New requirements for Rental Bonds Online and more
 
Fair Trading enquiries
13 32 20
 

Strata building bond scheme – new commencement date

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The new strata building bond and inspection scheme (the scheme) will now commence on 1 January 2018. It was originally scheduled to commence on 1 July 2017.

This means that the scheme will only apply to construction contracts signed (or where there is no contract and building work commences) from 1 January 2018. NSW Fair Trading will not require developers of new strata schemes to lodge defect bonds before 31 December 2017.

The commencement date has been delayed so that all procedural and professional requirements supporting the scheme are in place before commencement. This includes finalisation of:

  • the new standards and procedures relating to strata-specific building inspections
  • new digital business processes to support bond lodgement and processing of the scheme.

NSW Fair Trading has been working with stakeholders in the strata, legal, building and development sectors in developing the scheme.

Any further updates will appear on the Building bond page on our website.
 

Have your say on changes to Retirement Villages Regulation

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The NSW Government is seeking to improve the laws that regulate retirement villages in NSW and is asking for your feedback on the proposed changes.

The draft Retirement Villages Regulation 2017 and accompanying Regulatory Impact Statement are now available to view for public comment:

The key changes include:

  • measures to facilitate more effective comparison between villages
  • clearer annual budget information requirements for head office expenses
  • new matters for which village rules can be created, including smoking in communal areas
  • measures to reduce excessive administrative requirements for operators.

Make a submission by completing the online submission form or visit the Retirement Villages Regulation page for more information on the proposed changes and making a submission.

Submissions close 20 July 2017.

 

Changes to Foreign Resident Capital Gains Withholding payments – Australian residents impacted

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The federal government has announced proposed changes to the foreign resident capital gains withholding (FRCGW) threshold and withholding rate. The changes will apply to contracts entered into on or after 1 July 2017 for real property sales where the contract price is $750,000 and above (the current threshold is $2 million). The FRCGW tax rate will increase to 12.5% (currently 10%).

The existing threshold and rate will apply for any contracts that are entered into before 1 July 2017, even if they are not due to settle until after 1 July 2017.

Australian residents will require a clearance certificate if they sell their properties and the contract price is $750,000 or above.

Further information can be found on the ATO website.
 

Keep your home fire safe

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As the weather gets colder and you or your tenants switch on heaters to keep warm, it becomes even more important to make sure you understand what the fire risks are in your home and what to do to minimise them. Being prepared is the key to reducing the risk of fire occurring and surviving a house fire.

It is recommended that you have a safety checklist to help keep your home fire safe for you or your tenants. For information about home fire safety and other fire safety tips, visit the Fire & Rescue NSW website, where you can also find information on fire escape plans and printable fire safety fact sheets.

You can also find a comprehensive guide on selecting, installing and operating domestic solid fuel heaters on the NSW Environment Protection Authority's website.

Visit our Safety and security for tenants page for more information.
 
fairtrading.nsw.gov.au