Did you or your client have a security interest automatically migrated to the personal property security register in 2012? When the PPSR was set up, it replaced many other public registers. Registrations recorded on over 35 registers were automatically moved across to the PPSR on 30 January 2012. Many of these registrations migrated with MISSING or INCOMPLETE fields. The Personal Property Securities Act 2009 (Cth) has allowed 5 years for these discrepancies to be fixed up. This date will come to an end on 31 January 2017. It is essential to ensure your registration was effectively migrated. Continue Reading..
It is with great pleasure to advise that the Sydney office of JMA Legal will open our doors in more spacious and comfortable surroundings from Monday 21 November. Our new address is Level 8, 65 York St Sydney 2000 and our telephone number will change to 02 8089 3142. Continue Reading..
From 1 July 2016, new laws affect all vendors and all purchasers selling or buying property over $2,000,000 in Australia. All vendors who sell a property valued at $2M or more will have 10% of the sale price withheld by the purchaser, UNLESS they can provide a clearance certificate from the Australian Tax Office showing they are an Australian resident on or before settlement. All purchasers who are buying property have to pay to the ATO 10% of the purchase price UNLESS they have received a clearance certificate from the vendor. Severe penalties apply if this is not done. Continue Reading..
Subdivision 328-G commences on 1 July 2016. All passed and ready to go - and very generous. The provisions apply to small business entities - those with an aggregated turnover of less than $2 million. There must be no change in underlying ultimate ownership by individuals. Transfers can be between individuals, companies, partnerships and trusts - but not superannuation funds. Continue Reading..
It is not uncommon in buy sell agreements to have a partner/shareholder’s exit funded by a life insurance policy held by the partner/shareholder’s self managed superannuation fund. Continue Reading..
Unpaid Present Entitlements owed by a Trust to a corporate beneficiary can be taxed in the hands of the Trust pursuant to Division 7A if the UPE arose after 16 December 2009 and has not been paid out.
That is, if the Trust and corporate beneficiary form part of the same family group and the company has knowledge that the funds representing its UPE are being used by the trustee for trust purposes, this can be treated as a Division 7A loan from the company to the trustee. Continue Reading..
It is often necessary/desirable in a family law situation for a payment of money to be made from a family company to a spouse. Division 7A has always been a concern. Many practitioners have relied on a private binding ruling which indicated the ATO's acceptance that section 109J exempted such a payment provided there was a Family Court order against the company requiring the payment to be made. The ATO recently informed us that a public ruling is to issue later this month reversing that position. So that in future, it appears, all payments from family companies to spouses in a family law situation will potentially be subject to Division 7A. Hopefully the ruling will not be retrospective. Continue Reading..