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The high-profile collapse of Probuild and Condev has shone a light on the perfect storm facing the Australian construction industry, with rising costs and supply chain issues putting pressure on many firms.
And now there is a new threat to add to that list: a worsening skills shortage.
Global consultancy
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The Victorian government handed down its election-year budget earlier this month – boosted by a $15 billion windfall in land taxes and stamp duty from the booming property market.
While revenue from land tax is expected to increase to $4.8 billion next financial year, stamp duty revenue is projected to
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Victorians are paying the highest stamp duty in Australia, according to the Housing Industry Association (HIA).
HIA’s annual Stamp Duty Watch Report found Victorian homebuyers paid an average of $40,370 in stamp duty in November 2021 – equivalent to around 5% of the state’s median property price ($755,000).
In comparison, homebuyers
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Victoria’s hospitality sector has been given a welcome boost, under new liquor reforms announced by the state government.
The new rules will mean bars, hotels, restaurants and cafes will now be able to serve alcohol until 1am without having to apply for a change to their licence (subject to any
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Victoria’s real estate industry has been placed under greater scrutiny, after the state government announced a review of underquoting laws, off-the-plan sales and agent conduct.
The review comes amid heightened affordability concerns due to rapid rises in property prices. So the public is being encouraged to have their say on
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After almost two years, Australia is reopening its international borders again to fully vaccinated travellers. The move will likely give a significant boost to our economy, thanks to the return of tourists, business travellers and migrants.
So if you’ve been considering starting a business, this could be your year to
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The Victorian Government has extended the Commercial Tenancy Relief Scheme (CTRS) for two months until 15 March 2022.
CTRS is designed to support struggling retail and commercial tenants and encourage renegotiation of terms.
Alongside the extension come new regulations. While the 2022 regulations are broadly similar to the previous CTRS
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If you’re like many Victorians, you’ve probably dreamed of owning a pub, whether for commercial or lifestyle reasons.
There are several reasons why it might make more sense to buy an established pub rather than starting one from scratch. You get a business with an existing customer base and can
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Despite your best intentions, business relationships can deteriorate for any number of reasons.
So while it’s not a legal requirement to have a formal shareholders’ agreement, every company with more than one shareholder would be well advised to have one.
Read on to find out what a shareholder agreement is
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It can be easy to see the attraction of selling a tenanted property. You get monthly rent rolling into your bank account right up until the deal goes through – which will likely come in handy paying the mortgage down.
But having tenants in the property can add another level
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It’s natural to assume that since you own your property, you can do what you like with it – subject to planning, of course. But this might not necessarily be the case, particularly if there’s a restrictive covenant hiding in the small print of your certificate of title.
What’s a restrictive
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Australian businesses that sell liquor have to follow a strict set of regulations. These rules are in place for a reason – to keep patrons and staff safe. Should you not comply, you could face stiff fines or lose your licence.
To avoid this, make sure you adhere to the
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It’s not uncommon for customers to skip or gloss over a company’s terms and conditions. So you may think: “If customers don’t bother reading the fine print, why should I bother creating them?”
Well, there are good reasons not to overlook or minimise the importance of a detailed set
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Your building contract is an important document that you shouldn’t sign blindly. Doing so could lead to messy legal wrangles and costly project delays.
But what should you look out for in a building contract?
Here are three common questions that come up with regards to building contracts. Make sure
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As the saying goes, if something looks like a duck, swims like a duck, and quacks like a duck … then it probably is a duck.
So even if your worker signs a contractor agreement, they may still be considered an employee under Australian law.
That’s why it’s critical for
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Buying a hospitality business can be a risky venture if you don’t have all the facts or miss a crucial piece of information.
To minimise the risk, it’s important to do your due diligence. Here are five issues you need to resolve buying a hospitality business.
Has the
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What’s in a name? Well, consider Marion Robert Morrison or Norma Jeane Mortenson. Neither has quite the same ring to it as John Wayne or Marilyn Monroe, right?
And while you’re not trying to make it in Hollywood, your choice of business name matters too. That’s because a business name
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A rental guarantee can seem like the icing on the cake when you’re a property investor. You get guaranteed rental income for an agreed period if you can’t find a tenant for your off-the-plan apartment. What could possibly go wrong?
Unfortunately, the deal might not be quite as attractive as
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In response to COVID-19, Parliament provided temporary relief measures through an amendment in the Corporations Act 2001 (Cth) (‘Corporations Act’).
The amendment allowed electronic signatures of documents, virtual meetings, and electronic notice of those meetings. It was expected that these amendments would be extended, but now the pre-COVID requirements of
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Many contacts contain a clause, often called either a No Verbal Variations or No Oral Modifications (NOM) clause, intended to prevent future “nod and handshake” waivers of the terms of that contract, even when willingly entered into by both parties.
The intention behind such clauses is to protect both parties
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On 15 of April 2021, the Federal Court of Australia ordered two company directors to compensate their customers personally, a claim that has rarely been substantiated in Australian law. The pair were also ordered to pay a substantial fine and were disqualified from managing a company for three (3) years.
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If you’re involved in the Australian business world, you probably have already heard about the Director Identification Number scheme that is slowly coming into fruition. But what exactly is this scheme, and how does it affect directors of businesses? We’ll break down what the DIN scheme is, how it affects
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It can be a seductive idea. Rather than starting a hospitality business from scratch, why not skip the start-up stage altogether by buying into a franchise?
And it’s a business model with a long illustrious history. Albert Singer developed the first franchise contract to help him sell more sewing machines
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Signing the contract of sale isn’t the last stage of a home purchase. Rather, it’s the beginning of a process that only ends on settlement day. This is the day when the agreed purchase price is paid to the seller and the buyer takes legal possession of the property.
Unfortunately,
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Property in Victoria can be expensive. So one way of entering the market faster is to pool funds with family or friends. Unfortunately, things can get difficult when one co-owner wants to sell and the other doesn’t.
When this happens, can you force a sale?
The two different ways to
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Despite your best intentions, business disputes can happen – whether it’s caused by a supplier not meeting their obligations, a late payment from a client, or a disagreement with an employee or customer.
And while it can be tempting to say ‘see you in court’, no one wants a lawsuit
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Victoria boasts a world-class hospitality scene. But there’s always room for one more venue where patrons can enjoy a quick beer after work or a cheeky cocktail … or three.
However, opening a new bar, restaurant or cafe can come with a checklist as long as your arm. You don’t
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There’s about to be an important change to the Australian Consumer Law (ACL).
Since 1986, a person has been considered a ‘consumer’ under ACL if they:
Bought goods or services under $40,000 Bought goods or services normally used for personal, domestic or household use or consumption (irrespective of price)
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For many foodies, starting a restaurant, cafe or food truck is the ultimate dream. After all, what could be more satisfying than earning a living from doing what you love?
But don’t forget that many businesses require licenses before they can get off the ground in Victoria, with hospitality laws
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Your home might be your castle. But that doesn’t necessarily mean you can do whatever you want with your property.
There may be planning restrictions that set out conditions or restrictions on the use or development of your land. In Victoria, these restrictions are commonly known as a section 173
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Sometimes, suppliers will let you down, whether through supplying you with faulty products or failing to deliver their goods in time. The knock-on effects of this can be extremely disruptive to your business. So what are your legal rights when this happens?
What does the contract say?
The first step
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The end of April marked five years since pop superstar Prince died suddenly at his Paisley Park home in Minnesota. Prince left behind an estate comprising largely of intellectual property and music rights worth an estimated US$150-$300 million.
However, he died without a will so his estate still hasn’t
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No matter your age, job or background, Victoria’s planning legislation has a big impact on your life. That’s because it governs the built and natural environment around us.
Councils use the legislation to develop planning schemes that affect how land can be used and developed within your local area. These
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As a property developer in Victoria you will likely be required to navigate the process of Development Contributions. To help you navigate this system, it is essential to have an understanding of what Development Contributions are, how they work, and how and when they will apply to you.
What are
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In starting with a brief refresher, stamp duty is the land transfer tax. It’s calculated based on a home’s open market property value.
The number isn’t a set percentage or fixed rate but is calculated on a sliding scale. Stamp duty varies throughout Australia, but here are the standard costs
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Even before the pandemic, Australia was an attractive prospect for overseas investors. After all, our country has been blessed with a stable political environment, strong institutions, plentiful natural resources and a strong economy which, until only recently, had experienced 30 years of uninterrupted growth.
As a result, foreign money poured
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With the Commonwealth Government deficit at its highest level since World War II and as the COVID-19 pandemic continues to cripple the Australian economy and stifle federal tax collections, we will inevitably see a significant increase in revenue collecting activity undertaken by the Australian Taxation Office (ATO).
One way it
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New rental laws in Victoria that are part of long overdue reforms come into effect at the end of March. The reforms set minimum standards for rental properties, together with a host of other changes.
A total of 132 reforms were originally set to come into effect on 1 July
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Although businesses have the responsibility to keep their tax obligations up to date, it sometimes happens that, due to unforeseen circumstances, they are not able to pay the tax owed to the Australian Taxation Office (ATO).
The most important thing here is that businesses should not ignore the tax debt
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You love your small business and you may have even built it from nothing. What happens now that you have decided to move on to pastures new?
The question of whether the sole director of a company can resign their post, leaving their company without a director, is one which