Commercial Law

Powers of Appointors of Discretionary Trusts

By NB Lawyers | August 3, 2020 |

Trusts can be beneficial mechanisms for asset protection and tax purposes. There are various types of trusts each with its advantages and disadvantages depending on the desired purpose. Discretionary trusts, sometimes referred to as family trusts, are particularly beneficial for small businesses and estate planning. There are four main roles in a discretionary trust, as…

Read More

8 Hidden costs of buying a business

By NB Lawyers | June 22, 2020 |

Buying a new business can be exciting and full of opportunity for a purchaser. The main expense is of course the purchase price, but there are also other ‘hidden’ immediate costs of the transaction. It is crucial to take note and budget for these costs before signing a contract. Transfer Duty Transfer Duty (also ‘stamp…

Read More

COVID-19 economic response: insolvency laws

By NB Lawyers | May 8, 2020 |

As part of the government economical response to the COVID-19 effects, there have been temporary measures introduced effective as of 25 March 2020 that alter the laws in relation to insolvency and personal bankruptcy in Australia through the Coronavirus Economic Response Package Omnibus Act 2020 (Cth). The purpose of these measures is to deliver relief…

Read More

COVID-19 – Force Majeure and Contractual Obligations

By NB Lawyers | April 26, 2020 |

Force Majeure….breach of contract….termination of contract….performance of contract.  Suppliers and service providers alike in industries as diverse as manufacturing and financial services, travel and engineering to marketing and dentistry are feeling the effect of COVID-19  and to a wider extent dispute over contractual obligations. The unprecedented event of the COVID-19 pandemic continues to place stress…

Read More

New director’s liability for unpaid GST

By NB Lawyers | April 14, 2020 |

The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (the Act) received royal assent on 17 February 2020 enacting new laws in relation to illegal phoenix activities, with the most notable change being director’s liabilities in relation to Goods and Services Tax (GST). The aim of this new legislation is to hold accountable company directors…

Read More