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This fact sheet seeks to examine the new and existing legal obligations on both clients and lawyers in light of the new Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) (the Act) which imposes new requirements scheduled for implementation on 1 July 2026.
The new year inevitably brings many new enquiries for preparation of wills and assistance with estate planning. Estate Planning covers many aspects relating to the control and transfer of your wealth before and after death. Documents such as wills, family trusts, power of attorney and power of guardianship can all be prepared and managed with estate planning. By having a plan in place, you can deal with loss of capacity during your lifetime and stipulate the exact way you wish your estate to be distributed after death. Stressful disagreements between family members and beneficiaries over your assets accumulated throughout your lifetime can be avoided through estate planning.
The new year inevitably brings many new enquiries for preparation of wills and assistance with estate planning. Estate Planning covers many aspects relating to the control and transfer of your wealth before and after death. Documents such as wills, family trusts, power of attorney and power of guardianship can all be prepared and managed with estate planning. By having a plan in place, you can deal with loss of capacity during your lifetime and stipulate the exact way you wish your estate to be distributed after death. Stressful disagreements between family members and beneficiaries over your assets accumulated throughout your lifetime can be avoided through estate planning.
Broad reforms to the Strata Titles Act 1985 (Old Act) were introduced via the Strata Titles Amendment Act 2018 in later 2018. These amendments came into effect on 1 May 2020 (Amended Act).
This fact sheet follows on from our previous fact sheets in relation to leases and COVID-19 (Fact Sheet (No 1)) and businesses and COVID-19 (Fact Sheet (No 2)).
In 2013, the Western Australian Small Business Commissioner conducted an investigation into the non-payment of subcontractors on construction projects administered by Building Management and Works between 2008 and 2012. The final report was presented to the Minister for Small Business in March 2013 with advice and recommendations.
Integra Legal played a crucial role in conducting this investigation, and the final report was significant in driving a number of improvements and changes in the construction industry, particularly in relation to the procedure for paying subcontractors.
Australia's new ipso facto regime came into effect as of 1 July 2018. The regime enacted in September 2017 through the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Act 2017 amends the Corporations Act 2001 (Cth) providing for the operation of the ipso facto stay for certain corporate restructuring and insolvency procedures.
The reform is designed to improve the likelihood of recovery for companies experiencing trading difficulties by limiting circumstances where a counterparty can modify or terminate an existing contract based solely on the 'fact or act' of an insolvency event or trading difficulties. The new regime applies to contracts entered after 1 July 2018. Parties need to ensure that contracts entered after this date protect parties' rights in situations of default and comply with the new regime. Anti-avoidance provisions capture contract terms that attempt to circumvent the Act and limited exemptions are apply.
How the Courts will interpret the new regime is yet to be seen. In the meantime, the potential implications for clients in the construction and property sector needs closer review.
Landlords and managing agents should remain aware of the nature and extent of the statutory obligation to provide a disclosure statement to prospective retail tenants. Failure to meet this obligation may expose landlords to an order to pay compensation for losses suffered by the tenant or risk termination of the commercial tenancy agreement by the tenant.
You or your business could be responsible for injuries or damage that occur on premises, whether or not you are the owner of the land or are leasing the land. If you occupy land or you exercise control over land that is adjacent to, but outside the boundary of your property, you may be responsible for ensuring that those premises are kept safe.
New cyber-security laws which take effect on 22 February 2018 will see the introduction of mandatory reporting of data breaches in Australia. Under the new law, entities must report any data breaches or suspected breaches to the Privacy Commissioner and affected customers as soon as practicable after the breach.
In 2013, the Western Australian Small Business Commissioner conducted an investigation into the non-payment of subcontractors on construction projects administered by Building Management and Works (BMW) between 2008 and 2012. The Final Report was presented to the Minister for Small Business in March 2013 with advice and recommendations.
Integra Legal played a crucial role in conducting this investigation, and the Final Report has been significant in driving a number improvements and changes in the construction industry, particularly in relation to the procedure for paying subcontractors.
