News & Insights

Surrendering a life interest – beware the tax implications

A common method to ensure that a family member or spouse of a Willmaker will have the right to reside at a particular property for the rest of their lifetime is for the Willmaker to grant a ‘life interest’ to that individual.

Many people look forward to a new year as a time for celebration. However, for importers and exporters and their service providers, including licensed customs brokers and freight forwarders, the start of the 2022 new year is a time to pay close attention to some significant changes to their regulatory regime.

Effective from 6pm on Friday 12 November 2021, Victorian employers must sight more than a medical certificate to establish that a worker is exempt from the mandatory vaccination requirements (Vaccination Requirements).

What is the requirement?

From Monday 1 November 2021, if a new onboarding employee does not nominate a preferred superannuation fund (using the Standard Choice Form), the employer is required to ask the Australian Taxation Office (ATO) if there is already a superannuation account linked (stapled) to that employee. If the employee has a stapled fund, the employer must make superannuation contributions to that fund rather than the employer’s default fund.

Under changes to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 (Cth) introduced in June 2021, all directors will be required to verify their identity as part of a new Director Identification Number (director ID) requirement.

During the 2021 Victorian State Budget, the Government announced that it would introduce a ‘windfall gains tax’ (WGT) that would apply to large windfall gains associated with planning decisions to rezone land.

During the COVID lockdown last year, the Victorian Government passed emergency legislation to deal with the execution of many legal documents, including Wills and Powers of Attorney. The legislation legalised the electronic signing and witnessing of such documents.

Many of you would be aware that one of my professional dreams is for the Customs Act 1901 (Act) to be replaced with a new version written to modern regulatory standards. Those affected would not be relying on legislation whose origins stretch back to Federation (and even from the States Customs Acts before Federation).

Have you ever read something and thought, “I’m not sure what that means” or “is that really correct”? Welcome to our series of quickfire interviews that attempt to unravel those interesting words and phrases.

In this edition, we speak to Workplace Relations Special Counsel Victoria Comino who talks to us about the phrase she finds interesting, Zombie Agreement.

This article was first published in October by The Daily Cargo News.

The fact that the Regional Comprehensive Economic Partnership Agreement (RCEP) has survived the COVID-19 pandemic and the apparent shift towards enhanced protectionism indicates that the parties still believe that there is merit in a rules-based multilateral agreement to facilitate trade.

Following an announcement by the Premier on Friday 1 October, the Victorian Acting Chief Health Officer has now issued Mandatory Vaccination Directions (Directions) that apply to select workers¹ (previously referred to as authorised workers) except those in specific industry groups of healthcare, aged care, construction and education.

• Businesses must remember their privacy obligations when collecting vaccination status information (and other sensitive information) about employees, contractors and other visitors to the workplace.
• Unless collection is required or authorised by law, informed consent is generally required for the collection of sensitive information.
• Businesses must provide a Collection Notice to all individuals, including employees, even if consent to collection is not required.
• Only the minimum amount of personal information reasonably necessary to prevent or manage COVID-19 or required by law should be collected, used or disclosed.

Welcome to our series of HR interviews with Workplace Relations Associate Stephanie Shahine, who answers some of the most commonly asked questions by HR managers regarding employees’ legal entitlements and employers’ health and safety requirements.

On Friday 1 October, the Victorian Premier announced new rules in relation to vaccination requirements for workers attending workplaces.

This article was first published in September 2021 by Employment Law Bulletin.

The State Revenue Office (SRO) has released a revenue ruling (DA-064) which sets out its views on the meaning of ‘land development’ in the context of the sub-sale provisions.

Welcome to our series of HR interviews with Workplace Relations Associate Stephanie Shahine, who answers some of the most commonly asked questions by HR managers regarding employees’ legal entitlements and employers’ health and safety requirements.

Have you ever read something and thought, “I’m not sure what that means” or “is that really correct”? Welcome to our series of quickfire interviews that attempt to unravel those interesting words and phrases.

In this edition, we speak to Customs & Trade Partner Andrew Hudson who talks to us about the word he finds interesting, smuggling.

Rigby Cooke Lawyers is pleased to announce that our Wills, Trusts and Estates team have again been recognised for their exceptional work in Victoria.

The Victorian government has continued the Commercial Tenancy Rent Relief Scheme Regulations 2021 (the Regulations) by enacting new regulations to account for the extended lockdown experienced by commercial tenants in Victoria.

Further to our previous alerts (see here and here), the Victorian Government has now introduced regulations to accompany the legislation governing the Commercial Tenancy Relief Scheme (CTRS).

The entitlement of half-siblings upon intestacy made clear again.

The case of Kennedy v Proctor [2021 VSC 521] concerns a dispute as to whether a horse known as ‘Ishker’ was loaned or gifted by Ms Kennedy to Ms Proctor. It was a decision appealed from the Magistrates’ Court to the Court of Appeal.

In a partial implementation of the recommendations arising from the Sex Discrimination Commissioner’s Respect@Work report, the Federal Parliament has passed the Sex Discrimination and Fair Work (Respect at Work) Amendment Bill 2021. The Act will commence when it receives Royal Assent which is expected to occur in the coming days.

Have you ever read something and thought, “I’m not sure what that means” or “is that really correct”? Welcome to our series of quickfire interviews that attempt to unravel those interesting words and phrases.

In this edition, we speak to Wills, Trusts & Estates Partner Rachael Grabovic, who talks to us about the phrase, personal chattels.

Businesses, large and small, rely on casual employees to provide flexibility to cater for erratic changes in trading conditions.

This article was first published on 2 August 2021 by AMTIL.

Forward looking businesses know innovation is vital to securing a competitive advantage within their chosen industry. But how does a business ensure that it retains the intellectual property (IP) rights in their innovation?

Many of those in industry will remember the controversy associated with the introduction of Goods and Services Tax (GST) on “low-value import transactions” (LVT) on consignments three years ago.

Welcome to our series of HR interviews with Workplace Relations Associate Stephanie Shahine, who answers some of the most commonly asked questions by HR managers regarding employees’ legal entitlements and employers’ health and safety requirements.

This article was first published in July 2021 by DCN.

Andrew Hudson takes us on a deep dive into the Australia-UK Free Trade Agreement (AUKFTA), examining what it means for Aussie importers and exporters.

This article was first published on 5 August 2021 by DCN.

Only a Customs & Trade lawyer nerd who also happens to be a sports tragic would start to think about whether customs duty or Goods and Services Tax is payable on Olympic medals when brought into Australia. It would be unfortunate for the winners of the medals to try and establish the value of the medals and then whether customs duty is payable.

Further to our recent alert, the Victorian Government has introduced new legislation regarding the Commercial Tenancy Relief Scheme (CTRS).

On 26 July 2021, the Fair Work Ombudsman (FWO) successfully secured a pecuniary penalty of $21,500 in the Federal Circuit Court against the operator of a long-haul trucking business based in Melbourne for failing to comply with a Compliance Notice requiring back-payments of entitlements to a former truck driver.

On 28 July 2021, the Commonwealth and Victorian Governments presented new recovery packages for small businesses. The new support packages will offer $400 million in support to small businesses to be funded equally between the Commonwealth and Victorian Governments.

In a high-profile reminder that claims made in advertising need to be properly substantiated and supported by evidence, the Federal Court has ordered Lorna Jane to pay $5 million in penalties for making false and misleading representations to consumers, and engaging in conduct liable to mislead the public, in connection with its “LJ Shield Activewear”.

Welcome to our series of HR interviews with Associate Stephanie Shahine, who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements and employers’ health and safety requirements, especially as business begins to transition back into the office.

Have you ever read something and thought, “I’m not sure what that means” or “is that really correct”? Welcome to our series of quickfire interviews that attempt to unravel those interesting words and phrases.

In this edition, we speak to Tax Counsel Tamara Cardan who talks to us about the word she finds interesting, which has multiple definitions, cloning.

This article was first published in July 2021 by The Daily Cargo News.

Customs & Trade law specialist Andrew Hudson offers some thoughts on the compliance focus of some of Australia’s border agencies.

This article was first published on 29 June 2021 by AMTIL.

Regardless of how you promote products and services to consumers, it is critical to ensure that all product packaging, advertising materials and marketing collateral complies with Australian Consumer Law (ACL), explain Ian Rosenfeld, Emma Simpson and Ian Liu.

As we look towards the start of the new financial year, 1 July 2021 will see the Superannuation Guarantee (SG) rate increase from 9.5% to 10% and continue to increase annually until it reaches 12% on 1 July 2025.

This article was first published in June 2021 by Thomson Reuters Canada.

Despite the optimism surfacing in some quarters that the world and its economy are recovering from the COVID-19 Pandemic, recovery is far from complete and the consequences will continue to affect the world for many years. This article provides some insight into how Australia’s trade has coped and the shape of its recovery – with a little help from its friends.

Annual Wage Review Decision

On 16 June 2021, the Fair Work Commission handed down its 2021 Annual Wage Review Decision.

Welcome to our series of HR interviews with Associate Stephanie Shahine, who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements and employers’ health and safety requirements, especially as business begins to transition back into the office.

This article was first published on 22 June 2021 by Daily Cargo News.

Concerns for human rights have manifested themselves in many ways over the course of many years and led to a range of responses over that time, whether by unilateral national action or collective international action through such bodies as the United Nations Human Rights Council.

Following a flurry of negotiations and carefully worded press releases, Australia and the United Kingdom (UK) have finally confirmed the outline of their agreement on a Free Trade Agreement (FTAs) between the two nations.

This article was first published in June 2021 by Daily Cargo News.

Customs & Trade law expert Andrew Hudson takes a close look at the latest Federal budget, with a focus on how it will affect industry.

The various Property-related tax measures announced in the Victorian State Government Budget will now become law.

The State Taxation and Mental Health Acts Amendment Bill 2021 (the Bill) has passed Victorian Parliament and is currently awaiting Royal Assent.

Welcome to our series of HR interviews with Associate Stephanie Shahine who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements and employers’ Health and Safety requirements, especially as business begins to transition back into the office.

The Victorian State Government Budget, released on Thursday 20 May 2021, has produced a mixed bag of tax amendments that will affect many taxpayers who own property or are involved in property development.

This article was first published on 20 May 2021 by Daily Cargo News.

Against the background of concerns on the Federal Government’s trade facilitation agenda, the last two Federal budgets have allocated funding towards work on a “Simplified Trade System” (STS) to operate across Government agencies involved in the import and export of goods.

The Treasurer handed down the Federal Budget last week. Detailed below are the key tax measures announced that are relevant to Human Resources managers who will need to familiarise themselves with the developments.

This article was first published in May 2021 by Daily Cargo News.

Trade law expert Andrew Hudson argues that free-trade agreements are increasingly not just about trade, they also address societal issues, and this is a good thing.

The Fair Work Commission (FWC) has recently handed down two significant decisions which turn to the question of whether requiring an employee to receive an influenza vaccination is a lawful and reasonable direction.

The COVID–19 Pandemic has created many unusual outcomes. One of those was the delay of the May 2020 Australian Federal Budget until October 2020 which included a series of measures aimed at management of the economy in the face of the Pandemic and forecasting future deficits.

The Treasurer handed down the Federal Budget 2021-22 on 11 May 2021. Detailed below is a summary of the significant tax measures announced, followed by further detail regarding each of those measures.

As Privacy Awareness Week 2021 draws to a close, Rigby Cooke Lawyers are sharing the results of research recently undertaken by Kantar Australia on behalf of the firm, and what this means for businesses.

Welcome to our series of HR interviews with Associate Stephanie Shahine, who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements and employers’ health and safety requirements, especially as business begins to transition back into the office.

If one of your loved ones appears to have reduced mental clarity and is planning to make significant decisions regarding changes to their Will, or is considering signing legal documents such as Enduring Powers of Attorney, how should you proceed?

Welcome to our series of HR interviews with Associate Stephanie Shahine, who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements and employers’ health and safety requirements, especially as business begins to transition back into the office.

Rigby Cooke is pleased to announce that two of our partners, Andrew Hudson and David McLaughlin, have again been included in the Best Lawyers in Australia rankings for 2022. Best Lawyers is a highly regarded, peer reviewed publication with over 30 years of history.

This article was first published in April 2021 by Daily Cargo News.

The world continues to struggle with the practical consequences of congestion in the supply chain and governments are initiating reviews into supply chain vulnerabilities and how they may be addressed. However, it remains important that we do not overlook other initiatives to facilitate trade which may have been stalled by the focus on the more immediate problems of the global pandemic.

Rigby Cooke Lawyers’ Planning & Environment team have again been recognised for their exceptional work in the Victorian planning space.

This article was first published in March 2021 by AMTIL.

With the commercial impacts of COVID-19 still fully to reveal themselves, the uncertainty this creates for manufacturers, suppliers and service providers in the construction, engineering and infrastructure sectors will likely be felt for some time.

Significant amendments to the proposed Fair Work Amendment (Supporting Australia’s Jobs and Economic Recovery) Bill 2021 (the Bill) were circulated and passed on 17 March 2021 at the Senate.

If your family trust receives franked dividends or has tax losses, the trustee should consider the option of making a family trust election (FTE) in order to access certain tax concessions.

This article was first published on 8 February 2021 by Tax Notes International.

This article was co-authored by Marsha Laine Dungong, Tax Partner in the Withers San Francisco office.

No other movie but Star Wars comes close to explaining the tragic duality and complexity of international tax. It demands more than just a pedantic understanding of civil and common laws, tax regimes and treaties. It requires a certain mental agility and appetite for the unknown to understand foreign structures and transactions, unravel its complexity and identify its “closest of kin” in the United States (U.S.) tax regime.

This article was first published in March 2021 by Daily Cargo News.

The tariff classification of goods is a crucial part of the international supply chain, as it applies to goods at the point of import and export and can affect a number of vital issues such as whether goods are allowed to be imported or exported at all, the duty payable at the point of import and whether dumping or countervailing duty is payable.

Victoria’s family provision legislation was substantially amended by the introduction of the Justice Legislation Amendment (Succession and Surrogacy) Act 2014.

To prevent illegal phoenix activity, the Commonwealth Parliament has passed the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (Cth) (Act) which came into effect on 18 February 2021.

A recent amendment to the Land Tax Act has abolished “special land tax”. Special land tax was a one off tax charge at the rate of 5% of the unimproved value of the land. The abolition of the tax came into effect from the 16 December 2020.

Rigby Cooke Lawyers is pleased to announce that our Workplace Relations team has again been recognised for their outstanding work in Employment Law in Victoria.

The release of the “Interim Government Response” (Response) to the independent review of the Victorian Ports System Review (Review) on 26 February 2021 comes at a time when there is ongoing attention on the state, national and international supply chains.

Rigby Cooke Lawyers’ Partner, Andrew Hudson has been recognised by Who’s Who Legal as a “Recommended Lawyer” in their Global Trade & Customs list 2020.

On 19 February 2021, the Federal Treasurer requested the Productivity Commission (Commission) undertake an independent review (Review) “into supply chain vulnerabilities and risks” to “ensure that the Australian economy is prepared for “possible supply chain disruptions”.

Welcome to our series of HR interviews with Lawyer Monika Nosal who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements.

In Australia, we have what is known as ‘freedom of testation’. That is, a person is free to leave their assets to whomever they wish when they die.

This article was first published in February 2021 by Daily Cargo News.

Even as the world struggles with the health issues from the pandemic, those relying on the supply chain are facing a variety of problems, which collectively are creating additional delays, cost and uncertainty. None of these factors will assist with economic recovery, or the distribution of vaccines and other medical products being used to deal with the pandemic. Further, the economic benefits of a reduction in tariffs through Free Trade Agreements and other trade facilitation measures are being eroded by problems and costs in the supply chain.

Court of Appeal Superannuation Case

Managing your own self-managed superannuation fund (SMSF) brings with it estate planning issues. In addition to contemplating who will be entitled to receive your superannuation death benefit on your death, you must also consider who will take control of your fund if you were to lose capacity or die.

Welcome to our series of HR interviews with Lawyer Monika Nosal who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements.

Welcome to our series of HR interviews with Lawyer Monika Nosal who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements.

This article was first published in January 2021 by Daily Cargo News.

Back in October 2020, the federal government released its proposed budget for the 2020/2021 financial year. As usual, most of the details had been formally announced or “leaked” but it is worth paying attention to a few issues.

As we reflect on 2020, it highlights how unexpected life can be and how so much can be out of our control. Last year, due to bushfires in the early part of the year and COVID-19 we saw unprecedented financial, economic, and human loss across not only Australia but the world.

As we reflect on 2020, we will no doubt remember how unexpected life can be and how much is out of our control. However, there is one aspect of our lives we can control, and that is our estate planning. As we start 2021 with anticipation and possibly some trepidation, there is no better time than now to take control of your succession plan.

This article was first published in December 2020 by Daily Cargo News.

Just when we thought that the most complex thing affecting our trade relationship with the European Union (EU) was how Brexit was going to be effected and how the free trade agreement was going to be completed, other developments are quickly coming into play which may make the position even more complicated.

Welcome to our series of HR interviews with Lawyer Monika Nosal who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements.

This article was first published on 10 December 2020 by AMTIL.

As COVID-19 (COVID) community transmission rates continue to stay at zero, Victorians welcome back normality. Or something close to it. Since 11:59 pm, 8 November, metropolitan Melbourne entered the third stage of reopening, in line with regional Victoria.

Welcome to our series of HR interviews with Lawyer Monika Nosal who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements.

On 3 December 2020, the Government introduced a new Bill into the Federal Parliament known as the Customs Tariff Amendment (Incorporation of Proposals and Other Measures) Bill 2020 (Bill).

Welcome to our series of HR interviews with Lawyer Monika Nosal who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements.

Welcome to our series of HR interviews with Lawyer Monika Nosal who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements.

This article was first published in November 2020 by Daily Cargo News.

I was invited by the American Bar Association (ABA) to prepare a chapter on the Australian sanctions regime for inclusion in an ABA publication on comparative sanctions regimes. As I provide advice on sanctions to clients and have an interest in my capacity as a director of the Export Council of Australia, it was a pleasure to accept and spend some time trying to reduce the complex issues both in Australia and overseas.

Welcome to our series of HR interviews with Lawyer Monika Nosal who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements.

This article was first published in November 2020 by Daily Cargo News.

Recent news on the international trade stage has been less than optimistic – especially for those Australian exporters who are held up by ongoing Chinese trade bans on some of our primary products and resources.

It appears to be a direct consequence of some diplomatic disagreements but, to date, falls short of a full trade war.

Welcome to our series of HR interviews with Lawyer Monika Nosal who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements.

According to most officials, we appear to have a winner in the United States (US) election with the announcement of the success of the Biden/Harris ticket.

Welcome to our series of HR interviews with Lawyer Monika Nosal who answers some of the most common questions asked by HR managers regarding employees’ legal entitlements.