It is an integral part of doing business to have the following documents in place:

Terms of trade
Credit Application
Guarantee and Indemnity

These documents generally provide a level of security for a business when providing goods or services on credit terms. This security is usually provided through the Personal Property Securities regime and/or by requiring a Guarantee and Indemnity from the directors of the customer.

On the 11th of September 2015, the Queensland based organisation Adult Stem Cell Foundation Australia Limited (ASCFAL) had its charity registration revoked by the Australian Charities and Not-for-profit Commission (ACNC) after a review into its operations and activities was conducted by the ACNC.  This means it will no longer be eligible for charity tax concessions, such as exemption from income taxes, deductible gift recipient status and fringe benefits tax concessions.

Protection of small businesses against unfair contract terms moved one step closer yesterday following the support by the Senate of the Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Bill 2015. 

Thousands of charities are being contacted by the Australian Charities and Not-for-profits Commission (ACNC) due to significant errors in their financial reporting. The ACNC have highlighted that significant errors have been located in many charities’ 2014 Annual Information Statements or Annual Financial Reports.

Powerful regional business figure Janet Dore has been appointed Chair of the Lantern Legal Group, the parent company of law firms Harwood Andrews and Sladen Legal, which have a significant footprint across the major commercial centres in Victoria.

On 1 September 2015, new powers of attorney came into effect in Victoria.

In the following article we outline some of the changes that now apply.

On the 26th of August, the first of the proposed legislative changes were passed by the Federal Government to begin the implementation of its 2015 budget package for Small Businesses and Start ups.

On 1 September 2015, the Powers of Attorney Act 2014 (The Act) introduced new civil and criminal penalties for misuse of an enduring power of attorney. The penalties include a fine of up to $91,000 or up to five years imprisonment.

The witnessing requirements for an enduring power of attorney have now changed.

The signing of an enduring power of attorney by the principal (the person giving the power) must be witnessed by two people

From 1 September 2015, a new type of power of attorney is now available - Supportive Attorney