Commercial Transactions Articles
Justice of the Peace or Notary Public?
May 24th, 2017 by
A Notary and Justice of the Peace (JP) are not the same. A fundamental difference between a JP and Notary is that a JP is only recognised in a particular State or Territory of Australia while a Notary is recognised both nationally and internationally. Each Australian State and Territory has its own legislation to regulate JP’s appointment,… Read more »
Stamp Duty on SA Business Transfers Abolished
March 21st, 2017 by
Stamp Duty was abolished from all SA business transfers from 18 June 2015 but this is still (good) news for lots of people. In fact, SA stamp duty was abolished for transfers of all non-quoted marketable securities (shares in private companies), units in unit trusts and all non-real property (non-land) transfers which includes licences such… Read more »
When the average yield for a 3 bed house in Adelaide is around 4.5%, is it really possible to buy an average 3 bedder that grosses 15% or higher? Yes it is! But of course, there’s a unique business model behind this strategy. One of my long term clients, Melinda Mayne, bought a very ordinary… Read more »
Starting a New Business? Tax Incentives – Tick. What Else?
May 13th, 2015 by
If you have been thinking about starting a new business, now might be a great time with the introduction of a number of significant small business incentives set out in the Federal Budget for 2015/16 announced on 12 May 2015. The tax incentives for new business start ups include: Small business tax rate cuts (the 2015/2016 tax… Read more »
Ostensible Authority
March 19th, 2015 by
Ostensible authority of an agent is imposed by the law as a way of preventing a principal from repudiating a deal instituted by someone who appeared to have authority for that principal where it would be unconscionable to a third party to do so. If a principal (P) such as a corporation, partnership or an individual uses a person… Read more »
Access to Company Records
October 31st, 2014 by
A company is a legal entity and is therefore considered for most intents and purposes as a separate ‘person’. As such, it retains rights of privacy over its financial records. However, certain persons have legal rights to such records: TYPES OF DISCLOSURE Large companies have to provide an annual report to members (shareholders). Public listed… Read more »
Illegal Contracts are Void
September 22nd, 2014 by
A Contract may be invalid for a number of technical or practical reasons but what of a contract that is completely valid according to normal contractual requirements but it is nevertheless void? This can happen with the contractual doctrine against illegality. Illegality often comes from a conflict between the terms of the contract and legislation…. Read more »
Cooling Off Rights in South Australia
September 1st, 2014 by
A right to “cool-off” is a contractual or statutory right which gives a party to an otherwise binding contract the right to change their mind during a certain period of time. Provided that the cooling off notice is given strictly in accordance with the relevant procedure, the contract will come to an end. Generally speaking,… Read more »
Concurrent Lease Used To Sell Right to Property Income
March 10th, 2014 by
There are a number of reasons why one may want to sell or transfer the right to receive rental income from a leased property. They include: (1) The desire to convert the future rental payments into an upfront capital amount by selling the right to receive rental income; (2) estate planning purposes and the desire… Read more »
Winding up a Partnership: Considerations for the Disenchanted
December 16th, 2013 by
People carrying on business in common for profit are in Partnership. It is an old and historically successful business model, although more businesses today incorporate as a limited liability corporation. The unwritten essence of a partnership is trust between partners and when trust no longer remains, the end of a partnership becomes a real possibility. A… Read more »
“We Won’t Go To Court” Arbitration Clauses
October 17th, 2013 by
A familiar term of many contracts is what lawyers call a “Scott v Avery” (Scott v Avery (1856) 5 HLC 811) clause. This is a clause saying the parties to the contract, who have a dispute arising from the contract, agree in advance that neither will bring an action in Court until arbitration has been… Read more »
Can Courts Correct Contracts?
October 9th, 2013 by
While the Courts won’t re-draw a legal document to improve it, they will, in certain cases, correct the document (“rectification”) if it clearly doesn’t set out what was intended. This power exists in relation to a range of legal documents, some only of which are mentioned here. Contracts If the contracting parties agreed to something… Read more »
Untrustworthy Trustees
September 12th, 2013 by
Trusts are appropriate legal structures in many circumstances. However even a well thought out trust structure supported by an excellent trust deed will fail the settlor’s aims if the trustee is untrustworthy. What is a Trust? A Trust is an arrangement where X holds or controls property for Y. In this case X… Read more »
Terms of Trade Are Fundamental To Good Debtor Control
August 30th, 2013 by
All businesses should have well written terms of trade. It is just as important to make sure that they form part of your contract. Notwithstanding that you have good terms of trade, they will do little to help in a Court dispute if they were first presented after the contract was formed. Good debtor… Read more »
Land Tax not Payable by Tenant if Act Applies
June 26th, 2013 by
In South Australia, the Retail and Commercial Leases Act 1995 provides that a retail shop lease cannot require a tenant to pay land tax but a landlord’s liability for land tax can be taken into account in assessing the amount of rent. The Act does not always apply and in certain circumstances land tax can be… Read more »
