Following on from our article last month about stamp duty being abolished on homes for first home owners up to a certain limit, the Federal Government in its recent Budget also established a scheme to help people save for their first home by using their superannuation fund to build savings for a deposit in a tax advantageous environment. Continue Reading..
From 1 July 2017 the NSW Government will introduce a long awaited range of new measures to assist first home buyers and housing affordability generally throughout NSW. Under current laws in NSW, first home buyers are only eligible for a stamp duty exemption on a purchase of a new home up to the value of $550,000 (and in the case of vacant land, a purchase up to the value of $350,000). Continue Reading..
Legal housekeeping is essential to a stress-free future. In the event of death, injury or illness, there are simple legal documents that can give you and your family instant financial and emotional relief.Power of Attorney (“POA”)A POA document allows you to appoint an attorney to act on your behalf in relation to your financial and/or legal affairs. If you have an enduring POA, the document continues to be effective once you have lost capacity, which is where it’s true value lies. Continue Reading..
Your husband Robert suffered a stroke three weeks ago and is in hospital. The doctors tell you that Robert is suffering from memory loss. His prognosis is not good and several weeks later Robert becomes extremely ill. The doctors tell you Robert has lost mental capacity and transfer him into high care. Continue Reading..
Possession of land can give ownership. By being in occupation of someone else’s land for a specified amount of time you can acquire a right of ownership in the land. This can happen in accordance with legal rule known as adverse possession. This rule is used to prevent someone who has used land for a long period of time, believing it to be theirs and probably improving it, from being ejected by someone who discovers a technical defect relating to the land ownership or boundaries. Continue Reading..
After the birth of a child into any family, celebrations occur. The members of the extended family picture what the newborn will look like and wonder what they will achieve during their lifetime. The only disputes that normally occur are between relatives wanting to nurse the baby or which side of the family the newborn takes after. Any new parent should be aware that future disputes can occur should both parents die without a Will in place appointing a guardian of their minor children. Continue Reading..
Knowing the business of your business
If you’re thinking about starting a business, it is vital to give sound thought to the type of legal structure you need. To better understand the differences between each business structure, we have briefly summarised some options below. Sole Trader Continue Reading..
It is not something necessarily at the top of our list when you are excitedly planning a wedding or sadly contemplating divorce, but it is very important that when you start or end a significant relationship that you review and, if necessary, update your Will. When you marry, your Will is revoked, unless the Will was made in contemplation of that marriage. However, gifts in your Will made prior to the marriage are not revoked if they were made to the person to whom you are married at the time of your death. When you divorce, any gift to a former spouse is revoked, along with any appointment as executor or trustee. Continue Reading..
Guarantees signed by electronic signature are not always binding The judgment of the 2015 case of Crocker v Williams Group Australia in the NSW Supreme Court was appealed to the Full Court. Just recently the decision handed down by the Full Court highlights significant issues that may arise when entering contracts and guarantees using electronic signatures. Williams Group Australia agreed to supply building materials to a company, ITH Modular Pty Ltd. Mr Crocker was one of the three directors of ITH. The credit application was signed by each director and there was also an ‘all monies’ guarantee which required the signatures of the three directors in their capacity as guarantors. Continue Reading..