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BLB NEWSLETTERS | BUSINESS LAW BRIEF
LATEST ISSUE - BLB Newsletter - November 2009
BUSINESS LAW
GOOD NEWS STORIES – NOVEMBER 2009 (FINAL EDITION)
We’ve had more downs than ups this year. We heard stories of the Global Economic Crisis being the second Great Depression; we faced many uncertainties of how Australia will perform in this global phenomenon. It has affected us in one way or another but we are now confident that Australia is on the track to recovery along with other developed countries.
MORTGAGE BROKERS – CREDIT PROVIDERS: ARE YOU READY FOR THE NEW CONSUMER CREDIT REGULATIONS?
The National Consumer Credit Protection Bill was passed this month. The aim of the new law is to enhance consumer protection, cut red tape for businesses and provide nationally consistent regulation and enforcement of the laws of consumer credit.
FINANCIAL SERVICES
RIPOLL INQUIRY RAISES MORE QUESTIONS THAN ANSWERS
The Parliamentary Joint Committee on Corporations and Financial Services Inquiry Into Financial Products And Services In Australia (aka ‘the Ripoll Inquiry’) has come up with 11 recommendations that raise more questions than they answer. Here are some examples.
SUPERANNUATION
A “SPECIAL” REMINDER – PRIVATE COMPANY DIVIDEND PAYMENTS TO SUPER FUNDS
Ordinarily the income of a complying superannuation fund is taxed at the concessional rate of 15%. However, under tax legislation certain super fund income may be subject to the top marginal rate of 45%. An example is income derived from the payment of private company dividends.
DISPUTE MANAGEMENT
MORTGAGE BROKER RULED TO BE AN AGENT OF THE LENDER, NOT THE BORROWER
A recent decision of the New South Wales Supreme Court has held that the mortgage broker who arranged loans for borrowers was an agent of the lender and in the circumstances of these cases the mortgages were unjust and the loan agreement and mortgage void in whole.
LIFE’S TOO SERIOUS
OH TO BE A BOSS
Oh to be a boss...
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