When Estrangement Is Not Enough

When Estrangement Is Not Enough

Many people have the erroneous view that when they die, they can leave their estate to whoever they choose—the corollary being that they can choose to leave out anyone from their will. In the event where there is estrangement between a parent and a child, it may be natural for a parent to wish to exclude the child from the…

Stamp Duty Hidden Trap

Stamp Duty Hidden Trap

Transfer of Dutiable Property to a Beneficiary Under a Will. Concessional stamp duty is payable on a transfer of dutiable property such as, real estate, business or private company shares specifically gifted to a beneficiary under a will. Care must be taken when transferring an asset which forms part of the residue of the estate to a beneficiary under the…

Strata Unit Car Parking

Strata Unit Car Parking

Keep this in mind when doing your mortgage calculations. Do you know that Banks may when valuing your unit for your loan, either disregard or heavily discount a right to park that arises by exclusive use by law. The reason is that the Bank can't take security over this right. Car parking in strata schemes can emanate from either the…

On Demand Loans

On Demand Loans

Beware, on demand loans may not be enforceable. If a loan is made and it is repayable on demand or at call and no mention is made for a repayment date or the giving of notice demanding payment, beware that the loan may not be enforceable after 6 years from the date of the loan. This is because the law…

Trading Terms

Trading Terms

When did you last review your trading terms? Since the introduction of the Personal Property Securities Act 2009 (Act) at end January 2012, it is possible for suppliers to obtain priority over liquidators and holders of other securities for retention of title claims in certain circumstances. Your trading terms need to provide that they create a security interest under the…