News and resources

Bankruptcy a formal option to provide relief from creditors I am drowning in debt. I can’t possibly meet all the bills that have piled up. My business was hit by Covid lockdowns, then the high cost of materials and I can’t continue. If I declare I am bankrupt, will that solve my problems? Will my […]

Hooray, you’ve won the lottery! Now you can pursue your dreams. But beware, there are legal and emotional pitfalls with a sudden windfall such as a lottery win, large inheritance, compensation payment or redundancy payout which could turn that dream into a nightmare. Unexpected windfall can lead to emotional and behavioural problems There is even […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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. […]

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 […]

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 […]

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. […]

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 […]

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. […]

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 […]