The current Franchising Code of Conduct is to be replaced with a new Code on 1 January 2015. It is anticipated the changes will take effect immediately, without transitional periods for compliance. While the Code’s purpose is still fundamentally the same the Code has imposed a number of new obligations on Franchisors, according to commercial lawyer […]
You may have a Will, Power of Attorney and Enduring Guardian, but having a Binding Death Benefit Nomination (BDBN) is a critical aspect of Estate Planning that is often overlooked, according to estate planning lawyer TERRY MORGAN.
The Tax & Superannuation Laws Amendment (2014 Measures No. 1) Act 2014 has formally become law, providing for administrative directions and penalties for contraventions relating to Self-Managed Superannuation Funds (SMSFs).
They are right to do so. Building, restoring and improving residences throughout Newcastle and the Hunter Region is a popular form of investment, but problems arise when there is no Home Warranty Insurance in place, or it is insufficient to cover the extent of the work. The question arises as a result of the terms […]
Although companies traditionally cannot buy their own shares, many people don’t realise that the Corporations Act 2001 (Cth) provides a procedure to do so, according to commercial lawyer and partner, TERRY MORGAN. Historically, the law prevented a company from, “buying its own shares”. That is, Company A was not able to use its own funds […]
Assuming control of an elderly parent’s financial affairs can be time consuming and emotionally draining – and a test of sibling relations, says estate planning lawyer, TERRY MORGAN. In some families, selling the parents’ home, making investment decisions and taking charge of day-to-day money matters are worked through collaboratively and amicably. In others, deciding what […]
Extreme care needs to be exercised when seeking to have a company (such as a private or family company) transfer property or provide monies, or even provide guarantees, to shareholders and/or their associates including family members, warns commercial lawyer and partner TERRY MORGAN.
Trustees can breathe easier following recent clarification by the ATO as to whether or not trustees of testamentary trusts are like executors of estates and therefore whether the estate’s assets may be subject to Capital Gains Tax. Many people now establish a Testamentary Trust in their wills in order to preserve flexibility, asset protection and […]
In an era of decreasing homeownership and rising property prices, many parents are helping their children to purchase property, often as joint owners. Lawyer TERRY MORGAN advises caution; parents could be hit hard by capital gains tax. A joint ownership arrangement can create a Capital Gains Tax (CGT) trap for the parents. The child pays […]
There are circumstances where a person is able to propose a Debt Agreement, which is a relatively low cost alternative to bankruptcy, according to insolvency and bankruptcy partner TERRY MORGAN.
