In our December 2015 newsletter we wrote about the November 2015 amendments to the Conveyancing Act 1919 (NSW) regarding developers rescinding “off the plan contracts” under “sunset clauses” (as defined in that act).

The new section 66ZL of the Conveyancing Act allows the Court, on the application of a vendor, to make an order permitting the vendor to rescind an off the plan contract under a sunset clause only if the vendor satisfies the Court that making the order is “just and equitable in all the circumstances”. The Court is to consider:

When negotiating a deal by email or telephone you may find that you have entered unexpectedly into a legally binding contract.

In Stellard Pty Ltd v North Queensland Pty Ltd [2015] QSC 119, the Queensland Supreme Court decided that a vendor and a purchaser of a petrol station business and the land concluded a legally binding contract for sale by exchanging emails and telephone calls, including via a selling agent.

From 1 July 2016 small business owners will be allowed to restructure their affairs and take advantage of new concessions introduced by Parliament to allow greater flexibility which may lead to substantial costs savings. Under the “Small Business Restructure Roll-over Bill” owners of a small business entity, ie. an entity whose annual turnover does not exceed $2 million, will be able to change their legal structure in which they operate their business without incurring a tax liability on that transfer. One way this new measure can be used is for small business owners to move the ownership of the business assets into a family discretionary trust structure which can provide ongoing and substantial tax savings.

The sale and purchase of property is about to become more complicated.

The Australian Government is endeavouring to ensure that non-residents comply with their taxation obligations when they buy and sell Australian property and make a profit. However, in doing so the Government has imposed significant compliance obligations on vendors and purchasers and, in the process, will collect detailed information about vendors and their affairs.