We provide the following guidelines on two relevant matters which have arisen as a result of legislative changes and have an impact on trusts (including testamentary trusts) which relate to: changes to the excepted (exempt) income for minor beneficiaries under testamentary trusts; and the impact upon all trust deeds regarding foreign persons as beneficiaries. I am...
It’s 10 years since provisions of the Australian Consumer Law came into effect, declaring unfair terms in standard form consumer contracts void. It’s almost 4 years since the provisions were extended to cover unfair terms in small business contracts as well. Examples of cases where contract terms were declared void because of unfairness include: A...
The change in the Sydney All Groups consumer price index (‘CPI’) between the March quarter 2020 and the June quarter 2020 was -2.3%. The change between the June quarter 2019 and the June quarter 2020 was -1%. Other Australian capital cities’ CPIs are also ‘in negative territory’. Existing lease of commercial or industrial premises If...
If a foreign person buys residential land in New South Wales, a surcharge of 8 per cent is payable in addition to the transfer duty. If a foreign person owns residential land in New South Wales, a surcharge of 2 per cent is payable in addition to land tax – perhaps even if no land...
The COVID-19 pandemic has changed the way we live. The elderly have suffered the greatest impact, and accordingly, it has resulted in major changes in Retirement Villages and Residential Aged Care Facilities. As you are aware, individuals in these facilities are more vulnerable to serious complications if they do become infected with the virus. Generally,...
If your business leases a retail shop or other commercial premises and it has suffered a reduction in turnover due to the effects of COVID-19, you probably need to reduce your expenses, including the rent that the business pays, in order for the business to survive. If you own a retail shop or other commercial...
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