Penalties to be introduced for unfair contract terms
Legislation has been passed to amend the provisions of the Competition and Consumer Act 2010 (Cth) and the Australian Consumer Law (ACL) to enhance protections for individuals and small businesses against unfair contractual terms. An unfair contract term is a clause which causes a significant imbalance between the parties to a standard form contract, is […]
Crowd Funding
What is crowd-sourced funding? Crowd-sourced funding (CSF) allows companies to raise funds through an online intermediary, from a large number of investors without the need to comply with capital raising and governance requirements imposed on public companies. Problem solved by crowd-sourced funding Crowd-sourced funding laws were developed to assist smaller companies in accessing capital from […]
Federal Budget 2022/23
The Federal Treasurer Dr Jim Chalmers presented his first federal budget on Tuesday 25th October 2022. We outline some key points below:
Superannuation
Eligibility for downsizer contributions to superannuation will expand to those aged 55+ years (reduced from 60 years). This will allow more people to make an additional non-concessional contribution of up to $300,000 per contributor from proceeds of selling their main residence (on top of the existing contribution caps). Other eligibility criteria will apply
Proposed measures relating to self-managed super fund (SMSF) residency changes (delayed) and SMSF audits (won’t proceed)
Is it the end for Gift and Loan Backs?
A recent Queensland Supreme Court decision calls into question the effectiveness of gift and loan back arrangement as an asset protection strategy. What are gift and loan backs? A gift and loan back is an asset protection strategy which involves transferring assets or rights to another legal entity to protect it from claims from third […]
Spy Before you Buy! The Importance of Due Diligence for Potential Buyers
What? Due diligence is the most important step you can take when looking at buying a business or its assets. It is a process of investigation that summarises the business, its material assets, liabilities, risks, contracts and insurances. When? We recommend conducting due diligence prior to entering into a contract to ensure any identified risks […]
Employee Share Scheme Reform
Making employee share schemes more accessible for small and medium enterprises Employee Share Schemes (ESS) are a great tool for small and medium enterprises (SMEs) to attract and retain emerging talent and increase employee productivity, performance and engagement. This is because ESS provide the opportunity for employees to acquire equity in the company they […]
Federal Budget 2022-23 Overview
Federal Budget 2022-23 Overview On 29 March 2022, the Morrison Government unveiled the 2022-23 Federal Budget. With an election looming, this year’s budget aimed to ease the rising cost of living. Australians will be able to claim short-term relief through one off payments and fuel excises. The budget is estimated to have a deficit […]
NEW ERA LAWYERS INCREASES FUNDRAISING TALLY TO $400M
New Era Lawyers has recently advised Investors Central Limited on its public offer prospectus which is expected to raise $75 million. The funds raised by Investors Central from this offer will be deployed to its lending and debt collection businesses which are valued at over $260 million. With this most recent transaction, the aggregate […]
COVID-19 – Changes to bankruptcy provisions
Financial distress It is anticipated that many business will suffer financial distress over the next 6 – 12 months (perhaps even over a longer period). Government reforms The Government has implemented some measures to reduce the risk of companies being placed into external administration by creditors and to protect individuals from bankruptcy. The threshold for […]
COVID-19 – How can I get help for my business?
This update covers: How you can access the Federal Government COVID 19 Stimulus Package What to do if your business becomes financially distressed and the emergency measures that the Federal Government has put in place to protect business owners What relief the major banks are offering for business and home loans How can I access […]