by Keiran Breckenridge | Jun 25, 2016 | Wills & Estates
I was invited to meet with members of the New England Cancer Carers’ Group this week and present to them on some of the legal issues faced by those who find themselves caring for a loved one undergoing treatment for cancer or some other illness.
I was confronted during my research at how many legal issues carers face, mainly as volunteers as well. I felt it was important to reassure the carers that there are many good solicitors and accountants in our region who can assist to work through these issues.
The big ticket items are there – ensuring that their loved one has his or her affairs in order via a Will, an Enduring Power of Attorney, an Appointment of Enduring Guardian (with Advanced Care Directive) and through superannuation arrangements.… Read More
by Clint Coles | Jun 18, 2016 | Business
There is something inherently intriguing about placing numbers after words in a punchy turn of phrase where, in the absence of any context, they mean absolutely nothing.
The bemused reader can only wonder what marvels exist beyond the meaningless collaboration of symbols. It’s a government’s way of sparking interest in things that are, in reality, fairly mundane.
Mi6, Area 51 and Double-0-7 are great examples. They conjure images of deeply held national secrets, extraterrestrial technologies and sculpted men in dinner suits silently dispatching ultra-villains. All very snazzy stuff. Realistically, those types of institutions revolve around cubicle offices, stale drip coffee and endless data entry.… Read More
by Terry Robinson | Jun 11, 2016 | Business
The answer is yes and no.
On 1 July 2016, certain Stamp Duties are to be abolished in New South Wales.
Firstly, mortgages executed on or after 1 July 2016 will not be liable to payment of Stamp Duty.
Further, any advances made on a pre-existing agreement after 1 July 2016 will not be subject to the imposition of Stamp Duty.
Secondly, Stamp Duty on a large number of business assets will also be abolished. Whilst this abolition has been promised for many years, it looks like this is the year where it will be removed.
The types of business assets which will cease to be subject to Stamp Duty include the goodwill of a business, a business’s intellectual property, statutory licences or permissions (for example, a taxi licence) and duty on gaming machine entitlements.… Read More
by George Hoddle | Jun 4, 2016 | Employment
What is a Fixed Term Employment Contract?
Sometimes it suits employers to hire people for short, fixed periods of time. For example, there may be a specific project with a defined period that requires specialised staff.
A fixed-term contract is an employment agreement which will continue until an agreed date. The term is fixed and it is clearly defined as having a start date and a finish date inserted into the employment contract.
The benefits for an employer of a fixed-term contract is that the employer can conclude the employment relationship upon the expiry date without the need to give reason for termination.… Read More
by Lesley McDonnell | May 28, 2016 | General, Property
The requirement that before a property can be sold or leased, the owner or landlord must have an up-to-date swimming pool certificate of compliance, has been postponed more than once. New laws have now been introduced which allow sellers to pass on the obligation for swimming pool barrier compliance to buyers. For affected properties, the new laws will apply to any contract for sale signed on or after 29 April 2016.
The main changes that operate from 29 April 2016 include the following:
Contracts for sale of land with pools must attach one of the following:
- a valid certificate of compliance;
- an occupation certificate (for newly constructed swimming pools instead of a certificate of compliance); or
- a certificate of non-compliance (if a pool barrier does not comply) EXCEPT FOR:
- Strata and Community Schemes that comprise more than 2 lots, or an off the plan contract.
… Read More
by Clint Coles | May 21, 2016 | Commercial Litigation
On 20 April 2016 the Supreme Court of New South Wales gave its judgement in the matter of HIH Insurance Ltd.
The plaintiffs in the case were shareholders (‘the shareholders’) who acquired shares in HIH Insurance (‘the company’) between October 1998 and March 2001.
The shareholders contended and the company admitted that it published misleading financial statements in 1999 and 2000. The financial statements overstated HIH’s profits by $100m and HIH’s net assets by almost $200m (‘the misrepresentations’).
What was interesting about this case was that the shareholders never looked at the financial statements and never contended that the misrepresentations caused them to buy the shares.… Read More
by Sophie Newham | May 14, 2016 | Family
Clearly there is no way of determining how long you will live for. Nonetheless, in the matter of Fontana & Fontana [2016] FamCAFC11, the full court of the Family Court was asked to consider whether a husband’s potentially reduced life expectancy, caused the wife to receive an adjustment in her favour, thereby providing her with a greater share of the matrimonial pool of assets.
In property proceedings, adjustments in one party’s favour take into consideration not only financial and non-financial contributions made during the relationship, but also what are referred to as “section 75(2) factors”. For instance, the age, health and “future needs” of the parties to the marriage may be relevant factors.… Read More
by Natasha Wood | May 7, 2016 | Wills & Estates
A Will stipulates how a person’s property is to be distributed after their death.
Considerations:
- Who do you want to be your executor, that is the person responsible for carrying out your wishes, obtaining probate (if required); and distributing your estate?
- Who do you want to receive a share of your estate (the beneficiaries)?
- How do you want to divide your estate (who gets what)?
A Power of Attorney appoints someone to act on your behalf with respect to financial and legal matters.
Considerations:
- Who do you trust to be your attorney, how many attorneys do you want to appoint and how do you want to appoint your attorney/s?
… Read More
by Keiran Breckenridge | Apr 30, 2016 | Business
News reports occasionally contain stories about individuals with influence in tendering processes who receive “kickbacks” for giving favourable treatment to certain tenderers. This can sometimes take the form of a tendering party receiving an invoice for “consulting services” of some type from a company associated in some way with the individual with influence in the tendering process. The invoice is paid and accounted for in the tenderer’s books, which then receives favourable treatment in the tender. The funds are then moved from the invoicing company in some way into the pocket of the individual with influence. On the surface, the payment can look legitimate but a bribe has been concealed.… Read More
by Ken Sorrenson | Apr 23, 2016 | Superannuation
In 2007 superannuation laws were relaxed to allow superannuation funds (“Super Funds”) to borrow money to acquire assets.
At about the same time, a Global Financial Crisis happened. This resulted in there being very little use of these new laws by Super Funds for a few years but with the return of business confidence that changed . It is now very common for Super Funds to borrow, particularly to purchase real estate.
The rules for borrowing by Super Funds are complex but became well understood by financiers and advisors such as financial planners, accountants and solicitors who practiced in the superannuation area.… Read More
