Latest News and Resources - Duffy and Simon

De-Registered Companies Hold Land in Conveyancing Matters:

We have of late, been instructed in several conveyancing matters, where the vendor, in residential property transactions, is a company that has been deregistered.

Refusing a Breat Test: Updates in the Law

Recently, the Victorian Court of Appeal handed down two eagerly awaited decisions relating to refusal offences in the matters of the Director of Public Prosecutions v Kypri [2011] VSCA 257 (31 August 2011) and also the Director of Public Prosecutions v Piscopo [2011] VSCA 275 (9 September 2011).

Self Managed Super Funds Draft Ruling: Change to the Limited Recourse Borrowing Arrangement

The Australia Taxation Office (ATO) has released this month a draft ruling changing the application of the limited recourse borrowing arrangement (LRBA) provisions to self managed superannuation funds (SMSFs).

Understand your rights under The Workcover Scheme:

Trying to understand your rights under the Workcover scheme can be both daunting and confusing. Duffy & Simon has recently launched a free advice line for injured workers or dependants of workers whose work-related injury or illness has resulted in death.

First Home Buyers: Duty Concessions & First Home Bonuses:

The recent Victorian State Budget 2011-2012 will assist first home buyers by incrementally reducing land transfer duties and extending the First Home Bonus (FHB).

Trusts, Bamford and finally, Certainty:

In March 2010, the High Court delivered its much anticipated ruling in Bamford v Commissioner of Taxation. This decision was welcomed by many accountants and lawyers as it provided greater certainty in relation to the treatment of income in respect of Australia’s estimated 600,000 Family Discretionary Trusts.

Choosing a Home Loan:

Along with the interest rates, you should also understand the regular fees and charges which may be chargeable. Fees and establishment costs can make a big difference to the ultimate amount of money you pay.

Review Your Home Loan:

When was the last time you reviewed your home loan?
With careful research, you may be able to save thousands by refinancing or renegotiating your loan. Whilst some of the smaller non-bank lenders have left the market, there is still plenty of competition for your business, giving you the opportunity to secure a better deal.

Employment Law & Unfair Dismissal:

Being dismissed can sometimes be devastating, traumatic and economically disastrous experience for employees. A question that often arises when a person is dismissed is whether he or she has any legal rights, such as entitlement to compensation or reinstatement

Drivers Licence Suspension pursuant to a Section 51 Notice:

The licence suspension will take effect immediately and last until such time as the particular charges have been determined by a Court unless the licence holder makes an application to the Court and can show that exceptional circumstances exist such that the Court ought to overturn the notice and accordingly, the immediate suspension.

Directors Duties & Corporations Act:

Under Australian law a director in a company regardless of how big or small must act in the best interest of the company and maintain accurate financial records. Directors may often fall short of these ‘duties’ and inevitably get into trouble with the regulating authority the Australian Securities and Investment Commission (“ASIC”). ASIC is the federal statutory body established to regulate companies.

New Australia Wide Business Registration:

Businesses now need to register a business name if they carry on a business or trade within Australia. In mid-2011 ASIC will be responsible for a new national business registration service. This will form part of a whole-of-Government initiative to save time and cut costs for people starting new businesses.

Binding Financial Agreements under the Family Law Act 1975:

A Concern that can arise when entering into a marriage or a de facto relationship is the imbalance of financial resources that might exist between each of the partners. Since the 1st March 2009, under the Family Law Act 1975, individuals now have the option of entering into a Binding Financial Agreement which offers protection over financial resources in the event of a relationship breakdown.

What are your rights when dealing with police?

If you are questioned by th police, you need to be aware of what your rights are. Many people are convicted as a result of admissions they make during their discussions and interviews with the police and therefore it is important that you know some of your basic rights.

Intellectual Property: You created it and you need to protect it:

Intellectual Property (IP) is generated through intellectual and creative activity. IP rights can come attached with this activity and can be claimed over not only traditional items such as drawings, music, film, computer programs, websites, logos, but also words, sounds, colours, product designs and trade secrets. IP rights have value as a business asset and should be given consideration similar to other components of a business such as staff and office furniture.

A Solution to Your Employee Shortage Problems:

Australia faces a skills shortage and this trend will continue in both metropolitan and regional areas in the foreseeable future. If as an employer you have tried posting newspaper and online job advertisements but have not attracted the skilled employees your business requires, it may be time to search further afield.

Workplace Relations Act - Unfair Dismissal

On 1 July 2009, the Federal Government abandoned the Workplace Relations Act and introduced the Fair Work Act (“the Act”). The Act has a number of implications for employee terminations. In this issue, we look specifically at the Act as it applies to unfair dismissals.

Water Damage: Defending or Making a Claim

Water is fast becoming a significant issue for both suburban and rural landholders. Often, depending on what the land is used for, there is either too much, or not enough. On occasions however, the “too little or too much” is not a result of seasonal weather patterns, but a result of a third party’s negligent or illegal actions.

Preparing Your Business for Sale ( Part 2)

In the previous Newsletter we looked at the various professionals who would be involved in the sale of your business. In this article we look at the activities that a business owner should undertake prior to formally putting their business on the market.

Rules for Foreign Investment Have Been Tightened

Assistant Treasurer Nick Sherry announced in late April a tightening of the rules for foreign investment as they relate to residential real estate. All temporary residents who wish to purchase an existing property in Australia will now have to comply with the guidelines of the Foreign Investment and Review Board (FIRB) screening and approval process.

Getting Your Business Ready for Sale (Part 1)

You have worked for a substantial period building and developing your business. For various reasons be these age, health or the fact that no family member wants to take on the responsibilities of managing the business you now find your self wanting or needing to sell such business. What do you do?

Amendments to the Bankruptcy Legislation

On 24 June 2010, the Federal Parliament passed amendments to the Bankruptcy Legislation such that the minimum amount outstanding to a creditor to allow that creditor to either Issue a bankruptcy notice or file a creditor’s petition will be increased from the current threshold of $2,000 to a revised threshold of $5,000.00.............

Private Bushfire Shelters (Bushfire Bunkers)

On 11 November 2009 the Victorian Government introduced the Building Amendment (Private Bushfire Shelter Construction) Interim Regulations 2009. (Regulations) These regulations mean that a building permit must be obtained for private bushfire shelters (bushfire bunkers) prior to construction..........

Growth Areas Infrastructure Contribution

A new Law has been passed by the Victorian Parliament on 23 May 2010 called the Planning and Environment (Growth Areas Infrastructure Contribution) Act 2010, which introduces a Tax or Contribution which is payable on land within the new Urban Growth Boundary........

Equipment & Vehicle Finance

Equipment finance can be split into two broad categories, Lease and Non-Lease. The Lease category includes - Finance Lease, Operating Lease and Novated Leases and the Non- Lease category includes Hire Purchase and Loans, often referred to as Chattel Mortgages.