FNSTPB503 - Apply Legal Principles in Contract and Consumer Law - Law Assignment Help

Assignment Task

Examine research and briefly advise a potential client affected by the following circumstances
1. Land tax in NSW
(a) What is land tax in New South Wales?
(b) What land is taxed?
(c) What land (if any) is exempt?
(d) Upon whom is land tax levied in New South Wales? Whom does it include?
(e) How is land tax currently calculated?
(f) Can a company have a principal place of residence?

2. Stamp Duty or Transfer Duty on transfer of real property in NSW
(a) What is transfer duty on land in New South Wales and who is liable for this duty?
(b) When must this duty be paid?
(c) Name one simple effective enforcement mechanism for the payment of transfer duty on Torrens title land?
(d) Identify a reason why it is important to clarify if the purchaser of real property in NSW is a foreign person
(e) Calculate the duty respectively on the transfer of an existing one million dollar residential property in NSW on 2/7/2018 in NSW to an Australian resident citizen and then where the transferee is a foreign person
(f) Identify and briefly explain two exemptions to transfer duty in NSW
(g) Identify and explain a transfer duty concession for first home buyers in NSW
(h) Is GST included to be in the value of land for transfer duty purposes?

3. GST on a taxable supply of a new residential premises to a purchaser by a developer in Australia
(a) For GST purposes what are new residential premises?
(b) Who must withhold and pay the applicable GST to the ATO on the sale of a taxable supply of new residential premises in Australia?
(c) When must this payment of GST be made in the conveyancing process for a taxable supply of new residential premises in Australia?

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