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Refund of NSW Surcharge Transfer Duty and Land Tax

The NSW foreign surcharge provisions (surcharge transfer duty and land tax rules) have been deemed inconsistent with international tax treaties set up by the Australian Federal Government with New Zealand, Finland, Germany, and South Africa. The international tax treaties encompass a range of taxation and other issues and hold the weight of federal law. Therefore, […]

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Division 7A: Honest Mistake or Inadvertent Omission?

Division 7A of the Income Tax Assessment Act 1997 ensures that loans and other forms of financial assistance made by private companies to their shareholders or associates are treated as dividends and taxed accordingly. This provision is designed to prevent private companies from avoiding tax by providing financial assistance to their shareholders in a way […]

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Guide to tax deferral for employee share schemes

As a general rule, if you acquire an interest under an employee share scheme (ESS) you will be taxed (at your marginal rate of tax) on any ‘discount’ you receive at the time you acquire the interest under the ESS (ESS interest), unless the ESS qualifies for concession tax treatment such as the tax deferral […]

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Guide to the start-up concession for employee share schemes

As a general rule, if you acquire an interest under an employee share scheme (ESS) you will be taxed (at your marginal rate of tax) on any ‘discount’ you receive at the time you acquire the interest under the ESS (ESS interest), unless the ESS qualifies for concession tax treatment such as the start-up concession. […]

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Benefits of licensing intellectual property

Did you know you can commercialise your intellectual property by licensing intellectual property rights? Licensing intellectual property occurs where you give permission for another entity to use your intellectual property on agreed terms and conditions. What are the most common forms of licences? The three most common forms of licenses are: What limitations/conditions can be […]

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Intellectual property ownership structures

If you have developed intellectual property, chances are you own the intellectual property in your personal capacity. However, there are number of ways that you can own intellectual property rights (including as a partnership, in a private company or in a trust), each of which provide various advantages and disadvantages when it comes to intellectual […]

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Employers guide to redundancy

Employers can make an employee redundant if they no longer need the employee’s job to be done by anyone or the employer’s business becomes insolvent or bankrupt. The need to make an employee redundant may arise because an employer’s business: However, the Fair Work Act 2009 (Cth) sets out specific criteria which must be met […]

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Employers guide to fairly terminating an employee

A common misconception is that employers can solely rely on the terms of their employment contracts when terminating an employee. While an employment contract may give employers a contractual right to terminate their employees, the Fair Work Act 2009 (Cth) sets out the circumstances in which employees will be entitled to protection from unfair dismissal. […]

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Guide to setting up a fixed trust

A fixed trust receives the benefit of the land tax threshold and minimises the land tax payable on the property held by the trust. However, not all trusts are fixed trusts. So what is a fixed trust and how can it save you from paying land tax? What is a fixed trust? A fixed trust […]

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Have you received a preference payment?

If a liquidator claims that you have received a preference payment, you may be able to rely on section 588FG of the Corporations Act 2001 (Cth) to retain the payment received. To rely on the statutory defence set out in section 588FG of the Corporations Act 2001 (Cth), you must be able to satisfy all […]

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How to lawfully stand down an employee

The Fair Work Act 2009 (Cth) provides an employer with the right to stand down an employee without pay where the employee cannot perform “useful work” in certain defined circumstances. The consequences of stand downs can be severe as they deprive an employee of wages or, in some instances, redundancy benefits, which is why stand […]

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What if Council does not consent to a development application

The Environmental Planning and Assessment Act 1979 (NSW) together with Local and State Environmental Plans (LEPS) and (SEPS) regulate what you can do with your property in NSW (including how a property can be used and what can be constructed on a property). In order to obtain consent in relation to works to, or uses of, a property, […]

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Strata Renovation Work Approval

The Strata Schemes Management Act 2015 (NSW) and the Strata Schemes Management Regulation 2016 (NSW) requires owners of a property in a strata scheme (such as a town-house or an apartment) to obtain approval to carry out certain work to their property. Whether or not you are required to obtain approval for strata renovation work […]

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What you need to know if you’ve received a bankruptcy notice

If you owe someone money and you have not paid them even after a court has ordered you to pay them, you may receive a bankruptcy notice. So what do you need to know if you’ve received a bankruptcy notice? What is a bankruptcy notice? A bankruptcy notice is a formal demand for payment based […]

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What you need to know if you have received a statutory demand

If you: you may receive a statutory demand for payment. So what do you need to know if you’ve received a statutory demand for payment? What is a statutory demand? A statutory demand is a written demand made to a company by a creditor under section 459E of the Corporations Act 2001 (Cth). A statutory […]

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International Trademark Registration

How can I register an international trademark? If you have an Australian trademark, it is protected only within Australia. In order to protect your trademark in overseas jurisdictions you must either: What are the benefits of applying through WIPO? While applying for a trademark directly in another country may seem straightforward, you will need to […]

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Rights and obligations of shareholders in a company

Shareholders are enities (whether individuals, companies or trusts) that owns shares in a company. While they are not responsible for the day-to-day management of a company, they do retain certain rights and obligations in a company. The rights and obligations of a shareholder in a company depends on a number of factors, namely: We set […]

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Why is practical completion important?

Practical completion (PC) a concept used in the construction industry to represent the date on which: In other words, PC does not mean that the contractor has finished all of the building works. Instead, it is the date on which the building can be used or occupied. So why is PC important and what do […]

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Responding to an adverse examination report

If you’ve submitted a trade mark application with IP Australia and it does not meet the legislative requirements set out in the Trade Marks Act 1995 (Cth) (Trade Marks Act), you will receive an adverse examination report. The adverse examination report will set out: What do you do if you receive an adverse examination report? […]

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What should you know before agreeing to guarantee a loan?

If a lender suspects a borrower may not be able to repay a loan, they may request that a third-party (guarantor) guarantee repayment of the loan and/or performance of the obligations of the borrower. So what do you need to know before becoming a guarantor? What is a guarantor? A guarantor is someone who agrees […]

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How to access the land tax threshold in a trust

If you operate a trust that holds real property, you may not receive the benefit of the land tax threshold. This is due to your trust being classified a ‘special trust’ instead of a ‘fixed trust’. So what is a fixed trust and how can it save you from paying land tax? What is a […]

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Why you need policies and procedures for your business

Employment policies and procedures are crucial for all businesses as they: So why should you have policies and procedures in place for your business? Do you need policies and procedures? The primary reason why businesses implement policies and procedures is to supplement the employee obligations set out in the employment contract. Policies and procedures allow […]

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What is the difference between employees and contractors

As an employer it is crucial that you understand the difference between employees and contractors. The obvious benefit of engaging a contractor is that you don’t have to remit tax and superannuation payments to the Australian Taxation Office (ATO) on their behalf. However, misclassifying your employee as a contractor can have significant consequences. What is […]

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Separating your intellectual property from your business entity

Ordinarily, your intellectual property rights would be owned and registered in your business entity. The question then turns to whether separating your intellectual property from your business entity is the preferred approach? The short answer, yes! In conducting a business you will inevitably create and improve upon intellectual property which can include (without limitation): While […]

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Transfer Duty on Option Fees

Recent changes to the Duties Act 1997 introduced duty on certain transactions, including the granting of a put and/or call option. When does duty on the grant of a put and/or call option in NSW need to be paid? All option transactions (whether they are a call and/or put option) entered into on or after […]

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Differences between business names and trademarks

It is a common misconception that business names and trademarks are interchangeable. This is primarily due to the fact that a business will use the same word or words for their business name and trademark. So what are the differences between a business names and trade marks? What is a business name and how does […]

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How is your cryptocurrency taxed?

It is generally understood that there are taxation implications when transacting with cryptocurrency (whether in the form of capital gains tax or income tax) – however, not all tax liabilities are created equal. Whether you’re buying, selling, swapping, staking or wrapping your crypto, there will be a whole heap of tax implications that you will […]

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What to consider before signing a loan agreement

A loan agreement is a crucial and complex document which sets out the terms on which money has been lent. If you are borrowing money, it is of upmost importance that you understand all the provisions of the loan agreement so that you are familiar with your rights and obligations as borrower. Consider the following […]

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How an adjudication application can get you paid

Adjudication is an informal dispute resolution process within the Building and Construction Industry Security of Payment Act 1999 (NSW) (the Act). Adjudication applies to construction work and/or related goods and services carried out in New South Wales. If you haven’t made a payment claim, read our insight on ‘How a payment claim can get you paid‘ for […]

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How a payment claim can get you paid

Getting paid in the construction industry can be a major challenge for contractors, suppliers or consultants. If you are a party to a building contract that is covered by the Building and Construction Industry Security of Payment Act 1999 (NSW) (the Act) and are: you can make a payment claim or apply for adjudication in […]

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How to respond to a director penalty notice?

As a company director, you are legally responsible for ensuring that the company meets its: If a company fails to comply with their PAYG, SGC or GST obligations, the Australian Taxation Office (ATO) may issue company directors with a director penalty notice (DPN), the effect of which is that directors are personally liable in respect […]

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What is the best way to hold an investment property?

Whether you hold an investment property in your own name, a company or a trust, your unique circumstances will determine whether you’ve made the right decision or not. You can determine the best way to hold an investment property by having a general understanding of the taxation implications of owning an investment property and applying […]

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3 types of security a lender may require for a loan

Whether you need to borrow money to grow your business, acquire assets or meet large or everyday expenses, a lender will almost always ask for security before they advance a loan to you in order to minimise their risk and ensure they can enforce the loan if you fail to pay. So what are the […]

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What you should know about lease incentives

Lease incentives are benefits offered by landlords to tenants to encourage them to sign or renew a lease. As landlords want to reduce their vacancy rates, lease incentives are commonly found in commercial, retail and industrial leases. They will be incorporated in the terms of the lease or an Incentive Deed. Lease incentives can take […]

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Taxation consequences of changing trustees

While you may be familiar with the process of changing trustees of a trust, you may not be so familiar with the taxation consequences that could arise. In administering a trust, you may come across circumstances which require you to change the trustee of the trust. Where you change the trustee of a trust, the […]

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