Sale of Business – Liability for Employee Entitlements (part two)
The allocation of liability for accrued employee entitlements requires careful treatment in the sale and purchase of a business. Last month we published the first part of this article. This second part finishes with an analysis of entitlements of directors and casual employees, income tax adjustments and sales of companies. Directors’ leave entitlements It is…
View UpdateSale of business – liability for employee entitlements
The allocation of liability for accrued employee entitlements requires careful treatment in the sale and purchase of a business. Some potential buyers of a business have the misapprehension that the seller can terminate all employees and pay them out their entitlements so that the purchaser can re-hire them with a clean slate. However, various laws…
View UpdateTax Deductible Gift Recipient Reform Update
On 28 August 2017 we published our legal update on proposed reforms to the Tax Deductible Gift Recipient not-for-profit review by the Treasury Department. This has progressed with an announcement on 5 December 2017 by the Federal Minister for Revenue and Financial Services, Kelly O’Dwyer. In her media release she announced: All non-government DGR’s will…
View UpdateUnfair contract terms for small businesses
From 12 November 2016, standard form small business contracts will be covered by the current regime for unfair contracts. Between now and then, the regulator (ACCC) expects businesses to review their standard form small business contracts to ensure that there are no unfair terms and to take action if there are. What is a small…
View UpdateFamily Trusts and Marriage Breakdowns
Earlier this year, we hosted a seminar for accountants and financial planners which included a presentation on how Testamentary Trusts were considered by the Family Court during a matrimonial property settlement. Not surprisingly, the factors the Court considers with Testamentary Trusts are virtually identical to the factors considered with Family Trusts. Who controls the trust,…
View UpdatePersonal Property Securities Registrations and Sales of Businesses
The practical implications of Personal Property Security Registrations (PPSR) need careful consideration in the sale of a business. As a reminder, the Personal Property Securities Act 2009 introduced the legal framework for a national scheme for registration of securities over most forms of personal property. This scheme replaced state based registrations of things such as…
View UpdateStamp Duty Exemption on Family Farm Transfers and other Stamp Duty Relief
Following the State Budget on 18 June 2015, the Statutes Amendment and Repeal (Budget 2015) Bill 2015 was introduced to State Parliament. The main purpose of this Bill is to give effect to the changes announced in the State Budget. Included in the Bill is Section 45, which amends section 71CC of the Stamp Duties…
View UpdateDo you deal with small businesses? If so, changes to unfair contract provisions may impact you!
The Australian Consumer Law (under the Competition and Consumer Act (ACL) and the Australian Securities and Investments Commission Act (ASIC Act) deal with the provisions of unfair terms in ‘standard form’ ‘consumer contracts’ across a range of industries including telecommunications, utilities, travel, domestic building, motor vehicle and finance. Currently the unfair contract provisions do not…
View UpdateThe Haunted Forest: Debt Collectors chase participants in Managed Investment Schemes
Thought that the losses were over from the failed agricultural MIS you invested in twenty years ago? You might be wrong! Have you (or someone you know) received a letter of demand relating to a managed investment scheme (“MIS”) from many years ago? If so, don’t respond and seek advice immediately. Letters of demand claiming…
View UpdateProtection of Company and Business Names
The entitlement to and protection of company names and business names is an important, although often poorly understood, area of the law. A company name can be registered if it is not identical to another registered company name or business name. A business name can be registered if it is not identical or nearly identical…
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