On 29 November 2024, the Australian Parliament passed the landmark Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024, introducing sweeping reforms that will significantly affect various sectors, including the legal profession. Specifically, these new AML obligations for lawyers will take effect from 31 March 2026. For lawyers, this legislation represents one of the most substantial …
With Bitcoin reaching new all-time highs in 2024, cryptocurrency regulation in Australia has become a critical concern for investors and businesses alike. As blockchain technology matures and institutional interest grows, understanding the regulatory landscape is essential for navigating the risks and opportunities in the Australian market. The Australian Securities and Investments Commission (ASIC) continues to …
A Special Disability Trust (SDT) offers families a way to provide for a family member with a severe disability. This trust ensures their long-term care and accommodation needs are met while preserving their eligibility for social security benefits. This article covers the key aspects of Special Disability Trusts, including their benefits, gifting rules, and the …
Enforceability of Binding Financial Agreements in Family Law Introduction Binding Financial Agreements (BFA) in family law determine financial arrangements during and after a relationship. BFAs provide clarity and security regarding asset and liability division. However, their enforceability can be contested. This article explores the enforceability of BFAs and the conditions under which they can be …
Family Law Act Amendments: Understanding the Impact on Clients and Practitioners On 6 May 2024, the long-awaited Family Law Amendment Act 2023 (Cth) came into effect. These significant changes to the family law jurisdiction reshape how courts, practitioners, and clients approach parenting proceedings with the aim of simplifying the legislation, improving access, and reducing delays. …
When considering the rights of beneficiaries in a will, it is important to know the basics. A Will is a legal document outlining the distribution of a person’s estate upon their death. To be valid, it must be signed and witnessed by two people who are not beneficiaries. Beneficiaries are individuals or entities designated to …
Divorce and separation can bring significant uncertainty, especially regarding the division of assets. Protecting assets from your spouse in a divorce or separation is crucial to ensure your financial stability. Under the Family Law Act 1975 (Cth), the Federal Circuit and Family Court of Australia have extensive powers to make orders affecting the property of …
In the world of estate planning, a bucket company often plays a critical role, especially within family trusts. But what exactly is a bucket company, and how does it integrate into a family trust structure? This article explores the concept of a bucket company, highlighting its benefits and practical applications in managing tax liabilities and …
Challenging a will often arises from concerns about undue influence, lack of capacity, or inadequate provision for family members. If you believe a will does not reflect the true intentions of the deceased or fails to provide for eligible persons, it is essential to understand the grounds for challenging a will and the steps involved …
Responding to liquidator claims can be challenging, especially when you’re unfamiliar with the liquidator’s powers and the nature of their demands. Ignoring or dismissing these claims can lead to significant legal and financial consequences. This guide provides essential advice on responding to liquidator claims, helping you navigate the process and protect your interests. Understanding the …
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