Overview The Personal Property Securities Act is a Commonwealth Act which establishes a central Personal Property Securities Register (PPSR) where security interests in property are recorded. It will replace some Commonwealth and state registries such as the ASIC company charges register and the NSW Security Interests in Goods...
In the case of Brady King Pty Limited v The Commissioner of Taxation [2008] FCA81, Justice Middleton of the Federal Court has cast doubt on whether the margin scheme can be used by developers where a subsequent subdivision of the land is involved. In this case, the taxpayer...
The Succession Act 2006 ("the Act") was assented to on 27 October 2006, proclaimed on 15 February 2008 and commenced on 1 March 2008. The object of the the Act is to restate with amendments the law relating to wills in New South Wales to implement, with...
Purchaser of Shopping Centre may be liable for vendor's pre-lease misrepresentations In a preliminary hearing in the Administrative Decisions Tribunal in the matter of Red Roll Pty Limited v Multiplex Latitude Retail Landowner Pty Limited, Multiplex WS Retail Landowner Pty Limited and AWPF Management Pty Limited [2008] NSW...
This Act commenced on 1 August 2008 and makes important changes to Strata Title Law in NSW. The changes are as follows: 1. Caretakers and Building Managers The Strata Schemes Management Act 1996 (“the Act’) is amended by adding section 40A(4) as follows: For the purposes of this Act, a person...
The Corporations Act (“the Act”) has been amended to include section 558GA which gives the Commissioner of Taxation a right to recover from directors personally an amount of “loss or damage” resulting from a Liquidator successfully recovering from the Commissioner for Taxation payments which are ordered to...
The Facts: In June 2005, the Garnocks (“the Purchasers”) entered into a contract for the purchase of a rural property (“the Property”) from Mrs Smith (“the Vendor”). Settlement of the contract was due to take place at 11.00am on 24 August 2005. On 23 August 2005, a firm...
The Trees (Disputes Between Neighbours) Act 2006 ("the Act") commenced on 2 February 2007. Under the Act, the Land and Environment Court of NSW is able to make orders to remedy, restrain or prevent damage to property or to prevent injury to a person when a tree...
Do you know what your self managed superannuation trust deed provides should happen upon your death? Who will decide where amounts standing to your credit will be paid? If you are a trustee, who will replace you? Many trust deeds give very broad discretion to the...
The Federal Government has recognised employee share ownership as something that should be encouraged. It has set a target to increase the percentage of employees receiving shares as a benefit from employment from 5.5% in 1999 to 11% in 2009. To encourage this increase it has...