AREAS OF PRACTICE
Commercial Law
LICENSED PREMISES GST CAPITAL GAINS TAX RETAIL TENANCIES PAYROLL TAX BANKRUPTCY
CONTRACTS REVIEW ACT GUARANTOR
LICENSED PREMISES
If you wish to become a Licensee of perhaps a Bottleshop, Hotel or Restaurant you may do so by applying to the
Licensing Court of N.S.W. to either transfer an existing licence or for the
grant new licence.
To apply for a licence, you need to complete and file in the Licensing Court the following documents :
- Notice of hearing
- affidavit of probity
particulars
- affidavit for harm
minimisation and responsible service of alcohol
- affidavit for the grant of
liquor license
- affidavit of evidence
- certificate of clearance (if
required)
- certificate of completion of
training course
- plans of premises properly
drawn to scale
- a site plan
Many applications made under the
Liquor Act, in particular for the grant or removal of a licence, must be
advertised to bring the application to the
notice of interested persons who
may wish to support, or object to, the application.
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GST
The GST is a Commonwealth tax on goods and services at the rate of 10%, effective
from the 1st July 2000. Non-profit organisations are
affected. Small businesses, those with an annual turnover of less than
$50,000, can elect not to register, and not obtain credit for tax already
paid on goods and services supplied to them.
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CAPITAL GAINS TAX
Assets owned prior to the 19th September 1985 are exempt from Capital Gains Tax.
Assets acquired after that date will be subject to the tax when the asset is
disposed of, or deemed to be disposed of. Assets acquired before the
21st September 1999 and held for a least twelve months do not continue to
attract indexation after that date.
Assets acquired after the 21st September 1999 and held for at least twelve months, there is
no adjustment for inflation and averaging is not allowed, but only half the
gain is included in assessable income.
Assets disposed of by way of gift are subject to capital gains tax.
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RETAIL TENANCIES
The importance of a retail lease cannot be understated. It is imperative
that you seek legal advice before entering into a retail lease as there are
many pitfalls contained in the fine print.
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PAYROLL TAX
This is a State tax and paid by employers on their employees remuneration, whether in cash
or otherwise. The rate in NSW is 6% and applies to all employers with
a payroll in excess of $600,000 per annum.
An encouragement to expand your business courtesy of the Labor NSW Government.
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BANKRUPTCY
When a person becomes Bankrupt, a Trustee is appointed to manage their
financial affairs. The Trustee can sell their property, carry on their
business and recover monies that may be owed to them. Bankruptcy
provides protections from further legal action by creditors, and usually a
total release from debts at the end of the Bankruptcy. The Bankruptcy
Act 1966 is a piece of Commonwealth legislation and applies throughout
Australia.
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CONTRACTS REVIEW ACT
An application for relief under the Contracts Review Act must be made:
a. Within two years of the date of the contract.
b. Within three months before, or two years after the
time for performance of the contract, or
c. During the perrnancy of a maintainable proceedings arising out of or in relation to the contract
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GUARANTOR
Agreeing to be a guarantor means agreeing to repay the amount leant to the borrower plus
interest and enforcement costs if the borrower fails to do so.
It does not mean the guarantor is just witnessing the borrower’s signature. A guarantor has
a right to recover money paid out under the guarantee from the borrower, but
if the borrower could not pay the lender, it is highly unlikely that they
will have the money to repay the guarantor.
Going guarantor is not a step that should be taken lightly and without first obtaining
independent legal advice.
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This publication is provided by Higgins Lawyers to its clients for their information on a complementary basis. It represents a brief summary of the law applicable as at March 2009 and should not be relied on as a definitive or complete statement of the relevant laws. Readers should not act or rely on this information without first seeking our professional advice concerning their particular circumstances
