Prepare, plan and research. As an aspiring entrepreneur, it is essential a business plan is developed that outlines your business’s vision, goals, product or service, market research and strategies that will ultimately help you achieve your business goals. The plan demonstrates a clear overview of what you wish to achieve and will enable you to keep track of your progress. It’s important to decide on a business structure and choosing a name that is not only available, but unique. Location of the business is also significant, taking into consideration needs such as storage, equipment and proximity to your target market. Creating a business website would also be beneficial in increasing social awareness and access to consumers. Starting a business would require a lot of research, analysis and marketing to allow it to grow and become successful.
An important decision when starting a business is deciding on a business structure. There are several different business structures you can choose, and each will impact key areas such as the tax you pay, asset protection and the cost of set up. The four most common business structures in Australia are sole traders, companies, partnerships and trusts.
2020 was a hard year for many companies as COVID-19 forced them to drastically adapt the way that they conducted business or suspend operations completely. Many companies have been so affected by the pandemic that they have become insolvent – they are no longer able to keep up with the debts they need to pay. If your company was one of the unlucky majority who have been struggling to survive the pandemic, there are still several options to get your company back to trading at full capacity.
A company is considered insolvent when it is unable to pay its debts as and when they fall due and payable. Insolvency generally signals the end of a company’s life. By the point of insolvency, it is often too late, but if you keep a close eye on some early warning signs you might be able to prevent your company from going under.
The previous blog post talked about the powers directors hold to affect the company and in the words of Benjamin Parker in Spiderman, “with great power comes great responsibility.” Although directors have extensive powers, these powers are so that directors can adequately fulfill the host of duties and responsibilities required of them as directors. Failing to satisfy these duties can lead to significant personal liabilities and so it is important to be fully aware of what you as a company director are required to do and not do.
Company directors need to comply with several strict duties in relation to the companies they direct. To help directors perform these duties, they are given a number of powers and rights that enable them to competently (and ideally, profitably) direct their company. Three of the key powers/rights are discussed below.
The ‘Discrete Property List’ (‘DPL’) is a process introduced by the Federal Circuit Court designed to make family financial matters quicker and easier. The DPL aims to make family financial cases as efficient and cost-effective as possible. But how does it do this?
Technology is rapidly developing and quickly influencing the way many processes and practices work in our society. Included in these is the property and real-estate sector. The growing coverage of the internet and the ever-increasing utility of computers and mobile phones has meant that nearly every step in the home-buying process has changed in some way because of technology.
1. You’re Struggling to Pay Your Debts
The first sign of a struggling business is a difficulty in paying debts, whether already due or nearly due. If you often find your business doesn’t have enough available capital to pay creditors on time, it may be worth seeking some professional guidance. Ongoing inability to pay debts can lead to insolvency, so it’s worth getting help as soon as possible.
Running a small business is hard work in the best of times, and even more so when there is a global pandemic. To keep your head above water in the current economic climate you might consider taking out a loan to assist your business. But how do they work and how are they different to a personal loan?
A Power of Attorney document is prepared by a person (the Principal) who appoints another person (the Attorney) to deal with their financial affairs if they are no longer able to themselves.
We have written previously about Binding Child Support (“BCS”) Agreements. As the name suggests, once parties enter into a BCS Agreement, it is binding on them for the length of the agreement.
In general, people see the court process as confusing, lengthy, expensive and burdensome and often these perceptions are all true. Alternate dispute resolution (‘ADR’) consists of a variety of alternative measures that can be used to try and solve your legal problems before having to begin a formal court case. ADR has the potential to make your legal conflict cheaper, more flexible and often a resolution can be reached quicker.
Dividends are payments made by a company to its shareholders out of its profits. They are the ‘return on investment’ for many shareholders. The value and frequency of dividends can have a significant impact on the ongoing success of your business. When done well, dividends can be the difference between the success and failure of your business.
Buying property is an exciting, but also really complicated process. Whether you’re a first home buyer or experienced property investor and dealer, there are a lot of things you should avoid doing so that you don’t get caught out by the complexities of the process. We’ve made a quick list of things to avoid when purchasing property.
Across the country, people are being encouraged to work from home as much as possible to stop the spread of COVID-19. While many employees are adapting well to their new work environments, other employees may have experienced a drop in productivity.
When dealing with an already difficult family breakdown, it’s important that you don’t take too long to begin any required legal proceedings. If you wait too long after a relationship breakdown, the court might refuse to hear your matter. This article will explain the relevant time limits you face when approaching the Family Court of Australia.
So, you’re looking to buy a home in NSW? It’s a big decision that can be time consuming and stressful. Not to mention that there are a lot of complicated legal processes involved. That’s why we’ve split the process into 3 main sections: the money part, the fun part and the legal part.
If you are having a contractual dispute with another party and have been unable to resolve the issue peacefully and informally, then you may consider suing that party by commencing proceedings against them in a court of law.
Despite the uncertainty of COVID-19 many businesses have been able to continue to make ends meet. It is essential that business owners also continue to protect their business’ interests, by registering security interests on the Personal Property Securities Register (‘PPSR’).
Child support is the regular financial contribution by a parent to the maintenance of a child under 18. Child support is supported by the principle that parents should, as much as possible, maintain shared parental responsibility for the child even after separation.
The COVID-19 pandemic has instigated major change globally but perhaps the most pervasive transformation to everyday life has been the society-wide lockdowns, meaning more people are at home far more often than usual. Unfortunately, these stay-at-home measures have detrimentally impacted those in situations of family violence, with the perpetrator being home all day and the person experiencing family violence having their escape or any options to seek help severely diminished, if not extinguished entirely. This restriction of movement has already been shown to make violence in homes more frequent and more severe.
As our population ages it is becoming more and more important to protect the interests of older age groups not just physically, but financially and emotionally.
In our last article we introduced the Security for Payment legislation through the Building and Construction Industry Security of Payment Act (NSW) 1999 (“SOPA”) whereby creditors can enforce progress payments in accordance with their contract.
When you donate funds you expect the money to go where promised. When you leave behind a legacy you expect is to be used as directed. Really, you want any money to be used for the benefit of those who you intended it to be used for.
Many of us have now been self-isolating for two months, and you may be feeling a little over baking and puzzles. So, this month we have three suggestions of how to spend your days at home, getting educated, getting crafty and getting a personalised library!
May is Domestic and Family Violence Prevention Month in Australia, and as we consider the positions of corporations in light of domestic and family violence prevention we find ourselves considering the impact of the restrictions imposed due to COVID-19.
Since the onset of the COVID-19 pandemic, there has been a marked increase in urgent Family Law cases as a direct result of the current climate, with the Courts reporting a 39% increase of cases in the Family Court of Australia and a 23% increase of cases in the Federal Circuit Court of Australia over a four week period in March and April 2020.
This means that most Court events will be cancelled until 30th June 2020. This is a significant announcement with major consequences for what the legal system will look like for the next few months. If you are currently in the process of a court matter, it is important to be in communication with your lawyer to see what this announcement will mean for you.
When a marriage breaks down, one of the first things a person thinks about is obtaining a divorce. Although it is the common word associated with the breakdown of a marriage, a divorce does not address the essential issues related to ending a relationship, as it does not settle the division of property or the care of any children of the marriage.
In 2019 34.9% of all businesses were owned by women, a figure which increases each year (Department of Education, Skills and Employment, 2019). However, while there have been significant improvements for women in the workplace there is still a long way to go, with women more likely to be underemployed than men, and mothers more likely to be unemployed than fathers (ABS, 2019).
You're looking for a place and know the tenants in your uncle's granny flat are moving out, and think perfect! Or maybe you've had no success in finding tenants for your investment property, and your brother says he's looking to live in the area. You may think that renting from a family member may seem easier than to rent through an agent, but that is not always the case.
An Employment Agreement is an agreement between an employer and an employee that sets out terms and conditions of employment. An Employment Agreement can only be amended or varied by agreement between the employee and the employer.
Tuesday 11th of February is Safer Internet Day. The purpose of Safer Internet Day is to continue to raise awareness about online safety by encouraging everyone to help create a safer and better internet.
Pets can be an important part of people’s lives and an important member of your family. You may be thinking what would happen to your pets if you pass away before them. How can you make sure your pet is looked after when you pass away?
Grandparents often play a fundamental role in a child’s life from being their mentor, their friend, or even their main caregiver. During a family separation, there is usually a change in dynamics that occurs within the child’s extended family. In some cases, grandparents may become concerned about their grandchild’s wellbeing or safety or could be prevented from seeing their grandchildren.
The 3rd December is International Day of Disabled Persons. In honour of this, we have looked at the obligations of an employer to ensure they uphold the rights of a person with disabilities in the workplace.
It is estimated that while 80% of new start-ups exist for at least 12 months, more than half of them will fail in the subsequent 5 years. While the percentage of small businesses failing in the first 5 years is very high, it is comforting to know that most successful businessowners have one or more business failures to their names.
The 22nd of November 2019 is Australia’s White Ribbon Day. A day where Australia acknowledges the domestic violence and abuse that is perpetrated throughout our community and commits to change our community’s domestic violence prevalence.
Events in the past few months have drawn attention to the role of social media in our workplace. The Israel Folau case has again raised important questions such as: ‘to what extend can employees be disciplined and held accountable for comments made on social media sites?’ or ‘where is the line drawn between comments made in ‘personal time’ and comments made ‘in the workplace’?’ or ‘when is something written under the disguise of ‘personal opinion’ or ‘freedom of speech’ in reality bullying and harassment, slander or defamation?’
It is not uncommon, after going through a separation, for a party to consider moving interstate. This could be for family reasons, to pursue new job opportunities, or to lower the cost of living by moving out of a metropolitan area.
Separation or divorce mean big changes to family life, especially when you have children from the relationship. The way children react to separation will usually depend on a number of different factors, including the family relationship before separation, the age and personalities of the children and the degree of conflict between the parents.
If you die without a Will you are said to have died ‘intestate.’ This means that instead of your assets being distributed in a way that you have chosen, there is a formula that determines how your assets are to be distributed and in what proportions. This can mean that your family heirlooms, family pets, savings and property may end up in the hands of family members contrary to your wishes.
September has some great events to check out. This month features some local events showcasing family owned businesses and home-grown heroes, to world famous events with a global reach. With lots to see and do, our list has your September weekends sorted!
This month we spoke to financial planner Gail Gadd about starting your own business. Gail established her own business in 2002, and with so many years of experience, she has a lot of insight to offer. Read Gail's interview for helpful tips on how to start your own business, and have it lead to success.
If you have just bought a rental property and you have not been able to find a tenant to rent your property out, you might be thinking to yourself have you done the right thing by investing all your hard earned money into this property. To get tenants into the door and inspecting your property, you might want to think about renovating your rental.
Finding out that you are an Executor for the Estate of a loved one can be confusing. Not only are you and your family experiencing grief, but you have been given the responsibility of an Executor. So what does being an Executor entail?
- What led you to start the business?
Small business is the economic engine room of Australia, but more importantly, these businesses reflect the dreams and aspirations of so many Australians who deserve better outcomes for their hard work, dedication, and the risks they take every day. With over 30 years’ experience in building small businesses, we understand the challenges faced by business owners on a daily basis.
The term ‘workplace disputes’ is often associated with conflict between an employer and a group of employees (or unions), usually about pay rises, job security or some other work-related grievance. The reality however is that 90% of ‘workplace disputes’ involve individual employees (i.e. not unions) that have a grievance or problem with a manager or, more often, a co-employee. These types of conflicts are more prevalent in Australia than union or collective disputes.
George Calombaris, celebrity chef and famous judge on MasterChef Australia, through his Company, Made Establishment, has been found to have underpaid more than 500 staff to the tune of $7.8 million. Last week, under a court-enforceable undertaking with the Fair Work Ombudsman, the embattled chef and his company is required to pay $200,000.00 as a ‘contrition payment’. George has blamed ‘error’ in systems and processes.
Sitting around a barbie and reminiscing about your childhood adventures together, are the type of things friends do. Friends are friends because of shared passions, shared interests and shared histories.
Jim Davidson is a Managing Partner of Performance Culture Australia. He specialises as a Team Coach and Corporate Trainer. Founded in 2007, the business has expanded into new countries, new products and new areas of services. The core mission of Performance Culture is to transform workplaces into a community with shared values and a commitment to ongoing learning. They emphasis the importance of having emotionally intelligent leaders to guide organisations forward.
Winter has well and truly arrived. Enjoy these cool days by rugging up, and embracing winter traditions like ice skating, warm drinks and comfort food. Our list this month invites you to take advantage of the season and enjoy our city's great culture.
It is possible for a former partner to make a claim on your Estate, if there are factors that warrant that claim. The case of Lodin v Lodin; Estate of Dr Mohammad Masoud Lodin  NSWSC 10 demonstrates what can happen when a former partner makes an Estate claim.
Schalk Van Der Merwe is a Director of Omnisure Insurance and the winner of Elite Broker by Insurance Business in 2018. As an expert of insurance, Schalk explains the reality of cyber attacks, why we need to think about these sort of attacks, and how we can protect ourselves and our businesses.
As winter rolls around we are tempted to travel overseas to warmer climates. However, if you are separated and want to take your children this may not be possible.
This week the Fair Work Commission in their ‘wisdom’ decided to throw another curve ball at small business owners. From 1 July this year, the minimum rates in all Modern Awards will be increased by 3%. While this is less than last year’s increase of 3.5%, it is difficult to understand how the Commission, given the current economic climate, can rationalise the increase. With inflation at its all-time low, small business owners will have to fork out the additional costs straight from their pockets as the market conditions simply provide no real prospect of increasing prices to soften the blow.
If you have orders in place regarding parenting, but the other parent is not doing what they are supposed to do, you can bring a Contravention Application. It is important to bring the non-compliance to Court straight away. Otherwise the Court sees the delay in coming as you agreeing to the non-compliance.
Privacy in the home is one of those things we take for granted. But, do you have a legal right to privacy? Can you complain if a neighbour’s drone suddenly flies into your backyard? When is someone trespassing on your property? A right to privacy in the home isn’t as straight-forward as one might think.
The Imperial Hotel has been ordered tear down its rooftop Harry Potter installation and turn off the taps on its Buttah Beer after the multinational demanded the pub remove all wizard-themed decorations and references.
Rival snake catchers are locked in a venomous legal duel over Facebook posts that one says implied he was a dishonest reptile handler, trademark infringer and "a violent sex offending rapist".
It can be difficult to spot when a friend is in a relationship involving domestic violence. Especially when domestic violence often slowly escalates over a long period of time. However, there are some things to look out for if you are concerned for a friend. If you have a friend or family member who you believe may be a victim of a domestic violence relationship, they may show signs of the following:
When you are working from home, if you sustain an injury that arises out of or in the course of your employment or while performing any activity that is connected to your employment, you will be eligible for workers' compensation.
To get to the root of the problem, you have to ask yourself the question: “Why do my employees want to join a union?” Reasons for joining a union usual falls within these 5 categories (1) higher wages or benefits, (2) job security, (3) lack of recognition, (4) lack of participation or (5) social reasons including ‘peer pressure’.
Almost two dozen threatened species and habitats have had their threat updates postponed by the federal government, in one case for three years, raising concerns about extinction risks and a lack of departmental funding.
When it comes to saving up for your retirement, nothing beats putting your money in real estate. You get a tangible asset that can’t disappear or crash in the market. The secret is to spread out the risk over several different investment properties so your eggs are never all in the same one basket.
A Canberra high school teacher says many staff members feel "powerless" to stop a "24/7 cycle" of cyberbullying and physical violence among their students.
Australia is set to become the first country in the world to introduce jail terms and multi-million-dollar fines for social media giants that don't quickly remove violent material.
Of the many issues faced by separated families, one that is often not discussed yet can cause the most conflict is the question of religion. When a child’s parents hold different religious or cultural views, there can be significant disagreement regarding the most appropriate way to raise the child and the religious and cultural practises they will be engaged in.
André Meyer has over 15 years experience in Intellectual Property law in both South Africa and Australia. His broad experience across multiple industries has given him a holistic understanding of IP law, and makes him an expert in the IP field.
When people refer to “Estate Planning” a Will is the document that usually comes to mind. While a Will is extremely important, it is not the only document that is necessary to prepare when planning for your future.
There has been a rush on gun shops, with people "panic buying", in the wake of the Christchurch terror attack and in anticipation of the Government tightening gun laws. Following Jacinda Ardern's comments on Saturday morning, gun shop owners - at bricks and mortar stores, and online - experienced a jump in sales.
Have you had an injury at work? Has a friend been a victim of medical negligence? Have your parents had issues with financial advice? Have you considered that if you have found yourself in a situation like this, you have a claim for personal injury?
All 28 members of the United States women's national team squad have begun legal action against the US Soccer Federation (USSF), just months before defending the Women's World Cup title.
If you fear violence or harassment from your spouse, partner or a work colleague, you should take steps to protect yourself by applying for an Apprehended Violence Order. It is a method of obtaining protection if you are fearful of future violence, including physical or sexual abuse, or threats to your safety, including harassment, intimidation or stalking.
Written by Sharon Melamed
Paul Betts is Chief Operations Officer of Integricare, an Early Learning Centre with eight locations across Sydney. Integricare's roots go back to 1882. Although the centre has changed and expanded over the years, Integricare is still striving for the same mission - "To be leaders in providing holistic, innovative and integrated services for children and families that achieve transformation in the communities we serve."
One of the first things that may come to mind if you receive a large sum of money from a relative or a friend is to treat yourself! You might spend big on a new car, book a luxurious holiday, or purchase that extravagant gift you have always dreamed about.
You have been a business owner for several years. You have started to employ several employees and you are finding yourself in a position where it is easier to let go of certain tasks and leave it up to your trusted employees to serve the clients. Your business is doing very well, your brand is established, you have a unique product or service – people know your business. Your business enables you to sufficiently provide for your family and in retirement you should be OK.
Christian Ronaldo, football superstar, has been fined for avoiding paying tax in Spain between 2010 and 2014. The five-time winner of the prestigious Ballon d'Or was playing for Real Madrid during that time. The prosecution say proceeds from image rights deals were channeled through foreign countries to avoid paying tax. Ronaldo accepted a deal in the court, paying an €18.8m ($29.9m) fine.
It’s that time of year again, where we dash through the shops picking up new stationary, new backpacks, and new school shoes. The start of school can be stressful enough, but it can be even trickier when we add in the pressures of a separated or blended family.
The Morrison Government has announced that it intends to amend the Fair Work Act to protect employers from casual employees ‘double-dipping’: where long-term casual employees are deemed to be ‘permanent employees’ for purposes of leave entitlements.
The holiday season can be an especially difficult time for separated families. Differing commitments, unusual work arrangements and stressful relatives can make this period feel like a minefield of potential battles. However tricky or tense this season may be for your family, here are some important questions to ask yourself as you prepare to manage the holidays in a separated family.
It is the silly season again! Workplaces are gearing up for Christmas and other End of Year functions. These functions are a great way to reward employees for another year that is now done and dusted. It is usually a very festive occasion but often functions such as these can lead to inappropriate and unwanted behaviour.
Employees have a right to make a claim for unfair dismissal if they believe that the dismissal was harsh, unjust or unreasonable. This right only arises, however, after a period of time and if the employee satisfies other criteria. Employees who are employed on a casual basis can only apply for unfair dismissal in certain circumstances. This article will discuss the threshold that casual employees need to meet to apply for unfair dismissal – namely the elements set out in the Fair Work Act 2009 (Cth).
Domestic violence is a form of violence that occurs within a relationship. There are a wide range of activities that fall within domestic violence and the effects are far reaching. As lawyers we see the real and deep impact that domestic violence has, especially on the mental health of our clients and their children. We encourage anyone who has gone through any type of violence to reach out to professional help and speak to a counsellor.
Separating from a partner may be one of the most difficult times you experience in your life. It is a time rife with intense emotions and lots of change. There will be many practical problems that require your attention, including new living and financial arrangements. If you have children with your former partner, you would also be concerned about the stability of their lives.
People often assume that men can push off any emotion and just soldier on, even during a divorce. This view of men only serves to make the problem worse. The breakdown of a relationship involves significant emotions and can feel like the grief of losing a loved one. Separation is not like repairing a car. It may not be able to be fixed quickly, and you may not be able to predict your emotions day-by-day. It’s important to acknowledge those feelings, keep your head above water and manage your mental health during this period.
Going through a divorce is a difficult and emotional time for the parents, and often your kids. Separation involves making several major family decisions, like where each partner will live, and the division of time with the children between parents. Although it can be a chaotic time with so many changes, it is essential to focus on your children’s wellbeing throughout the process of divorcing.
Since the 1st October 2018, casual employees now have a greater chance in becoming permanent employees. The Fair Work Commission has amended 98 Modern Awards to allow a mechanism by which casual employees of 12 months can request a transfer to be a permanent employee.
We live in a time where our social media accounts have an enormous place in our lives. Where we holiday, what we wear, and what we cook is shaped by what we discover online. As well, we leave our digital footprints all over the Internet as we share our locations, connections and activities.
- The recent case of Sandini demonstrates the circumstances in which a transferor spouse may be exempt from CGT when transferring property to their former spouse under family law orders.
- Family lawyers must have a well-grounded knowledge of the tax implications of property transfers and should not hesitate to obtain single expert taxation advice when required.
- Care must be taken when drafting family law orders, as simple mistakes can have significant tax consequences for parties.
When you think of wills your mind is probably filled with the image of a sweet elderly couple.
Divorce is most Australians’ reality. Whether it’s your own marriage, your parent’s marriage, a sibling’s or a good friend’s, we all have someone in our life who has gone through a divorce. Each experience of divorce is unique, with some finding peace in the decision to end their marriage, while others find themselves struggling to stay afloat in the messiness of breaking up.
Immigration law is a complex everchanging black letter area of law.
The requirements are strictly enforced and the number of immigrants looking to be granted a visa (permanent or temporary) are so high that the government easily increases both the difficulty and cost of visa applications.
As holidays come and go it is important to think about some of the things that you keep putting off doing.
Did you say that this year would be the year that you would prepare a Will but still haven’t gotten around to it?
Have you ever considered what will happen to your Facebook, Instagram, and other social media accounts once you pass away? Where will all of your photos go? Who will be able to access your information and cancel your accounts?
There are some common thoughts and ideas that come up frequently in Estate Planning that can be detrimental for future planning. Here are some myths about Estate Planning and reasons why they are not true.
If you plead guilty or are found guilty of a criminal or traffic offence, the Court will sentence you. This results in the Court imposing penalties, such as a fine, licence disqualification, or a bond. Further, the Magistrate will record a conviction, meaning you have a criminal record.
Our client was issued with an AVO after his wife alleged that he said “I’m going to get a gun.” He had gone to bed, so did not realise how upset his wife was and could not clear up the misheard statement. He woke up to the Police ordering him to get out of bed, very confused, and issued him an Apprehended Violence Order.
Our client was charged and plead guilty to Low Range PCA with a BAC of 0.068. She was driving with her 7-year-old daughter in the car, which is an aggravating factor. The automatic licence disqualification period is 6 months, and leads to a criminal conviction.
You probably imagine a criminal defense lawyer to be standing in court cross-examining a witness to prove their client’s innocence. What about if you have admitted that you committed the offence? What if there is very clear evidence against you? If you are entering a plea of guilty, where does a lawyer fit into the picture?
This post will explain the Court’s available decisions if a parenting order contravention application has been made. See here for our post on Parenting Orders – Part 1: What if the other parent doesn’t comply?
In this series of blog posts we will look at some of the unique things to consider in addition to your Will. Important things to consider include your social media accounts, your bank accounts and pin numbers, your burial preferences, funeral wishes, and sentimental items such as jewellery, collections etc.
Typically a builder has a right to payment for work completed under a construction contract. However where a contractor cannot make a contractual claim they have the right to make a Quantum Meruit claim instead. Quantum meruit claims are grounded on the idea that where work has been completed for the benefit of one party, and that party subsequently does not pay for that work, then they have been unjustly enriched. This entitles the contractor to make a claim for the reasonable value of the construction work completed.
Typically there is an initial contract that the parties have entered into that forms the agreement between them and sets out the terms and conditions of the agreement. If the matter has the following features it will be able to be litigated more easily:
Another consideration to determine a child’s best interests is the likely effect of any changes in the child’s circumstances, including the likely effect on the child of any separation from either of their parents or any other person or relative with whom they have been living: Family Law Act 1975 (Cth) s 60CC(3)(d). This is often seen as the ‘status quo’ principle.
The new First Home Buyers Assistance Scheme commenced 1 July 2017.
Changes were made to the Foreign Residential Capital Gains Withholding (FRCGW) from 1 July 2017.
Being clear and detailed in your Will is important to ensure your intentions and wishes are carried out after you pass away. Small details such as middle names and addresses of beneficiaries are crucial for distributing your Estate after you pass away.
The legendary musician, Prince, passed away in April 2016 at the age of 57. He left behind an estate worth hundreds of millions of dollars. According to court documents filed by his sister, she ‘did not know of the existence of a Will.’ The law refers to this as dying intestate.
While it is good to know that court orders can be enforced, if you are a parent and have recently been through family law proceedings, it is especially important that you know that parenting orders can also be enforced. See here our blog post on Enforcement of Orders – Importance of Court Orders.
If you are having problems receiving your entitlements after a family law property settlement or parenting matter, you have clear remedies if Court Orders are in place. See here our blog post on the importance of Court Orders in this context.
The road down the family law property settlement path can be quite difficult and generally there is a sigh of relief once everyone has signed on the dotted line. However there is the issue of enforcement of Court Orders.
Superannuation laws provide specific rules called ‘conditions of release’ that determine when you can access your superannuation entitlements.
Retirement, death, a terminal medical condition and/or permanent incapacity are conditions of release that, if satisfied, allow access to your superannuation entitlements.
A judgement debt is a debt that has essentially been ordered and approved by a court. If someone has obtained a judgement debt against you they are a judgement creditor and are at liberty to enforce the ordered amount.
What is liquidation?
Liquidation is the technical term for when a company becomes insolvent. This usually occurs when a company can no longer pay its debts when they fall due and payable. In liquidation, the company will usually sell off what assets it does have to satisfy as many of its debts as possible.
Most commercial contracts will have a dispute resolution clause. This clause will outline the steps the parties are to take if a dispute arises.
Have you reviewed your superannuation fund rules and guidelines? Do you know if your fund offers life insurance?
Often people assume that the fact that their superannuation entitlements are minimal means it is not a big asset and therefore it is not necessary to worry about. If this is how you are thinking – think again!
When a loved one passes away, one of the last things that you want to be doing is looking for their superannuation paperwork and dealing with superannuation funds. It is important to keep your superannuation up to date and well documented to make it easier for your loved ones to deal with once you pass away.
Each superannuation fund has its own rules which determine whether death benefit nominations are allowed and the requirements for a valid death benefit nomination. Self-managed Superannuation Funds are also governed by the rules of the Deed which established the fund.
As discussed in the previous article, superannuation is an asset that does not automatically form part of your Estate according to your Will. Depending upon the rules of your particular superannuation fund, a ‘death benefit nomination’ may be necessary in order for you to control the distribution of your superannuation upon your death.
Continuing our review of matters that a court considers in a parenting dispute when determining what is in a child’s best interests, another additional consideration is the extent to which each parent has fulfilled, or failed to fulfil, their obligations to maintain the child.
When construction defects arise, owners must decide whether to allow the original builder to fix it. The primary concern is whether the recipient of the building work is acting unreasonably by not allowing the builder to remedy their defective work.
A restraint of trade is a clause that restricts one party conducting business with another person or business not a party to the agreement. These restraints are commonly found in certain types of contract, for example, the sale of business or franchise agreements.
Business & Corporate: Your family trust is probably affected by the 'foreign persons' surcharge’. Your Trust deed should be reviewed
Family trusts are often created for the purpose of protecting assets and minimising tax liabilities. However, the Office of State Revenue (OSR) has recently made a ruling which will have the opposite effect, namely increasing potential tax liabilities for the beneficiaries of a Family Trust. Family Trust Deeds which include ‘foreign persons’ in the list of beneficiaries are now liable for a Land Tax and Stamp Duty surcharge on sales or purchases of NSW residential land.
In all aspects of business, preparation is key. This extends to selling your business. When thinking of selling your business, it is important to prepare before you seek a potential buyer. This creates the best chance of reaching a profitable outcome.
Retail leases are governed by the Retail Leases Act 1994 ('RLA'). This Act promotes fair and effective leasing relationships between tenants and landlords.
Superannuation is a complex, misunderstood, and often valuable asset. This month we will look at how superannuation is dealt with under Estate Planning law and what you can do to control what will happen to your entitlements if you were to pass away.
For a Binding Financial Agreement(or ‘BFA’) to be legal and binding, the couple must enter into the agreement of their own free will and be fully informed.
A Binding Financial Agreement (or ‘BFA’) is a written agreement between two or more people, setting out how property, financial resources and spousal maintenance will be dealt with in the event of a relationship breakdown.
A Binding Financial Agreement (or ‘BFA’) is sometimes considered the same as a ‘pre-nup’. ‘Pre-nup’ implies that a couple must enter into an agreement before they get married. This term is commonly used in Hollywood TV shows and movies but has no real application in Australia.
A Binding Financial Agreement (or ‘BFA’) is a written agreement between two or more people, made either before, during or after their marriage or de facto relationship. It sets out how property, financial resources and spousal maintenance will be dealt with in the event of a relationship breakdown.
In this series of blog posts we have explored what elder abuse is, what some of the risk factors are, what the signs to look out for are, and a case example of Edna Pearson. This article will provide a more practical example of elder abuse using a theoretical example of a client in our office.
Edna Pearson passed away in 2008 at the age of 82 after suffering from dementia. To the shock of her brother who had lived next door for decades, Edna left her entire estate to a stranger. This begs the question – why?
The first two blog posts in this series have shown the importance of recognising elder abuse in our ageing population.
Two of the most important Estate Planning documents include the Enduring Power of Attorney and the Enduring Guardianship. What these documents do is provide a means for you chose who will manage your finances and health respectively in the event that you lose mental capacity. You appoint someone to take on these roles and trust that they will keep your intentions and best interests in mind.
Divorce is the dissolution of marriage. This legal phrase essentially means that the law recognises that you are no longer married, and therefore do not have the corresponding rights and obligations associated with marriage.
This month we will be focusing on an important issue in Estate Planning – elder abuse. As our population ages it is becoming more and more important to protect the interests of older age groups not just physically, but financially and emotionally.
Without prejudice save as to costs (phrase): the communication in question cannot be used against the writer except for the purposes of ascertaining whether costs should be awarded (for our blog post about ‘costs’, click here).