Deadline to Amend Discretionary Trusts to Avoid Surcharge Duty and Tax

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

New Laws Introduced to Combat Illegal Phoenixing

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

Common Misconceptions about Contracting in the Building & Construction Industry and what to do to avoid getting caught out.

When I ask clients whether a written contract was in place or whether variations had been documented, too often I receive the following response “no there was no contract, we just agreed to it” or “I didn’t think it was necessary it was a small job“. Firstly, it is an incorrect assumption that just because … Read more Common Misconceptions about Contracting in the Building & Construction Industry and what to do to avoid getting caught out.

Service of Payment Claims by Email

CAN it be done? SHOULD it be done? With the increasing use of emails for communications, it is becoming commonplace for businesses to send tax invoices to clients via email for payment. If the tax invoice relates to work performed under a construction contract, your business may have rights to prompt payment under the Building … Read more Service of Payment Claims by Email

Is your business ready for sale?

Early Legal Considerations To ensure that a Business Sale Contract can be promptly submitted to your eventual buyer following negotiation of a price and sale terms, you should consider the following and provide us with early instructions to address any matters and/or to prepare a draft Business Sale Contract, when you have decided to sell … Read more Is your business ready for sale?

What is a Shareholders’ Agreement?

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement A Shareholders’ Agreement (similar to a Partnership Agreement) is an Agreement between two (2) or more co-owners of a business setting out their agreements with respect to the management and control of … Read more What is a Shareholders’ Agreement?

Why do I need a Shareholders’ Agreement (Partnership Agreement)?

  Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Partnership Agreement)? Anyone who is a co-owner in a business should have a Shareholders’ Agreement (if the business is carried on by a … Read more Why do I need a Shareholders’ Agreement (Partnership Agreement)?