Acting as the Executor of an Estate can be a demanding task, especially if the deceased had complicated business affairs and/or left a complex Will. So can an Executor charge for time and effort spent in administering an Estate? In short: Yes.
There are two basic types of payments an Executor may claim:-
Professional fees for services provided to the Estate by the Executor acting in a professional capacity (i.e. accounting or legal services); and
Commission for the Executor’s “pains and trouble” suffered as a result of acting as Executor of the Estate.
Many Wills will contain a clause which specifically allows an Executor to charge professional fees for work performed in his or her professional capacity in connection with the Estate.… Read More
A testamentary trust is a trust established by a Will that comes into existence upon the death of the testator (the person making the Will). Creating a testamentary trust provides an alternative from giving a gift to a beneficiary absolutely. Instead, the gift is given to the trustees of the trust (usually the executors of the Will), to distribute to the intended beneficiary at a later time.
Benefits of Testamentary Trusts
Including a testamentary trust in your Will can have various benefits, including:
Providing trustees with flexibility and the ability to respond to the changing circumstances of various beneficiaries;
Protecting your assets from being squandered by an irresponsible beneficiary;
Providing an avenue to protect assets that are intended for a disabled/ underage beneficiary; and
Retail Leases are covered by the Retail Leases Act 1994 (‘The Act’). The Act sets out a number of requirements that Landlords must follow when a Retail Lease is prepared, to ensure that the Lease is enforceable against a Tenant. They include:-
A Landlord must not advertise a retail shop for lease unless he has a copy of the proposed Lease in his possession. Maximum penalty for Landlords = $5,500.00.
A Landlord must make a copy of the proposed Lease as well as a copy of a Retail Tenancy Guide available to prospective Tenants as soon as negotiations are entered into.
The Privacy Amendment (Enhancing Privacy Protection) Act 2012 amends the existing Privacy Act 1988.
New laws taking effect from 12 March 2014.
Who is effected?
The new laws effect businesses and most government bodies that collect and transfer personal information in Australia.
What are the main changes?
Of the 13 newly introduced Australian Privacy Principles (APPs), the most significantly changed are as follows:-
Land tax is imposed annually on the total land value of all taxable land owned in NSW. However, land that is used for primary production is exempt.
Qualifying for the primary production exemption is not a straight forward process. The Office of State Revenue (OSR) has implemented increasingly strict guidelines surrounding what land qualifies.
Under the Land Tax Management Act 1956 (NSW), land that is zoned rural and is used for primary production qualifies for the exemption. However, land that is not zoned rural must pass a stricter test. Not only must non-rural land be used for primaryproduction, it must also:
have a significant and substantial commercial purpose or character; and
be engaged in for the purpose of profit on a continuous or repetitive basis.
The Retail Leases Act 1994 attempts to correct the power imbalance traditionally existing between landlords and tenants. This is seen in relation to market rent reviews.
When rent is to be reviewed by reference to current market rent in a retail lease, either the landlord or tenant must suggest a new rental to the other party in writing at least 60 days before the rent review date.
If parties are unable to reach an agreement at least 30 days before the new lease is due to commence, the Retail Leases Act states that current market rent will be determined by a specialist retail valuer.… Read More
The Retail Leases Act (NSW) applies to all retail leases in NSW. The definition of retail lease encompasses any agreement under which a person grants another person a right to occupy a premises for the purpose of using the premises as a retail shop.
At it’s core, the Retail Leases Act is a piece of consumer protection legislation for small business . It is designed to address perceived imbalances in power that may exist between landlords and small business tenants.
As well as regulating particular terms of retail leases, the Act emphasizes the fundamental importance of disclosure before a retail lease is entered into.… Read More