02 6163 5050
Deposit or Penalty: What Happens to the Other Half of a ‘Deposit by Instalments’ When a Property Sale Goes Wrong?
Contact: Michael James Introduction In 1889, Lord Macnaghten (of the UK House of Lords) proclaimed, “everyone knows what a deposit is”. Later, in 1980, Justice Brooking of the Victorian Supreme Court added a rider: “… unhappily the law is not clear on the simple question whether a vendor who puts an end to the contract by […]
Tracking Company Directors to Combat Phoenixing Practices
Contact: Mark Poretti On 1 October 2018, Treasury announced a suite of proposed reforms to the multiple business registers currently administered by the Federal Government. Amongst these reforms, Treasury has included an amendment to the Corporations Act 2001 (Cth) introducing a “Director Identification Number” requirement (DIN Scheme). The DIN Scheme is the latest Federal Government […]
GST Payable on Settlement – Update
Contact: Michael James On 28 March 2018, the Federal Parliament passed the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 introducing the new Residential Withholding Payment scheme (RW Scheme). This means that from 1 July 2018, purchasers of ‘new residential premises’ or ‘potential residential land’ attracting the RW Scheme must withhold the GST amount […]