Know your privacy obligations - or penalties may apply

People are coming increasingly aware and concerned about the protection of their personal information. Given the latest cybercrime attacks on Optus and Medibank, the Federal Government is seeking to increase penalties for privacy breaches. Do you know your privacy obligations and do you have the appropriate privacy protections in place?

Read More
No power to vary trust deed? Section 86A to the rescue!

It is often necessary to vary a trust deed for various reasons. The problem is that sometimes, particularly with older trusts, the deed does not provide the trustee with the power to vary the deed or the power is not sufficiently broad to make the necessary amendment.

Fortunately the Trustee Act 1925 (NSW) now provides trustees facing such a situation with an alternative option."

Read More
Get it right or pay the (much higher) price! Increased penalties for Competition and Consumer Law breaches and new penalties for Unfair Contract Terms

Parliament has now passed the much anticipated changes to competition and consumer laws which means businesses will now face higher penalties for beach of competition and consumer laws and new penalties for unfair contract terms.

Read More
High Court affirms asset protection strategy – one rule for husbands, another for wives

A common asset protection strategy for professionals and "at risk" individuals is to put the family home in the sole name of their "non-at-risk" spouse to protect the property from creditors.

This relies on an ancient principle known as the 'presumption of advancement'. In a bygone era, any amount paid by a husband to or for the benefit of his wife, was presumed to be a gift (unless there was evidence of a contrary intention).

Read More
Is this the end for Stamp Duty in New South Wales?

In the NSW Budget handed down on 21 June 2022, the State Government has announced plans to make some transfer duty optional from January 2023. Although these changes could be the beginning of the most significant reform to stamp duty law in NSW in over 150 years, media reports about the imminent abolition of stamp duty in favour of a broad based property tax are greatly exaggerated. In reality, a complex web of duty traps remains to ensnare the unwary for the foreseeable future.

Read More
NSW duties net substantially expanded

Do you need to pay duty on transactions that were not previously dutiable in NSW? From 20 May 2022, the answer could be yes.

From 20 May 2022, the New South Wales duties net has been considerably widened. While the scope of the changes is not yet fully known, it is clear that duty is now imposed on transactions that were not previously dutiable in New South Wales:

Read More