In Show 048 – Monthly Legal Updater – January 2018 originally broadcast on Facebook Live on Friday 5 January 2018.
It’s time for another monthly legal updater. The new year means lots of new rules and regulations – across Australia and around the world. We’ve highlighted the changes that are most likely going to impact you in your daily life.
Tax issues for investment properties
First up is a major change for those that own investment properties in Australia. If you’ve got an investment property in another part of the country you used to be able to write off many ancillary costs associated with travelling to that property. Things like flights and car hires could all be written off. As of 2018 that is no longer the case. You may want to consider hiring a property manager instead of making those trips.
The Turnbull government’s new education plan comes into effect this year. There are many changes that will effect school age children and those that work in the education sector.
Life insurance commissions
The government has brought in changes to the way life insurance companies get paid for their product. The changes are quite extensive but among the most important is a new commission structure that is intended to lower the cost of life insurance.
NSW Property developer bond
As of 2018 any new building being constructed over two stories will have to lodge a 2% bond with the New South Wales Building Commission to protect the public from defective builds.
Starting January 9, 2018 same-sex couples will be permitted to legally marry across Australia.
California has become the latest American state to legalize recreational marijuana. You can’t smoke at work or in your car and the details of where you can legally buy it are still to be worked out.
China garbage rules
China has for many years accepted waste from other countries. As of 2018 that is no longer going to be the case. China is cutting way back on the type and amount of garbage it imports. It’s all an effort to combat the huge amounts of pollution in the country.
Electric black cabs in London
There are few things more iconically British than the London black cab. But they are changing. Come 2018 the cars are all being converted to run on electricity rather than gasoline.
Wood burning in Europe
Gas and wood burning stoves and fireplaces have come under strict new rules inside the EU. They will now have to meet emissions standards in order to preserve air quality.
Bankruptcies decline in Australia
The end of the calendar year means that a raft of statistics have also been released. ASIC has reported that there was a marked decline in insolvent businesses over the last year. There are many reasons why companies go under but nearly half reported that cash flow problems are what did them in. The other half said that a lack of a strategic plan is why their businesses failed.
Computer game company fine
Valve Corporation, one of the largest video game companies in the world, was fined the maximum by the Australian Federal Court. The company was found to have wilfully ignored Australian law when it began operating in this country. In total the company will have to pay $2.2 million in fines.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.