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.

Drought Declared in South East Qld - Drought Assistance Available

Posted by: Kylie Wilson

 South East Queensland is now drought declared.  The State Government has confirmed that primary producers in the south east corner may qualify for drought assistance after the area was declared drought-stricken from 1 August.   For more information please see the attached media statement from the Minister for Agriculture, Fisheries and Forestry.

Qld Drought Map 1 Aug 2014

Media Release - Minister for Agriculture, Fisheries and Forestry

 

News from the North

Posted by: Kylie Wilson

I've just returned to Brisbane from a trip to visit clients in North Queensland, flying in and out of Townsville and Mackay.  It's been a few years since I've ventured that far north and the weather was perfect, at least for a trip to visit client businesses.  Sadly for many primary producers the drought continues and visits like this just highlight the pressure on farming enterprises and the flow on effects to the communities that support them.  Fingers crossed for more rain soon, in the meantime I did appreciate the view of Magnetic Island from my hotel room in clear weather!  If we had a visited office up there I think I would have to migrate for the winter…

Producers can apply for Farm Finance from August 16

Posted by: Kylie Wilson

Many of our rural clients, particularly in the beef cattle industry, have had a difficult twelve months thanks to plummeting cattle prices and lack of rain. There may therefore be some interest in the restructure package being offered by QRAA, details of which are in the attached link.  

www.qraa.qld.gov.au

Below is the link the government media statement.

http://statements.qld.gov.au/Statement/2013/8/6/producers-can-apply-for-farm-finance-from-august-16