The Office of State Revenue has released a new ruling ("LT82v2" on 13 March 2012) setting out the Commissioner's interpretation of Schedule 1A to the Land Tax Management Act. Schedule 1A provides the principal place of residence exemption and says "land used and occupied by the owner as...
Commercial Arrangement Sole Trader Partnership – Is there a partnership agreement? Does it need to be updated? Company – Is the Constitution up to date? Do you understand your director’s liabilities? Trust – Is the Trust Deed up to date? Unsure Written Agreements Is this arrangement evidenced...
Wills Do you have a will? Do you know how old it is? Do you know where your will is? Do your family and executors know where your will is located? Has your situation changed since you signed your last will? Eg. started a business,...
Statutory demands, when used correctly, can be a powerful weapon for creditors of a company. What is a statutory demand? Essentially, a statutory demand is a demand for payment of a sum of money that is owed by a company. The demand must be set out in a...
A contract will not be enforceable unless the parties intend to create ‘legal relations’. If no such intention exists, the agreement will be no more than an unenforceable promise. The recent high profile Supreme Court of New South Wales decision of Ashton v Pratt (No 2)...
IDENTIFICATION OF PERSON MAKING A STATUTORY DECLARATION OR AFFIDAVIT From 30th April 2012 new provisions of the Oaths Act 1900 will come into effect in relation to the identification of the person making a Statutory Declaration or Affidavit by the person who is taking and receiving...
Overview The Personal Property Securities Act is a Commonwealth Act which establishes a central Personal Property Securities Register (PPSR) where security interests in property are recorded. It will replace some Commonwealth and state registries such as the ASIC company charges register and the NSW Security Interests in Goods...
In the case of Brady King Pty Limited v The Commissioner of Taxation [2008] FCA81, Justice Middleton of the Federal Court has cast doubt on whether the margin scheme can be used by developers where a subsequent subdivision of the land is involved. In this case, the taxpayer...
The Succession Act 2006 ("the Act") was assented to on 27 October 2006, proclaimed on 15 February 2008 and commenced on 1 March 2008. The object of the the Act is to restate with amendments the law relating to wills in New South Wales to implement, with...
Purchaser of Shopping Centre may be liable for vendor's pre-lease misrepresentations In a preliminary hearing in the Administrative Decisions Tribunal in the matter of Red Roll Pty Limited v Multiplex Latitude Retail Landowner Pty Limited, Multiplex WS Retail Landowner Pty Limited and AWPF Management Pty Limited [2008] NSW...