News

Society Releases Contract of Sale (2017) V2

The Society has released updated standard conditions and particulars of sale which documents can be found here.

Purpose:  The amendments were developed in response to recent federal tax anti-avoidance law reform measures. More specifically, the introduction of the CGT foreign resident withholding and third party mandatory reporting regimes, administered through ATO and SRO respectively (in the latter case, on the ATO’s behalf).


Table – Amendments in A Nutshell

Transition: copyright will be withdrawn on all previous versions of the contact (including the version release in April 2017, effective 24 August 2017.

Property & Commercial Law Committee, Law Society of Tasmania

ATO In-house Facilitation Service

The ATO has an in-house facilitation service to help resolve tax and super disputes.

You can ask for facilitation or the ATO can offer it to you. From there, an independent and impartial ATO facilitator sits down with you, your representative, and the ATO officer to identify issues, develop options, consider alternatives and attempt to reach a solution.

Every facilitator is a professionally trained mediator and will guide the parties through the process and aim to keep communication open and help the parties to find some middle ground.

To find out more information visit https://www.ato.gov.au/inhousefacilitation or email facilitation@ato.gov.au

Cessation of President Nominations by Chartered Accountants ANZ

If your clients are parties to contracts where Chartered Accountants ANZ (or ICAA) have been named in relation to the nomination of an independent expert, this clause may no longer operate as intended.  This may result in dispute clauses being unenforceable and leave disputing parties without an agreed approach to appoint an independent expert.

Please ensure that reference to Chartered Accountants ANZ offering these services is removed from any commercial precedents your firm may be using.

https://www.charteredaccountantsanz.com/

CLC Tas Drug Law Reform Report Launched

CLC Tas this week launched a major report on drug law reform.  The Case for a Health Focussed Response to Drug Use in Tasmania’s Legal System calls for all drug use to be treated as a health rather than a criminal justice issue. A copy of the report is available here.

Michael Hill, former Chief Magistrate, and Dr Alex Wodak AM, President of Australians for Drug Law Reform, launched the report at the Law Society of Tasmania on 31 July 2017.

Further information: Community Legal Centres Tasmania
Listen to: Mornings with Leon Compton – ABC Radio Interview with Michael Hill and Dr Wodak (expires in 5 days)

What Tasmanian lawyers might be interested to know about Justice Connect’s Not-for-profit Law website

Amongst other pro bono offerings, Justice Connect facilitates the provision of pro bono services to charities and other NFP community groups.

It also provides free online resources that you (as a board member or prospective board member) or your NFP clients may be interested in: www.nfplaw.org.au

Tricky questions about what happens if a volunteer is injured? What is the best legal structure for a charity? What tax concessions apply to what groups? AGM coming up, changing a group’s rules… the list goes on!  Now there are free plain language resources to help Tassie NFP groups (handy for lawyers trying to help them too!).

 

Golden Gavel – Expressions of Interest

The Southern Young Lawyers Committee invites expressions of interest to participate in the 2017 State Golden Gavel, to be held on 18 August 2017.

If you’re quick witted and want the opportunity to win a trip to Sydney to compete at the National Golden Gavel, this is your chance!

Please email younglawyerscommitee@gmail.com if you are interested in participating.

Get your tickets!
Tickets to attend the Tasmanian Golden Gavel are now for sale! For only $40, get your ticket to the hottest event on the calendar!

Details:
When: 18th August 7pm – 10pm
Cost: $40.00 per person, includes drinks and food
Where: Despard Gallery, 15 Castray Esplanade
Register

Invitation

Federal Court of Australia – New form and publication relating to Australian subpoenas served in New Zealand

 

The following form and publication relating to Australian subpoenas served in New Zealand (Trans-Tasman Proceedings Act 2010) have been published on the Family Court of Australia website.

Prescribed Notice and Information Sheet

Australian subpoenas served in New Zealand

http://www.familycourt.gov.au/wps/wcm/connect/fcoaweb/reports-and-publications/publications/subpoenas/subpoenas-served-in-new-zealand

 

New Form

Certificate of non-compliance with subpoena (New Zealand)

http://www.familycourt.gov.au/wps/wcm/connect/fcoaweb/forms-and-fees/court-forms/form-topics/Subpoenas/form-non-compliance-subpoena-nz

 

Property Transactions – New Tax Rules for Properties $750,000.00 and Above – Effective 1 July 2017

Changes to the foreign resident capital gains withholding regime now require a purchaser to withhold 12.5% of the purchase price of real property valued at $750,000 or more and to pay that amount to the ATO on settlement unless the vendor obtains a clearance certificate.

The existing withholding threshold ($2 million) and rate (10%) will apply for any contracts that are entered into before 1 July 2017, even if they are not due to settle until after 1 July 2017.
Although the new laws are aimed at foreign residents, these new laws impact all property transactions valued at the applicable thresholds and over irrespective of whether the vendor is a foreign resident.

For more information see here.