Hi. I realized the other day that some of our clients don't understand if they're entitled to an exemption for stamp duty when they buy a property. This came about because we had a husband and wife purchase a property, and naturally they wanted it in both of their names, that's the normal thing. And we inquired and we found out that the wife had never owned a property before, she was a first home buyer. And so we pointed out that if they bought it together they wouldn't qualify for the first home buyer's exemption or concession, whereas if they just bought it in the wife's name, then they would get that, and then later on a husband, or in this case the wife, can transfer the property free of duty to the husband and wife jointly without any further stamp duty. So we were able to save our clients quite a lot of money and they didn't have to pay the duty.

So there are lots of exemptions and concessions you can apply for. Pensioners can get an exemption. Also, if you're transferring a property out of a trust over to beneficiary of the trust, provided you tick all the boxes, you can get that stamp duty exempt. We've also done farm transfers where a property is coming out of a partnership or a trust, or some other structure like that, out to the actual farmer, and in that case there are also exemptions. So don't pay too much duty. If you're in doubt, give us all the details, we can analyze the situation for you, and we can let you know whether you're entitled to stamp duty exemptions when you purchase properties.

So I'm Ross Millen from Millens, and if you've got any questions about buying property or stamp duty concessions or exemptions, don't hesitate to contact us. Thank you.

Recently I had a client call after the tax office kept chasing her up for the tax return for a trust. She said she didn’t understand why they were chasing her because the trustee had been deregistered last year.   I told her that the trustee and the trust were two separate things. It reminded me that there is sometimes confusion out there around trusts and trustees.

In this short video, I give you a simple understanding of the role of trust and trustee and the two types of trusts.  Also I discuss the role of the important person the “appointor “ and what happens if this person dies. This video will help you understand if a trust is the right way to structure your business and boost asset protection.

Do you find you are great at looking after your physical assets like buildings and stock but neglect your soft assets like your intellectual property?  Things like websites and social media accounts need to be protected.  Did you realize it is relatively straightforward to register your brand name, your logo or what is called a device as a trademark?  We give a lot of advice about registering trademarks.  In this video, I share the simple test – Can your brand be trademarked?

I don’t know if it's a sign of changed economic times, but we are seeing an increase in tenants not paying their rent. In this video, I give some practical tips to deal with tenants who aren’t paying. If you are a tenant, I have some advice to help you negotiate with your landlord.

Are you paying more land tax than you should?

There is a tax that is becoming a real burden on people -  it's land tax.

We recently had a  client who was paying $25K then $40K now it has been reviewed to $80K a year.

Here are some strategies that people don’t realize can legitimately minimize your land tax.  Watch the video below to find out more. 

Feel like you could be paying too much land tax? Send us your recent land tax assessment so we can give you a quick opinion.

Important developments in retail leasing from VCAT.  Today in this video I explain in plain English if your existing rent review clause may be void and if you may be entitled to a market rent review. 

Have you updated your PPSR  (Personal Property Securities Registration) recently?  In this short important video I address your PPSR and ASIC details and what should be done.  These are two common areas where we see our clients time and time again, get caught with their pants down. 

Today I talk about Corporate Governance.  What not to do with your processes and controls?

Described as the most unprecedented lack of corporate governance, the train wreck collapse of the 2nd largest Crypto Trading Company.

Plus what do you need to do to make sure you are doing it properly?  I  share the 2 most important tips to ensure you have the right processes and controls in place to meet the requirements of the Corporations Act in Australia. 

With the DIN compliance date looming by November 30, I talk about how to apply, the circumstances where you may not need one and whether you should apply for an extension.

When you are buying a business, you do financial due diligence. Here is the must-know legal due diligence for a pain-free transition. You have to make sure that the company you are purchasing actually owns all the assets. What about the intellectual property? This can sometimes be overlooked. I talk about these things and more in this must-watch video.

A common question we get asked is what is the Statement of Adjustment?  How is it calculated? Kamani Punchihewa our Property Manager makes this easy to understand in this short video.

If you are the trustee of a trust there are new criteria to consider. Alternatively, if you are a beneficiary of a family trust who has been constantly overlooked, then you may have some new rights.

There are 2 critical reasons your vendor statement must be accurate. In this short video our Conveyancing Manager Kamani P shares what is a vendor statement and how to avoid the pitfalls of getting it wrong.

Today I have my trusty feather duster to outline what needs cleaning this Spring in your business. I talk about DIN dates, your ASIC registered office, workers' compensation and payroll tax.  Are they up to date?

Why do you need identification verification when buying and selling a property?

We were grieving, trying to navigate a complex estate matter. We were emotional. Angela got us to build a level of objectivity. After three years of stalemate, she got the job done. Would highly recommend Angela Costin.

Ross called it the Spartan bootcamp. 118 km of the Lara Pinta Trail in the Northern Territory. Arid desert, gorges, mountains, no showers, carrying your food, clothing and shelter. Sounds crazy though we were hiking through country that was 8 million years old. Seeing the most vibrant sunsets and sunrises.

Imagine lending your child money to buy a house and then their marriage ends in divorce! Or your child becomes bankrupt? Some well-meaning parents have been left without enough money for their own retirement. In this short and sharp video, Ross talks about how to avoid the pitfalls when lending money to your children.

Have you got your most important assets protected? – your Intellectual property and your Brand names. If someone infringes your brand, it’s much easier to take action if it’s trademarked.