In 2019, the NSW Government proposed various changes to duty and land tax law in NSW which came into effect on 24 June 2020, known as The State Revenue Legislation Further Amendment Act 2020 (NSW) (“the Act”). The Act has significant implications for discretionary trusts, in particular, the proposed changes made it so trustees of … Read more Deadline to Amend Discretionary Trusts to Avoid Surcharge Duty and Tax
In NSW, you may be liable for ‘landholder duty’ when you acquire shares in a company or units in a trust that owns land (“a landholder”) with a threshold value of $2 million or more. The liability arises when you acquire a significant interest in a landholder (entitling you to 50% or more of the … Read more Changes to landholder duty on the transfer of shares
The clients were home owners and were having extreme difficulty getting their builder to complete the residential building works so they could obtain an Occupation Certificate and move back into their home which was being renovated. After a strong concise Letter of Demand from our office, and confirmation that our clients would not provide any … Read more Quick Cheap Resolution of Residential Building Dispute.
The client was an insolvency practitioner. Roberts Legal were engaged to assist in recovering an unsecured loan to the Director of the company in liquidation and a number of related entities. The client sought to recover in excess of $200,000.00 from the Director and related entities. The Director raised various offsetting claims which exceeded the … Read more Liquidator rejects director’s claims and ensures large return for creditors.
The Retail and Other Commercial Leases (COVID-19) Regulation 2020 (NSW), which commenced on 24 April 2020, is the NSW government’s response to the National Government’s Mandatory Code. Click here to read our previous article on the Code. The Regulations are valid from 24 April 2020 until 24 October 2020 only and apply to Leases (an … Read more NSW Commercial Leasing Regulations for Covid-19
The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2019 (Cth) (“the Act”) came into effect earlier this year to combat Phoenix activity. Illegal Phoenixing arises when the assets of a company are transferred for minimal, if any, value to a related company to avoid payment of the transferor company’s debts. Commonly, the transferor company is … Read more New Laws Introduced to Combat Illegal Phoenixing
Updated May 2020 Under the ATO’s Director Penalty regime company Directors can be personally liable for company obligations. The Director Penalty regime applies to unpaid “PAYG” withholding amounts, Superannuation Guarantee Charge “SGC” obligations and, from 1 April 2020, GST liabilities The effect of the Director Penalty regime is that if a company of which a … Read more ATO Director Penalties: What Company Directors Need to do to Avoid Personal Liability
Insurance under the Home Building Compensation Fund is required to be obtained by a builder entering into a residential building contract of greater than $20,000 with a home owner prior to commencing any work under that contract. Insurance policies under the Home Building Compensation Fund provide a set period of cover for loss caused by … Read more When Can I Claim Under a Policy of Insurance Under the Home Building Compensation Fund?
If works to your home remain incomplete after the period that the contract stipulates works ought to be complete, then it is likely that the builder is in breach of the contract. Most contracts will require that a home owner give the builder a notice particularising the breach and provide that the builder has a … Read more My house is incomplete and the builder is delaying, what can I do?
If you enter into a contract with a home owner to undertake residential building work and the contract price exceeds $5,000.00, then the Home Building Act provides that any variation must be in writing and signed by both parties prior to the variation works commencing. If a variation is not in writing and signed by both … Read more Can I still Recover Payment for Variations and Extras where there is No Written and Signed Contract Variation?