A wave of investment, renewal and precinct growth continues to shape the northern edge of Macquarie Park, where daily life is supported by a rare combination of university activity, corporate employment, major retail, and expansive green corridors. It’s this convergence of amenity and connectivity underpins the setting for <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>’s <a href="https://www.apartments.com.au/new-apartments/la-vera-94-talavera-road-macquarie-park-nsw-2113">La Vera</a>, which has now topped out and is tracking toward completion in mid-2026.

Within this pocket of the precinct, residents move easily between the area’s key anchors. Macquarie Centre, home to more than 360 retailers, fresh food offerings, dining and entertainment, sits at the heart of local convenience and functions as a major transport interchange. The Metro, T1 rail line and extensive bus network place much of Sydney within quick reach, while surrounding arterial links support direct access to neighbouring districts.

[smartcode_project:default project_id=134951 project_image_fid=5829]

Green space remains a defining feature of the immediate environment. Lane Cove National Park stretches along the northern boundary of the precinct, offering bushland trails, cycling routes and quiet riverfront pockets. Shrimptons Creek and the campus grounds of Macquarie University extend these recreational networks, softening the urban setting and creating a daily connection to nature that informs the project’s architectural response.

<a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> have shaped La Vera around these contrasts. The building’s northern elevation adopts an organic, curvilinear form that mirrors the natural topography of the national park. Three sculpted forms soften the tower’s profile and encourage a stronger transition between indoor living areas, balconies and the broader landscape.

[smartcode_project:default project_id=134951 project_image_fid=223737]

Cox Director Felipe Miranda says the building’s outlook played a central role in the design process.

“The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park… The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies,” Felipe Miranda of Cox Architecture said.

Toward the city-facing side, the design shifts to a more urban expression. A gridded facade and extensive glazing capture CBD views, creating a dual strategy that blends ecological outlooks with metropolitan orientation.

[smartcode_project:default project_id=134951 project_image_fid=5827]

La Vera delivers 169 residences across one- to four-bedroom layouts, reflecting the needs of young families, downsizers, first-home buyers and investors seeking long-term certainty within a high-amenity location. From the project, residents can walk to Macquarie University, Macquarie Hospital and nearby corporate offices, reach national park trails within minutes, and enjoy retail and dining without relying on a car.

The project is delivered by Urban Property Group, a 4.5-star iCIRT-rated developer-builder with more than three decades of experience. The company has become a leader in adopting 10-Year Latent Defects Insurance (LDI), first introduced on its Parq Bexley development and now embedded into its pipeline.

[smartcode_project:default project_id=134951 project_image_fid=223727]

La Vera is the first development in Macquarie Park approved to offer this 10-year LDI policy, adding another layer of protection for purchasers and reinforcing the transparency of the construction process.

Urban Property Group CEO Patrick Elias says this assurance has become increasingly important for buyers navigating the off-the-plan market.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been… Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share,” Urban Property Group CEO Patrick Elias said.

Urban Property Group's in-house construction team is forecasting a mid-2026 completion, with <a href="https://www.apartments.com.au/project-marketer/home789">HOME789</a> appointed as the project marketer.

[smartcode_project_cta:default project_id=134951]

Staff Writer

La Vera delivers a nature-connected address within Macquarie Park’s core

<a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA</a>&nbsp;doesn’t just rise over North Sydney, it redefines it. Now in its final release, <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a>’s $1 billion architectural statement is not just complete, but already reshaping the way people live, connect and dine in this rapidly evolving harbourside CBD.

Positioned beside the new Victoria Cross Metro Station and boasting panoramic views across Sydney Harbour, Aura’s 386 residences crown a mixed-use precinct designed with unapologetic ambition. The curvaceous sandstone-inspired form by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, paired with <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richard Stanisich</a>’s understated interiors, sets a design tone that’s both monumental and intimate.

At its peak, literally, the two penthouses so spectacular they command their own names; La Davina and Il Magnate. The residents are spread across the&nbsp;entire top floor, offering what many consider the most refined residences ever built in North Sydney. Designed by Richard and Kirsten Stanisich, each four-bedroom home is meticulously crafted to evoke calm, space, and permanence.&nbsp;

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/VB70993aG-I?si=adRBlXQliYmYvaSz" title="YouTube video player" width="560"></iframe>

The kitchens are fully wrapped in natural stone, with integrated Gaggenau appliances, Sub-Zero fridges, concealed sculleries, and even a zip hydro tap delivering boiling, chilled and sparkling water on demand. A linear stone fireplace anchors the open-plan living space, dividing lounge and dining zones with quiet sophistication.&nbsp;

[smartcode_project:default project_id=30959 project_image_fid=292861]

The master suite, meanwhile, feels more like a private retreat, complete with a custom stone makeup vanity, walk-through dressing area, and spa-inspired ensuite with heated stone floors, a freestanding Villeroy &amp; Boch tub, and timber veneer joinery throughout.

Kirsten Stanisich, Director of Richards Stanisich, said the penthouses offer incredible scale reflective of a single residence.&nbsp;

“We sought inspiration for these remarkable residences from the classic top-floor Parisian apartment," Stanisich said.

"We looked at what made these French apartments so elegant and found it really came down to their scale. It was ultimately this generosity of space that we used for the AURA penthouses, where we’ve designed considered rooms with deep large-scale proportions."

[smartcode_project:default project_id=30959 project_image_fid=310337]

Everyday living at Aura feels no less elevated. A dedicated 24-hour concierge, Technogym fitness centre, sky dining terraces, and a resort-style pool serve a lifestyle designed to rival luxury hotels.

At street level, Aqualand’s own hospitality arm, Etymon Projects, curates a precinct of LA-style bistros, Japanese fine dining, and local wine bars, all seamlessly integrated into the building’s sculptural podium.

[smartcode_project:default project_id=30959 project_image_fid=310337]

This final chapter, aptly dubbed The Finale, is more than a sales phase, it’s an invitation to two of the most exclusive apartments ever to be built in North Sydney.

With limited residences remaining, buyers can access curated incentives including stamp duty rebates, rental guarantees, legal fee coverage, and even $20,000 towards dining within the precinct.

From generous one-bedders to The Icons, two singular penthouses priced well into prestige territory, Aura’s offerings reflect a scale and calibre rarely seen in urban Sydney. And with move-in now immediate, this is no longer a promise of future luxury. It’s happening.

[smartcode_project_cta:default project_id=30959]

Aqualand unveils penthouse collection at AURA By Aqualand in North Sydney

There’s no sign of the development wave that began several years ago slowing along Old Burleigh Road.

Around 10 new apartment developments are either underway or preparing to launch along the 800-metre strip stretching from the southern edge of Surfers Paradise towards the heart of Broadbeach, collectively adding just shy of 1,000 new apartments to the beachfront corridor.

The latest plans propose a further 30 apartments to replace an original six-unit walk-up on a 658 sqm site at <a href="https://www.apartments.com.au/new-apartments/20a-old-burleigh-road-surfers-paradise-qld-4217">20A Old Burleigh Road</a>. The 14-storey building has been designed by Ferro Chow Architecture, which recently joined the Elevation Architecture Group.

The developer behind the project is Geoffrey Booth, whose Future Liv In has focused on delivering rental accommodation across regional Australia.

<img alt="Old Burleigh Road" data-entity-type="file" data-entity-uuid="99d393e7-d404-43bc-80cb-6255c39b83d6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2012.28.44%E2%80%AFPM.png?VersionId=ZFT8F3mOny4M4ut.kFF3woC9WH9oR5gT" />

The Old Burleigh Road development will comprise 18 two-bedroom apartments, 10 three-bedroom apartments, and a single four-bedroom residence occupying the entirety of level 12. Above, the building will be crowned by a two-storey penthouse with its own private lift, several multi-purpose rooms, and two rooftop terraces — one featuring a puppy lawn and spa, the other offering a private swimming pool, sunset deck, and built-in barbecue.

Resident amenities will be located on the second level and include a pool with adjoining spa, cabana, and pool deck, along with an indoor residents’ lounge featuring a bar and an alfresco barbecue kitchen.

In the architectural statement submitted by Elevation Architecture, the project is referred to as “UMI”, which the firm says has been “inspired by the majestic hinterlands and shaped by the coastal climate”.

“It is an exemplar of how community living can still feel at one with nature, breathable, and deeply connected in place,” the architects noted.

They added that the site benefits from established building separation to adjoining towers, helping to maintain privacy, sunlight, and residential amenity, while still offering direct beach access within an urban setting.

“Drawing inspiration from the Gold Coast hinterlands and the region’s natural landscape, the podium and tower detail highlights the contrasting elements of treetop green and cliff-face peach. The vibrant texture and materiality shaped by time has a richness in depth and character.”

<img alt="Old Burleigh Road" data-entity-type="file" data-entity-uuid="b3d6c923-a0ab-4d74-86da-177313447e8e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2012.28.38%E2%80%AFPM.png?VersionId=i2fygmoVQM6hWpbATTAW_yTitoMTrnI1" />

Old Burleigh Road has become a hotspot for developers, with the three-tower Jewel development kickstarting a wave of projects up and down the strip when it was completed in 2020.

Currently under construction and approaching completion is <a href="https://www.apartments.com.au/new-apartments/faro-broadbeach-123-old-burleigh-road-broadbeach-qld-4218">FARO Broadbeach</a> by 5Point and Bottega, 21 large-scale half- and full-floor apartments. 5Point is also behind the recently launched <a href="https://www.apartments.com.au/new-apartments/lumara-108-old-burleigh-road-broadbeach-qld-4218">Lumara</a>, another 37 apartments to add to the pipeline.

Luxury builder GRAYA is progressing construction on <a href="https://www.apartments.com.au/new-apartments/enclave-by-graya-118-old-burleigh-road-broadbeach-qld-4218">Enclave</a>, its first Gold Coast tower, while Polycell remains the most active developer on the street. They are preparing to launch <a href="https://www.apartments.com.au/new-apartments/sandpiper-broadbeach-155-old-burleigh-road-broadbeach-qld-4218">Sandpiper</a>, a 50-storey redevelopment of the former Sandpiper Holiday Resort that will deliver around 200 apartments alongside extensive resident amenity. The group also has another 130-apartment project approved nearby, as does <a href="https://www.apartments.com.au/news/qld/dvb-approved-for-second-broadbeach-apartment-development">Dean Gallagher’s DVB Projects</a>.

Joel Robinson

First look: Old Burleigh Road apartment development wave continues

Sunshine Coast developer Habitat Development Group continues to position itself as one of the region’s largest new apartment developers.

Its latest project is in Maroochydore, where it is currently delivering <a href="https://www.apartments.com.au/new-apartments/the-millwell-2-millwell-road-east-maroochydore-qld-4558">The Millwell</a>. Adjacent to the new 53-hectare Maroochydore City Centre project, Habitat is planning a further 180 apartments on a 3,468 sqm site at <a href="https://www.apartments.com.au/new-apartments/132-136-aerodrome-road-maroochydore-qld-4558">132–136 Aerodrome Road</a>. The site was purchased with approval for a smaller 13-storey, 103-unit building.

Habitat will demolish the two existing retail centres, currently home to the Salvation Army Family Store and Neighbours Aid, and replace them with an 18-storey building featuring the significant rooftop amenities that have become a hallmark of Habitat developments in recent years. The rooftop will include both indoor and outdoor spaces, anchored by an infinity swimming pool.

<img alt="Maroochydore" data-entity-type="file" data-entity-uuid="ad434d07-666b-4614-b33e-530ad6a2d261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2010.12.33%E2%80%AFAM.png?VersionId=7pyLsPWKQuwv0us3_v.9DmbzEc2VZe9Z" />

There will be a mix of one- to four-bedroom apartments.

The Development Assessment Report, submitted to the Sunshine Coast Council, says the proposal&nbsp;is not speculative, but a response to both zoning intent and demonstrated housing need.

“The proposed development represents an appropriate and logical intensification of the site, consistent with the planning framework and the intended urban outcomes for the locality.”

Across the Sunshine Coast, councils are increasingly scrutinising not just height or yield, but whether new projects genuinely align with the long-term structure plans underpinning growth corridors. The&nbsp;ASTP Planning Report&nbsp;reinforces the approach, noting that the project has been shaped around site responsiveness rather than generic typology.

“The development has been designed to respond to the physical constraints and opportunities of the site, while delivering a high-quality residential outcome that integrates with the existing and emerging urban context.”

<img alt="Habitat" data-entity-type="file" data-entity-uuid="3a03fc54-4ca5-4868-88d0-eeced70604e2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2010.12.28%E2%80%AFAM.png?VersionId=1pkK3lJrrZjkghTLBReM2zatcas4Nc4B" />

In mid-2025, Habitat, a developer that also builds its own projects, commenced construction on The Millwell, located just over one kilometre from the new proposal. The Millwell will comprise more than 200 apartments across two eight-storey buildings.

Habitat also has two projects on Lake Kawana in Birtinya: <a href="https://www.apartments.com.au/new-apartments/st-clair-birtinya-930-931-waterside-retreat-birtinya-qld-4575">St Clair</a>, a 200-unit, two-building development launched last year and set to welcome buyers this year; and Esperance, a 175-apartment project currently progressing through the development approval process.

First look: Habitat continues to bolster Sunshine Coast apartment pipeline with Maroochydore development plans

John Camilleri, the breeder of legendary racehorse Winx, is set to deliver a landmark two-tower beachfront development that would redefine the Surfers Paradise skyline.

Camilleri, who spent around $100 million acquiring development sites across the Gold Coast in 2025, has lodged plans for two new towers on the dress-circle stretch of Garfield Terrace, just two days before Christmas.

In assembling the site, Camilleri's Celestino Developments has effectively acquired the 71 Garfield project by Iris Capital and AALTO by Weiya Holdings, creating an unrivalled <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">4,000 sqm beachfront holding along Garfield Terrace</a>.

The proposal comprises two residential towers of 55 and 48 storeys, linked by a dramatic skybridge which will home “exclusive VIP and wellness amenities.”

In total, the development would deliver 275 two-, three- and four-bedroom apartments across the two towers, rising above a shared landscaped podium that incorporates a central green space and a beachfront swimming pool stretching more than 90 metres.

<img alt="DBI" data-entity-type="file" data-entity-uuid="097900f3-6bef-4919-b168-b08f2f762876" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.37.58%E2%80%AFAM.png?VersionId=et0SpmcvaPPVrexI_zWi46BVFtZBxAzx" />

Architecture firm DBI, in documents submitted to Gold Coast City Council, said the project at 63–79 Garfield Terrace would “establish a new benchmark for beachfront residential living on the Gold Coast.”

"The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience. Together, the 48-storey North Tower and 55-storey South Tower form a distinctive twin-tower composition whose dynamic silhouette will make a significant contribution to the Surfers Paradise skyline."

DBI said the architectural language draws inspiration from the fluidity and movement of the coastal landscape.

"Each tower is defined by organic, curving forms and continuous balcony ribbons that wrap the buildings, providing deep shading, enhancing environmental performance, and reinforcing the rhythmic, sculptural expression of the façade. These balcony forms also reduce the apparent mass of the towers while maintaining strong visual continuity from podium to summit. Sculpted reflective downturns run along the western spine of both towers, shifting and lifting as they extend upwards to frame service zones and open eastward to maximise ocean views."

<img alt="Garfield" data-entity-type="file" data-entity-uuid="a2a00ce3-a0e9-45d6-b4b5-b7baed592ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.53.40%E2%80%AFAM.png?VersionId=DnruWV1dhLrtXOeElwekyd7vPq2gw55t" />

The project’s most striking feature is the skybridge at level 45, which will house executive lounges, formal dining spaces, wellness facilities and panoramic ocean-facing views.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI added.

The podium will host an extensive suite of recreational amenities, including resident lounges, private dining rooms, a large open green lawn, and the signature 90-metre pool stretching along the beachfront. The pool is divided into lap, lounge and children’s zones.

The southern end of the podium will accommodate additional wellness facilities, including a gymnasium, plunge pools, treatment rooms and a dedicated yoga lawn.

<img alt="Garfield" data-entity-type="file" data-entity-uuid="ee1b4f25-231f-4804-83b1-a573a1481962" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.55.47%E2%80%AFAM.png?VersionId=zObzIA3D5w7EwqPsHjr2pKrA4vbB28zL" />

There will be 127 apartments in the North Tower and 148 in the South Tower, including multiple penthouses, while the Enderley Avenue and Oceanway frontages will be activated by a series of food and beverage tenancies.

Camilleri emerged as the most active site acquirer on the Gold Coast in 2025. He spent just over $30 million acquiring Pacific Point, a 10-level Surfers Paradise apartment block and an adjoining three-level duplex, from fellow racing identity and Aquis billionaire Tony Fung. Plans are now underway for a 93-apartment, 40-storey tower on the 1,682 sqm site.

He also paid $53.65 million for the 1,500 sqm Garfield Terrace site previously marketed as AALTO by Weiya Holdings, before acquiring the adjoining parcel from hotel billionaire Sam Arnaout’s Iris Capital, the developer behind V&amp;A Broadbeach.

First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge

State Revenue

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Hi Margaret, I've recently purchased commercial real estate in the last 30 days in VIC (settlement has been completed). I registered it under company "1 PTY LTD", however I wish to change this to a different company (I remain as the company director of the new company). Stamp duty cost me 100k+ (I don't wish to pay this again). Is the above possible without attracting stamp duty on the building if a mistake was made?
 
It may be hard for you to convince the office of state revenue that you made a mistake on this one - when you received the contract it would have asked for the purchaser's detail, the documents would have been signed by you as that purchaser and the State Revenue Office would have relied on these documents for the purpose of assessment of duty. As this one is outside of my own area of expertise I consulted Paul Sande from Asset Conveyancing.  He is an expert in conveyancing in all states, as this area is markedly different from state to state. He believes that there may be another avenue available to you. Sec 250A of the Duties Act 2000 provides for an exemption from duty for an eligible transaction where there is a legitimate reconstruction of corporate groups. An eligible transaction is any of the following that occurs on or after 1 January 2004:- 1. A transfer of dutiable property from one member of a corporate group to another member of the group; 2. A relevant acquisition by a member of a corporate group from another member of the group to which Sec 83 of the Duties Act applies; 3. A declaration of trust to dutiable property the specification of which forms part of the declaration of trust or part of the transaction constituted by the declaration of trust by one member of a corporate group under which the dutiable property is held on trust for another member of the group; or 4. Any other transaction that results in the beneficial ownership of dutiable property moving from one member of a corporate group to another member of the group. Paul says that the Commissioner needs to be satisfied, amongst other things, that the eligible transaction does not arise from arrangements or a scheme devised for the principal purpose of taking advantage of the benefit of the corporate reconstruction exemption. In your case you did this inadvertently and so there was no intent to gain any particular advantage here. Your best course of action is to consult your office of state revenue, explain that you wish to reconstruct the corporate group to have this property held by another member of that group, and see what they say about this.
Have a property question?       <a href="mailto:askmargaret@propertyobserver.com.au" target="_blank">Ask Margaret!</a>
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mlomas-KC9MUPZ6Ca

Ask Margaret: Convincing the Office of State Revenue

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NSW land tax revenues are up, but stamp duty on sales has fallen dramatically.
The annual land tax revenue from property investors was $148 million higher than the $3.68 billion forecast.
The land tax helped the NSW surplus for 2017-2018 coming in at $3.9 billion, buoyed by a gst boost.
But a slowdown in sales activity saw NSW stamp duty revenues $960 million lower than expected.
The stamp duty revenue will be $10.4 billion this financial year, down from the $11.46 billion forecast.
It was blamed on lower than expected growth in property sales and prices along with a “significant shift from investors toward first home buyers.”
The overall stamp duty revenue will be $5.5 billion lower over the three years to 2020-21.
“Despite  this our finances remain in excellent shape,” the NSW Treasurer Dominic Perrottet said.
The Treasury papers noted while the downturn was “significant in dollar terms, revenue growth has been strong for an extended period, and the downturn is moderate compared with historic variations.”
The budget papers noted stamp duty was “a highly volatile revenue source reflecting the underlying volatility of property transactions and prices.”
There was also a sharp fall in revenues from foreign investors revealed in the budget.
There was hope that the state budget would provide stamp duty relief or reform, but the Treasurer said he would prefer to support first time buying.
 
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jchancellor-FAypfDUnLy

No change on stamp duty or FHB in NSW state budget, as decline in sales activity hits

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
At the most basic level a government budget is about two things: revenue and spending. True happiness, as Mr Micawber would say, lies in ensuring that outgoings do not exceed what comes in.
Under that definition NSW treasurer Gladys Berejiklian would be very happy today, having handed down a budget with a surplus of $3.4 billion this financial year (and $3.7 billion over 2016-2017), as well as forecasts of surpluses (albeit slimmer) in the forward estimate years ending 2019-20. And this feeling may well spill over to the Federal Coalition in coming election.
The results, mainly off stamp duties received from residential property and its participation in the federal government’s asset recycling incentive program, which rewards it for investment in infrastructure and privatisation of state assets, sees the state’s debt drop to just .01% of Gross State Product, backing her claim six months ago that NSW was debt free for the first time in 20 years.
It’s not all good news, with Berejiklian noting NSW would lose GST payments from the Commonwealth by some $850 million, equating to $10.8 billion in lost revenue by 2019-20.
State governments are technically sovereign on their spheres of competence but in the real world they are highly dependent on the commonwealth government because of vertical fiscal imbalance. They cannot do what they have to do without a regular influx of money from the Commonwealth government. This constrains their freedom of action.
Berejiklian, claimed that this was a function of the success of the NSW economy and government financial management which perhaps only underlines some of the perversities of Australian federalism in action.
The NSW state government has claimed $3.4 billion dollar surplus for 2015-16 and says that it will deliver surpluses of about $2 billion a year for the next four years. However, it was recently reported that there could be a $17 billion “black hole" in future budgets over the next few decades.
One issue is that state revenue quite dependent on the property market and its capacity to deliver stamp duty. The capacity of NSW by itself as with all the states to raise revenue is limited. This is why state finances are vulnerable to the up and downs of the property market.
Given that the boom in the construction of apartments appears to be coming to an end this may mean the NSW’s capacity to remain “debt free” is very limited. This is perhaps why Mike Baird at the beginning of 2016 was such a vocal supporter of an increase of the rate of taxation imposed for the GST.
In this context, two of the taxation measures in the budget are interesting. One is the imposition of an additional stamp duty and land tax for foreign investors.
The other is the reduction of certain types of duty for business. Both of these resonate with the federal election, the desire to make those from elsewhere pay tax and the reduction in company tax by the Liberals.
Both of these measures indicate important aspects of any Liberal strategy; on the one hand the need to raise money in a way that does not impose on voters, on the other hand a desire to lift the taxation burden on business so that it can flourish, create jobs and create more revenue through other forms of taxation.
Another theme which resonates with the federal situation is that the treasurer has also indicated her desire to cut government costs through an efficiency dividend. This is something that her federal counterpart seems reluctant to do, although as Opposition member Ryan Park has suggested, such savings in public service spending have to be balanced against increased spending on consultants.
At the moment NSW is performing well economically, which will help the federal Liberal Party in its quest to be returned to office. Therefore a steady as she goes budget, even if it is at a time when the property boom is winding down, seems appropriate. The absence of nasties, especially in the context of “no debt”, creates a mood of confidence and prevents the fostering of any real grievances amongst the ordinary voter which could express itself in the federal election.
Moreover, the announcement of increased funding for both education and roads, both issues which resonate in Western Sydney, will help the Liberal Party in crucial marginal seats in that area.
The real issue with such a budget relates to those things which are not being discussed a lot. In the longer term NSW, like all the states, faces massive costs, especially areas related to an ageing population and health. As with education, these are things which the state can afford to pay for without assistance from the Commonwealth government.
In this regard, the real issue is how rising health costs will be funded over the next decade. As Stephen Duckett has pointed out neither party at the federal level has proposed “any plan for funding hospital cost growth beyond 2020”.
The federal election campaign has said a lot about spending but there has been little indication how the very real problems facing Australia as it moves close to the third decade of the century will be funded. There is a certain air of unreality that somehow we will, like the British, “muddle through” so that everything will work out. For the moment everything is in a holding position.
One gets a similar feeling about the NSW budget. There is the afterglow of a property boom which has done wonders for government finances. But there are also storm clouds on the horizon. Receipts from stamp duty can only go in one direction. The state is losing a good amount of its GST revenue. In the longer term real problems funding both health and education threaten.
But a state government can only do so much. It remains dependent on Commonwealth money. The real challenges over the next few years will be to re-negotiate the federal compact, a task begun by Tony Abbott, and to find ways of ensuring that health costs can be funded and do not weigh down the public purse.
In the meantime, both the Federal Government and the Government of New South Wales enjoy a bit of an Indian Summer, the calm before the storm. From that perspective one should expect a good showing by the Liberal Party at the coming Federal elections in NSW. The worrying thing is that they might not be doing enough to prepare for the storm.
Gregory Melleuish is associate professor, School of History and Politics, University of Wollongong and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/gregory-melleuish-8479" target="_blank">here</a>.
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NSW budget delivers a fat surplus, but mixed bag for Turnbull’s chances

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<div>The Office of State Revenue is committed to the NSW Government’s target of having 70% of transactions conducted digitally by 2019.</div>
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<div>One of our digital services, Electronic Duties Returns (EDR), allows authorised agents to process a wide range of Duties transactions from their office.</div>
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<div>This service also allows solicitors and conveyancers to seamlessly integrate with e-Conveyancing platforms and services.</div>
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<div>Currently, some legal firms continue to lodge documents for assessment that could be done via EDR, this is unsustainable.</div>
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Commencing 1 July 2016, conveyancing documents, which can be processed through the EDR system, will no longer be assessed by the Office of State Revenue.
This is the first step of the digital transformation for property with more to come in 2016 and through 2017.
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jonathanchancellor-7SQnKwU6yx

Property 101: Changes to NSW Office of State Revenue conveyancing document lodgement service

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You must keep full and accurate accounting records that:
<ul>
<li>show the true position of all trust money received </li>
<li>enable your trust accounts to be properly audited. </li>
</ul>
Your accounting records must show:
<ul>
<li>who is entitled to the trust money </li>
<li>details of each trust money transaction </li>
<li>dates on which, or the period during which, each transaction took place. </li>
</ul>
Whenever a trust money transaction occurs, you must update your accounting records by the end of the next business day. 
The Estate Agents (General, Accounts and Audit) Regulations 2008 set out the required:
<ul>
<li>accounting documents </li>
<li>procedures </li>
<li>details to be kept.</li>
</ul>
If you are seeking technical or accounting information, or information not available on our website, ask your accountant or auditor for advice in the first instance.
Cash receipts journal
You must keep a trust account cash receipts journal, recording all money received daily.
This must include the:
<ul>
<li>number of the receipt </li>
<li>date the receipt was made out and, if different, the date on which the trust money was received </li>
<li>amount of money received</li>
<li>form in which the money was received; for example, cash, cheque or EFT </li>
<li>name of the person from whom the money was received </li>
<li>name and reference number or other identification of the person on whose behalf the money was received </li>
<li>details clearly stating why the money was received </li>
<li>details identifying the ledger account to be credited.</li>
</ul>
Cash payments journal
You must update a cash payments journal with all daily withdrawals from the account.
For payments made by cheque, this must include the:
<ul>
<li>date, serial number and amount of the cheque </li>
<li>name of the person the payment was made to; or, for a cheque made payable to an authorised financial institution, the institution’s name or BSB and the name of the person receiving the benefit of the payment </li>
<li>name and reference number or other identification of the person on whose behalf the cheque was drawn </li>
<li>details of the account in the trust ledger to which the cheque is to be debited </li>
<li>details of the purpose for which the cheque was drawn.</li>
</ul>
For payments made by EFT, this must include the:
<ul>
<li>date, reference number and amount of the transfer </li>
<li>name of the person to whom the payment was made; or, for a payment to an authorised financial institution, the institution’s name or BSB and the name of the person receiving the benefit of the payment </li>
<li>name and number of the account, including the BSB number, to which the amount was transferred </li>
<li>name and reference number or other identification of the person on whose behalf the transfer was made </li>
<li>details of the account in the trust ledger to which the payment is to be debited </li>
<li>details of the purpose for which the payment was made.</li>
</ul>
Payments must be recorded in the order in which they were made.
Transfers
You must not transfer money between accounts in the trust ledger unless you are entitled to transfer the money for that purpose. 
For example, you may transfer money from a landlord’s ledger to a commission ledger if the landlord has signed a property management authority that entitles you to claim commission.
You must record transfers in a journal kept exclusively for that purpose.
Entries in a transfer journal must include:
<ul>
<li>the date of the transfer </li>
<li>the amount transferred to and from each ledger account </li>
<li>the names of all ledger accounts to be debited or credited, including identifying references </li>
<li>details that clearly identify the purpose for which the money was transferred.</li>
</ul>
Trust ledger accounts
You must keep a ledger consisting of a separate identifiable account for each:
<ul>
<li>person on whose behalf you hold trust money </li>
<li>transaction for which you hold trust money.</li>
</ul>
The title of each ledger account must include the:
<ul>
<li>name and address of your client</li>
<li>purpose for which the money was received.</li>
</ul>
You must record the following details in the trust ledger account when you receive trust money, cheque payments, electronic funds transfer (EFT) payments or transfer of funds via journal entry:
<ul>
<li>date of issuing receipt, receiving money, making payment, or funds transfer </li>
<li>receipt, cheque, EFT payment or journal number </li>
<li>name of the person the money was received or paid from, or ledger account the money was transferred to</li>
<li>purpose for which the money was received, paid or transferred </li>
<li>amount received, paid or transferred.</li>
</ul>
You must record transactions relating to trust money in the trust ledger account in the order in which they occur.
You must also ensure that a trust ledger account has a continuous running balance, showing the amount held.
Monthly reconciliations
You must balance your trust accounts and prepare statements each month. The balances you must reconcile are:
<ul>
<li>cash journals </li>
<li>ledger accounts </li>
<li>accounts at your authorised financial institution.</li>
</ul>
The principal agent or officer in effective control must verify the reconciliation statements as true and accurate within 14 days of the end of each month. 
Storage and back-up of records
You must keep trust records for at least seven years.
You must back up electronic records at least once a month. The principal agent or officer in effective control must keep back-up copies and a complete set of copies must be stored at a separate location.
Computerised accounting systems
If you use a computerised accounting system, it must:
<ul>
<li>keep a record of any information created, amended or deleted that relates to the:</li>
<ul>
<li>seller’s or landlord’s name and address, reference number or other identification </li>
<li>description of each transaction </li>
<li>ledger account reference number or other identification for each trust ledger account</li>
</ul>
</ul>
The record must show the details before and after this information was created, amended or deleted
<ul>
<li>not accept entries of transactions that result in a debit balance in a trust account, unless there is a chronological record of the details of the change that can be produced on request </li>
<li>not be able to delete a trust ledger account unless the balance is zero and all outstanding cheques have been presented. When the account is deleted, the system must retain a permanent copy </li>
<li>not be able to amend the details of a transaction already recorded, except by recording a separate transaction that makes the amendment </li>
<li>require input in every field of a transaction data entry screen that receives information required by the Act and the Regulations </li>
<li>be backed up at least once a month. Each back-up copy must be retained by the agent in charge of the business or the officer in effective control, and a complete set of the back-up copies must be kept in a separate location.</li>
</ul>
Using an estate agent trust accounting software package can make it easier to comply with many of these requirements. 
General accounting software packages may also be of some assistance; whichever system you use, it is your responsibility to ensure you comply with the Act and Regulations.
Register of securities 
If you hold securities, documents of title or receipts for trust money on behalf of another person, you must keep a register of these. 
The register must show:
<ul>
<li>the date the security, document of title or receipt was received </li>
<li>a description of the security, document of title or receipt </li>
<li>the value or amount of the security or money deposited </li>
<li>the name of the person the security, document of title or receipt is held for</li>
<li>the date you delivered the security, document of title, or receipt to another person, and the name of the person you gave it to</li>
<li>the reason the security, document of title or receipt is being held </li>
<li>if the security, document of title or receipt is held jointly with another estate agent, the name under which they operate an estate agency business.</li>
</ul>
Deficiencies in a trust account
You must notify us, the agency director and your auditor within three business days of becoming aware of a deficiency in a trust account or trust ledger account.
This notification must include: 
<ul>
<li>the date on which the deficiency occurred </li>
<li>the amount </li>
<li>the reason it occurred </li>
<li>any action taken to restore it. </li>
</ul>
You do not need to notify us if the deficiency was: 
<ul>
<li>accidental, or caused solely by an error by an authorised financial institution, and</li>
<li>rectified within two business days after you became aware of it.</li>
</ul>
Unclaimed money
If you cannot identify the person entitled to trust money, those funds may be considered unclaimed money under the Unclaimed Money Act 2008.
For information on what to do with unclaimed money, visit the <a href="https://www.sro.vic.gov.au/" target="_blank">Victorian State Revenue Office website here</a>.
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