If you have a discretionary or hybrid trust that owns residential land in New South Wales you may need to have your deed amended before 31 December 2018.Read More
Payroll tax grouping is a key risk area for all businesses. It is not only a problem for closely related entities that carry on a common or similar business. Seemingly unrelated entities can also be grouped.Read More
Westpac (and its subsidiaries St George Bank, Bank of Melbourne and BankSA) announced that they will no longer offer new loans to SMSFs looking to invest in the property market. This takes effect from 31 July 2018.Read More
Are you strapped for cash? Unable to afford your rent? Have you taken on more leasing space than you need?
Subleasing may be just what the doctor ordered. And yes, there are ways to make it work. While subleases occur much less frequently in practice than direct leases from the owner of the freehold, do not underestimate the commercial benefits of subleases..Read More
On 1 July 2018, phoenixing reforms came into play. At Brown Wright Stein Lawyers, we are examining the impact these reforms will have on property developers, vendors and purchasers and the commercial implications in terms of tracking and regulating illegal activities for businesses.Read More
Phoenixing involves stripping and transferring the assets out of a company, leaving it to perish in a blaze to avoid paying its liabilities. A new company is then reborn from the ashes of the old company, starting anew and liability free, however usually with the same assets and business as the old company.Read More
I can understand how this has come about. Underhanded developers swiftly wind up the vendor development company to avoid paying GST on sales involving new residential land or potential residential land subdivisions. It's called phoenixing.Read More