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 »
‘Subject to finance’ Clauses and Conditional Loan Approval explained
01 Jun
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
12 May
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
25 Mar
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
28 Feb
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?
31 Jan
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 »