From Strata to Stamp Duty: The New Rules Shaping NSW Property Practice - a 5 Part Webinar Series

Program 1: Rewriting the Rules: Understanding the New NSW Strata Framework

NSW’s strata laws have undergone significant reform in the past two years, with major implications for developers, original owners, owners corporations, strata committees, and managing agents. Lawyers advising on strata matters must now adapt to a transformed regulatory landscape. This session breaks down the key changes and what they mean in practice. It covers:

• The evolving strata renewal process and the expanded powers of the Court
• New disclosure and documentation obligations at the first AGM
• Prescribed maintenance schedules and the role of independent certification
• Reforms to voting rights and the clampdown on proxy farming
• Extended limitation periods and strengthened obligations for maintaining common property

Program 2: Trust But Verify: Accountability of Managing Agents, Building Managers and Governance Risk

Recent strata reforms have introduced a new era of accountability for strata managing agents and building managers, in particular a significant increase in obligations, penalties and governance duties. Attendees of this session will be guided through:

• Statutory duties of honesty, fairness, and acting in the best interests of the owners corporation.
• Commission disclosures, gift bans, and pre-contractual notice obligations.
• Reporting duties and enforcement powers of NSW Fair Trading.
• Termination of agent agreements via tribunal powers.
• The new defence framework for agents where a breach is caused by the owners corporation.

Program 3: Modernising Property Law: Off-the-Plan, Covenants and Conveyancing Reform

NSW property law is entering a period of significant change. With proposed reforms to off-the-plan contracts, anticipated updates to the treatment of restrictive covenants, and the recently enacted Conveyancing and Real Property Amendment Act 2025, practitioners face a shifting compliance and advisory environment. This session explores what the reforms mean in practice and how to adapt effectively. It covers:

• The proposed reforms to off-the-plan contracts, including limits on sunset clauses, disclosure obligations, and purchaser protections.
• Updates to the law on restrictive covenants, with broadened powers to extinguish obsolete covenants and new expiry timelines for future covenants.
• Key changes under the Conveyancing and Real Property Amendment Act 2025, including:
  • New definition of “option” covering both put and call options
  • Clarification on cooling-off rights and disclosure obligations when options are exercised.
  • Transitional arrangements and deadlines for updated cooling-off notices and forms.
  • Expanded use of s 88B instruments and modernised notice and lodgement procedures.
  • The practical realities for practitioners: drafting contracts, advising clients, and managing risk under the new regimes.
  • Real-world scenarios highlighting the intersection of these reforms in everyday conveyancing practice.

Program 4: Not Just Passing Through: Residency, Withholding and the Taxman's Reach

Recent changes to the foreign resident capital gains withholding scheme mean that more property transactions are caught, and non-resident sellers or lessors are facing higher withholding obligations. or lawyers and advisers involved in property deals, understanding the residency classification rules and withholding obligations is now more critical than ever. This session covers:

• How the changes affect transaction processes and residency classifications.
• Compliance risks for both foreign and domestic sellers.
• The interplay between residency status and capital gains withholding.
• The four residency tests and their relevance to capital gains withholding
• Practical guidance for advising clients on declarations, clearances and timing

Program 5: Options and Duty in NSW: Unpacking the Commissioner’s Position on Beneficial Ownership

Nearly three years after the introduction of the "change in beneficial ownership" duty provisions, Revenue NSW has issued long-awaited clarification on how these rules apply to put and call options. The Commissioner’s new Practice Note sheds light on when duty arises, what constitutes dutiable consideration, and where risk still remains. This session provides a practical breakdown of the key guidance and its implications for property transactions and structuring. It covers:

• When land purchase options trigger duty under the “change in beneficial ownership” provisions
• How consideration is assessed under the new Practice Note
• Duty consequences of surrendering, terminating, or allowing an option to lapse
• CGT consequences of granting, exercising, surrendering, or lapsing of options, including timing and market value substitution issues
• Distinguishing between options, conditional contracts, and rights of pre-emption
• The role of valuations, market value testing, and arm’s length transactions
• Anti-avoidance considerations: what Revenue NSW is watching — and what the ATO may flag