TIP 5. Know the penalties you’re entitled to charge and make sure they are properly authorised The late payment of levies by delinquent owners is a disruption to the smooth operation of a community titles scheme because it causes the body corporate not to have its budgeted cash flow, which if not properly managed could disrupt the supply of services by the body corporate. In addition, the body corporate committee has to spend time and effort in pursuing the unpaid levies and managing the consequences arising from the unpaid levies. To encourage lot owners to pay their levies on time,… Continue Reading
PART ONE: Issuing the statements The recovery of unpaid body corporate levies is an issue close to the heart of most body corporate committees and managers. Experienced delinquent owners can in some cases drag out the process for many years and even avoid payment entirely. This article (the first in a series of three on this topic) will focus on the practical steps a body corporate needs to take when issuing its levy statements to maximise the chances that its levies can be recovered quickly and efficiently. This article is not intended to be a substitute for proper legal advice… Continue Reading
Executor’s Checklist
Locate the deceased’s Last Will & Testament Confirm you have been appointed the executor of the estate and check whether the Will contains any wishes of the deceased concerning their funeral arrangements or burial. Liaise with a funeral director regarding funeral arrangements ensuring you have confirmed the following: The estate has sufficient funds to pay for the funeral. If the funds have been frozen or there are insufficient funds, please refer to the Frequently Asked Questions; The manner in which the funeral home will require payment and how/when payment is required to be made; and Whether the deceased has funeral… Continue Reading
9 Tips On Buying A Property
Purchasing a home or an investment property on the Gold Coast (or anywhere for that matter) can be both an exhilarating and stressful experience for the parties involved. Our Property Lawyers have put together this list of helpful tips to consider before you sign on the dotted line which will hopefully save you from the stresses involved with buying a property: Before you sign a contract, make sure the purchasing entity is correctly described. Talk to your banker or accountant before you sign a contract to make sure the purchasing entity is correctly described. In particular, if you’re obtaining finance,… Continue Reading
Newsletter – September 2014
Welcome to the September 2014 edition of the ABKJ newsletter. In this issue… Nine Tips When Buying a Property Reducing The Risk Of Estate Litigation Nine Tips When Buying a Property Purchasing a home or an investment property can be both an exhilarating and stressful experience. Here are some tips to consider before you sign on the dotted line: Talk to your banker or accountant before you sign a contract to ensure the purchasing entity is correctly described. In particular, if you are obtaining finance, the name you place on your finance application must match the contract. Purchasers often omit… Continue Reading
You cannot avoid estate litigation even if you feel you have the perfect Will. Every person has a right to contest the terms of a Will or Codicil, no matter how careful you are in drafting it. Whether that person will be successful is a different matter and the amount of legal fees expended will depend on what action you took in drafting your will, whilst alive, to minimise the risk of litigation. If you anticipate your estate will be contested after you die, there are some factors you can take into consideration in an attempt to reduce the risk,… Continue Reading
Newsletter – July 2014
Welcome to the July 2014 edition of the ABKJ newsletter. In this issue… “Do-It-Yourself” Will Kits Staff Announcements “Do-It-Yourself” Will Kits Members of the public are often presented with “Do-It-Yourself” Will kits from a variety of sources which are provided at little or no cost. The preparation of what is presumed to be a straightforward document for minimal expense, in comparison to the fee which would need to be paid to a lawyer to meet with you and prepare a traditional form of Will, can turn out to be a costly decision for your estate. The uncertainty of meaning, and… Continue Reading
An often overlooked issue when preparing a Will is the applicability of any taxes when the estate is distributed. While inheritance tax or death tax does not apply in Queensland, other federal and state taxes such as Capital Gains Tax and Transfer Duty (Stamp Duty) can affect your estate. When preparing your Will, it is important to discuss with your lawyer and financial planner the appropriate estate planning strategies that will minimise any applicable taxes related to your assets and the effect they may have on your beneficiaries. Capital Gains Tax Capital Gains Tax (CGT) in Australia essentially revolves around… Continue Reading
Members of the public are often presented with “Do-It-Yourself” Will kits from a variety of sources which are provided at little or no cost. The preparation of what is presumed to be a straightforward document for minimal expense, in comparison to the fee which would need to be paid to a lawyer to meet with you and prepare a traditional form of Will, can turn out to be a costly decision for your estate. The uncertainty of meaning, and the oversight and omissions which frequently plague such documents provides a fertile ground for estate litigation. Some common difficulties arising with… Continue Reading
Newsletter – March 2014
Welcome to the March 2014 edition of the ABKJ newsletter. In this issue… Joint Tenants vs Tenants in Common Proud supporters of The Pyjama Foundation’s “The Long Road” Charity Event Joint Tenants vs Tenants in Common When you purchase property with another person, your solicitor will ask you: Joint Tenants or Tenants in Common? The purpose of this article is to explain the difference between these terms and how your decision can affect you in the future, particularly from an estate planning perspective…read the full article. Proud supporters of The Pyjama Foundation’s “The Long Road” Charity Event The Pyjama Foundation… Continue Reading
