The State Taxation Acts and Other Acts Amendment Bill 2023 was introduced into Victorian Parliament on 3 October 2023. If passed, this will result in significant changes to Victorian Tax Laws. The key proposed changes are summarised as follows: Land Tax and Existing Windfall Gains Tax: Currently, contracts for the sale of land provide that… Read more »
Cooling Off Under a Contract for the Sale of Land
Section 31 of the Sale of Land Act 1962 (Victoria) provides a purchaser who signs a contract of sale for the purchase of land the ability to terminate the contract where certain conditions are met. Generally, a purchaser has 3 clear business days from when they signed the contract to exercise rights to cool off.… Read more »
Discretionary Trusts – Not without limitations – “Real and Genuine Considerations” needed by trustee
Real and Genuine Considerations The Victorian Supreme Court of Appeal in its decision in Owies v JJ Nominees Pty Ltd [2022] VSCA 142 made it clear that trustees of family discretionary trust must give ‘real and genuine consideration’ to all circumstances of beneficiaries when exercising their power regarding income of the trust. The decision serves… Read more »
License Agreements v Franchise Agreements
27 Aug
License Agreements: A License Agreement is a contract where the licensor gives the licensee permission to use something without the obligation of transferring ownership to use, in their own ventures. For instance, a business name, brand, logo or a trademark. These agreements can be specific, as to what property the licensee can use and how… Read more »
Transferring a Property Title
22 Jul
Transferring and adding individuals to a property title or amending property ownership structures is something we see often at our office whether it be parents gifting or selling property to their children or by amending the ownership structure by adding someone such as a spouse to the title or even changing the shareholding in the… Read more »