JHK Legal Commerical Articles

Modernising Processes of Incorporated Associations

Posted By Claudia Smith on August 31, 2020
Modernising Processes of Incorporated Associations

The laws affecting incorporated associations have not been substantially reformed since 2007. Queensland Parliament intends for the Associations Incorporation and Other Legislation Amendment Act 2020 (Qld) (‘Act’) to assist thousands of people involved in community groups by modernising processes. The amendments are aimed to simplify processes, improve internal governance, reduce red tape, and enhance government…

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Discretionary trusts now impacted by NSW duty and land tax surcharges

Posted By Elyzia Menounos on August 21, 2020
Discretionary trusts now impacted by NSW duty and land tax surcharges

On 24 June 2020, the State Revenue Legislation Further Amendment Act 2020 (NSW) was enacted (“the Act”). The Act is relevant to trustees of discretionary trusts (including discretionary testamentary trusts) who in their capacity as trustee, own or will purchase property under the trust, and also have trust deed which do not prevent foreign beneficiaries…

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FIRB approvals for Business – COVID-19, National Security and Beyond

Posted By Matthew Paul on August 6, 2020
FIRB approvals for Business – COVID-19, National Security and Beyond

Australia’s foreign investment rules have recently undergone major temporary changes in response to the economic fallout of the COVID-19 pandemic. The Australian government is considering further permanent changes due to national security concerns. This article considers those changes and the likely impacts on business. What is FIRB approval? The Foreign Investment Review Board (“FIRB”) is…

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What are the options you have when your Company is in financial distress?

Posted By Hayley Tibbie on July 22, 2020
What are the options you have when your  Company is in financial distress?

COVID-19 has had a vast impact upon Global economy and our Australian economy at home, with small to medium sized businesses being some of the ones who have been most effected having to be forced to shut for up to three months with very limited income, or without income at all. Whilst the Government has…

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Another win for Small Businesses: Bendigo Bank’s contract terms are declared “unfair”

Posted By Isabella Matassoni on July 9, 2020
Another win for Small Businesses: Bendigo Bank’s contract terms are declared “unfair”

The November 2016 amendments to Schedule 2 of the Competition and Consumer Act 2010 (Cth) (“ACL”) to extend the definition of “unfair contract terms” to apply to small businesses has again provided for the necessary protections it had set out to achieve in the recent matter of ASIC v Bendigo and Adelaide Bank Limited [2020] FCA 71. Previously,…

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Instant Asset Write Off Scheme

Posted By Kristina Ghobar on June 18, 2020
Instant Asset Write Off Scheme

The current scheme The instant asset write-off scheme provides immediate tax deductions for eligible businesses for new or second-hand plant and equipment asset purchases such as vehicles, tools or office equipment used for tax-deductible purposes. On 12 March 2020, as part of the Government’s stimulus package in response to the COVID-19 pandemic, changes were made…

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Legislative and practical relief to bankrupts during COVID-19

Posted By Simone Wilson on June 10, 2020
Legislative and practical relief to bankrupts during COVID-19

On 13 March 2020, the World Health Organisation categorised COVID-19 as a pandemic. In recent JHK Legal articles we have outlined the relief for individuals and businesses during the COVID-19 era and the temporary changes to safe harbour provisions. View those recent articles here: Relief for individuals and Businesses during the Covid-19 era Temporary Changes…

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Update regarding commercial lease negotiations

Posted By Niall Powell on June 4, 2020
Update regarding commercial lease negotiations

Regulations to give effect to the National Cabinet mandatory code of conduct announced by Scott Morrison on 7 April 2020 have been released and taken effect in Queensland. Generally speaking, the regulations provide that parties to “affected leases” are provided with additional rights. An affected lease is any binding retail shop lease or lease of…

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Relief for individuals and Businesses during the Covid-19 era

Posted By Anna Hendriks on May 20, 2020
Relief for individuals and Businesses during the Covid-19 era

Whilst the world watches on at the shocking impacts of the COVID-19 pandemic (Covid-19), people are quickly becoming aware of the harsh realities that many face, both now and in the years to come. Individuals and businesses who are financially distressed due to the impacts of Covid-19 have recently been met with temporary relief thanks…

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Temporary Changes to Safe Harbour Provisions

Posted By Kate Witt on May 20, 2020
Temporary Changes to Safe Harbour Provisions

Covid19 has seen sudden and unforeseen changes to the way in which business is conducted in Australia and globally. We have seen some businesses readily adapt and transition into new ways of trading, but others have been left feeling the financial crush of no longer able to continue as “business as usual” for the foreseeable…

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Insolvency

Insolvency

Worried you might lose your business, your livelihood or your home?

If you are the owner or director of a company that cannot meet its financial obligations you might be trading insolvent and you are right to be very concerned.

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What Is Insolvency?

What Is Insolvency?

Insolvency is a term that applies to both companies and to individuals who can no longer meet their financial obligations, however personal insolvency (also known as bankruptcy) only applies to individuals.

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The 7 mistakes people make when they hire an insolvency lawyer

The 7 mistakes people make when they hire an insolvency lawyer

If you’re not sure whether you need to hire an insolvency lawyer or not…it probably means you do.

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