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bank of mum and dad, BOMAD, bank of dad, loan, gift, family loan, financial support, property, mortgage, cost of living, Centrelink, age pension, guarantor, borrowing capacity, credit score, security, documented, divorce, Deed, verbal agreement
19 Oct 2023

Trouble at the bank of mum and dad – the horror story edition on family loans

Unaffordable housing leads to reliance on bank of mum and dad As Australia continues to rank among the least affordable markets for housing globally, it is becoming increasingly difficult for young people and other aspiring first-home owners to buy a property. Consequently, the “bank of mum and dad” is as popular as ever. However, there […]
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superannuation assets, superannuation, super, fund, account, family law, divorce, separation, property settlement, asset, Tax Office, Family Court, legal settlement, proceedings, splitting super, flagging agreement
30 Mar 2022

Superannuation assets can no longer be kept secret in family law property settlements

From 1 April 2022 changes to superannuation laws mean that superannuation assets can no longer be hidden during a family law property settlement. Under amendments to the Family Law Act 1975 and the Income Tax Assessment Act 1997, it will be harder for a person involved in property settlement proceedings as part of divorce or […]
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corporate veil, company, director, corporate, regulator, liability, limited liability, debt, separate entity, legal action, personally liable, investor, shareholder, safe harbour, administration, phoenix activity
17 Mar 2022

Lifting the corporate veil

The term “corporate veil” is a legal phrase that refers to a company being treated by the law as a separate entity to its owners. The corporate veil enables companies to conduct business activities such as buying and selling property or assets, taking legal action, acquiring debt and signing contracts. What is the purpose of […]
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paying debts from a deceased estate, deceased estate, secured debt, unsecured debt, tax, liability, executor, administrator, expenses, funeral, beneficiary, repay, refinance
08 Mar 2022

Paying debts from a deceased estate

Death and taxes – the only certain things in life. But when it comes to paying debts from a deceased estate, which ones must be paid first? Many of us would rather pay any debts we owe to friends and relatives before the taxman and banks get their hands on it. However, while it would […]
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release of deposit, vendor, purchaser, buyer, seller, deposit, agent, property sale, contract, clause, exchange, settlement
10 Nov 2021

Release of deposit clause in property sale contracts

If you are selling or buying residential or commercial property in New South Wales, it is likely you will come across a release of deposit clause. What does this clause mean? And what risks does it present for the purchaser? What is a release of deposit clause? Generally, when a party enters into a contract […]
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director ID number, director ID, phoenix company, illegal phoenix activity, creditor, debtor, debt, unpaid taxes, unpaid creditors, unpaid suppliers, employee entitlements, worker entitlements, deadline, company restructure
05 Nov 2021

Company directors on a deadline to get their director ID number

Company directors have been given 12 months to apply for a director identification number (known as a director ID number) or risk facing fines of up to $1.1 million. The directive was recently issued by the government as part of its crackdown on phoenix activities. This is where directors running businesses through companies repeatedly declare […]
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reverse mortgage, mortgage, home loan, debt, repayment, interest, principal, equity, retirement, retiree, self funded, asset, home equity, compound interest, loan, aged care
23 Sep 2021

The reverse mortgage – one of life’s gambles?

With the government encouraging self-funded retirees to tap into their home’s equity to fund their existence, it is timely to explore the pros and cons of taking out a reverse mortgage. During the 2020 budget debate, the then Assistant Minister for Superannuation Jane Hume told parliament that self-funded retirees who are struggling to stay afloat […]
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business email compromise, payment redirection, BEC scams, cybercriminal, cyberthieves, victim, email, bank account, scammers, Electronic Transactions Act, intercept, legitimate
04 Aug 2021

Business email compromise scams conning Australians out of millions

According to the Australian Federal Police, more than $79 million has been lost to cybercriminals in the past 12 months through business email compromise, also known as BEC scams or payment redirection scams. In such scams, cybercriminals trick victims by getting them to redirect their legitimate fund transfers, which victims think they are making to […]
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super insurance, superannuation, super fund, super account, death cover, income protection, TPD, total and permanent disability, claim, hardship, disabled, payout, lump sum
21 Apr 2021

Unable to work? You might be able to claim on your super insurance

Many people who are suffering hardship are unaware they could get financial assistance through their super insurance. Often hidden in the fine print on your superannuation statement, it’s easy to miss, especially as you don’t arrange the insurance. Instead, the premium is automatically deducted from your super account. What does super insurance cover? Your super […]
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granny flat, capital gains tax, CGT, exemption, written agreement, contract, pension, mortgage, default, higher level of care, elder abuse
16 Feb 2021

Federal government announces capital gains tax relief for granny flat accommodation

You have ageing parents who don’t want to move into aged care. There is room to extend your home or build out the back. The prospect of having mum and dad living close by is heartening. It’s also mutually advantageous: you can help care for them, while they can help care for your young kids. […]
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de facto property settlement, de facto, married, marriage, break up, separation, asset, property, couple, domestic, relationship, Family Court, family law, breakdown, break up
22 Jan 2021

De facto property settlement can be as complex as a marriage break up

You commit to a relationship with your partner and move in together. You earn more, so you pay for most of your home. You own the furniture, you share your car and you meet the bulk of household costs. Two years go by and the relationship has cooled. It’s over, and you want out. So […]
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directions hearing, legal dispute, court, appearance, Supreme Court, judge, registrar, mediation, out of court, settlement, short minutes of orders, Statement of Claim, affidavit, expert report
02 Dec 2020

What is a directions hearing and how should I prepare for it?

If you are involved in a legal dispute, you may be called before a court for a directions hearing. This is a short court appearance where a judge or registrar will make orders outlining the next steps that need to be taken to resolve the dispute. In the NSW Supreme Court, a first directions hearing […]
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tax debt, Centrelink debt, Commonwealth liabilities, divorce, separation, property settlement, property dispute, de facto, substitution order, Family Court
26 Nov 2020

High Court rules tax debt can be passed to spouse in divorce property settlement

In 2018, Australia’s High Court ruled that a tax debt of one spouse can be shifted to the other during a divorce property settlement. This has significant implications, with the decision meaning that the wealthier spouse could be forced to pay the debts of their former partner during a matrimonial or de facto property dispute. […]
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fake reviews, online, damages, defamation, false review, Competition and Consumer Act, consumer law, ACCC, misleading, deceptive
28 Aug 2020

Posting fake reviews online could cost you thousands

Did you know that posting fake reviews online about a business or professional service provider could land you with a massive fine? In fact, a reviewer was recently ordered by a court to pay $530,000 in damages. Fake review defames and damages reputation of plastic surgeon In this particular case, a woman claimed in a […]
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overseas assets, heir, inherit, inheritance, Dubai, will, legal will, probate, Sharia law, Power of Attorney, transfer asset, United Arab Emirates
19 Aug 2020

Overseas assets and Australian wills case study: Dubai

Do you own overseas assets? If the answer is yes, then you need to make sure you have the correct will or the right asset plan in place. Why? Suppose you are an Australian citizen who owns assets in both Dubai and Australia. You have an Australian will but haven’t made a United Arab Emirates will. […]
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terminate a contract, termination of contract, back out of a contract, frustration of contract, force majeure
15 Jul 2020

Can you legally terminate a contract due to Covid-19?

Can you renegotiate a contract because of the impact of coronavirus? The Covid-19 crisis has adversely impacted many common transactions. Federal and state governments have enacted laws which enable the parties to some transactions to renegotiate the terms of their contracts if they have been disadvantaged due to the Covid-19 pandemic. Examples include commercial leases […]
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business loans, business debt, divorce, separation, asset, liability, value, valuation, overdraft, overdraw, working capital, loan, finance, contribution, property settlement
10 Jul 2020

Untying the knot: how are business loans and debts treated in separation or divorce?

There is an obligation on a couple that is separating to disclose all of their assets and liabilities – including business loans and debts. This ensures that both parties are fully aware of the financial position they are in before dividing up the assets and liabilities of the relationship. Working out the value of the […]
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underpayment, wages, wage theft, worker, employer, employee, franchise, franchisee, migrant, workforce, backpacker, unskilled, casual, seasonal, labour
09 Jul 2020

Should employers go to jail for underpayment of wages?

Underpayment of wages is an increasingly frequent topic in both media reports and public discussion. Quite recently, underpayment scandals have struck major employers such as Woolworths, franchises such as 7-Eleven and high-profile businesses, such as the restaurants run by celebrity chef George Colombaris. The steady flow of non-trivial instances has led to calls for stiffer […]
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