Edney Ryan Legal

New rules will apply to sellers of certain taxable Australian property under contracts entered into from 1 July 2016. The new legislation imposes a 10% non-final withholding obligation on the purchaser of certain taxable Australian assets when they believe the vendor is a foreign resident. Purchasers will be required to pay 10% of the purchase price to the ATO which... Read more

Retirement villages can provide an appealing self-contained environment, physically and socially geared to the needs of retired people. It has been said that ‘retirement villages are not a financial investment, but rather an investment in a lifestyle’. There are certainly costs of a retirement village lifestyle and it is vital to be fully informed. Retirement village contracts are diverse, with... Read more

Commercial litigation often occurs as a result of common and recurring mistakes that are made during the drafting and negotiation of contracts. Businesses that are conscious of these can significantly reduce their risk of litigation. While a good lawyer should be doing all this for you in the background, as a business owner or manager it is worth understanding the... Read more

There were many positives in Treasurer Hockey’s second federal budget, the tone of which was a stark contrast to his grave warnings, severe spending cuts and austerity messages a year earlier. However one must question the optimistic forward growth estimates on which treasury base their calculations – I hope they are correct. We attach a paper issued by the Institute... Read more

Some clients that we have assisted with property transactions have been unaware of the Premium Property Stamp Duty payable on residential property transactions in excess of $3 million. The duty payable is calculated as $150,490 plus $7 for every $100 that exceeds $3 million. In comparison, the rate for properties less than $3 million pay duty at the lower rate... Read more

A property in NSW with a swimming pool will be required to have a certificate of compliance before it can be sold or leased. The deadline for this has just been postponed by one year to 29th April 2016. Property owners are urged to commence this process promptly as there are reportedly long lead times for certifiers to carry out... Read more

‘Ademption’ is a legal term that describes what happens when something that is left as a gift in a Will is no longer owned by the Will-maker at the time of their death. Consider these examples of how this can occur. Example 1: The gifted property has been sold, for example the family home has been sold to fund aged... Read more

For parents who are willing and able to help their adult children buy their first property, here are a number of options with varying degrees of risk and control. Gift – A simple option if you have spare cash and are happy to hand it over as an unconditional gift. Tenants in Common – By buying a property with your... Read more

A business registration certificate no longer needs to be on display, following legislation in 2012. However, some businesses may choose to display the ASIC record of registration that is issued upon successful business name registration and renewal. Businesses are still required to display their business name prominently in places they are open to the public. If you need to check... Read more

Myth 1: Registration is a pre-requisite for copyright protection. Fact: Copyright arises automatically as soon as a ‘work’ is recorded in material form – you do not have to do anything to obtain copyright protection for a ‘work’ that you create.   Myth 2: Copyright protection lasts forever. Fact: The duration of copyright protection depends on the type of ‘work’.... Read more