ByLawyers News and Updates

Assets and liabilities list

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A new ‘tear off’ assets and liabilities list has been added to the retainer instructions Wills, powers of attorney precedent. This list may assist clients when they wish to provide more detail in their planning, as well retained by the client with their personal documents.

From 1 July 2017 – Foreign Resident Capital Gains Withholding Payments

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For contracts entered into on or after 1 July 2017 the new foreign resident capital gains withholding (FRCGW) rate and threshold will apply to:

  • real property disposals where the contract price is $750,000 and above (currently $2 million); and
  • the FRCGW withholding tax rate will be 12.5% (currently 10%).

All precedents and commentaries were updated to reflect these changes.

Foreign Resident Capital Gains Withholding Payment

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Early Alert – Foreign Resident Capital Gains Withholding Payment

It is proposed that from 1 July 2017 the regime will apply to all real property with a market value of $750,000 or above. Once the bill is law this alert, the commentary and precedents will be updated.

Practice management – superannuation

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FROM 1 JULY 2017 Concessional Contributions Cap for superannuation reduced to $25,000 for all ages. Before-tax contributions include compulsory employer contributions and salary sacrifice arrangements. Contributions greater than $25,000 from before-tax income may mean payment of extra tax.

Music copyright

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Following a recent mentor question the Sale & Purchase of Business commentary in all states was updated to discuss the licensing requirements  for business owners when playing background music in their businesses. Amendments were also made to the Retainer Instructions in each state.

Wills, Powers of Attorney, Guardianship & Advance Health Directives WA

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Wills, Powers of Attorney, Guardianship & Advance Health Directives

DECEMBER 
  • New Commentary on Challenging the validity of a will
    • Challenging a will questions its validity. Contesting a will questions the fairness of its provisions. The circumstances and processes when challenging a will are similar across all the states in legislation and in the common law principles that govern this interesting area of the law. This addition to commentary covers helpful tips for practitioners if they are faced with a client wishing to challenge the validity of a will.
OCTOBER 
  • Costs Agreements
    • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
    • Amended to include reference to scale costs.
JUNE
  • Added new precedent – Individual will creating multiple testamentary discretionary trusts.
APRIL
  • File Cover Sheets for all publications have been completely re-formatted for a better look.
MARCH
  • Commentary enriched to include a new section ‘What an attorney can’t do’. Commentary also enriched to include Instruments made in other states.
FEBRUARY
  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.

Estates WA

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OCTOBER
  • Commentaries updated regarding deceased estates and foreign resident capital gains withholding payments.
  • Costs Agreements
    • added clause on scale of fees.
    • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
SEPTEMBER
  • Addition to commentaries regarding whether cause of death might give rise to any compensation or damages.
  • Author update regarding caveats on grants for Letters of Administration.
  • New precedent – Example advertisement calling for claims on estate.
AUGUST
  • New Estates publication for Western Australia now available on By Lawyers!

New publication – Estates WA

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As of today, our library of publications now includes an Estates publication for Western Australia.

Make an application for probate or administration with ease and confidence.

Supported by comprehensive commentary.

Precedents include all necessary documentation for obtaining the grant, getting in the assets and making the distribution together with releases, indemnities and deeds of family arrangement.

To learn more about what this publication includes, please click here.

As always, if you have any questions, please email us at support@bylawyers.com.au.

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