Annual Property Tax as an Alternative to Stamp Duty in NSW Last year, NSW announced important taxation changes by outlining a proposal to transition from the up-front payment of stamp duty to an annual property tax. The proposal is contained in the NSW State...
Significant changes regarding resignations of company directors come into effect today. Last year, amendments to the Corporations Act were made by the Treasury Laws Amendment (Combatting Illegal Phoenixing) Act 2020 (Cth) ("Act") to combat the rise of phoenix...
Land tax threshold exemptions available for unit trusts In NSW, a fixed trust is eligible for land tax threshold exemptions if it satisfies the definition of "fixed trust" under the Land Tax Management Act 1956 ( Act), so that the beneficiaries of the trust are...
In August 2020, we discussed a pending test case that considered whether insurers could deny liability for small business insurance claims amid the COVID-19 pandemic. The Court found in favour of small businesses, which has resulted in a large number of businesses...
Australia introduced the Foreign Acquisitions and Takeovers Act 1975 (Cth) to regulate the acquisition of land and assets in Australia, by foreign persons or entities. It imposed reporting obligations on foreign persons and entities engaging in transactions, and...
Introduction Christmas has come early for a wind farm operator in Victoria with a recent decision in the Supreme Court of Victoria determining in their favor and adding to authority on how renewable energy infrastructure built on leased land (such as wind turbines) is...
It's probably fair to say that you wouldn't ask your builder to give you legal advice (and you definitely wouldn’t ask us to build your house). However, we regularly see disputes between builders and home owners where both parties have failed to get legal advice at an...
Most people would assume the answer to that question is a firm no (and usually they would be right), but a recent NSW Supreme Court decision in Rathswohl v Court [2020] NSWSC 14901 shows that in particular circumstances a recording can be relied on. The Facts...
The Duties Act 1997 and the Land Tax Management Act 1956 have been recently amended to state that discretionary trusts will be deemed to be a 'foreign trust' if the terms of the trust do not prevent, under an irrevocable clause, a foreign person from being a...
ClarkeKann has strengthened its teams with new senior appointments and internal promotions. The corporate and commercial practice has welcomed new Special Counsel Elouise Monck and Senior Associate Patricia Martins, whilst also promoting team members Alison Rees to...
Introduction For many people, the purchase of a residential property represents the biggest purchase of their lives. Although such transactions are reasonably straight forward, sometimes things can go wrong and can become very complicated. Recently the NSW Court of...
The Federal Government has announced new insolvency reforms that are intended to give businesses more control over how they restructure debts in recovering from the COVID-19 financial downturn. These reforms are especially important with the temporary protections for...