Protecting your assets
Act in haste or repent at leisure The case of Lewski v Commissioner of Taxation [2017] FCAFC45 shows that asset protection is all about timing. A wife and husband became beneficiaries under a family trust in 1997. In conjunction with this setup, the wife gave her husband complete authority to handle all her financial affairs […]
Bailment under the PPSR
In this blog, we take a close look at Bredenkamp v Gas Sensing Technology Corporation, in the matter of Welldog Pty Ltd (In Liq) (Receivers and Managers Appointed ) [2017] FCA 1065. GSTC, a US company, provided product line management and research and development services. It was common for its Australian subsidiary, Welldog, to store […]
No Power of Attorney
A Power of Attorney is a document giving the person you appoint the power to do anything at law you can do such as pay bills, buy and sell real estate or shares, open and operate bank accounts, enter into litigation, enter into nursing homes, and hostel contracts. If you own property, or have the possibility of […]
Terminating staff during probation
A new employment position is both exciting and anxious for both the new employee and the employer. While both parties tend to hope for success, sometimes the fit is off and the employee and the employer find themselves in the midst of a dilemma. It is typical for employment contracts contain a clause regarding the probationary period […]
Mutual Wills
But what about having a document that protects all your business assets upon your death? We have a document for that too. It’s called a deed of mutual wills. What is a deed of mutual wills? It’s used when preparing the wills of spouses. We draft them to keep property in the family and they […]
Defacto or Married
Like many countries across the globe, Australia struggled in their willingness to accept same sex marriages. However in December 2017 with the passing of the Marriage Amendment Bill, the Marriage Act of 1961 was amended; changing the definition of marriage and religious freedom Australia. While it has taken years and tremendous effort on the part […]
Asset protection for ATO claims
It relates to the Australian Taxation Office (ATO). The ATO can issue garnishee notices under section 260-5 of Schedule 1 of the Taxation Administration Act 1953 (TAA). Under the notices, the Commissioner is empowered to recover tax and related liabilities, including judgment debts and certain other debts from third parties who owe money to or […]
Selling on retention of title
Introduction You may not be aware of it, but a business which sells goods on ‘retention of title’ terms relies heavily on the Personal Property Securities Act 2009 (PPSA) for protection against its insolvent customers. Best Practice Best practice for businesses selling goods on this basis is to have a dated master agreement signed […]
Things to do when changing your business structure
Selling a law firm
As the average age of legal practice partners advances, succession planning rises on the list of important matters to be tackled. According to Pitcher Partners’ Legal Practices Survey, there is still only around 1 in every 3 practices that have a documented succession plan in place, and of those 3 or 4 plan to grow […]
