It is not widely known that when we enter into a marriage or a de facto relationship, in certain circumstances, a spouse may be liable to maintain the other in the event that their marriage or de facto relationship breaks down. This responsibility to financially assist the other is set out in the Family […]
The Risks of Going Guarantor
Has a family member asked you to provide a guarantee for their home loan or personal loan? If so, you need to be clear about your obligations under a contract of guarantee. What is a guarantee? If a lender is concerned about a borrower’s capacity to repay a loan or has classified the borrower […]
GST and Residential Property Transactions
The responsibility for remitting Goods and Services Tax (GST) to the Australian Taxation Office (ATO) generally falls on the party making a ‘taxable supply’. In a property transaction, this has traditionally meant the vendor or developer (supplier), unless the contract provides otherwise. From 1 July 2018 purchasers of ‘new’ residential property must deduct the […]