Residential and commercial property buyers who are keen to see their transactions go through before end of financial year may try to rush property settlements, but the June 30 rush is no excuse for bare bones conveyancing.
Instead a good conveyancer or property law expert must consider all risks and warn clients of the potential tax implications of their proposed transactions.
Online conveyancing firm Conveyancing.com says property buyers and sellers should be wary of tax implications and ensure they are not burned during quick-settlement property deals.
Conveyancing.com delivers conveyancing services from property law experts, and highly recommends buyers and sellers protect themselves against the risks posed by swift property deals by using a professional conveyancer that can warn of potential risks such as tax implications.
Managing Director and Accredited Business Law Specialist Jim Parke says conveyancers are committed to serving the best interests of a party and those at Conveyancing.com are backed by degree-based property law expertise which helps protect against transaction risks.
“Tax issues can be part and parcel of any real estate deal and a good conveyancer will flag these with a client, whether the clients are buyers or sellers,” Mr Parke says. “Land tax, duties and GST implications might all be important considerations for working out how to structure a transaction."
“A good conveyancer will be familiar with these and other legal and financial risks and warn you of relevant aspects to help you make the right decision about how a property deal should proceed.”
Some conveyancers will exclude tax advice in your retainer, but a good conveyancer should take a broad look at tax issues, flagging when further legal or tax advice is necessary.
Some of the tax issues you may face during a transaction are:
“A property law expert can flag potential tax issues with a client so the buyer or seller is not left with a hefty tax bill after settlement they could have actively reduced with assistance,” Mr Parke says.
A conveyancer skilled in property law will also have an understanding of buying and selling property in trusts or company structures, duties, sales to foreign citizens and trusts, whether GST should apply and whether a property should be treated as a new residential premise for GST purposes.
Conveyancing.com understands the risks associated with quick or complicated transactions for buyers and sellers and strives to make the property transfer process simple and clear-cut for clients committing to these type of property deals. The conveyancers are backed by legal expertise which helps buyers avoid the risks of quick or complicated transactions.
For further information or inquiries, visit http://conveyancing.com