Tristan Jepson Memorial Foundation

Posted by: Scott Thompson

We recognise that law firms are notorious for working long, stressful hours and struggle to balance the incessant pulls of work and life. We also appreciate that health and wellbeing is multi-faceted and diverse; subjectively unique for each staff member. Rather than simply introduce band-aid initiatives such as gym memberships and fruit baskets, we incorporate the well being of staff into the heart of corporate strategy and culture through trust, honesty and fairness.

Focusing on achieving improved mental health, our corporate policy switched to smart growth using enhanced technology processes rather than aiming to grow in size.  Clear respected leadership and identifiable expectations are critical for this development.

This strategy allowed the firm to focus in, instead of out, promoting stable, personal relationships between long standing employees and free up capital to invest in employees' professional and personal development, as opposed to expansion.  Relaxed lawyer budgets, supplying daily healthy breakfasts, offering birthday leave, extended annual leave and work anniversary gifts of appreciation, have fostered a culture of kindness, respect and reduced stress.  Directors also became more accessible to support staff during ever-changing life and career stages, creating a psychologically healthy and socially supportive workplace.

This culture shift became the catalyst for implementing a 100% paperless legal process and remote access working environment, to provide the support and flexibility staff requested to better meet the demands of modern family life or pursue further study, without relinquishing meaningful roles or career advancement. 

We are also pleased to announce the firm has recently become a signatory to the Tristan Jepson MF Psychological Wellbeing Best Practice Guidelines.

The Guidelines are intended to support lawyers, law firms and others working within the profession to raise awareness of mental health issues, and to understand the initiatives and methods of management that assist in the creation and maintenance of psychologically healthy and supportive workplaces.

To view the guidelines click here.

Agribusiness Monthly

Posted by: Kylie Wilson   The Agribusiness Monthly provides timely information and analysis on agricultural conditions, commodity price updates and commentary on the latest sectoral trends and developments.

Key highlights Wheat – Global wheat prices not immune to large production setbacks despite stocks building to 198 million tonnes Beef – Follow up rain and demand from the US will drive prices in coming months Dairy – Dry conditions in New Zealand have been the main catalyst for the recent improvement in prices however, a major recovery in global commodity markets is still a few months away FX – Further forecast falls in the AUD/USD reflecting weak economic fundamentals, ongoing signs of slower economic growth in China, potential fore more interest rate cuts Sheepmeat - Sheep prices are expected to remain steady through March with rainfall in early 2015 supporting better quality lambs and strength in the US and Middle East markets

Click here to view the New Zealand Report.

Do you have assets in other parts of the world? – International Wills

Posted by: Valerie Chagnon-Couture 

Those of you who hold assets in a country other than Australia will be interested to know that Australia is now a signatory to the Convention Providing a Uniform Law on the Form of an International Will 1973 and the Convention will enter into force on 10 March 2015 in Australia.  The Convention aims to simplify the preparation and witnessing requirements of international wills across countries that are party to the Convention.

An international will must meet certain requirements set out by the Convention.  Firstly, it must be signed by the testator in the presence of 3 independent witnesses.  One of those witnesses must be an 'authorised witness' such as an Australian lawyer or notary public.  The authorised person must then provide a certificate stating that the process for preparing the international will has been complied with. 

If you think you might need an international will or assistance with any aspect of your estate planning, please contact our Succession Planning team

Planning to Facilitate Prosperity

Posted by: Dale Ellerman 

On 25 November the Queensland Government introduced its new planning bill into Parliament – the Planning and Development Bill 2014. This was accompanied by two further bills one of which will establish the Planning and Environment Court under its own dedicated enactment. The changes that these proposed new laws will bring about will be the most significant to have occurred since the coming into effect of the Integrated Planning Act in 1998. Understanding the intended effect and operation of the legislation is relevant to arriving at the right development strategy, options and choices for any proposal. The stated aim of the new planning act is to "facilitate prosperity" and this aim manifests itself in changes in approach to many facets of the law and practices to which we have all become accustomed over the last 16 years. This is the start of a new learning curve for all developers and planning professionals not to mention Councils and the judiciary.  The journey begins.

Paperless Office

Posted by: Scott Thompson

Too much paper in your office?

Our firm's primary software vendor, LawMaster Pty Ltd circulate a monthly newsletter to all clients and colleagues.  In the September 2014 issue our firm is highlighted in relation to our transformation to a paperless law firm. Click Here to Read More

Rabobank Agribusiness Monthly Report

Posted by: Scott Thompson

Key highlights:

• El Niño remains a possibility in 2014
• Upside for wheat limited as corn crops pressure prices
• Rain provides positive outlook for beef industry
• Russian trade bans add more downside to global dairy market
• Wool production revised down again
• Rain not enough to dampen sugar production forecast
• Global fertiliser prices slowly rising from the floor

Read More.

Self Managed Super Funds Require Corporate Trustee

Posted by: Kylie Wilson 

Why it is essential to have a company as trustee (not individuals)

The benefits of having a corporate trustee, rather than individual trustees, can be summarised as follows:

Corporate Trustee	Individual Trustees
Continuous succession A company has an indefinite life span; in other words, it does not die.  Therefore, a corporate trustee can make control of an SMSF more certain in the circumstances of the death or incapacity of a member.	Ceases upon death If the SMSF has individual trustees, e.g. a mum and dad SMSF, then timely action must be taken on the death of a member to ensure the trustee/member rules are satisfied.  (SMSF rules do not allow a sole individual trustee/member SMSF.)
Administrative efficiency When members are admitted to, or cease, membership of the SMSF, all that is required is that the person becomes, or ceased to be, a director of the corporate trustee.  The corporate trustee does not change as a result.  Therefore, title to all the assets of the SMSF remains in the name of the corporate trustee.	Extra and costly paperwork To introduce a new member to an SMSF with individual trustees requires that person to become a trustee.  As trust assets must be held in the names of the trustees, this will require the title to all assets to be transferred to the new trustees when a member is admitted to or exits the fund.
Lump sums and pensions An SMSF with corporate trustee can pay benefits either as pensions or as lump sums.	Lump sums only payable on commuting pension The SMSF rules require that a lump sum can only be paid by commuting a pension, which gives rise to extra paperwork.
Sole member SMSF You can have an SMSF where one individual is both the sole member and the sole director.	Sole Member SMSF A sole member SMSF must have two individual trustees
Greater asset protection As companies are subject to limited liability, a corporate trustee will provide greater protection for the directors where a party sues the trustee for damages.	Less asset protection If an individual trustee suffers any liability, the trustee's personal assets may be exposed
Administrative Penalty Regime Corporate Trustee - one penalty, directors jointly and severally liable e.g. Breach of subsection 65(1) of SIS Act - $10,200 penalty	Administrative Penalty Regime Individual Trustees - one penalty for each trustee e.g. Breach of subsection 65(1) of SIS Act - 4 trustees - $40,800 total penalty: $10,200 each

 

For further information on the issues raised in this news article please contact our senior expert in this area of law, Kylie Wilson on 07 3234 3102 or email  to discuss.