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News

Latest news and company updates from InterPrac.

News

Electronic signing for Companies extended until 15 September 2021

The rules allowing companies to execute documents electronically have been extended until 15 September 2021.
Legal Team / 16 February
News

Electronic Execution Changes - DocsCentre

Whether or not legal documents can be executed electronically is complicated and the effectiveness and legality of electronic execution differs around the country, both from state to state and between the states (and territories) and the Commonwealth. In particular, documents that need to be witnessed personally (such as deeds) almost certainly cannot be witnessed electronically without extraordinary legislative intervention.

However, in response to the coronavirus pandemic, various states have recently enacted legislative measures in relation to the electronic execution of documents.

Legal Team / 21 August
News

Victorian SRO about to take a more strict approach regarding “foreign” trusts

Since 1 July 2015, specific laws in Victoria imposed a stamp duty surcharge, and, in some cases, a land tax surcharge on certain foreign purchasers of residential land in Victoria. These laws may extend to discretionary trusts. Specifically, if any of the beneficiaries under the trust are “foreign” (as defined by the relevant Act), the trust could be deemed to be a “foreign trust” (and, therefore, possibly subject to stamp duty and/or land tax surcharges).
James Shattock - in house lawyer / 17 February
News

Why do you review structures before creating documents?

Sometimes, we’re asked why our documents aren’t generated automatically, when there are a lot of online providers who offer an immediate document service. The reason is that once you have submitted an order to us, we will review your order to ensure the structure is legally sound, before creating the documents. Our members are appreciative that we take the time to review and check any issues with them, saving a potentially awkward situation with their clients.
Brent Jones / 8 December
News

BDBNs and reversionary beneficiary nominations - which take precedence?

Succession planning is obviously a very important element of being a member of a superannuation fund, as the benefits are basically expected to be paid to the member when they retire, or to their dependants should they pass away.

Riley Jones - NTAA lawyer / 29 August
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The importance of a quality trust deed

When setting up a discretionary trust it's important to have the right structure, but it is equally important to have the right trust deed. The trust deed outlines the responsibilities and powers of the trustee, who can benefit, the rights of the beneficiaries, and determines the way that income and capital can be distributed. It’s an important legal document setting out the rules of the trust and is vital to the ongoing administration of the trust.

Following is a list of some of the other features of our discretionary trust deed (the most popular form of trust product ordered by members). 

 

Riley Jones / 16 April
News

Why it is Best to Change Trustees by Executing a Deed

A recent court case has put the manner of changing trustees in an SMSF in the spotlight and the following article outlines the views of our in-house legal team on the matter. We explore why it's best to change trustees via executing a deed and further, why it's important the deed be prepared by a qualified legal practitioner, as happens when you order an SMSF change of trustee online with us.

Riley Jones / 16 August
News

A Partnership of Trusts or a Hybrid Trust

A Partnership of Trusts or a Hybrid Trust - which would be right for you?

James Shattock / 28 May