More property conveyancing needed to keep pace with Sydney

The New South Wales Government has realeased a plan which indicates that Sydney will need 770,000 more homes, 50 percent more than the current accomodation levels in the city. According to projections, an extra 1.7 million people will flow into Sydney over the next 25 years, with many living in smaller households, a new master plan for the city’s growth shows. A pattern of urban consolidation is also the likely outcome with limits put on the city’s sprawl into agricultural area. The government has projected that to house 6 million people by 2036, at least 770,000 new dwellings will be required, or 30,000 a year. The key planning document produced by the governm, the 2005 Metropolitan Strategy has now been updated an indicates that Sydney built only 93,000 dwellings, or an average of 18,600 a year, for the past five years.

Developers say the plan’s focus on increasing density around transport corridors is sensible, but they are critical of its implementation. Stephen Albin, from the Urban Development Institute of Australia NSW, said: ”Delivering on the 70 per cent target for infill will be a monumental challenge and not one government has explained well to the community.”

Under the plan, Sydney’s south-west, north-west and central-west will absorb the bulk of the population growth. Penrith, Liverpool and especially Parramatta must grow to become new employment centres so that more people can live closer to their place of work. The plan also notes pressure on Sydney’s existing housing supply from demographic changes including an ageing population and an increase in one-person households of 69 per cent, or 260,000, by 2036. Chris Brown, of the Tourism Transport Forum, said infrastructure was key to realising the objectives of the metropolitan plan. ”Now we have the plan, it’s time to get on with the job of delivering the critical transport links – finishing the Parramatta-to-Epping rail link and building the north-west rail link and M4 east tollway,” he said.

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Lawyers Circling Around Banks Over Storm Financial

The Commonwealth Bank, Macquarie Bank and Bank of Queensland are now exposed to massive lawsuits after the corporate regulator announced it would take court action for compensation on behalf of Storm Financial investors today. The Australian Securities and Investments Commission also announced it would pursue a civil case against Storm Financial’s founders, Emmanuel and Julie Cassimatis. On top of the compensation actions against the banks, the regulator singled out Macquarie Bank and the owners of a Bank of Queensland franchise for additional actions. The corporate regulator said in seeking compensation from the three banks it would mount a court case alleging the banks participated with Storm Financial in offering investors an unregistered managed investment scheme.

If it proves its case, it will seek from the courts enough compensation to return investors to their original position as if they had never invested through Storm Financial. Given Storm Financial collapsed with reported losses of $3 billion – which included massive margin loans – compensation for investors’ original investments could easily top $1 billion. The regulator said it would not lay the cases immediately, but offered the three banks a maximum of three weeks to arrive at a negotiated compensation settlement. In a statement, ASIC chairman Tony D’Aloisio said a commercial settlement remained the preferable outcome if it could be achieved. “Given the age and financial means of many investors involved in the Storm Model, a speedy commercial resolution should be what ASIC and all involved should continue to seek to achieve,” he said. Mr and Mrs Cassimatis will face a case alleging they did not act with the proper degree of care and diligence as directors of Storm Financial. In the case, ASIC will seek fines and orders that they be banned from providing financial services.

The case represents a major milestone after almost two years of investigations into the collapse of the Townsville-based financial planner, which specialised in offering “double leverage” to many elderly and unsophisticated investors. “Double leverage” involved investors taking out a loan against their home, then using that as the basis for a second margin loan, which was invested into the stock market. More than 14,000 investors were hit when Storm Financial collapsed in 2008.

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The Great Leap Forward? National Broadband Network Gets Through Parliament

The Senate today passed the necessary legislation for the National Broadband network to get through parliament. The bill, which allows the telco giant to take part in the federal government’s $36 billion national broadband network (NBN), must now go back to the lower house, where it is expected to be approved next week in its newly amended form. Communications Minister Stephen Conroy described the NBN as the holy grail of micro-economic reform. He said the NBN was rolling out 6000 kilometres of cable across regional Australia, opening access to 400,000 Australians and allowing real retail competition in more than 100 towns and cities. Spontaneous applause led by Labor staffers broke out when the legislation was passed by 30 votes to 28 today. The Coalition made a number of last-ditch attempts at delaying the vote but were ultimately unsuccessful.

Liberal senator Simon Birmingham criticised the government and crossbench for not scrutinising the NBN more. “It is a … phenomenally huge amount of the money the government is committing to the NBN,” he said. “And it is committing it with no knowledge whatsoever as to whether it is the best way to deliver fast, affordable broadband services to all Australians, at the lowest cost to taxpayers in a manner that promotes competition in the Australian telecommunications sector.”

To get the bill passed before Parliament rose for the long summer break, the Senate was forced to sit into the night yesterday, and return again this morning to deal with more than 100 proposed amendments to it. No opposition amendments were supported, but a number of changes proposed by the Greens and Senator Xenophon, regarding increased transparency, were accepted. They must now be formally approved by the lower house on Monday before the Telecommunication Legislation Amendment (Competition and Consumer Safeguards) Bill 2010 can become law.

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Trademark License Agreement

A Trademark License Agreement can be useful if you are the owner of Trademark and you wish to enter into an arrangement with a commercial partner to

This is a comprehensive document for a person or company wanting to licence a trade mark for manufacture and sale of goods or services.

Application and features

Suitable for sale of goods or adaptable for services;
Suitable when either party is resident outside Australia;
Comprehensive provisions provide ideas for you to mould;
Real law in plain English.

Contents

Rights and responsibilities of the licensee;
Detailed definition of the territory in which the trade mark can be used;
Term or duration for which it can be used;
The quality of products to be marketed using the trade mark;
Infringement;
Sales and royalties;
Termination provisions;
The specific products used in relation to the trade mark;
And other usual legal provisions in plain English.

If you would like to purchase a Trademark License Agreement, simply click here:

Trademark License Agreement

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Discretionary trust: deed of settlement

If you would like to obtain access to a discretionary trust click here.

Discretionary trusts are one of the most flexible business and investment structures in Australia – they have the added benefit of a number of commercial and tax advantages. This comprehensive document is all you need to form your discretionary trust without the assistance of a lawyer.

This template “Deed of Settlement of a Discretionary Trust” allows a settler to provide finance (directly or indirectly) of varying degrees to benefit the maintenance and education of any one or more of the beneficiaries. Stamp Duty on Establishment of Discretionary Trust varies from state to state. It starts at as little as $20 in some areas and yet from $200 in other territories. Visit the State Revenue Office in your state to find out applicable stamp duty rates.

Application and features

Lasts for a maximum of 80 years (the same as any other Discretionary Trust) Settler may not be a beneficiary of the trust Suitable for use in all Australian territories and states;

Drawn in plain English;
Flexible – alternative paragraphs to suit peculiar needs;
Invaluable user notes to guide you through to successful execution;
Very comprehensive, covering all required legal and tax provisions;
Suitable for establishment of any size Trust;

Contents

Objects and Purpose of Trust;
Beneficiaries;
Income Distribution;
Manner of payment to a beneficiary;
Distribution of capital;
Appointment and removal of the Trustee;
Income and Capital;
Powers and remuneration of the Trustee;
Exercise of Powers and Discretions by the Trustee;
Financial Accounts, records and audit;
Investment of Trust Funds;
Winding up of Trust;
Resettlement;

A discretionary trust is one of the most common trust structures in use because of its flexibility and because it can be adapted to a wide variety of applications and is often and extremely tax effective method of protecting assets and investment income which may been acquired through the help of coaches from the https://nytimesmag.com/2023/08/01/kiana-danials-path-towards-becoming-a-leading-financial-literacy-coach/.

If you would like to obtain access to a discretionary trust click here.

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Employers get out razor for Paid Parental Leave

The government’s new system of paid parental leave is set to come into effect on January 1, 2011. Employer groups say the matter is being debated as companies come to grips with the new scheme, which provides 18 weeks’ pay at the minimum wage of $570 a week. Unions fear that companies will reduce their voluntary payments to employees, but make up the difference with the government funds.

“There are plenty of companies who might say, ‘We are in tight financial circumstances, we have been offering paid parental leave voluntarily, is this something we can continue to afford to do in light of the introduction of the government scheme?’ It will be those companies having a close look at their policies.

When the Labor government introduced the scheme, it made a point of amending the bill to state that the payments would be additional to existing entitlements. But it is still possible for employers to change existing leave provisions if they are contained in company policy rather than enterprise bargaining agreements. Unions are planning to ask companies to shift provisions in policy to enterprise agreements when they come up for renegotiation.

Australian Chamber of Commerce and Industry director of workplace policy David Gregory said any roll backs would be hard to implement in a tight labour market. “I think there would be a lot of resistance from employees as well as their unions if any employer tried to scale back entitlements,” he said.

Paid parental leave amounts to $10,260 before tax and will be paid to employers by the Family Assistance Office. Employers then funnel the payment to their employees.

The Coalition introduced legislation seeking to have the payments made directly to workers last week. A spokeswoman for the Minister for Families, Jenny Macklin, said companies that continued to pay existing entitlements would fare better with retaining staff. Paid parental leave has been championed by Labor MP Tanya Plibersek, who gave birth to Louis Paul, her third child with husband Michael Coutts-Trotter, the director-general of the NSW Education Department, last month.

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High Court Win for Youth Allowance Recipients fighting Taxman

Hundreds of thousands of youth allowance recipients will be able to claim their education costs as tax deductions as a result of a landmark High Court judgement delivered today in Canberra.

The Commissioner of Taxation had appealed to the High Court to overturn a Federal Court ruling, which allowed former Australian Catholic University student Symone Anstis to claim deductions for her study costs because they were incurred in gaining her youth-allowance income.

But the High Court today dismissed the appeal and ordered the Commissioner to pay Ms Anstis’ costs.

The ruling opens the way for hundreds of thousands of youth allowance recipients – and possibly other income-support recipients – to claim tax deductions for expenses they incur in qualifying for their payments.

In its advice to the incoming federal government in September, Treasury warned that if the High Court dismissed the Commissioner of Taxation appeal, there would be “significant budget implications”. The cost for the budget is not known but is likely to represent several million dollars.

Ms Anstis, a former Australian Catholic University student, was successful last year in her bid to claim $920 as self-education expenses after fighting the Taxation Office through a number of jurisdictions over three years.

While studying full-time to be a primary teacher, Ms Anstis worked as a part-time sales assistant for retail chain Katies, where she earned $14,946. She also received a youth allowance of $3622 during the 2006 income year.

She claimed education expenses including travel costs, supplies for children during teaching rounds, student administration fees and depreciation of her computer.

The Tax Office rejected the claim, so Ms Anstis and her father, Michael, who is a qualified solicitor but does not work as a lawyer, fought it all the way to the Federal Court, which handed down its ruling in Melbourne last November.

The full court of the Federal Court upheld an earlier decision that because the former student had to be enrolled in a full-time course of study to get her assessable income of youth allowance, any costs incurred in the course of studying should be deductible.

About 440,000 students receive youth allowance or Austudy. Many of these students would earn enough with the addition of part-time work to have a tax liability, according to Asssociate Professor Dale Boccabella from the University of NSW.

He said last year items including computer depreciation, stationery or textbooks could now be claimed as a deduction. In the past, the Taxation Office had made it clear it would not allow educational expenses to be claimed against welfare payments.

“The decision further complicates tax administration in the area of self-education expenses, an area that is already riddled with difficulties,” he said.

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What are the implications of the Allahabad High Court Case?

The Allahabad High Court is to decide on a case about title to a temple which has been running for nearly six decades. The High Court here has been turned into a virtually impregnable fortress and only the parties to the legal dispute and their lawyers will be allowed entry to Court Number 21 where the three judges will pronounce their verdict.

The last information officially available is that the Court website which published the judgment has crashed. However, having reached one of the number on trending topics on twitter, it now appears that they controvertial case has been decided in favour of the Hindu side of the arguments about the land. In anticipation of the verdict, the nation has been put on high alert. The security situation in India was already tense with the upcoming commonwealth games, but no matter which side ‘wins’ this particular engagement, there is bound to be tension. The Central government’s Cabinet Committee on Security will meet at 5 pm in New Delhi to review the situation in the country after the court verdict.

The Bharatiya Janta Party will hold a meeting of its senior leaders in Delhi at 6 pm, but most political parties are expected to give their reactions after studying the court judgment. Uttar Pradesh has turned into a fortress with thousands of paramilitary personnel patrolling the streets. The intelligence network is on high alert throughout the state to monitor movement and activities of anti-social elements. Aerial surveys of “sensitive places”, including the Ram Janmbhoomi complex in Ayodhya has been done, police sources said.

All the security personnel deployed in Ayodhya and Faizabad have been equipped with tear gas shells and rubber bullets and the gazetted officers of various government departments have been asked to assist in policing. They have also been provided with rubber bullets and tear gas shells. On Tuesday, the Supreme Court paved the way for the Ayodhya verdict to be delivered by the Lucknow bench of the Allahabad High Court.

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Employment harrasment case against David Jones takes a Twist

In a new development int he largest sexual harassment claim in Australian history, the names of women expected to give evidence of alleged sexual misconduct in the $37 million harassment case again David Jones and its former chief executive have been suppressed until at least tomorrow, after a bid by Kristy Fraser-Kirk’s lawyers in the Federal Court today.

But in the Federal Court today, Justice Geoffrey Flick voiced strong concerns about aspects of Ms Fraser-Kirk’s case, suggesting that alleged conduct by former chief executive Mark McInnes at previous companies could not be used to compound David Jones’s liabilities. He made no order on the matter. The comments by the Judge have left both sides wondering where they stand and made it clear that there will no decisive victory for either side in relation to the litigation. This will almost certainly affect the negotiating position of the parties.

“You say that Mr. McInnes breaches his duty of care to the employees in David Jones, and not only should he pay damages for that breach of duty and punitive damages, but he should, by breaching his duty of care to the employees of David Jones, pay punitive damages – all in the context of his conduct towards employees in other places, including those involved in the process of filing wrongful termination claims?” Justice Flick said.

“You may be right but it doesn’t strike me as self-evidently correct.”

Ms Fraser-Kirk’s lawyer, Rachel Francois, has until 11.30am tomorrow to file two folders of evidence explaining why the other women who will give evidence in the case should have their identities suppressed.

“It’s impossible for us to mitigate this blindfold when we don’t know who these people are,” the lawyer acting for David Jones, Kate Eastman, said.The request by lawyers for Ms Fraser-Kirk comes as the former David Jones publicity co-ordinator is suing Mr McInnes and the retailer in a $37 million case.

Ms Fraser-Kirk alleges that Mr McInnes made unwelcome sexual advances towards her at work functions and that David Jones tolerated a culture of harassment. In what must be close to an admission of guilt, Mr McInnes resigned on June 18 after admitting he had behaved inappropriately towards her. Some critics have also taken aim at the sheer size of the claim. Particularly in relation to the claim against David Jones itself as a company, there appears to be some difficulties in attributing the claim against David Jones in the actual amount claimed.

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Interest Rates, Conveyancing and Buying a House

Why are interest rates important?

From the perspective of a person with a mortgage, interest rates are extremely important because they determine the amount of money which needs to be paid back on a variable interest rate loan. Australia is a country where mortgages are one of the main draws on household income and if a person is unable to pay their mortgage it has an enormous impact on the rest of their life. As interest rates rise. At a broader level, interest rates are a central element of the control of the economy because in contemporary industrial economies, the raising of interest rates can be used in order to control inflation, overheating and unsustainable growth in the economic system. When interest rates are too high, businesses and individuals will cease borrowing and stifle growth in the economy.

How are interest rates set?

Interest rate policy in Australia is set by the Reserve Bank of Australia. Historically, interest rates have been controlled by the Reserve Bank cash rate because this is the rate at which the Reserve Bank lends money to the major banking and financial institutions and this therefore determines what banks will charge their customers in order to borrow money that has been lent to them by the government.

The Reserve Bank’s ‘charter’, says:

‘It is the duty of the Reserve Bank Board, within the limits of its powers, to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia and that the powers of the Bank … are exercised in such a manner as, in the opinion of the Reserve Bank Board, will best contribute to:

(a) the stability of the currency of Australia;
(b) the goal of full employment in Australia; and
(c) the economic prosperity and welfare of the people of Australia.’

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