Legal Insights
Advisors: don’t cut corners on death nomination forms
The Australian Securities & Investments Commission (ASIC) has released a media release warning the financial advice sector about the consequences of binding death benefit nominations (BDBNs) not being signed and witnessed correctly.
SMSF – extended time for annual returns this year
In a move welcomed by SMSF trustees (and their advisors!) the ATO has announced the extension of the lodgment date for self managed superannuation fund (SMSF) annual returns for the 2016/17 year to 30 June 2018. The ATO has confirmed that because 30 June 2018 falls on a Saturday, lodgment can occur on Monday 2 July 2018 without penalties.
The “sting-in-tail” of overseas luxuries
Do you own a unit in Noosa, a villa in Tuscany, or a ski-lodge in Japan, or hanker for such luxuries?
It is increasingly common for people to own assets in other states or other countries. This can create complications for their wills and estates.
Ultimate Consumer Test - Broad Definition of Retail Leases confirmed in Victoria
A broad interpretation of the definition of a retail lease in Victoria has again been supported by the courts. Section 4(1) of the Retail Leases Act 2003 (Vic) (RLA) defines 'retail premises' to include 'the sale or hire of goods by retail or the retail provision of services' but does not further define these terms.
Prepare now for data breach notification
Cyber security experts counsel us that it’s a matter of when, not if your data will be compromised in some way either maliciously or by accident. The opportunity for personal information to be lost only increases as businesses store greater and greater amounts of electronic information and outsource marketing, HR and operational activities to third parties without considering how they will protect information entrusted to them.
Travelling overseas – got your estate plan in place?
We are well and truly on the countdown to Christmas and the end of year. Holidays are just around the corner and many people will be travelling overseas for their holidays.
What is “market value” for the purpose of the MNAV test
In Commissioner of Taxation v Miley, the Federal Court overturned a decision of the Administrative Appeals Tribunal (AAT) concerning the method for valuing shares in applying the maximum net asset value (MNAV) test in s 152-15 of the Income Tax Assessment Act 1997.
Snap, snap – the Lions are bitten by Commissioner regarding use of image rights
In the growing world of online marketing, and with the increased public profile and popularity of our athletes, there is increased value and interest in the name and image of professional sportspeople.
Court Rules On Private Rulings Involving Assumptions About Future Events
The recent case of FCT v Hacon illustrates the practical difficulties in obtaining a private ruling that depends on assumptions about future events - in particular, in the context of the application of the anti-avoidance provisions in Part IVA of the Income Tax Assessment Act 1936.
New GST withholding regime for purchasers of new residential premises and new subdivisions of potential residential land
From 1 July 2018 purchasers of new residential premises or of new subdivisions of potential residential land that are taxable supplies will be required to pay 1/11th of the purchase price directly to the Australian Taxation Office (ATO) at settlement, if the exposure draft legislation released by the Government on 6 November 2017 passes in its current form. Subject to limited exceptions under proposed transitional rules, the new GST withholding obligation will apply even if a vendor applies the GST margin scheme.
High price for assisting others to contravene the Fair Work Act
In May 2017, the Federal Circuit Court (FCC) found the accountant’s client, the operator of a Japanese restaurant chain in Melbourne, underpaid its workers and thereby contravened the Fair Work Act. Critically though, the judge found the accounting firm, which provided the restaurant with book-keeping services, knew its client underpaid its employees and had ‘deliberately shut its eye as to what was going on’.
Eligibility for the lower company tax rate and access to imputation credits clarified
Uncertainty had arisen earlier this year as to whether companies with passive investments (including ‘bucket’ companies) would be eligible for the lower company tax rate of 27.5% based on the requirement in section 23AA of the Income Tax Rates Act 1986 that they were “carrying on a business.”
Harwood Andrews: A History of Community Building and Service
Geelong law firm Harwood Andrews celebrated its 175th birthday in October 2017, making it nine years older than the state of Victoria, and 17 years older than the Geelong Football Club. And, like the famed Cats, Harwood Andrews can lay claim to being significantly woven into Geelong’s social fabric, in fact even more so than the club that formed at the Victoria Hotel in 1859.
Losing capacity – don’t leave it too late
You never know if or when you might lose capacity, that is, lose the ability to manage your affairs. For example, you could be in a serious accident, you could suffer a stroke, or you could develop dementia. You might lose capacity temporarily or permanently.
Employers beware: the Fair Work Act is getting even tougher
All businesses and employers need to be aware of the recent amendments to the Fair Work Act 2009 (Cth) (Act). The amendments were part of a number of changes made by Parliament in the wake of recent underpayment scandals, particularly those involving prominent franchise operations.
Penalty rate amendments to stay: union bid fails
The Federal Court has rejected United Voice’s and SDA’s bid to have the decision of the Fair Work Commission (FWC) to cut penalty rates in certain modern awards judicially reviewed.
ATO provides a “safe harbour” for fixed trusts
The Australian Taxation Office (ATO) published the final version of the Practical Compliance Guidelines (PCG) 2016/16, which provides guidance in relation to what will be considered by the Commissioner when exercising his discretion to treat an interest in the income or capital of a trust as being a fixed entitlement, and by extension whether a trust is a fixed trust for most tax law purposes.
GST on the sale of residential property – a lesson from the Sebel Manly Beach Hotel
In the case of MSAUS v FC of T the Administrative Appeals Tribunal (AAT) recently held that Division 135 of the A New Tax System \Goods and Services Tax Act (GST Act) did not apply to impose an increasing adjustment (an amount of GST on an otherwise GST-free transaction) to the sale of leased residential apartments.
Harwood Andrews celebrates back to back wins at the 2017 Lawyers Weekly Australia Law Awards
The 2017 The Lawyers Weekly Australian Law Awards were held on Friday, September 1st at the Star in Sydney. Harwood Andrews was again announced as the winner of the best Regional/Suburban Law firm of the Year for 2017.
Harwood Andrews & Deakin Law Students Hackathon Challenges Digital Disruption in the Legal Sector
On Saturday August 19, Harwood Andrews together with Deakin University ran a Hackathon, focusing on digital disruption in the legal industry and changing the customer experience in the digital era.