Borrowing from the Bank of ‘Mum & Dad’: Lessons for Baby Boomers providing early inheritances or other financial assistance and the impact of the Family Law Act for Estate Planning: Loans vs Gifts.
The statistic isn’t a new one. Baby Boomers make up 25% of the nation’s population and yet control approximately 50% of private wealth. We are constantly being told that this generation continues to increase their wealth to the detriment of their children and grandchildren; however, this can place baby boomers in a unique position where […]
Long before I was a Construction Lawyer, I was a Construction Manager for one of Australia’s top tier building contractors. In this article I have set out some simple and practical tips for effective contract management based on my experience in both construction and law. This article will be particularly relevant for growing contracting businesses […]
This article explains what land is now suitable for medium density developments in Newcastle and Lake Macquarie under the new Low Rise Medium Density Housing Code and the benefits of the Code for developers and existing landowners. On 6 July 2018 the new Low Rise Medium Density Housing Code came into effect. Significantly, under the […]
Will your business be able to rely on the Security of Payment Laws when it counts? The single most important thing to do.
Disputes and withheld payments are common occurrence in the construction industry. Contractors and suppliers operate with increased risk of these occurrences if they are not prepared to use the Building & Construction Industry Security of Payment Act 1999 (“the Act”) immediately when a problem arises. I regularly get people downloading our Security of Payment Guide looking […]
The shine and sparkle from the engagement is gone, but the ring is here to stay. Who gets the ring when an engagement ends? While the ring is sometimes the most expensive item to purchase for a wedding, it usually only holds sentimental value in property settlements. So, who gets the ring?? Well it depends. […]
Under the ATO’s Director Penalty regime company Directors can be personally liable for company obligations. The Director Penalty regime applies to unpaid “PAYG” withholding amounts and Superannuation Guarantee Charge “SGC” obligations. The effect of the Director Penalty regime is that if a company of which a person is a Director fails to ensure that the […]
These days everyone seems to be affected by family breakdown in some way or another. With families becoming increasingly complex everyone should have a Will – even the young and invincible! Have you ever considered in whose hands your hard-earned wealth will end up if you die without a Will? In New South Wales the […]
When you make the decision to separate from your partner, the last thing that you want to have to worry about is money. Unfortunately for many individuals the time surrounding separation can cause significant financial stress, particularly when one party to the relationship has traditionally taken on the role of parent and homemaker whilst the […]
On 19 September 2017 amendments, to the Corporations Act 2001 commenced which create a “safe harbour” for Directors to protect them from personal liability for debts incurred by an insolvent company in certain circumstances. Why the need for Safe Harbour Prior to the amendments, the provisions of the Corporations Act governing corporate insolvency focused on the need […]
The appointment of a Liquidator to wind up a Company that is unable to pay its debts is a significant enforcement option and equivalent with Bankruptcy for individuals. The appointment of a Liquidator means that all assets of the Company come under the control of the Liquidator including any loans owing from Directors or Shareholders […]
As Family Lawyers, it’s not uncommon for us to meet with clients who earn a lot less than their former partner. Often one party has sacrificed their career in order to raise a family and as a result their capacity to earn a higher income has been limited. The Family Law Act recognises that this […]
Get timely reminders of your rights and obligations under your Leases and the Retail Leases Act. What You Get We offer a complimentary service for Lessors and Lessees of commercial and retail premises providing timely reminders of: The annual review of rent, where applicable, Lessee’s rights in relation to the exercise of options to renew […]
Do all residential building disputes have to be determined by the NSW Civil & Administrative Tribunal (“NCAT”)?
Generally, a builder or home owner may commence proceedings in relation to a residential building dispute in a Court of competent jurisdiction (subject to relevant limitation periods), or in the NSW Civil & Administrative Tribunal (“NCAT”) provided that: The amount claimed does not exceed $500,000.00 (Section 48K(1)), and Proceedings are commenced within three (3) years […]
It is not uncommon for a builder to make representations to a home owner in the course of negotiations for a Residential Building Contract where the subject matter of the representation is something that isn’t expressly covered in the final contract. However, where the home owner relies on a representation made, such that they otherwise […]
Almost always, a builder must be a given a reasonable opportunity to complete their own work or to rectify any defects within their works, before any further steps can be taken by an owner to have the work done by others. Most standard form building contracts used within the building industry contain specific steps which […]
Insurance under the Home Building Compensation Fund is required to be obtained by a builder entering into a residential building contract of greater than $20,000 (including GST) with a home owner prior to commencing any work under that contract. Insurance policies under the Home Building Compensation Fund provide a set period of cover for loss […]
For a home owner, engaging a builder to carry our residential building work, whether it is for a new home, renovations and extensions or a smaller project, can be a very stressful time. One of the common issues that can arise and cause conflict with you builder occurs when the building works have not been […]
By virtue of Section 18E of the Home Building Act, proceedings for a breach of a statutory warranty must be commenced before the end of: 6 years for a breach that results in a major defect in residential building work, or 2 years in any other case. “major defect” is defined to mean: (a)a defect in a major […]