Black v Garnock [2007] HCA 31

On 1 August 2007, the High Court delivered its judgment in Black v Garnock, a case on appeal from the NSWCA dealing with the recording of a Writ for the levy of property. From the outcome of this case, it appears that prudent conveyancing practice is required in order to protect purchasers during the time between exchange and settlement. This is achieved by first, lodging a caveat, and secondly, ensuring that a final search of the registry is completed as close to the time of settlement as possible.

GST on Forfeited Deposits

In Reliance Carpet Co Pty Ltd v Commissioner of Taxation [2007] FCAFC 99 (5 July 2007), the Full Federal Court (FC) concluded that GST was not payable on a deposit that was forfeited to the vendor after rescission of a land sale contract because of a failure to complete by the purchaser. The Court rejected the view that had been applied by the Commissioner of Taxation (Commissioner), based on his interpretation of Division 99 of the A New Tax System (Goods and Services Tax) 1999 (GST Act.)

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