What Are Related Party Transactions?
From the 2023 Annual Information Statement onwards, charities are required to report on their related party transactions. What is this transaction though? What must charities report on? And why was this introduced? Why Have Related Party Transactions? A charity’s financial decisions must be made in its own best interests, and not in the interests of […]
Unfair Contract Terms Regime – Comprehensive Guide to Changes
The Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Act) was passed on 9 November 2022 and will come into effect on 9 November 2023. From this date, unfair contract terms (UCT) will be illegal, the UCT regime will be expanded under the Competition and Consumer Act 2010 (Cth) (CCA) and the Australian Securities […]
Outside VCAT’s Jurisdiction
VCAT was established to provide fair, efficient and affordable justice to the Victorian community. Recent decisions such as Thurin v Krongold Constructions 120221 VSCA 226 Thurin) and Vaughan Constructions Pty Ltd v Melbourne Water Corporation (Building and Property) 120231 VCAT 233 (Vaughan) have raised concerns about VCAT’s future viability as an effective forum for dispute […]
Do You Have to Make Progress Payments to Your Builder? A Recent Supreme Court Clarification
In the context of large, commercial developments, Victorian law has implemented protections for builders wherein the owner of the site is required to make ‘progress payments’: to pay the builder progressively for their work. Since its passing in 2002, the Building and Construction Industry Security of Payment Act 2002, has awarded the right to builders to make […]
Is My Sporting Club a Charity?
In Australia, being registered as a charity has numerous advantages for organisations which are pursuing benefactory, charitable or not-for-profit purposes. Amongst other things, it qualifies them for tax exemptions, at both a State and Commonwealth level, and registration as a charity is therefore desirable for many bodies, and sometimes vital to their work. Sporting clubs, […]
What if I Forget to Meet My Reporting Requirements as a Charity?
Registered charities are, by law, required to submit an Annual Information Statement to the Australian Charities and Not-for-profits Commission outlining the charity’s operations and finances over a 12-month period. Certain charities, such as Aboriginal and Torres Strait Islander corporations, basic religious charities, and non-government schools may not be required to submit the Annual Information Statement […]
Can AI Invent?
For some years, Dr Stephen Thaler, the owner of an artificial intelligence known as ‘DABUS’ has attempted, across the world, to prosecute the legal argument that an artificial intelligence can be granted a patent for its inventions. DABUS is an artificial intelligence which has ‘invented’ a design for a particular type of food container which […]
What Happens to My Super When I Die?
Most end-of-life planning is generally focused around an individual’s will. The common-sense conception of a will is that it is the single document which dictates where everything you own goes after you die. If your will specifies what is to happen to all your assets upon your death, this principle is correct. However, your superannuation […]
The Importance of Having a Good Shareholders Agreement
Starting a new business can be an exciting and challenging endeavour, but it is also a journey that requires careful planning and preparation. If a corporate structure is being used, one of the most important steps in setting up the new business is having a well-drafted shareholders agreement in place. A shareholders agreement is a […]