Category: Legal

Employee or Contractor?

Are you hiring an employee or a contractor? This is an important question often overlooked by business owners. What is the difference between an employee and a contractor? The difference between an employee and an independent contractor is based on many different factors. No single factor determines whether someone is an employee...

What is an agreement to make Mutual Wills?

An Agreement to Make Mutual Wills is an agreement between 2 parties (usually a husband and wife, but can be a same sex couple or a de facto couple) to make Wills in an agreed form. Usually, they provide that the parties may not act such that those Wills don’t get given effect to,...

The difference between joint tenants and tenants in common

Consider this not uncommon scenario… You own property with another person and you are in the process of making a Will. Of course, you want your interest in the property to go to your intended beneficiaries. Your solicitor asks you if you own the property as “joint tenants” or as “tenants...

Director duties

There are numerous and important legal responsibilities imposed on directors of companies under the Corporations Act 2001 and other laws, including the general law. Of these director duties, some of the most significant are contained in Chapter 2D of the Corporations Act: to exercise the degree of care and diligence that a reasonable person might be...

Granny flat rights

A “granny flat right” or a “granny flat interest” is where you pay for the right to live in a specific home for life. It must be a private residence and your principal home. You can have a granny flat interest in any kind of dwelling, not just those typically...

McKillop FP newsletter – October 2017

McKillop Financial Planning‘s October 2017 newsletter – CLICK HERE Articles on: • Salary sacrificing superannuation • Should you downsize? • Why grey mortgage debt is rising • Life’s financial turning points: good and not so good • How jury service works  ...

Payment surcharge changes

If your business charges customers a surcharge on transactions, be aware that from 1 September 2017, all businesses that impose payment surcharges on card transactions need to comply with the the Competition and Consumer Amendment (Payment Surcharges) Act 2016 which bans ‘excessive’ payment surcharges. The new laws cover surcharges on typical card payment...

Do you have an estate plan?

Do you even have an estate plan? Don’t know what one is? There are at least 3 documents you should consider as part of your personal estate planning: A will; A power of attorney; and Appointing an enduring guardian. A WILL A Will is a legal document that details who will take care of...

Do you have customers that owe you money?

WHAT OPTIONS ARE THERE TO CHASE DEBTS? Where a customer has not complied with the terms on which goods or services have been provided, in that they have failed to make payment as and when required and despite repeated requests, it can often be of assistance for a demand letter...

2017 Federal Budget Summary

Click here to view our budget summary as at 9 May 2017 Key measures from last night’s budget include: Individuals aged 65 or older will be able to make non-concessional (after-tax) super contributions of up to $300,000 from 1 July 2018, using proceeds from the sale of the family home....

Have you just been served?

COURT PAPERS JUST DELIVERED TO YOUR OFFICE? If you have received a Statement of Claim, Summons, Originating Process or Writ, be aware that you must act very quickly. Replying to the person, entity or firm that issued the Court/Tribunal papers is not enough. Formal steps to file an Appearance, Defence, Notice...

Justice of the Peace

A Justice of the Peace (JP) can perform certain functions like witnessing Statutory Declarations or Affidavits and certifying copies of documents. The NSW Department of Attorney General & Justice has updated the Justice of the Peace Handbook for JPs in NSW. The handbook contains guidance for JPs, tips to avoid common...

Do you have a shareholders agreement?

CONSIDER THESE COMMON ISSUES What would happen to your company if you or your business partner became so ill that one of you could no longer work – or worse still, died? Would you still be paying dividends or making distributions of profit to that person even through he or...

So what actually is Probate?

WHAT IS PROBATE? Probate is the process of proving that a document is a deceased person’s last Will. The named executor is responsible for obtaining Probate (if it is required) and in administering the deceased person’s estate as required by the Will. If the named executor is unwilling or unable...

Starting a new business

Before starting a new business, the first thing that you need to consider is the structure of the entity to operate the business. There are numerous options to choose from, such as: sole trader; partnership; company; and unit trust. This is when it can pay to get good accounting/taxation, financial planning and...

Avoiding dramas at the office Christmas party

Now is the time of year for many businesses to have their annual Christmas parties. Before dusting off your Santa hat, consider your responsibilities in protecting your staff and your business. Businesses should be aware of the risks that can arise when holding an office party, whether at Christmas or...

Wills with testamentary trusts – why you need one

WHAT IS A TESTAMENTARY TRUST? A Testamentary Trust is simply a trust established by a person’s Will.  As opposed to more “simple” Wills, where beneficiaries receive the benefit of any gift personally, with a Testamentary Trust, the beneficiaries receive the benefit of the gift but rather than having it legally owned by them...

Superannuation and your estate planning

Did you know that your superannuation does not necessarily form part of your estate when you die? This can cause problems unless it is properly dealt with as part of your Estate Planning. Your superannuation will not be dealt with in accordance with your wishes unless you have a valid and...

What is a power of attorney?

GRANTING A POWER OF ATTORNEY The Powers of Attorney Act 2003 (NSW) provides for a person to appoint another person as their attorney to make financial and contractual decisions on their behalf. The document granting a power of attorney is a prescribed form under the Act. A general power of attorney does not require a...

What does an enduring guardian do?

An enduring guardian is a person appointed to make decisions about your health and lifestyle for periods in which you are incapable of making such decisions for yourself (for example if you have dementia, are in a coma, are unconscious following a car accident or suffer from some other mental...