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Business Law / Property & Development / International Investors

Self-Managed Superannuation Funds and Property Investment Part 1: Using Borrowed Funds for Real Property Investment

There are potentially numerous benefits for purchasing property via a SMSF including asset protection and concessional tax on rental income and future capital gains These benefits and the suitability of using SMSF as an investment vehicle should be carefully considered Advice from a qualified professional such as an accountant or financial advisor before investing is strongly encouraged In September 2007, the superannuation rules were relaxed to allow the use of borrowed funds for real...
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Owners Corporation / Owners Corporations & Strata / Planning

Cladding Rectification Agreements: what you need to know about getting a loan to replace flammable cladding

The new legislation, which came into effect of 30 October 2018, will enable local councils to enter into a cladding rectification agreement with an owner or an owners corporation and a third party lender (unless the local Council is the lender). The section 185I (5) of the new legislation provides that a cladding rectification agreement must: a) be in writing; and b) outline the works to be undertaken on the rateable land; and c) provide...
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Business Law / Real Estate Agents

Underquoting Agent cops $720,000 fine

What was the case about? The case involved 20 breaches of the Australian Consumer Law for underquoting. The Agency had used ‘blind pricing’ in realestate.com.au listings and some display pricing which was not consistent with advice given by the agent to vendors. Blind pricing is the search parameters entered into by an agency on an online listing site so when a person searches (in this case, realestate.com.au) within a price range, certain listings which meet...
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Employment Law / Litigation & Dispute Resolution / Intellectual Property

Dude, Where’s my Business? High Court Delivers Warning to Employees and Competitors who engage in Dishonest Conduct to Get Ahead in the Game

The case of Ancient Foresters in Victoria Friendly Society Limited v Lifeplan Australia Friendly Society Limited [2018] HCA 43 involved two senior employees of Lifeplan, a funeral business, who secretly approached a much smaller competitor, Foresters, with a five year business plan to use insider information to ‘steal’ Lifeplan’s clientele The Board of Foresters agreed to the proposal and the business skyrocketed in size from $16m revenue to $24m revenue in two years Meanwhile, Lifeplan...
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