes, which came into effect on July 1, and warns it means higher conveyancing costs for buyers.Real Estate Institute of Queensland CEO Antonia Mercorella was also concerned about the changes.She said once again the ATO was farming out or outsourcing its responsibilities for tax collection.“It’s the everyday person in the street who bears the brunt of this legislation, which is largely a measure targeting developers,’’ she said.“It adds a level of red tape to the property transaction and the buyers will be faced with additional conveyancing procedures, which, of course, means additional costs.’’Queensland Law Society Property Law committee Chair, Matt Raven, said the situation came about because the ATO was concerned it had been missing out on GST revenue it was owed by developers.“Some developers in the past have completed developments, settled the sales of all their apartments, disposed of all the money or paid it back to the bank and what have you, and then wound the company up without doing their final GST returns,’’ he said.“That is called phoenixing, the company disappears in a puff of smoke with all these debts owing.’’“So the gist of the new law is that now effectively the GST or an estimate of the GST has got to be collected and accounted to the ATO on settlement on each sale. So the way they have done that is they have put the obligation on the buyer to withhold a proportion of the purchase price.“So the buyer has to basically not pay that proportion to the seller at settlement and have to account to the ATO for it.’’Queensland Law Society president Ken Taylor is concerned it has added another step to conveyancing and said buyers would be the ones who had to pay for this extra work.Mr Taylor said the move was effectively making solicitors tax collectors.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020Residential contracts will now have an additional step added to them in relation to the GST and Mr Taylor said solicitors acting for buyers would have to assess whether a client must withhold GST and make a payment to the ATO.The process also involved completing two online forms which had to be lodged with the ATO.These extra steps would add to the time it took to do property conveyancing and therefore there would be additional costs, Mr Taylor said.While the organisation made submissions on the legislation and raised concerns about it Mr Taylor said it had still proceeded.“It is disappointing that we have seen multiple additional administrative duties added to our profession over recent years by both the State and Federal Governments,’’ he said.The new legislation does not apply to existing properties.Ms Mercorella said the REIQ had received significant feedback from members that the changes had not been clearly explained by the ATO.“We have produced extensive materials on the issue to educate our membership, including video content, in-room sessions and written material. There has been minimal education rolled out by the ATO, and yet again industry gets left to do the educating. It’s not a real estate agent’s role to give tax advice and yet consumers often expect the agents to be experts on all matters relating to property sale,’’ she said.Ms Mercorella said this was another impost put on the industry.“This GST-withholding legislation follows similar legislative changes in the foreign-buyer space where the ATO has made the assumption that buyers of property valued at $750,000 or more are foreign and required to pay capital gains tax, unless they could produce a clearance certificate to attest otherwise,’’ she said.“With that particular legislation, the threshold started at $2 million and then made a significant leap to the $750,000 threshold which means it has gone from affecting a small group to almost affecting the majority of property transactions. Where will it end?’’last_img read more

Rooney commits future to United

first_imgWayne Rooney committed his future to Manchester United and then pledged to bring the glory days back to Old Trafford. Rooney finally ended speculation regarding his future on Friday when he signed a four-year contract extension worth a whopping £300,000 a week. With 18 months left on his previous deal some of Europe’s top clubs began to take a keen interest in the England striker, but he has now committed his future to United until the end of the 2018-19 season. “I’m very happy to have signed a new long-term contract with Manchester United,” Rooney told his official website. “This is one of the biggest clubs in the world and to know that I will be playing here for the majority of my career is something that I’m looking forward to. “I’m happy that everything is now finalised and I can carry on concentrating on my football.” It was thought that Moyes’ chequered history with Rooney would hinder the club’s chances of renewing the contract of their star striker. Moyes successfully sued Rooney for claims he made about the Scot in his autobiography in 2006, but the pair have since buried the hatchet. Indeed the pair have built up a successful working relationship since Moyes took over the United hot-seat last summer and Rooney is convinced that the former Everton manager remains the right man to maintain the success that Sir Alex Ferguson brought to the club during his 26 years in charge. United may be 11 points adrift of the top four with 12 games left, but the possibility of missing out on the Champions League has not put Rooney off signing what may end up being the final contract of his career. “I know that’s what some thought but it’s not a massive concern for me,” Rooney said. “This is because I know the direction that this club is going in, and if we don’t make it this season then we will come back stronger and claim a Champions League spot next season. “Let’s not forget we still have a chance this year, some of the other teams are playing well but we have a strong squad here and if we have a positive end to the season then who knows what can happen?” United’s best hope of qualifying for the Champions League may be through winning the competition just as Rooney did in 2008. To bring back such glory days as those United have some major rebuilding to do. Moyes started that process last month when he smashed the club’s transfer record to sign Juan Mata from Chelsea for £37.1million and Rooney signing a new deal is another boost for the Scot. Confirmation from Ed Woodward, the club’s vice-chairman, that Moyes will be handed significant funds this summer, also appears to have helped persuade Rooney to remain at Old Trafford. “The future is bright for Manchester United,” Rooney said. “This is still one of the world’s leading clubs. We have seen this with the signing of Juan Mata in January. “People have been saying we may have trouble attracting the world’s best players but I think the fact Mata came here shows this isn’t true. “This is a new era for the club, we have a new management team and a great new manager in David Moyes, there has to be some time for change. “We have some great players here and despite our recent form everyone has stuck together and the team spirit is still good, we will continue to work hard and get Manchester United to the top where it belongs.” Rooney denied that he had demanded to become captain or had sought assurances on the club’s future transfer targets before signing. The fact that he has pledged his allegiance to United when so many clubs were interested in him has helped his chances of succeeding Nemanja Vidic as captain a lot, however. Rooney also found time to thank the fans, whom he said were key in his decision to sign the new deal. United supporters hold Rooney in high regard despite the fact that he asked to leave the club in 2010 and – according to Sir Alex Ferguson – again last season. Rooney has always denied he submitted a second transfer request. By the time his contract at United ends, Rooney hopes to have broken Sir Bobby Charlton’s club record of 249 goals. Rooney is fourth in United’s all-time top scorers, just 48 behind 1966 World Cup winner Charlton. “It’s a great opportunity to try to break those kinds of records. I’m not too far away even though I’ve still got a few goals to go, but I’m confident I can reach it. Hopefully it will happen and if it does it will be a really proud moment,” Rooney added on MUTV. “My aim is always to score and create as many goals as possible, so if I can continue to score regularly and break the record then I would be delighted.” United also confirmed that Rooney has agreed to become an ambassador for the club when he retires. Press Associationlast_img read more

NFL, NFLPA meet in Chicago to resume preliminary bargaining, report says

first_img Jadeveon Clowney will report to Texans after 3rd preseason game, report says The NFL and NFL Players Association met Monday in Chicago for a preliminary bargaining session, Pro Football Talk reported, citing multiple unidentified sources, marking the first full-blown meeting about a new collective bargaining agreement since three days of planned talks in mid-July ended on the first day.The sides were scheduled to resume their early negotiations last week, but that session was postponed. Monday’s meeting was eight years to the day after the signing of the current CBA that ended a 132-day lockout and runs through the 2020 season. It also was exactly one month from the kickoff of the NFL’s 100th season.The early meetings between league representatives and the players union have been characterized as positive and amicable, but, PFT noted, “(e)ventually, they’ll begin grappling over the key issues” such as how to carve a multibillion-dollar pie (the current CBA gives players 47% to 48.5% of revenue, down from 50% in the previous CBA), the salary cap and spending floor, league revenue spent on stadium construction/renovation and the number preseason and regular-season games among other topics. Related News Colts claim running back D’Onta Foreman off waiverscenter_img Texans rookie kicked out of joint practice with Packers after big hits The two sides thus far are intent on keeping their actual negotiations out of the public spotlight, despite some saber-rattling on both sides. The goal: to prevent a work stoppage ahead of the 2021 season in the most popular and lucrative league in North America.last_img read more

Wellington Police Notes: Friday, July 5 – Sunday, July 7, 2013

first_imgSaturday, July 6, 2013•6:25 a.m. Officers conducted an agency outside assist and child in need of care in the 1100 block. N. Jefferson, Wellington.•9:43 a.m. Officers investigated criminal damage to property in the 300 block. N. Poplar, Wellington.•6:20 p.m. Justin C. Davis, 24, Wellington was arrested, charged and bonded with driving while license is suspended (second offense) and driving in excess of speed limit in the 500 block. N. Washington, Wellington.•8:30 p.m. Officers investigated a theft of a hitch in the 300 block. W. Lincoln, Wellington. Sunday, July 7, 2013•2:54 a.m. Thornton L. Rayl, 47, Wellington was arrested and charged with unlawful possession of methamphetamine, unlawful possession of drug paraphernalia, no proof of insurance and defective taillamp in the 800 block. S. Jefferson, Wellington.•9:45 a.m. Dustin W. Martin, 32, Wellington was issued a notice to appear charged with dogs at large.•2:01 p.m. Officers investigated a theft in the 1400 block. E. Michigan, Wellington. •3:51 p.m. Officers investigated criminal damage to property in the 1900 block. N. Madison, Wellington.•9:17 p.m. Travis A. Schneider, 27, Wellington was issued a notice to appear charged with no proof of insurance and defective headlamp.•9:26 p.m. Officers investigated a theft of a purse at the Wellington Lake.•9:32 p.m. Luke A. Hastings, 18, Wellington was issued a notice to appear charged with seatbelt violation. Wellington Police Notes for Friday, July 5 to Sunday, July 7, 2013:Friday, July 5, 2013•8:08 a.m. Officers investigated a theft of cooler and contents at the Wellington Lake.•9:36 a.m. Officers investigated a theft of cooler and contents at the Wellington Lake.•9:38 a.m. Officers investigated a theft of cooler and contents at the Wellington Lake.•Cari C. Martin, 28, Wellington was issued a notice to appear charged with dogs at large.•9:50 a.m. Officers investigated a theft of a bicycle in the 1100 block. S. C, Wellington.•No News Release.•10:54 a.m. Officers took a report of obstruction with law enforcement officer in the 800 block. W. Harvey, Wellington.•12:23 p.m. Officers investigated an aggravated burglary and theft of a vehicle in the 800 block. W. 8th, Wellington. It was recovered.•8:12 p.m. Officers took a report of found property in the 400 block. S. Jefferson, Wellington.•11:05 p.m. Non-Injury accident in the 600 block. S. Washington, Wellington involving a vehicle operated by Bryan A. Williams, 55, Wellington and a fixed object/railroad crossing arms owned by Burlington Northern Rail Road.•11:27 p.m. Jaylon J. Cox, 33, Anthony, was arrested and charged with driving while license is suspended in the 600 block. N. G, Wellington.last_img read more