Changes to instant asset write-off rules
As a part of the Government’s recent economic stimulus package the small business instant asset write-off (IAWO) threshold has been increased from $30,000 to $150,000. This article provides more information in relation to the amendments to the Income Tax Assessment Act 1997 (Cth) which enables the changes.
Terminating Contracts During a Pandemic: Frustration
The Doctrine of Frustration is applicable to many types of contract. A contract can be frustrated where holding the parties to the contract would be considered unreasonable. The Covid-19 pandemic has brought new consideration to frustration.
Court will not stand for unfair contract terms any longer
As of November 2016, the Australian Consumer Law (ACL) was extended to provide that small businesses contracts can no longer contain unfair terms.
A contract term will be deemed unfair if:
•It would cause a significant imbalance to the parties’ rights and obligations under the contract;
•It is not necessary to protect the legitimate interests of a party; and
•It would cause detriment to a party if relied upon.
The ACCC are heavily pursuing companies who ignore the amendments to the ACL.
A well-known long running family business JJ Richards was too late in amending its contract terms and conditions to make them compliant with the ACL. The ACCC issued proceedings against them.
Important changes to Powers of Attorney – how do they impact you?
Many people form the view that they will be capable of looking after their own affairs until their demise. They ignore the need for a power of attorney or the importance of same. The laws have changed recently in relation to the form of the personal matters power of attorney and our team at Scanlan Carroll can explain the changes.