News

Residential Property and GST

Posted on Feb 21, 2017 in News

Residential Property and GST

Generally the sale of residential property is not subject to Goods and Services Tax (GST).  However … Facts A superfund purchased vacant land on which it built a house for the purposes of long-term renting. The superfund received an offer it could not refuse upon the building being completed and therefore sold the completed vacant dwelling to the third party. The solicitor failed to indicate that the transaction was subject to GST on the basis that the sale was not in the “course or furtherance of an enterprise” a requirement for GST to be imposed. Another requirement for GST to...

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Electronic Signatures can be Risky

Posted on Feb 21, 2017 in News

Electronic Signatures can be Risky

Facts Party A supplied building materials. Party B, being a customer of A, sought credit from A. Each of the directors of B affixed their signatures electronically to the Credit Application. Directors of B also affixed signatures to a Guarantee in favour of A using “Hello Fax”, an electronic password protection system which enables users to sign documents electronically. One director of B had a username and password for the system but had not changed the password. Party A supplied the materials to B, who ultimately incurred debts to A of about $889,000. Party A tried to enforce...

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Franchises

Posted on Mar 9, 2016 in News

Franchises

Is your franchise territory safe? Exclusive franchise territory – is it protected? Two cases have reinforced obligations on franchisors to protect the exclusive territory of a franchisee. Case 1: The Supreme Court of NSW found that a franchisor breached a franchisee exclusive territory by allowing an entity relating to the franchisor to engage in online sales and subscriptions of movies and DVDs in a franchisee’s territory.  The franchisor argued that he was not in breach of the exclusive territory provisions in the Franchise Agreement as it had not physically entered into the...

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Superannuation Traps – Estate Planning

Posted on Mar 9, 2016 in News

Superannuation Traps – Estate Planning

It is an error to think that your superannuation forms part of your estate and will necessarily be distributed in accordance with the directions in your Will.  The overriding principle is that the trustee of a superannuation fund, whether self-managed or an industry based fund, has a discretion to decide to whom to pay a death benefit.  Remember a death benefit includes life insurance which may be held within the superannuation fund. The exception to the above discretion is where a member leaves a Binding Death Benefit Nomination with the trustee of the fund. The Superannuation Industries...

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If someone dies without leaving a Will

Posted on Jun 17, 2013 in News

If someone dies without leaving a Will

If someone dies and has not left a Will they are said to have died “Intestate”.  In these circumstances the estate must be distributed according to the laws of intestacy – which may not be what you want. For example: Bob aged 19 years was brought up by his mother, a sole parent.  His father left him and his mother before Bob was a year old.  They think his father lives in Queensland.  Bob lives at home with his mother and is employed as a carpenter.  Bob is working on a building site when he has an accident and dies.  Bob never made a Will and has no wife or children or even a girlfriend. ...

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Inheritances and Family Law

Posted on Jun 17, 2013 in News

Inheritances and Family Law

How are inheritances treated in a division of assets on the breakdown of a relationship? Example:  Jack and Jane lived together for 20 years.  They had no children.  During their relationship they both earned about the same income.  Ten years prior to separation Jane received an inheritance of $200,000.  At that time they owned a home which they sold and with the $500,000 proceeds of sale and Jane’s inheritance they purchased another property to live in.   Jack carried out renovations on the new home.  At separation the home was their only asset, valued at $1million. Jane only offered Jack...

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