Blind Siding Amendment – Significant Property Developer Stamp Duty Amendment in Victoria

Almost all Victorian development agreements could soon create a stamp duty liability. Any sharing of profit by a landowner with a property developer who does not own the land in proportion to the profit entitlement could be assessable to stamp duty. In what may be described as a blind siding amendment [...]

2019-05-31T10:14:19+11:00May 31st, 2019|Categories: Property, Taxation|Tags: , , |

M&A Update: The Importance of Apportioning the Purchase Price in a Sale of Business Agreement

Apportioning the purchase price in a sale of business agreement among the various assets being sold and purchased may help avoid tax headaches in the future. A sale of business comprises the sale and purchase of multiple assets, such as goodwill, trading stock, depreciating assets, buildings (including post 1979 capital [...]

2019-05-17T15:05:49+11:00May 17th, 2019|Categories: Commercial|Tags: , |

Proposed changes to the monster that is Division 7A

Submissions to TreasurySubmissions have now closed to Treasury concerning their Consultation Paper “Targeted Amendments to Div. 7A Integrity Rules” (October 2018– Consultation Paper).Whilst it is hoped that the submissions to Treasury may finally provide some worthwhile improvements to Div. 7A, the fact that this whole process started in May 2012, and [...]

2018-12-06T17:45:52+11:00December 6th, 2018|Categories: Taxation|Tags: , , |

Are your contracts unfair? Don’t get caught out by the unfair terms legislation now applying to business to business contracts

Background The doctrine of freedom of contract is a fairly standard one in Australian law, as well as in most Western legal traditions. The doctrine recognises that individuals should have the freedom to strike whatever bargain they choose. However, as it turns, the situation between contracting parties in Australia is actually [...]

2018-09-24T10:11:35+11:00September 21st, 2018|Categories: Commercial, Litigation|Tags: , |

Suppliers and lenders take note – Ensure that personal guarantees have been drafted and executed properly before advancing credit to customers

The recent case of FJ & SM Monaghan Pty Ltd v Slade [2018] NSWCA 79 has reiterated the importance of suppliers and lenders obtaining personal guarantees that have been carefully drafted in order to enforce them. The importance of properly drafted guarantees Although judgement was eventually awarded against the guarantors, [...]

2018-08-23T15:30:01+11:00May 16th, 2018|Categories: Commercial|Tags: , |

Employee/Contractor Checklist

The classification of workers as employees or contractors at common law is a continuing conundrum in various areas, including PAYG withholding, superannuation guarantee, payroll tax and general employment law. Many working arrangements are not black and white, and it is necessary to examine them closely to identify the factors indicating an [...]

2018-08-28T15:04:46+11:00November 21st, 2017|Categories: Employment Law|Tags: , |

Crowd-sourced funding for proprietary companies: Differences between exposure draft and bill

The Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 (Bill) has now been introduced into Parliament. The Bill “sets out amendments to the Corporations Act 2001 (Corporations Act) to enable proprietary companies in Australia to access crowd-sourced equity funding”.[1] Prior to the introduction of the Bill into Parliament, the [...]

2018-08-28T15:23:54+11:00October 9th, 2017|Categories: Commercial|Tags: , |

Small business corporate tax rate: Exposure draft legislation released regarding passive income threshold

In our recent article entitled “Corporate Tax Cuts. What do they mean for you?”, we referred to the relevant minister (Kelly O’Dwyer) questioning the ATO provisional interpretation of when a company would be “carrying on business” for the purpose of the reduction in the small business corporate tax rate. The [...]

2018-08-28T15:29:02+11:00October 9th, 2017|Categories: Taxation|Tags: , |

Proposed changes to CGT main residence exemption for foreign residents

The Treasurer has recently released exposure draft legislation (Treasury Laws Amendment (Housing Tax Integrity) Bill 2017) in relation to removal of the CGT main residence exemption for foreign residents. The changes are part of the Commonwealth Government’s ‘housing affordability’ reforms announced in the 2017-18 Budget. This will affect both Australian [...]

2018-08-28T16:27:28+11:00August 21st, 2017|Categories: Taxation|Tags: , |