House and dollar cycle on chalk board
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New Proposed ‘Housing and Productivity Contribution Scheme Works-in-Kind Guideline’

On 1 October 2023, the NSW Government introduced the Housing and Productivity Contribution Scheme (HPCS), which enables the NSW Government to collect housing and productivity contributions from residential, commercial, and industrial developments to fund state and regional infrastructure within the following regions:

  • Central Coast
  • Greater Sydney
  • Illawarra-Shoalhaven
  • Lower Hunter

Under Part 3 of the Environmental Planning and Assessment (Housing and Productivity Contributions) Order 2024 (HPC Order), housing and productivity contributions are ordinarily made as monetary contributions. However, clause 18(2) permits developers, by agreement with the Minister, to dedicate land or carry out capital works (or both) for regional infrastructure (Works-in-Kind), in whole or in part, as an alternative to meeting their monetary contributions. [...]  READ MORE →

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What is the best business structure for you?

No matter what stage your business is in or the type of business you operate, it is critical to have the right business structure in place for many reasons, including to safeguard your personal and business assets, minimise risk and tax implications and optimise returns.  Each business structure has its own benefits and risks as well as criteria and regulatory requirements, which should be considered before adopting a business structure that is ideal for your business and personal needs.

Sole traders and partnerships

 The more simple and less complex business structures are sole trader and partnership structures.  They are generally quite easy and inexpensive to set up and maintain.  While a sole trader structure involves an individual operating the business in their own name with unlimited liability, a partnership structure is between two or more parties and can be structured as a general, limited or incorporated limited partnership.  Other than an incorporated limited partnership, each partner under a general or limited partnership is jointly liable with the other partners. [...]  READ MORE →

Meeting and greeting, Two engineer or architect meeting for project, handshake after consultation and conference new project plan, contract for both companies, success, partnership.
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GREATER SYDNEY’S 2021 LOCKDOWN: WILL BUSINESSES SINK OR SWIM?

By Anica Cunanan, Solicitor at Matthews Folbigg in the Insolvency, Restructuring and Debt Recovery Group

Greater Sydney is currently in a lockdown and has remained in the dark with respect to whether, and when businesses would receive some relief.

Last year, the Federal Government introduced the JobKeeper scheme to assist with keeping businesses afloat (including employees within those businesses) through of the payment of wage subsidies subject to certain criteria.

The Morrison and Berejiklian Governments have announced that NSW businesses will finally receive some relief as we enter the fourth week of lockdown in NSW. It is evident that regardless of whether lockdown is in fact extended past 30 July 2021, businesses have already experienced a substantial hit. Should lockdown continue to be extended, we may see plenty of businesses struggling to make it through this lockdown. [...]  READ MORE →

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Implications – SMSF Record Keeping (or lack thereof)

Following on from the previous blog on record keeping, below is yet another example which highlights the importance of record keeping for SMSFs.

Where it can go wrong – another real life example

Lost Deeds 

L and M are members of the L & M Super Fund and are the original trustees.  In 1993 a newly incorporated company called LM Holdings Pty Ltd was appointed trustee.

In 1997 the Fund buys a property.  A title search for the property shows that ‘LM Holdings Pty Ltd’ is the registered owner.

In 2014 L and M divorce and M becomes the sole member of the Fund. A new trustee, Life after L Pty Ltd is appointed. [...]  READ MORE →

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Coup for Matthews Folbigg Lawyers – National Law Firm Partner Joins The Firm

Coup for Matthews Folbigg Lawyers – National Law Firm Partner Joins The Firm 

In a significant boost to its Corporate capability, MatthewsFolbigg is thrilled to announce the appointment of Andrew Bristow as Director and Catriona Glover as Special Counsel with effect from 31 March 2014.

Andrew and his team joins Matthews Folbigg from national law firm Herbert Geer.  Andrew’s specialty is in Mergers and Acquisitions law with a broad range of corporate clients listed on the ASX and NSX.  In addition, the team undertakes commercial work for clients from a range of industries, including some based in Norwest. [...]  READ MORE →