Reviewing Wills and Trust Deeds
Are all of your assets covered by your Will? This is becoming an increasingly relevant question as a large proportion of assets are now owned by trusts or superannuation funds rather than by individuals in their personal capacity. Many people utilising such structures may not realise that assets held by trusts and superannuation funds do not form part of their Estate and as such may not be covered by the provisions in their Wills.
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On Line Sales and Purchases
Online auctions such as eBay are becoming more and more popular for conducting selling and buying activities. The anonymity of the parties can result in purchasers making rash bids for items only to regret their actions when they win the auction. Similarly, sellers may list their items at a low price (and frequently at no reserve price) in an attempt to attract bids only to make a loss when the item sells at the first and only bid.
Planning and the Environment – Vacant Land and Native Flora and Fauna
Vacant land may at first glance appear to be an attractive and easy opportunity for commercial or residential development. It is vital to be aware, prior to any purchase, that land which contains native flora or fauna is subject to high levels of regulation and protection by state and federal governments, and local councils. Ground cover perceived as weeds may in fact be native grasses or vegetation of high conservation value, or be the home of critically endangered species of fauna, such as golden sun moths and striped legless lizards. This can have significant implications for any proposed development.
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Personal Property Securities Reform – The Personal Property Securities Act 2009
Litigation Update – The Victorian Civil Procedure Act 2010
The Victorian Civil Procedure Act 2010 came into force on 1 January 2011.
The main purpose of the Act is to reform the law relating to civil proceedings in Victoria to facilitate the “just, efficient, timely and cost effective” resolution of disputes. The Act applies to all civil proceedings in the Supreme, County and Magistrates’ Courts. It does not apply to VCAT or criminal proceedings.
A Supply of a Going Concern – Purchaser’s Requirement to be Registered
Legislation
Subdivision 38-J of the A New Tax System (Goods and Services Tax) Act 1999 provides that a supply of a going concern is GST free if certain conditions are satisfied.
Requirements
One of these conditions is contained in section 38-325(1)(b) of the Act which requires the recipient to be registered or required to be registered.
