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Most Read Articles
Buyer beware – Purchasers required to withhold amounts for certain property purchases
• From 1 July 2016, purchasers must retain 10% of the purchase price and remit to the ATO.
• Applies to taxable Australian property valued at $2 million or more (including real property – land and buildings). Some exceptions apply.
• Vendor may not receive full purchase price unless they supply a clearance certificate or vendor’s declaration, proving they are not a foreign resident.
• Penalties apply to purchasers who fail to retain the 10% when required to do so.
• Measure is implemented to stop foreign resident vendors escaping their capital gains tax liabilities on sale of real property and other assets.
From the Back Newsletter: Introducing Sean Gomes
From the Back Newsletter
Introducing Sean Gomes
Play Fair! – Unfair contract term protections to be extended to small business contracts
If you enter into business agreements with small businesses, you will need to be alert to upcoming changes to unfair contract term protections. In November 2015, the federal government introduced amendments to the Competition and Consumer Act 2010 (Cth) and Australian Securities and Investments Commission Act 2001 (Cth) to extend unfair contract protection laws to small business contracts. The protections currently apply to consumer contracts.
Changes to Australia's Foreign Investment Policy
Foreign Investment Policy Update Presentation
There have been changes to Australia's foreign investment policy.
Are you affected?
Due Diligence in Business Acquisitions - some tips and observations
Due Diligence in Business Acquisitions Presentation
Some tips and observations
SHORT TERM LEASES NOW EXCLUDED FROM PPSA
As of the 1st October 2015 leases and bailments of ‘serial numbered goods’ (motor vehicles, water craft and air craft) for a term of less than 1 year, entered into after 1 October 2015, no longer have to be registered on the Personal Property Securities Register (“PPSR”).