Director Liabilities – Protecting Your Assets

Are you putting your personal assets at risk?

 

When going into business with individuals for which you share assets with (e.g spouse) it is important that your shared assets (e.g the family home) are protected should anything go wrong. Protecting your assets begins with a business structure that prevents them from ever being at risk in the first place.

When starting a business with a family member it may seem like a good idea to appoint multiple parties as directors to keep it in the family.

However, this is not the case. [Read more…]

Mandatory Reporting of Unsafe Products

Are you a small or large business providing consumer goods to clients?

Mandatory reporting laws have been in place since 1 January 2011 requiring businesses to report unsafe products sold which have resulted in serious injury, illness or death. The system is not an admission of liability but rather aimed at protecting consumers from products which are identified as being unsafe.

The laws apply to all small or large businesses in the supply chain including: retailers, dealers, hirers, distributors, installers, repairers, importers, exporters, and manufacturers of consumer goods. It will also relate to services associated with the goods (installation, maintenance etc.).

‘Consumer Goods’ are goods that are intended to be used for personal, domestic or household use or consumption.

[Read more…]

Testamentary Guardians of Minor Children


Have you considered who will look after your children under 18 upon your death?

A point of concern for parents making a will for the first time, or reviewing their will, is the appointment of a Testamentary Guardian for their children under 18.

A well-considered appointment of Testamentary Guardians can help avoid the distress of family disputes over children, should one or both parents die.

[Read more…]

Are franchise deals really “take it or leave it” deals?

If you have come across a franchise deal that looks too attractive to resist and you are told to rush in before it’s too late, we plead with you to hold your horses.  Don’t sign anything before we review your franchise documentation and advise you on any pitfalls.   If you wish, there is always scope to negotiate changes to your franchise agreement that will clarify your new business and deliver you from future disappointment and frustration.

We have advised clients on a range of franchising models.  Our franchise lawyers at Samford and The Gap are happy to assist you and to partner with you in growing your business.

Absentee Land Tax and additional Duty for Foreign Acquirers


The rates for Stamp Duty and Land Tax in Queensland have recently been amended to provide additional charges for foreign and absentee land owners – do they apply to you?


Duty

An additional charge for Duty now applies at the rate of 3% of the GST inclusive transfer value where the acquirer is:

  1. A foreign individual,
  2. A foreign corporation, or
  3. A Trustee of a foreign Trust.

The definitions in the Act treat as foreign anyone who is not either an Australian citizen or a permanent resident of Australia.  Importantly, a Trust is deemed to be a foreign Trust (Section 237 of the Duties Act) if at least 50% of the primary (often called residuary) beneficiaries in the Trust are foreign citizens / corporations.

Please note that the legislation allows a reviewing of this situation should it change at any time within 3 years of the date of acquisition (see Section 246A). [Read more…]