From 1 July 2017 changes apply to the foreign resident capital gains withholding payments regime to increase the withholding rate from 10 per cent to 12.5 per cent and reduce the withholding threshold from $2 million to $750 000.
In the case of OneSteel Manufacturing (administrators appointed)  NSWSC 21(OneSteel), a commercial lessor Alleasing Pty Ltd (Alleasing) forfeited ownership of their leased equipment valued at $23 million, upon the lessee, OneSteel, going into administration because the lessee's ABN instead of ACN was written in the lessor's financing statement.
On 21 February 2017, the NSW Parliament passed the Retail Leases Amendment (Review) Bill 2017, amending the Retail Leases Act 1994 (NSW) to increase transparency and certainty in the NSW leasing sector, improve standards of conduct between parties and to increase its operational efficiency by simplifying key processes.
Recent changes to Duty Legislation New South Wales has meant that ‘Foreign Persons’ who purchase certain types of residential land in New South Wales, will attract a Foreign Duty Surcharge, by way of an imposed Land Tax Surcharge.
As a director of a company, you may be at personal risk for decisions made in the best interests of the company unless the company indemnifies you. A director’s indemnity involves a company undertaking to protect its directors against liabilities that they may incur in the course of performing their companies duties. A director’s indemnity may be required (as in some instances by ASIC) or a company can choose to indemnify its directors.
Units are sometimes advertised for sale before the building has been constructed or construction of the building has been completed. There are a number of benefits of buying a property “Off the Plan” property as well as there are a number of cons.
In a 2015 decision of the Supreme Court of Queensland Stellard Pty Ltd & Anor v North Queensland Fuel Pty Ltd, the Court held that email correspondence between two parties constituted a binding contract.
Duties of Directors which largely mirror those which have been enshrined in the common law, and a breach of those duties may result in a director facing personal liability, civil penalty, or criminal conviction.
A Power of Attorney is where a person, as the Principal (sometimes called the Donor or Grantor) gives another person (the Attorney) legal authority to act on behalf of that person in that person’s absence, whereby the Attorney is enabled to manage a person’s personal and/or financial affairs.
Given that 9 out of 10 people have a social media account of some description, it is recommended that a willmaker insert in their wills instructions concerning the willmaker’s digital assets and their access, handling, distribution and disposition.
Distribution of income of a trust raises issues for all tax lawyers and accountants alike. What is most important is to first assess the type of income, receipts, credits, discounts and notional amounts a trust is likely to receive.
Large sums are often payable from a super fund when someone dies, particularly with recent super reforms, and with many funds containing life insurance policies. However, death benefits are not automatically distributed according to a will, nor even necessarily in accordance with any nomination a person has made to the trustee of a fund.