The "New" Super Frontier

In September 2007, the The Superannuation Industry Supervision Act was amended to allow Super Funds to borrow and grant mortgages so long as a specially prescribed structure is used.

This article refers to this being a "new" frontier, even though the amendments came into effect nearly two and a half years ago, because it has only been recently that the banks and the trustees of the self managed super funds (SMSFs) have really started to put together the deals to put the changes in the law into effect.

There are strict conditions which must be satisfied:

• The loan funds must only be used to acquire an asset which the SMSF is is permitted to acquire
• The asset must be held on trust for the SMSF while mortgaged
• The SMSF must acquire a beneficial interest in the asset
• The SMSF must have the right to acquire legal title to the asset by making one or more payments
• The loan must be a limited recourse loan - that is, rights of the lender (to recover borrowings from the SMSF) must be limited in recourse to the asset being the security property

It is very important for the SMSF to obtain proper advice about the SMSF Loan.  If you would like any further information, please contact Rebecca Flynn or Anika Fleet.

Watch what you say on social networking sites

Whilst social networking sites are a useful tool for communicating with friends and family, they also provide a mechanism for people to act contrary to the law.

How to reduce the cost of a divorce

 There are inevitable costs associated with a marriage breakup and the division of property and the arrangement of parenting rights and most of these are associated with legal fees and expert's fees or the case itself. There are a number of ways to substantially reduce these costs in any marriage or relationship breakdown. Some of these are:

• You will substantially reduce your legal fees if you can agree with your former partner on as many issues as possible. Preparing the binding documents to reflect this agreement is not the biggest aspect of expense it is getting to the agreement if you have to get your lawyer to negotiate it for you.
• Be realistic about the value of the asset that is being disputed. The real value may be substantially less than you think and may be outweighed by the legal costs associated with its dispute.
• Don't be tempted to use the children as tools to punish or correct behaviour of your former spouse. Parenting disputes if inflamed can be very expensive and they are very harmful to the children and your ongoing relationship with the former partner. Don't try to use the proceedings to punish a former partner. The Law can be a very blunt instrument and it is not designed to punish past misdeeds.
• Always keep in mind the likely expense of continuing your case and be prepared to compromise to keep out of Court.
• Don't be overly influenced by what has happened in other person's settlements. This is your divorce. What others have received or something that happened in a friend's case will have little or no bearing on your case unless you allow it to. Family and friends can offer well-meaning but sometimes harmful advice.

If you or anyone you know is in need of assistance in relation to family law or de facto issues please contact Greg Dickson, greg@wmdlaw.com.au or (02) 9525 8688.

Lions Club of Cronulla and WMD Charity Golf Day 

We note with pride the 13th Annual Warren McKeon Dickson and Cronulla Lions Club Golf Day held on Friday 12 March at Cronulla Golf Club was an outstanding success. In perfect weather and with 138 attendees and 20 sponsors the event ran smoothly and resulted in over $25,000 being raised, all of which will now go to Sutherland Hospital, Sydney Children's Hospital and the Bate Bay Surf Clubs. We are proud to work in conjunction with Cronulla Lions Club on this and other events and thank all our clients and friends for their support of this fantastic organisation and event. We will be in touch with all attendees next year as the event approaches. Should you wish to offer any feedback to the event organiser you can do so by email to kevin@wmdlaw.com.au

  

Amendments to the Family Law Act concerning Financial and Termination Agreements

On 4 January 2010 the Family Law Act 1975 was amended to relax certain technical requirements that must be satisfied for a Binding Financial Agreement or Termination Agreement to be binding.  As a result of the amendments:

 

• Legal practitioners can provide signed statements about the giving of prior independent legal advice to a party to Financial and Termination Agreements either before or after the party signs the agreement

 

• Parties who enter into Financial and Termination Agreements can now seek a declaration from the Court, in enforcement proceedings, that an Agreement is binding in spite of a failure to meet the procedural requirements relating to the making of the Agreement if the court is satisfied that it would be unjust and inequitable if the Agreement did not bind the parties (disregarding any change in circumstances from the time the Agreement was made)

 

The amendments to the Family Law Act operate retrospectively to Agreements made after 27 December 2000.  Any Financial or Termination Agreements made prior to 4 January 2010 will be binding on the parties if they have had independent legal advice.  The amendments to the Family Law Act do not revive any Agreements that had previously been found to be non-binding or where Court Orders have been made in relation to an Agreement.

 

If you or anyone you know is in need of assistance in relation to the changes to the Family Law Act please contact Greg Dickson, greg@wmdlaw.com.au or Kevin Dwyer, kevin@wmdlaw.com.au or telephone us on (02) 9525 8688.

Relay for Life 2010

This year, we are proud to be involved in the 2010 Sutherland Shire Relay For Life. 

On Saturday 1 May, the WMD Walkers will be taking part in what is a global event to fight back against cancer.   Our team will be walking, running, meandering (and maybe even sleepwalking at some stages) around the track for 24 hours to raise money for this worthy cause.

Did you know that:

• One in two Australians will be diagnosed with cancer before the age of 85.
• Every five minutes, another Australian is diagnosed with cancer.
• While survival rates are improving every day, cancer remains a leading cause of death.

Every dollar raised at Relay For Life helps the Cancer Council to:

• Investigate new ways to prevent, detect and treat cancers
• Educate people in our community about ways they can reduce their cancer risk
• Advocate for cancer control and influence government policy
• Support patients during their times of greatest need

If you would like to help us support this cause, you can make your donation to our team here - http://www.relay.cancercouncil.com.au/?2010/sutherland_shire_2010/wmd_walkers/
 
In April, to assist in our fundraising efforts, we will be hosting a cake stall in the courtyard near our office and a Family Fun Night at McDonalds Kirrawee. More details of these events will be posted on our website shortly.