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GST and sale of a business as a going concern
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THe ATO has issued a checklist to assist in deciding whether the going concern exemption is available.

 
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Place Names search
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An online Queensland Place Name search is available. It includes the origins of the place name as well as the location.

An Australia wide place names search using the Gazetteer of Australia can be made by using the Online Tools at the Geoscience Australia's web site.

 
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Asset Transfer Agreement terminated
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On 12 November Mr Jodee Rich and Mrs Maxine Rich announced that they have terminated the asset transfer agreement which was the subject of recent proceedings by ASIC in the Family Court.

 
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New government entry point
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Business Entry Point's newly redeveloped Transaction Manager website is now available.

The site can now more effectively assist you to find, manage and complete many government forms including:

* rates payments;
* business name renewals;
* ABN registrations;
* payroll tax returns, and;
* a range of other local, state and federal government transactions.

The improved website is faster, easier to use, and has a number of new features such as a streamlined History section to assist you to keep records of the government forms you've previously accessed.

 
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Sex discrimination amendments
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The Sex Discrimination Amendment (Pregnancy and Work) Act 2003 has been proclaimed. It amends the Sex Discrimination Act 1984 (the Act) to clarify that discrimination against women who are breastfeeding is prohibited by the Act, questions regarding pregnancy or potential pregnancy may not be asked during recruitment processes, and that medical information collected from pregnant women may only be used for appropriate purposes, such as for genuine occupational health and safety reasons and not in a discriminatory manner.

Download a copy of the Act and the related explanatory memorandum

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Amendments to Workplace Relations Act
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The Workplace Relations Amendment (Fair Termination) Act 2003 has been proclaimed. It amends the Workplace Relations Act 1996 to exclude certain casual and temporary employees from the operation of the employment termination provisions.

Download a copy of the Act and the related explanatory memorandum

 
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Family Court lacks jurisdiction to set aside Rich financial agreement
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On 15 October 2003 the Family Court of Australia dismissed an application brought by the Australian Securities and Investments Commission (ASIC) to set aside the Financial Agreement entered into by Jodee Rich and his wife Maxine under the provisions of the Family Law Act on 31 May 2001 ("the Agreement").

Mr Rich was a joint managing director of One.Tel Limited until his resignation from that position on 17 May 2001. One.Tel Limited was placed into administration on 29 May 2001.

Two days later Mr Rich entered into the Agreement under the provisions of the Family Law Act whereby he transferred approximately $5 million in assets to his wife. These assets include Mr Rich's interest in the family home at 2 Queens Avenue, Vaucluse and Mr Rich's share of the sale proceeds of "Craigend" at Darling Point.

ASIC commenced proceedings against Mr and Mrs Rich in the Family Court of Australia in August 2002 seeking an order setting aside the Agreement. In their responses to the application commenced by ASIC in the Family Court, Mr and Mrs Rich each sought to have the application dismissed. Mr Rich contended that the Family Court did not have jurisdiction to hear ASIC's application.

On 15 October 2003, Justice O'Ryan held that the Family Court did not have jurisdiction to make the orders sought by ASIC. The primary reason was that no part of the definition of "matrimonial cause" authorised the Court to consider the issue on behalf of a third party creditor independent of existing proceedings before the Court.

In his judgment Justice O'Ryan said: "In my view there is prima facie evidence that the husband and wife entered into the agreement in order to reduce the extent and value of the husband's assets. … Prime facie the evidence supports the contention by Senior Counsel for ASIC that the agreement was entered into because of a concern about claims on the husband's property by third parties as a result of the collapse of One.Tel Limited. It was therefore entered into to defeat the interests of third parties."

ASIC has announced that it intends to commence proceedings in the Supreme Court of New South Wales to challenge the validity of the Agreement under the voidable disposition provisions of the Conveyancing Act (section 37A).

In order to succeed in this action ASIC will need to prove that the transfer of property was made with the intent to defraud creditors. If ASIC is successful in obtaining a compensation order against Mr Rich in its separate civil penalty proceedings, then the compensation will be payable to the liquidators of One.Tel Limited and a costs order will be made in ASIC's favour. ASIC therefore alleges that it has standing as a creditor to bring this action.

More

 
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What's new on our website
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In our Succession Planning section we have added pages on the role of the Guardianship and Administration Act for persons of impaired capacity and what's involved in contesting a will .

We have also added articles on the property available to creditors in a bankruptcy and the effect that a conviction can have.

 
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First Home Owners Grant
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The Queensland Government has introduced the First Home Owner Grant Amendment Bill 2003 to tighten the eligibility criteria for the Commonwealth's First Home Owner Grants.

The Bill will restrict the circumstances in which the grant may be paid to applicants under the age of 18 by way of giving a discretion to the Commissioner of State Revenue to deal with applications on a case-by-case basis. The Bill also contains an anti-avoidance provision to enable the Commissioner to ensure that the grant scheme is not otherwise exploited.

In addition, the Bill will include a 6-month residency period that will require applicants to live in the home as their principal place of residence for at least 6 months (subject to the Commissioner's discretion to reduce the residency requirement in appropriate circumstances). If applicants do not fulfil the residency requirement within the existing 12-month period of the eligible transaction, they would be required to repay the grant. These residency requirements will begin on 1 January 2004.