November 2017

  • GST changes for new residential properties

    The Commonwealth Treasury has released an Exposure Draft of the Treasury Laws Amendment (2017 Measures No. 9) Bill which proposes a new goods and services tax (GST) withholding regime for new residential premises or new subdivisions of potential residential land as announced in the 2017-2018 Federal Budget.

  • Duty to act in the best interest of the client

    The Federal Court has ordered that financial advice firm Golden Financial Group (formerly NSG Services) (“NSG”) pay a civil penalty of $1 million after it failed to act in the best interest of its clients and provide appropriate client specific advice.  This was an ASIC test case and its outcome indicates that significant penalties are likely to flow from breaches of this duty.

  • Court finds unsent text message to be a Will

    Re Nichol; Nichol v Nichol & Anor [2017] QSC 220

    In a judgment delivered on 9 October 2017, the Supreme Court of Queensland has held that an unsent text message be admitted to probate as the deceased’s final Will.

  • Changes to Intestacy, Ademption and Executors’ Commission in Victoria

    The Administration and Probate and Other Acts Amendment (Succession and Related Matters) Act 2017 will come into force on 1 November 2017 which amends the Administration and Probate Act 1958 (Vic) dealing primarily with intestacy, ademption and executors’ commission.

    Some of the major amendments are discussed below.