The deterioration of a loving relationship is usually a dreaded outcome for all those involved. In addition to the emotional toll it takes on a person, there is always the added stress of dividing up property and finances. Add on top of this a potential custodial battle for any children involved, and you have the recipe for a protracted and emotional legal battle. To prevent some of this heartache, a couple can enter into what is called a Binding Financial Agreement or BFA. Why should I enter into a Binding Financial Agreement? When a couple commits to entering into a… Continue Reading
To Tow or Not To Tow
I am frequently asked to provide simple guidelines for a body corporate to safely tow a vehicle from common property. Unfortunately, from the body corporate’s perspective, no such guidelines exist. In essence, each situation needs to be assessed on its own unique merits. The relevant considerations will depend upon who is operating the vehicle and the circumstances in which it is parked. A vehicle owned by someone unrelated to the scheme parked on a common property A body corporate will usually have a right to tow such a vehicle. It is a right arising from the common law (i.e. not… Continue Reading
The latest Federal budget proposed a number of amendments to the capital gains tax regime. A particular focus of these changes are directed to addressing housing affordability in Australia while also seeking to improve compliance by foreign investors of their tax obligations. These amendments built upon regulations introduced in last year’s budget. The current regulations apply where two requirements are met: Relevant Asset: There must be a transfer of a Relevant Asset. Currently for an asset to be considered a Relevant Asset it must be some form of a real property interest with a market value of $2 million or… Continue Reading
Assignment Of A Lease
Changes Under The Retail Shop Leases Act Are you fully aware of your disclosure obligations under the Retail Shop Leases Act 1994? If you are buying or selling a retail business with a lease, or if you are a landlord involved in such a transaction, it’s important that you are aware of your disclosure responsibilities under the Retail Shop Leases Act 1994 (the Act). There have been recent changes to the Act so even if you are familiar, this article is a good opportunity to refresh your knowledge. As a starting point, it may be helpful to review the meaning… Continue Reading
What happens to your financial and health if you become incapacitated for any reason (such as a car crash or other accident)? What if you are overseas, or away from home, and cannot sign a document which needs urgent attention? What happens when you become elderly and just can’t keep up with the demands of your finances, and everything is just too complicated? Who is able to help you when you can’t help yourself? Who is able to assist you and make decisions on your behalf? May we take this opportunity to draw your attention to the existence of a… Continue Reading
Have you lost track of old bank accounts, shares, superannuation or life insurance policies? Have you moved address and cannot recall whether you notified a company or firm who may be holding money on your behalf such as your lawyer, real estate agent or accountant? If you answered yes to either of these questions, you may have unclaimed money. There are two websites where you can search for unclaimed money free of charge. These websites are: Australian Securities & Investments Commission – This website will search for general unclaimed money (such as lost shares, bank accounts and life insurance policies… Continue Reading
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. Joint Tenants Joint tenancy is a concept where each owner of a property holds the exact same (and equal) interest as all of the other owners. All joint tenants are therefore entitled to an equal share of profits if the property is rented or sold. Similarly, all joint tenants are equally responsible for… Continue Reading
Retail Shop Lease Changes
Are you a landlord or a tenant under a Retail Shop Lease? There have been some changes to the law that you need to be aware of. After a comprehensive process beginning in 2011, the latest amendments to the Retail Shop Leases Act 1994 (“the Act”) have been passed into law. A short summary of the changes is as follows: Disclosure Obligations Landlords must now give any tenant who exercises its option a lessor disclosure statement within 7 days of a tenant exercising their option. If the landlord fails to comply with this obligation, the tenant will have the right… Continue Reading
From Saturday 12 November 2016, unfair contract term protections will extend to ‘small businesses’ under a new law. The new law established under the Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Act 2015 (Cth) aims to protect small businesses with contracts that contain unfair terms entered into or renewed on or after 12 November 2016, or terms of existing contracts that are varied on or after this date. Why do I need to know this? If you have a ‘small business’, the new regime will apply to your contracts that contain unfair terms (and are found to be… Continue Reading
Viridian High Court Decision
On 12 October 2016, the High Court of Australia handed down its decision in the matter of the decision of Ainsworth & Ors v Albrecht & Ors (also known as the Viridian case). This is a case with very significant implications in relation to how bodies corporate make decisions. We have previously published articles on the lower court decisions of this case. The case concerns the body corporate’s decision to reject a proposal by the lot owner to expand an elevated deck area, and receive an exclusive use right to the corresponding ground area under the deck expansion. The case… Continue Reading
