Still Breed them Local after 30 Years
Newcastle law firm introduces newly appointed Associate Directors
Mullane & Lindsay has announced the appointment of two new associate directors, both by internal appointment.
Michael McGrath practices in property and commercial law, with a particular emphasis on commercial leasing and on the tax implications of various transactions. Michael has been with the firm for 10 years.
Kristy Nunn works primarily in the area of civil litigation, and has particular expertise in professional indemnity and insurance claims generally. Read the rest of this entry »
Free Stamp Duty, Time is Running Out
By Robert Lindsay
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial & Property Law team.
In the recent State Budget, the Treasurer announced that “First Home – New Home” will replace the First Home Plus scheme from 1 January 2012. As from that date, the existing scheme whereby all first home buyers purchasing for under $500,000.00 enjoy an exemption from stamp duty. After 1 January 2012, free Stamp Duty will be available to an eligible purchaser who is a natural person (ie not a company or trust) at least 18 years of age who has not and whose spouse / de facto spouse has not: Read the rest of this entry »
Guarantors of Family Companies
Tony Cavanagh is a Director at Mullane & Lindsay in Newcastle and is one of LawCover’s panel solicitors.
The Queensland Court of Appeal recently considered a case relating to a personal guarantee given by a property developer for his development company. The facts were complex but, briefly, Mr T guarantee borrowings of his company JPL in relation to a property development. There was a default and the lender sued JPL, not only for the principal debt, but also for fees and charges which, the lender said, were payable under the terms of the loan agreement. JPL paid the principal debt, but disputed the fees and charges.A Court held they were payable and JPL was ordered to pay the litigation costs. It did not do so and those costs were assessed in excess of $100,000.00. The lender then sought to recover the litigation costs from Mr T, as guarantor. Read the rest of this entry »
Residential Tenancy Laws Are Changing – Part Two
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial and Property Law Team.
In last week’s article, we commenced examining the key changes under the new residential tenancy laws which will commence on 31 January 2011 with commencement of the Residential Tenancies Act 2010 (“the Act”).
According to the NSW Office of Fair Trading, the key changes under the new residential tenancy laws also include:- Read the rest of this entry »
Residential Tenancy Laws Are Changing – Part One
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial and Property Law Team.
New laws for residential tenancies will commence on 31 January 2011 with commencement of the Residential Tenancies Act 2010 (“the Act”). This is the first revamp of residential tenancy laws in NSW for more than 20 years and implements key reforms affecting both landlords and tenants. Read the rest of this entry »
SUPERANNUATION – Binding Death Nomination
By Robert Lindsay
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial & Property Law team.
It is prudent for a member of a Superannuation Fund to file a binding death benefit nomination if at all possible. This ensures that his or her Superannuation benefits are paid in accordance with the wishes of the member after death. Before doing so, a member should check with his or her fund to ensure that there is provision in the rules of the Superannuation Fund for the filing of a nomination. The nomination removes the discretion of the trustees, as the trustee must pay the Superannuation in accordance with the nomination. To be effective, the binding death benefit must: Read the rest of this entry »
SUPERANNUATION – Who Gets It?
By Robert Lindsay
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial & Property Law team.
A person’s Superannuation is often substantial and sometimes even a person’s largest asset. However, many people are under the misunderstanding that when they die, their Superannuation will pass under the terms of their Will. This is not correct.
Each Superannuation Fund has a trustee and the trustee of the Fund determines who receives the Superannuation after the owner of the Superannuation dies. The trustee is bound to take into consideration, the terms of the Superannuation Trust Deed and the relevant legislation. However, the trustee is not bound to take notice of the deceased’s Will. You may well ask the question “How do I ensure my Superannuation goes to the person (or persons) of my choosing?”. Read the rest of this entry »
Abolition of Torrens Assurance Levy
By Sally Davies
Sally Davies is a Solicitor at Mullane & Lindsay in Newcastle and specialises in our Commercial, Property & Estates Law Team
The NSW Government has abolished the controversial Torrens Assurance Levy from 1 July 2011.
This levy was introduced by the previous government on 1 July 2010, and was imposed on all property transactions over $500,000. The amount payable was determined on a sliding scale according to the purchase price, and was up to 0.25% of the value of the property being transferred. Read the rest of this entry »
Senior’s Principal Place of Residence Exemption
By Sally Davies
Sally Davies is a Solicitor at Mullane & Lindsay in Newcastle and specialises in our Commercial, Property & Estates Law Team
On 1 July 2011, the NSW Government extended the Seniors Principal Place of Residence Duty Exemption to persons aged 55 years or older (previously 65 years or older).
Seniors who purchase a new home, or who make an off the plan purchase when construction has commenced, may be entitled to a full stamp duty exemption of under the Seniors Principal Place of Residence Duty Exemption under section 87A of the Duties Act 1987. Read the rest of this entry »
GUARANTEES: Security for lenders
Published by Law Society of New South Wales
In a recent case, the court of appeal considered a case where a mortgage was varied, lengthening the term, increasing the principal and raising the interest rate, after the guarantors had resigned as directors of the company which had taken out the mortgage. The lender, who suffered a shortfall on the sale of the security, sought to recover from the guarantors.
The court concluded that the variations altered the nature of the guarantors’ obligations. By reason of the increase, the guarantors would have been exposed to a potentially greater risk of being called upon to meet a default by the company of its obligations under the mortgage, “even if their liability was limited to the original sum lent to the company ($240,000) plus interest”.