The Australian Government introduced the Personal Property Securities Amendment (PPS Leases) Bill in the House of Representatives. After passing through the Senate the proposed changes became law with the enactment of the Personal Property Securities Amendment (PPS Leases) Act 2017 on 20 May 2017. The date is important and has…
Avoid Nasty Taxation Surprises in Family Law Settlements
There are significant differences in the tax consequences of certain family law related actions particularly when negotiating property settlement outcomes – the cutting of the cake! Unique opportunities in the family law environment can enable a couple to lawfully restructure wealth while avoiding, or minimising, the hefty tax and revenue…
Incentives for First Home Buyers in NSW
First home buyers in New South Wales can expect big stamp duty savings through reforms which were delivered in the 2017 budget and commenced on 1 July 2017. The new package is anticipated to assist many potential purchasers by improving housing affordability across the state. Policies have also been introduced…
De Facto Relationships and Will Contests
All jurisdictions in Australia provide statutory rights for eligible persons to contest an unfair Will if they can show that that have been left without adequate provision by the testator. In New South Wales, an eligible person includes a spouse, de facto partner, or child (of any age) of the…
Does your employment contract measure up?
If you are entering into an employment contract do you know what should be included? If you are an employer and using an old contract, should it be reviewed first? It is clear contracts should be individually structured to meet the needs of those involved and in reality both employer…
Tax Responsibilities of Small Business Owners
Have you started a small business and are wondering what you need to do to keep your tax affairs in order? In this article, we provide an overview of the tax responsibilities of small businesses including record keeping, reporting obligations and paying tax. It is important to note, however, that…
Update on Personal Property Security Register
The Personal Property Securities Register (PPSR) is a national, electronic register of security interests in personal property that was established on 30 January 2012. What does the PPSR cover? The easiest way to understand what is covered is to dissect the name – Personal Property Securities Register – think of…
Disputes and the ATO
Given the complexity of the taxation regime and the requirement for taxpayers to initially self-assess their liabilities, disputes between taxpayers and the Australian Taxation Office (ATO) will inevitably arise from time to time. If you disagree with a decision that the ATO has made about your tax affairs, you have…
Understanding unfair dismissal claims
Unfair dismissal matters can be complex and frustrating for both employers and employees alike. Since the commencement of the Fair Work Act in 2009, employers have had expanded responsibilities to ensure they correctly terminate employees and more employees are able to successfully make unfair dismissal claims. At the same time…
Buying a property – avoiding the traps before signing a contract
Buying a home is the biggest investment or financial outlay that most of us will make in a lifetime. It is critical to your financial future that you make well-informed decisions when you purchase a property, whether it be for your own home or an investment. The Contract for Sale…