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 […]
Property Vine raises $2.5 million
In July 2019, New Era Lawyers assisted Property Vine Ltd (PVL) in successfully raising $2.5 million under its capital raising offer. PVL is an unlisted public company that combines over 10 years of property services business experience through its 3 directors, to provide investors with investment in a suite of businesses including property, management rights […]
New Era Lawyers advises Sanad Capital $30 million capital raising for Adventure Park
Based in our hometown, Mooloolaba, Sanad Capital have unveiled their $450M integrated tourism resort and active leisure park on the Sunshine Coast, ACTVENTURE. New Era Lawyers advised Sanad Capital on its recent $30 million underwriting agreement with an Asian investment group for the development of ACTVENTURE. Sanad Capital, a homegrown, privately owned development and investment […]
Unfair contract terms
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)
Statutory Demands
Does a company owe you money? If a company owes you money, you can recover your debt by issuing the company with a creditor’s statutory demand. To be eligible to issue a statutory demand, the debt must be equal to or greater than $4,000. You cannot serve an individual with a creditor’s statutory demand. Additionally, […]