DOES A CHANGE IN THE PLAN OF SUBDIVISION ALLOW PRICE ADJUSTMENT AFTER SETTLEMENT?

A recent case considered whether a price adjustment clause in a contract merged on settlement.  The Purchaser entered into a contract to purchase a shop in a “off the plan” development.  The contract contained a clause allowing for a price adjustment in the event that the area of the shop once completed was more or […]

MISREPRESENTATION REGARDING NUMBER OF CAR PARKING SPACES

A dispute Q rose over the number of car parks sold with the property.  There were only two car parking spaces and a storage area.  The storage area could be converted into a third car parking space.  However the Council prohibited the storage space being used for car parking.  The real estate agent was not […]

DEFAULT IN PROPERTY SETTLEMENTS

DEFAULT IN PROPERTY SETTLEMENTS What happens if the sale of your property doesn’t settle? If the Purchaser is at fault and doesn’t settle, the Vendor may serve a Default Notice.  The notice may or may not state that if the default is not rectified within fourteen days the Contract will be at an end and […]

SUPERANNUATION FUND FAQ

SUPERANNUATION FUND FAQ 1              What is a Superannuation Fund? It is an indefinitely continuing Fund set up as a trust to enable members and employers to contribute money over a period of years to provide for the members and member’s dependants when the member retires or dies. 2              How is a binding death benefit nomination […]

PERSONAL LIABILITY OF COMPANY DIRECTORS

PERSONAL LIABILITY OF COMPANY DIRECTORS Pursuant to the Taxation Administration Act 1953 (Cth)(“TAA”) Company Directors are now obliged to ensure that a company either meets its remittance obligations under subdivision 16-B of Schedule 1 of the TAA or alternatively, the company is promptly placed into voluntary administration or liquidation.  These amendments have been introduced to […]

UNIT TRUST FAQ

 UNIT TRUST FAQ  1. What is a Standard Unit Trust? A Standard Unit Trust is a Trust divided into units all of the same class that gives the unit holders equal rights to vote and share in the distribution of income and capital in proportion to the number of Units held. A Unit Trust does […]

DISCRETIONARY TRUST FAQ

DISCRETIONARY TRUST FAQ  1.                   What is a Discretionary Trust?          An arrangement set up by Deed of Settlement (a Trust Deed) that permits a Trustee to hold assets for a beneficiary (or beneficiaries) and to distribute income and capital between the beneficiaries as and when the Trustee exercising a discretion decides. 2.            How is a […]