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It would be prudent to recommend to your clients that their "fixed" trusts and unit trusts be reviewed having regard to recent developments.
On 13 September 2017, the ATO issued a finalised Guideline (PCG 2016/16) which sets out the circumstances when the Commissioner will exercise his discretion to treat a trust as a fixed trust.
Read MoreAbout to enter into a commercial lease? Daunted by the whole process?
Entering into a commercial lease can be an overwhelming experience for many tenants, with typical lease agreements addressing an array of topics, riddled with complex legal terminology and in some cases, exceeding 50 pages.
Read MoreIf you're an accountant or professional adviser, take note. The recent decision in Fair Work Ombudsman v Blue Impression Pty Ltd & Ors [2017] FCCA 810 has put accountants and professional advisers on notice that they too can be found liable for their clients' breaches of the Fair Work Act 2009 (Cth) (FW Act).
Read MoreThe 2017/2018 Budget includes a number of significant changes in the property sector that will have an impact on all property transactions and in particular for foreign investors, investors, developers and first home buyers. We have summarized a number of the changes that you should keep in mind when buying or selling from 1 July 2017.
Read MoreOn 19 May 2017, the Personal Property Securities Amendment (PPS Leases) Act 2017 (Cth) (Amendment Act) received Royal Assent and is now effective. The Amendment Act has changed the definition of a "PPS Lease" (PPS Lease) under the Personal Property Securities Act 2009 (Cth) (PPSA).
Read MoreThe Retail Leases Amendment (Review) Bill 2017 (NSW) was assented to earlier this year and the resulting changes to the Retail Leases Act 1994 (NSW) (Act) are due to commence on 1 July 2017.
Read MoreUsually, the terms of a lease will require a tenant to obtain the landlord's consent before the tenant may assign their lease to a proposed new tenant (the New Tenant). As a general condition of all leases in New South Wales, the Conveyancing Act 1919 (NSW) (Conveyancing Act) prohibits a landlord from unreasonably withholding consent to an assignment of a lease.
Read MoreMost accountants and lawyers are aware of the duty implications of changing a trustee of a trust that holds dutiable property in New South Wales – as long as any new trustee or continuing trustee cannot benefit under the trust, the duty payable on a transfer of dutiable property to the new trustee or continuing trustee will only be $50.
Read MoreAfter the introduction of land tax and duty surcharges for foreign persons acquiring or holding residential land in NSW, it was thought that discretionary and certain hybrid trust deeds needed to be amended by no later than 31 December 2016 to ensure that the surcharges would not be imposed on those trusts.
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