Commercial Law
5 Tips for Shareholders Agreement
Tip 1 – Get it done at the Beginning The single biggest mistake we see is that the participants fail to prepare a shareholders agreement at the outset of the venture. There can be many reasons for this, including but not limited to the following: it may not occur to the parties that they need…
Read MoreQueensland Payroll Tax and Employment Agents
Payroll Tax is a State imposed tax on employers, assessed by the wages paid to employees, applicable when the total amount of wages paid by an employer or a group of employers exceeds a determined threshold. There are special provisions in these laws for ‘employment agents’ who procure the services of workers for their clients.…
Read MorePowers of Appointors of Discretionary Trusts
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 MoreHidden 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 More