5 terms found.
1. GAZUMPING - Where the vendor agrees to sell a property, but then sells it to someone else or raises the price.
2. GENERAL LAW TITLE - There are two systems of providing title to land. One is the Torrens Title System which uses government -recorded certificates of title. The other is the very much older system under which title is proved by showing what is known as a good root of title, that is a series of documents showing the whole of the history of the land over a prescribed period and showing by that history who is currently the lawful proprietor of the land. Also referred to as common law title, and old systems title.
3. GOODS AND SERVICES TAX (GST) - A consumption tax of 10% levied on the final consumer of the goods or services. The supplier of the transaction is responsible for collecting the GST and then sending it to the Australian Taxation Office (ATO), Businesses with an Australian Business Number can reclaim the GST from the ATO as input tax credit.
4. GOODWILL - Originally goodwill was interpreted solely in terms of the attitudes of customers or clients, as in its definition as the probability that old customers will continue to resort to the old place of business or continue to deal with the firm of the same name. In later years, however, there has been a tendency to regard goodwill more broadly as "the value of all the favourable attitudes impinging upon the concern, including, with customers, the employees and other groups associated with the enterprise". It is only when these factors are persistent and unusual that they come to have an economic significance. Further, goodwill as a recognisable asset arises only when there is a possibility of a transfer. It is often calculated as an assessment of the present value of the estimated future profits of a business in excess of a normal return on its assets.
5. GUTTER - A channel at and running the length of the eaves of a building which carries off rain water, usually by means of downspouts.
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