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
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 »
‘Subject to finance’ Clauses and Conditional Loan Approval explained
Subject to Finance Clauses Subject to finance is a term in property purchase contracts which allows you time to organise the finance for your purchase. It essentially means that you have the option to put an end to the contract if a loan for the property cannot be obtained by an agreed due date. Although… Read more »
Purchasing a Business? Matters to consider
When a business owner intends on purchasing a business, they visualise themselves running and operating the business they have acquired but do no think of all the steps and legal requirements in between. The process of purchasing a business can be lengthy and confusing and entails a process a new business owner simply does not… Read more »
Full Federal Court finds Share Losses Deductible in Greig v FCT
The Full Federal Court by a majority has ruled that share losses can be deductable under section 8-1 of the Income Tax Assessment Act 1997. In Greig v FCT the taxpayer argued that their share losses of $11.85 million between 2014 and 2015 and $507,198 in legal fees were deductible as they were incurred in… Read more »
Tips to consider before purchasing property
Affordability: When intending to purchase property, the first thing to consider is what your budget is and what you can afford to repay. You must remember that you’re not only subjected to the purchase price, but many other necessary costs are incurred when buying, such as Deposit; Stamp Duty; Interest on your Loan; Legal and… Read more »
Should I get my contract reviewed by a lawyer?
Some key advice lawyers generally give to clients is to get their contracts reviewed prior to signing. Contracts vary from business contracts, contracts of sale of land, build contracts even employment agreements, it is important to know what you are signing up for and will be legally bound by. Fairly often we are approached by… Read more »
What is a Verification of Identity (VOI) and why do I need to do it?
Many of our clients question the need for having to complete their verification of identity. Confirming a person’s identity is an essential and crucial step in property dealings in accordance to the Transfer of Land Act (Vic) 1958 and especially, since the introduction of electronic conveyancing compliance with the Model Participation Rules under the Electronic… Read more »
Why appointing an Accountant is a step in the right direction for your Business
Many do not realise that more than 60 per cent of small businesses in Australia close within their first three years according to the Australian Bureau of Statistics. An accountant is experienced in the latest taxation laws that may affect your business. Therefore, they know what taxation offsets and expenses you can claim for your… Read more »
It’s not just a signature! Solicitors Certificates…. what you need to know!
A bank or lender may ask you to obtain a solicitor’s certificate in order to be a guarantor for a loan. A great number of clients that approach our firm believe that these are simple signatures that are to be witnessed by a lawyer. However, it is much more complex than that. The main intention… Read more »