News Articles

Protecting Tax File Numbers: Are you prepared for the new laws commencing this week?

You now need to take extra care to safeguard the unauthorised disclosure of a client's tax file number (TFN).

Corporate & Commercial, Dispute ResolutionGuest UserFebruary 19, 2018Lily Pank, Anant Bamra

What you need to know about the recent changes in "fixed" trusts and unit trusts

It would be prudent to recommend to your clients that their "fixed" trusts and unit trusts be reviewed having regard to recent developments.

On 13 September 2017, the ATO issued a finalised Guideline (PCG 2016/16) which sets out the circumstances when the Commissioner will exercise his discretion to treat a trust as a fixed trust.

Tax, Corporate & CommercialGuest UserOctober 26, 2017Matthew McKee

Change is here for "PPS Leases" under the PPSA

On 19 May 2017, the Personal Property Securities Amendment (PPS Leases) Act 2017 (Cth) (Amendment Act) received Royal Assent and is now effective. The Amendment Act has changed the definition of a "PPS Lease" (PPS Lease) under the Personal Property Securities Act 2009 (Cth) (PPSA).

Transferring shares in a corporate trustee – beware the potential duty cost

Most accountants and lawyers are aware of the duty implications of changing a trustee of a trust that holds dutiable property in New South Wales – as long as any new trustee or continuing trustee cannot benefit under the trust, the duty payable on a transfer of dutiable property to the new trustee or continuing trustee will only be $50.

Foreign person surcharge – do I need to amend my trust deed?

After the introduction of land tax and duty surcharges for foreign persons acquiring or holding residential land in NSW, it was thought that discretionary and certain hybrid trust deeds needed to be amended by no later than 31 December 2016 to ensure that the surcharges would not be imposed on those trusts.

UPDATE – Appeal Dismissed – Court confirms $60 million windfall gain

An update on on our previous article: 60 million reasons to perfect your security interest

The Full Court of the Supreme Court of NSW has rejected an appeal against the decision in Forge Group Power Pty Limited (in liquidation) (receivers and managers appointed) v General Electric International Inc NSWSC 52 (11 February 2016).

Error in your PPSR Registration? Court confirms (yet again) the cost of getting it wrong.

The growing jurisprudence in Australia in relation to the Personal Property Securities Act 2009 (Cth) (PPSA) has demonstrated, once again, how a defective registration on the Personal Property Securities Register (PPSR) can result in a security interest being unenforceable upon the grantor of that security interest becoming insolvent.

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