FEATURED ITEMS

Your Will - does it do what you want?

Many people have Wills; however, many people do not review their Wills regularly.  Factors such as marriage, separation, divorce, bankruptcy and health-related issues may mean that your wishes are not carried out, and in some cases, will revoke all or part of your Will.

Some people complete "Will Kits" or make their own Wills.  This is fraught with danger.  Often solicitors are consulted to interpret homemade or “Will Kit” Wills which do not dispose of a person's Estate properly, or contain clauses which cannot be understood.  This can result in considerable delay, anxiety and expense, as sometimes costly Court proceedings are necessary to determine what a person's wishes were.

Many people do not realise that their superannuation entitlements generally do not form part of their Estate and therefore may not be distributed in accordance with the provisions of their Will.  Most superannuation funds provide that the Trustees of the Fund have the power to allocate to whom the benefits are paid, and in what proportions.  Many funds now allow you to make a binding death benefit nomination in which you nominate who is to receive your superannuation benefits and in what proportions.  The binding death benefit nomination, if validly made, cannot be challenged by a disgruntled family member.

Recent changes to superannuation laws have resulted in more self-managed superannuation funds being established. Who controls the fund after your death is an important consideration.

Implementing Estate Planning early can assist in ensuring your Will does what you want it to do, and in protecting your Will from a challenge.  Estate planning can help identify potential risks, and can assist you in dealing with your assets in a way that can protect them from challenge.  It also ensures that you have control over who is in charge of your Estate, and can help minimise the impact of taxation.

We have a great depth of experience in these issues and would be pleased to assist you with them.

Deborah Anderson
Accredited Specialist in Wills & Estates

Why keep lease documents updated?

It is not uncommon for a tenant who wants to sell their business to find out that they either have no documented lease or, where an initial term has expired and options are available, no documented renewal of lease.

In these circumstances, a prospective purchaser of the tenant’s business will undoubtedly require the tenant to provide a lease or have the renewal option documented and this may deter prospective purchasers.

In addition to the more common risks found in undocumented arrangements, the failure can cause stressful and unnecessary delays in the sale of the business as the tenant has to make additional arrangements with their landlord to prepare the necessary lease documents.

Landlord clients need to be careful to ensure that documentation is kept up to date to avoid any possible liability that their tenant may attribute to them as a result of their failure to document.

Landlord and tenant clients are reminded to check their leases regularly, diarise renewal dates and notice of renewal dates.

If your lease arrangements require attention, contact one of the commercial lawyers at Whyte, Just & Moore Lawyers and who can assist new and existing clients with all their leasing needs.

Aaron Jolly
Lawyer

Land Tax - what you need to know

Land Tax is an important source of revenue for the State Government.  It is imposed on valuable commercial land and also on residential land which does not qualify for the Principal Place of Residence exemption.

The current value threshold for the calculation of Land Tax is $250,000.00.  The tax is assessed on the unimproved value of the land and no account is taken of the value of improvements on the property. Land Tax is calculated on the aggregate of all land owned by an individual.  A sliding scale is applied so that land of greater value attracts an increased rate of tax.

In addition to the Principal Place of Residence exemption, (which is based on the current, rather than the intended, use of the property), farming land is exempted.

Land Tax at a premium rate is imposed on some properties owned by trustees and is calculated from a threshold value of $25,000.00 rather than the standard $250,000.00 threshold.

On the sale and purchase of a property Land Tax is adjusted between the parties on a "single holding" basis, which means that the Land Tax is calculated and adjusted as if the property sold were the only land of the Vendor.

This is tricky territory, but we are able to guide you through it.

Peter Spear
Partner

Personal Property Securities Register costs

The Personal Property Securities Act and Register commenced on 30 January 2012.  The Attorney General has now made a determination under that Act in respect of the fees that will be payable.

These are as follows:

REGISTRATIONS
• To apply for a financing statement that has no end - $130.00
• To register a change statement for such a financing statement - $130.00 
• To apply to register a financing statement with an end time of more than the end of the day 7 years after the registration time and up to the end of the day 25 years after the registration time - $37.00
• To register a change statement for such a financing statement - $37.00
• To apply to register a financing statement with an end time of up to the end of the day 7 years after the registration time - $7.40
• To register a change statement for such a financing statement - $7.40

SEARCHES
To apply to search the register using a grantor’s details, using the serial number by which collateral has been described or using a unique identifier allocated to a registered financing statement - $3.70

If you would like advice on how the Personal Property Securities Act will impact on your business, please contact any of Whyte Just & Moore's commercial lawyers for assistance.

Helen Buchan
Lawyer

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