New duty exemption for limited recourse borrowing arrangements in Queensland

Posted by: Kylie Wilson

Recent amendments to the Duties Act 2001 (Qld), which apply retrospectively from 26 October 2011, now provide for an exemption in Queensland when a property is transferred by a custodial trustee of a bare trust to an SMSF where that property has previously been held on trust in compliance with section 67A(1)b of the Superannuation Industry (Supervision) Act 1993 (Cth).

There has always seemed to be some confusion surrounding the Duty implications at the end of a limited recourse borrowing arrangement in Queensland where the property held by the bare trust is required (in the ATO's view) to be transferred back to the SMSF.  This exemption now clarifies the position but it is still very important that SMSF trustees have the right documentation in place at the start of the arrangement and retain that documentation throughout the life of the loan so that these documents can be produced to the Office of State Revenue when the loan is fully repaid and the property is transferred from the custodial trustee back to the SMSF. 

If you have any questions about the exemption please contact Kylie Wilson or Tony Allen.

SARA Launched

Posted by: Megan Tilbrook

Development Red Tape

The State Assessment and Referral Agency (SARA) was launched 1 July 2013.  The introduction of the new agency is part of the Governments range of reforms that aim to reduce "red tape" in the development industry.

SARA provides a single point for the state assessment or referral of development applications which are to be referred to or assessed by the state.  All development applications where the State has the jurisdiction to assess an application are to be lodged and assessed by the Department of State Development Infrastructure and Planning.  The Department will then produce a "coordinated, whole-of-government approach to state development assessment".

More information on SARA can be found Here 

E-Trials

Posted by: Megan Tilbrook

I attended a great presentation earlier this week at the Planning and Environment Court, hosted by the Queensland Environmental Law Association in relation to e-Trials and how they will work in practice.  An eTrial is the same as any other court hearing, however all documentary evidence is managed electronically by the courts.
The Courts are encouraging the parties to discuss the possibility of an e-Trial at the commencement of litigation, and it clear that there will be many more in the future with the Chief Judge suggesting that all trials should be electronic!
There can be some real savings for litigants if an e-Trial is conducted and as noted by the Courts it  " removes the need for multiple physical copies of documents to be provided to the parties and Court, and reduces the time taken to sift through folders looking for an elusive document."  This could obviously save Court time, and therefore cost.  One recent example discussed during the seminar was a trial expected to last for 6 weeks being reduced to 5 weeks on the basis it was to be an e-Trial. 
The concept of an e-Trial is particularly exciting for our firm, given that we already manage all our files electronically using a stringent paperless policy.  For us, being able to proceed a matter to e-Trial will be seamless, more cost effective for our clients and reduce time and waste. Anderssen Lawyers were one of the first firms to conduct an 'e-Trial' in the Planning and Environment Court back in 2008.  We have been developing paperless systems ever since to ensure that our technology and staff are poised ready for these advancements when they were available in the Courts.

Planning and Environment Court Decision

Posted by: Dale Ellerman

A helpful decision has recently been delivered by the Planning and Environment Court about the operation of s388 of the Sustainable Planning Act which contains the decision rules for applications to extend to approvals – this decision is of particular relevance to planners preparing these applications www.sclqld.org.au/qjudgment/2013/QPEC/009.

New Smartphone App for Graziers

Posted by: Kylie Wilson

The Minister for Agriculture, Fisheries and Forestry, the Honourable John McVeigh, recently launched a new smartphone app that allows graziers to determine stocking rates and carrying capacity in any paddock.

The app, called Stocktake Plus, is free and uses GPS technology to support and assess land type. For client's interested in trying the app to see if it is of advantage to their business it can be found at

www.stocktakeplus.com.au or on iTunes. I would be interested to hear from any graziers that have used the app and if they found it worthwhile.

Herron Todd White - April 2013 Report

Posted by: Scott Thompson

Below is the link for the monthly report from Herron Todd White regarding National Property Market Report and April in Review. http://www.htw.com.au/Month_in_Review/Month-In-Review-April-2013.pdf

Rabobank's Agribusiness Bulletin

Posted by: Kylie Wilson

Below is a link to Rabobank's Agribusiness bulletin for March.  Many of our clients will find much of this information of interest given current economic conditions.
Agribusiness Monthly is prepared by our Food & Agribusiness Research and Advisory division. The report provides monthly commentary on Australian and New Zealand agricultural conditions.
Key highlights:

• Autumn climate conditions across Australia are expected to be mixed. Drought has been declared for most of the North Island in New Zealand, with the South Island challenged by ongoing dry conditions
• Official interest rate settings in Australia and New Zealand remained steady at the most recent central bank policy meetings. The focus continues to be on labour markets, both locally and abroad
• China has overtaken Korea in export volumes of beef from Australia, and is now the third largest export market behind Japan and the US, while exports to the Middle East broke records in February
• Dairy commodity prices have continued to rise on the back of continuing pressure on milk production and export supply in most key dairy export regions
• Australian wheat prices are expected to weaken relative to CBOT prices, making Australian exports more competitive on the global market

To view the full report, please click here.