Legal News
The Small Claims process may help recover what is owed to you.
If someone owes you money or property and you are having trouble with receiving what is owed to you, you may have to consider going through the Small Claims Court in order to reclaim it. These types of matters are routinely held in the Small Claims division of your Local Court, which can handle claims of up to $10,000 and are presided over by a Magistrate or Assessor. Disputes between landlords and tenants, or traders and consumers can alternately be addressed in the Consumer, Trader and Tenancy Tribunal (CTTT) which is a specialist tribunal that deals with disputes. The Local Courts have laid out an informal but important procedure which you should adhere to if you are trying to recover a debt or some item of property.
Understanding Unfair Preference Payments
Insolvency law has become a generic term for what used to be called company liquidations and bankruptcy. Insolvency is defined by the Corporations Act as an inability to pay debts, as they fall due, out of the debtor’s company resources and refers specifically to businesses and companies. If you find your business starting to head in this direction, or perhaps you are already surrounded by the chaos and confusion of insolvency, one of the many important things to be aware of are Unfair Preference payments and how they could influence your business as well as others.
Trusts and the Bamford Decision. Have you amended your Trust Deed?
A trust is an entity where a person (trustee) holds and governs property or other assets guided by the terms of a trust deed for the gain of another person or persons – the beneficiaries of the trust. In the current business world trust deeds have become more prevalent and accepted as a common method of doing business, therefore it is important to understand the differences between them. The recent Bamford Decision will have an impact on almost all family and discretionary trusts and it is important that your trust is amended accordingly in order to be valid.
ATO’s Offshore Voluntary Disclosure Initiative expires Wednesday 30 June 2010. Report overseas income to avoid hefty penalties.
Whether you are an individual or own a business it is important to be aware of the tax law regarding overseas income and assets. If you or your business has offshore income or assets which has not been disclosed to the Australian Taxation Office (ATO) now is the time to do something about it. If you have entered into an arrangement or structure the purpose of which is to cover up or hide income or assets or have claimed any deduction or depended on any scheme, arrangement or false documentation to limit your taxation liability then you need to be aware of the ATO’s Offshore Voluntary Disclosure Initiative (OVDI).
The ATO is currently providing substantial concessions under the OVDI. However this is due to expire this Wednesday 30 June 2010 so action needs to be taken urgently.
New legislation affects the distribution of estates. Does your Will protect your assets?
Until recently, estates of those who hadn’t left Wills were distributed between the spouse and their children. However, under the recent legislation, children will not automatically be included in the inheritance unless they are from a previous relationship or the deceased is not survived by a spouse. This is due to the fact that any children from the current relationship are considered to still have an attachment to the estate via the surviving spouse.
Business recovery and restructuring could save your struggling business.
As a business owner with a monetary interest in your company the last thing you want to see is your business struggling financially or on the verge of going under. Business recovery and restructuring, if implemented at the right time, can help save your business from winding up. There are many things that can be done to help turnaround your business and get it back on track.
Do you engage in Credit Activities? New Legislation you need to know about.
The new National Consumer Credit Protection Legislation 2009 took effect on 1 April 2010. Under the new laws, if you currently engage in credit activities under State or Territory Legislation, and you want to continue to engage in credit activities from 1 July 2010, you may need to be registered with ASIC. Generally, a person or business who is involved in credit activities is engaged in the following:
- Credit contracts;
- Consumer leases;
- Mortgages; and
- Guarantees.
Is your intellectual property protected?
“Passing off” is a law tort which protects unregistered trademarks. The basic idea of passing off is that a trader cannot represent his or her product the same as another person’s product. This prevents a misrepresentation that can cause a lot of damage to a business’ goodwill and reputation.
There are three elements in the tort; in order for action to be taken the plaintiff must produce evidence of each:
Quinns Free Seminars
Quinns is able to offer businesses and associations the opportunity to host a business seminar for the benefit of their members and associates.
Our seminars are provided at no cost to you and are hosted by our Principal, Michael Quinn, who is both a Chartered Accountant and a practicing Solicitor.
Why it is important for sole company directors/shareholders to have a Will.
When a person dies without leaving a Will things can become quite problematic. Dependants (widows, children etc) can be left waiting for extended periods of time, as the estates cannot be wrapped up quickly. As such, the State or Territory Public Trustee will step in to manage the estate unless the Court grants letters of administration to someone else to take control.
However, the complications and distress can have an even greater impact on the people affected when a sole director of a company dies without a Will. Quite often the company will be left without anyone officially authorised to manage the company straight away.
