Understanding the Difference: Private Ancillary Funds vs. Public Ancillary Funds in Australia
In the landscape of philanthropy within Australia, Ancillary Funds have become a cornerstone for structured giving, providing a conduit through which individuals, families, and corporations can contribute to the nonprofit sector in a meaningful and tax-effective way. Predominantly, there are two types of Ancillary Funds recognized under Australian law: Private Ancillary Funds (PAFs) and Public […]
New Commercial Court of the Supreme Court Practice Note
Commercial Court of the Supreme Court of Victoria Practice Note (Second Revision) The Commercial Court of the Supreme Court of Victoria has released a new practice note, known as the Commercial Court Practice Note (Second Revision), more brief and concise than its predecessor. Effective as of February 26, 2024, this practice note replaces the Note, […]
Thurin v Krongold 2024 Has Extended Limitation Periods
Thurin v Krongold Constructions (Aust) Pty Ltd [2024] VSC 42 Background In the recent case of Thurin v Krongold Constructions (Aust) Pty Ltd [2024] VSC 42 (Thurin v Krongold), the Victorian Supreme Court has clarified the court’s authority to extend a limitation period in a VCAT proceeding that has been referred. In this turbulent journey […]
Plunkett v Portier Pacific: Advancing the Justice System
Plunkett v Portier Pacific Pty Ltd (Civil Claims) [2024] VCAT 205 (5 March 2024) VCAT has seen big developments recently, with significant cases affecting its jurisdiction and capacity to determine disputes. In the last month, the decision of Plunkett v Portier Pacific [2024] VCAT 205 (“Plunkett”) was made, having major impacts on s77 of the […]
The Overhaul of the Sophisticated Investor Scheme
What Does It Mean To Be a Sophisticated Investor? A Sophisticated Investor is a high-net-worth individual who is legally eligible for advanced investment opportunities and benefits such as venture capital, hedge funds, private equity and investing in startups. Currently, to qualify as a sophisticated investor in Australia, one must either have 2.5 million dollars in […]
Unveiling the Annual Information Statement
Every year, charities across Australia find themselves at the crossroads of transparency and accountability, navigating the Annual Information Statement (AIS). While it may seem like bureaucratic paperwork, this document holds the key to a robust and thriving charity sector. Let’s unravel the importance of the AIS, exploring why its submission is more than just a […]
I Have My Charity Status: Now What?
Congratulations on achieving charity status for your organisation! It’s a significant accomplishment that opens doors to impactful opportunities. In this post, we’ll explore the next steps you should take without diving into the specific legal sections. Navigating the Legal Landscape Your newly acquired charity status falls under the purview of the Australian Charities and Not-for-profits […]
I Want To Get Out Of My Business Partnership – What Do I Do?
Considering an exit from a business partnership? Discover the steps and considerations below on navigating this pivotal decision. Assessing the Grounds for Termination Before initiating the process, it’s crucial to identify the reasons for terminating the partnership. Whether it’s the expiration of the partnership term, a partner’s written notice, legal restrictions on ownership, a court […]
What is a Unit Trust?
What is a Unit Trust? In Australia, a Unit Trust is a distinctive business structure where trust assets are divided into units, owned by unit holders. The governing document, the unit trust deed, outlines rules and rights associated with trust assets. Unlike a discretionary trust, a unit trust offers fixed interests to unit holders in […]
Unlocking the Power of Discretionary Trusts in Australia
Understanding the Basics: Roles, Responsibilities, and Terminology In Australia, there are a number of parties associated with a discretionary trust. This initiated by a Settlor who provides the settled sum and executes the Trust Deed. The Trustee, whether an individual or a company, is the legal owner of trust assets, and must act in the […]