Commercial Law
Hidden costs of buying a business
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 MoreCOVID-19 economic response: insolvency laws
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 MoreCOVID-19 – Force Majeure and Contractual Obligations
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 MoreNew director’s liability for unpaid GST
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 MoreVendor finance: buy and sell without the bank
There are situations in which a bank loan is not a possibility when purchasing a business, property or other asset. This may occur because the buyer is unable or unwilling to secure a bank loan for the requested purchase price. However, the seller may be eager to sell their asset and be willing to come…
Read MoreUndocumented loans between friends and family
Undocumented loans between friends and family It is very common to advance money to a friend or family member for a business or personal expense where they are in financial need. These loans are often verbal without a specified date for repayment. Employers may also lend a sum of money to an employee or other…
Read MoreFacility Management Arrangements – A new way to deal with “Contractors”
Facility Management Arrangements may well be a new way for dealing with “contractors” for those in health and allied health sectors. Those who own businesses in the fields of: Doctors, dentists, chiropractors, speech pathology, physiotherapy, optometry; audiology; occupational therapy should take note of the potential to utilise facility management arrangements. Employees are entitled to the…
Read MoreGetting out of an Employsure contract
Employsure have taken the business world by storm providing workplace relations support to business owners and employers using a marketing and sales process that is quite compelling and disrupting the HR space to a large extent. However the experience of some of our clients has found a gap between expectations and the practical realties of…
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