In Check Issue 81 | December 2018

18 December, 2018

Holiday season reminders The lead up to Christmas with the extra commitments and pressure is a high-risk time for mistakes and oversights. Be diligent and maintain your risk management practices— now is when you need them most. Here is a reminder of the top three areas where we see the most mistakes and oversights during […]

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Key Risk Checklist: Tax issues

9 November, 2018

This checklist contains the most common taxes and related charges and is not intended to be exhaustive. Ticking a box indicates who is responsible for considering the selected item. Both practitioner and client may be selected. A column has been included for initial comments. It is recommended that a memorandum be sent to the client […]

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In Check Issue 80 | September 2018

1 October, 2018

Conveyancing claims in 2017-18 Conveyancing claims accounted for over 30 per cent of the cost of claims in the last policy year costing an estimated $11.9m. They have consistently been in the top two areas of claims by both number and cost for many years. The mistakes often stem from practitioners not knowing or keeping […]

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Small business big risk

17 September, 2018

Since LPLC published the first edition of Small business – big risk there have been some changes in the legal landscape which are particularly relevant to transactions for the sale of small businesses including the introduction of: the Estate Agents (General, Accounts and Audit) Regulations 2008, which has made substantial changes to both the form and content […]

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In Check Issue 79 | June 2018

28 June, 2018

New requirements for some purchasers to withhold GST – 1 July 2018 From 1 July 2018 purchasers of certain new residential premises and potential residential land will be required to withhold the goods and services tax (GST) and pay it to the Australian Tax Office (ATO). Vendors of residential premises or potential residential land must […]

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Key Risk Checklist: GST

24 April, 2018

GST is not simple but there are some easy steps you can take to help protect you and your clients. References to divisions and sections can be found in A New Tax System (Goods and Services Tax) Act 1999 (Cwlth). GST alert – for contracts entered into from 1 July 2018, purchaser to collect and […]

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Avoiding superannuation claims

24 April, 2018

Introduction Every year LPLC sees claims involving superannuation funds. Claims sometimes arise because the practitioner does not have sufficient knowledge or experience with superannuation matters. Practitioners who regularly act in this area will agree that extensive expertise and understanding is required to properly advise clients and to have the best chance to avoid a claim. […]

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In Check Issue 78 | March 2018

27 March, 2018

Cyber fraud – it can happen to you No firm is immune from cyber-criminals and their fake emails. We are seeing an increase in attempts to steal money by hackers masquerading as either the client or the lawyer in fake emails. Below is a summary of two of our recent notifications. The law firm duped […]

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Contractual rights to be unenforceable when linked to insolvency events

23 February, 2018

The insolvency regime in the Corporations Act 2001 (Cwlth) has been amended to restrict the rights of parties to enforce ipso facto clauses in new contracts from the 1 July 2018 unless the amending Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Act 2017 (Cwlth) is proclaimed earlier. These clauses typically allow a party to […]

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Clearance certificate questions keep coming

15 December, 2017

LPLC receives enquiries most weeks about the Federal Government foreign residents withholding regime with many practitioners being referred to the following three LPLC bulletins for the answers to their questions. 1 July 2017 amended CGT withholding payments for real property sales Amended CGT withholding payments for options, company title interests and indirect Australian real property […]

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