FNSTPB503 Apply Legal Principles In Contract And Consumer Law - Assessment 2

Task 2 Research Assessment
Real and Personal property

Examine research and briefly advise a potential client affected by the following circumstances
1. Land tax in NSW

1. What is land tax in New South Wales?
2. What land is taxed?
3. What land (if any) is exempt?
4. Upon whom is land tax levied in New South Wales? Whom does it include?
5. How is land tax currently calculated?
6. Can a company have a principal place of residence?

2. Stamp Duty or Transfer Duty on transfer of real property in NSW

1. What is transfer duty on land in New South Wales and who is liable for this duty?
2. When must this duty be paid?
3. Name one simple effective enforcement mechanism for the payment of transfer duty on Torrens title land?
4. Identify a reason why it is important to clarify if the purchaser of real property in NSW is a foreign person
5. 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
6. Identify and briefly explain two exemptions to transfer duty in NSW
7. Identify and explain a transfer duty concession for first home buyers in NSW
8. 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

1. For GST purposes what are new residential premises?
2. Who must withhold and pay the applicable GST to the ATO on the sale of a taxable supply of new residential premises in Australia?
3. When must this payment of GST be made in the conveyancing process for a taxable supply of new residential premises in Australia?
4. Who claims this paid GST as a tax credit?

4. PPSR

1. Define personal property in the PPSR Act?
2. Define a floating charge issued by a Company?
3. Explain how such a charge would normally be created?
4. Describe the name the PPSR gives such a security interest?
5. Briefly describe and explain the process of perfecting a secured creditor’s interest in a floating charge issued by a registered company in Australia today
6. Describe and explain the potential legal consequences to a secured creditor with a valid floating charge in Australia failing to follow this process?

5. Real property

1. Identify one legal document that would contain valid evidence to assist a registered tax agent to substantiate some of a real property investor’s claims for allowable deductions, depreciable items, capital costs and capital gains in relation to the acquisition or exchange and disposal of real property.
2. What is a caveat in Torrens tile in NSW?
3. Explain in what circumstances a person may lodge a valid caveat on Torrens Title property.

Task 2 will be assessed as satisfactory or not satisfactory