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Family trusts are arrangements where the ownership of assets is entrusted to a trustee, who manages the trust property according to the trust agreement and transfers the assets to designated beneficiaries under specified conditions. The assets that can be placed in a family trust are not limited to funds alone but can include real estate, […]
Author Archives: Derek Lo
19
May
May
What is Parental Leave Pay? Parental Leave Pay (PLP) is a government payment that helps parents take time off work to care for a new child. In Victoria, PLP is paid at the National Minimum Wage. Parents can receive up to 18 weeks of PLP, which can be taken in one block or split up […]
12
May
May
End of Financial Year Compliance Goes Beyond Taxes While accountants play a crucial role in ensuring tax compliance, legal compliance is equally important. This includes compliance with business structures, contracts, employment agreements, and regulatory requirements. Neglecting these areas can result in severe consequences such as financial penalties, legal disputes, and damage to reputation.
Commercial Contracts, Commercial Law, News, Start-up
Why should you sign a shareholder agreement with your business partner?
12
May
May
In Australia, shareholder agreements are very important. The content of a shareholders agreement generally includes: Shareholders’ voting rights; Shareholder roles and responsibilities; repayment arrangements; and Profit distribution, etc. If the partners do not sign the shareholder agreement, once a dispute arises between the two parties in the future and a settlement cannot be reached, there […]
Commercial Litigation, News, Newsletter
Porter Davis Homes liquidation! How can property owners minimise losses if the project has been suspended?
05
Apr
Apr
What does it generally mean when a construction company goes into liquidation? In Australia, when a company enters into official liquidation proceedings, it must immediately cease all operations and be controlled by a designated liquidator who manages its assets and liabilities, and sells assets to repay debts. If it’s a construction company that goes into […]
05
Apr
Apr
In Victoria, every defendant has the right to apply for bail after being arrested. For general criminal cases, the government has an independent department (BAIL JUSTICE) to review all bail applications and is responsible for approving or rejecting them. Defendants can apply for bail immediately after being arrested, and the typical procedure is to fill […]
05
Apr
Apr
First, it needs to be determined whether the jurisdiction where the prenuptial agreement is signed recognizes prenuptial agreements. If you and your partner are in Australia, you don’t have to worry about this. In addition, to ensure that the prenuptial agreement can be enforced in any court, you must ensure that all of the following […]
De-Facto Relationship, Family Law, News
7 Factors That Determine Whether You’re in a De-Facto Partnership
24
Mar
Mar
In Australia, when a de facto relationship ends, there may be entitlements for property settlement, just as there are for married couples. To determine whether a couple is in a de facto relationship, the court will consider several factors. It is important to note that not all of these factors need to be present for […]
17
Mar
Mar
In Australia, whether a person has a Will directly impacts the distribution of their assets after their death. If there is no will, the law will determine who is entitled to inherit these assets. This article primarily refers to the laws in Victoria. Please be noted that inheritance laws may vary in different states and […]
10
Feb
Feb
It’s important to understand that not all assets can be transferred through a Will. There are three types of assets that cannot be included in a Will: Property owned as joint tenants – This type of property passes from one owner to the other through survivorship, bypassing the provisions of a Will. Assets from a […]