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A company recently forfeited $23 million dollars’ worth of leased equipment under the Personal Property Security Act. Are the registrations of your security interests effective?

In the case of OneSteel Manufacturing (administrators appointed) [2017] 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.

Boost your Super before 30 June 2017

Given new changes taking effect on 30 June 2017, you should consider boosting your superannuation before the thresholds are decreased for certain payments towards your superannuation.

Important Changes to Retail Leases in NSW

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.

Important Update for Family Trusts

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.

Can Your Will Be Recognised In Other Countries?

If you have assets in Australia, then you need to have a valid Australian Will to ensure your assets are distributed to your spouse and loved ones, in accordance with your wishes.

Director's Indemnity

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.

Land Tax Surcharge 2017

A surcharge will apply from the 2017 Land Tax Year in respect of the taxable value of all residential land owned by a foreign person at midnight on 31 December 2016 in any year.

Pros and cons of buying a unit "Off-the-Plan"

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.

New OSR Purchaser's Declaration

all purchasers and transferees must complete a purchaser declaration when acquiring any land in NSW

Loose-Fill Asbestos

opportunity for free asbestos sample testing, providing they register before 1 August 2016

Changes to Swimming Pool Compliance

series of changes since 2002, culminating recently in new sale and leasing requirements that commenced on 29 April 2016.

Taxation of Testamentary Trusts

Created by a will to provide a greater level of control over the distribution of assets to beneficiaries

Director's Duties

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.

Enduring Power of Attorney – limitations

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.

Effective Use of Testamentary Trusts

A very effective Estate Planning tool in providing for children and grandchildren, the Testamentary Trust is becoming more and more popular.

Digital Assets – Dealing with same under a will

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.

Capacity

Correctly identifying whether someone is capable of making their own decisions is fundamental to the protection of their human rights.

Memorandum on Trust Distributions

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.

Fixtures

All ‘fixtures’ are included in the sale of a property without having to be mentioned specifically.

Wills and Super

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.

De facto Law

When a couple decides to end their relationship, they often also wish to bring to a finality their financial obligations and connections with each other.

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