September will see the introduction of new drink driving laws which will aim for harsher penalties, enforcing the seriousness of drink driving offences which endanger lives. The new laws will close the loop hole for repeat offenders who are treated as first-time offenders if their latest conviction was more than five years before.
The laws will now consider drink driving offences of up to 10 years when sentencing, which is consistent with other legal time frames. There are currently more than 800 repeat drink drivers a year and the expectations are that these laws will result in larger fines, longer periods of disqualification and a greater likelihood of facing a sentence of imprisonment.
The new Legislation brings about many changes to Defacto Relationships and their break downs. One of the changes is that Cohabitation Agreements are no longer called Cohabitation Agreements, and are now titled Certified Domestic Partnership Agreements; the Act also defines terms such as “Domestic Partner”, as “a close personal relationship” and “Spouse” which now recognises couples of the same sex.
Therefore, have a look at the new Domestic Partners Property Act, 1996 and familiarise yourself with all the changes that have been made.
In both cases, the extension of relief has been granted until 31 August 2007.
1.1 General Insurance Relief
Regulation 7.9.15D –7.9.15F of the Commonwealth Corporations Regulations 2001 (the “Corporations Regulations”) modifies the application of financial services disclosure provisions to general insurance products. These Regulations provided a transition period until 20 June 2007.
I am pleased to advise that ASIC has since granted further relief, in Class Order [CO 07/409] that extends the transition period in the Regulations until 31 August 2007.
During the transition period, general insurers can either comply with the modified disclosure requirements or continue to comply with the provisions as prior to the legislative modifications.
Moreover, on 26 March 2007, the Government announced proposed new Corporations Amendment Regulations to simplify the financial services regime.
Amongst other things, these new Regulations will modify financial services disclosure provisions, including in relation to dollar disclosure provisions for general insurers. The legislative changes will require insurers to make changes to their disclosure documentation.
A core part of my role at Georgiadis Lawyers involves advising issuers of financial products and services how best to comply with such financial services laws. I can assist you to comply with these laws and in particular, as a general insurer that you comply with the disclosure obligations in the Corporations Regulations 7.9.15D – 7.9.15F.
I can either update your disclosure documents for you or I can conduct a compliance review of the same to ensure that at the commencement of the new legislative requirements including the proposed new Corporations Amendment Regulationsannounced by the Parliamentary Secretary to the Treasurer on 26 March 2007, you duly comply with the same.
We are very much a team at Georgiadis Lawyers and looking forward to providing some online legal notes and musings via our Law Blog. This is part of the main ethos of our firm, to provide affordable, efficient legal service, be it for the preparation of a simple Will to mediating in multi million dollar commercial disputes.
We understand the financial pressure on individuals and business when they step into the potential quagmire of a legal dispute, or even the drafting of a letter or document. If you have ever read a newspaper article about a new law and thought “what does this mean for me?”, check our law blog and hopefully we will have anticipated the question and be able to help. If you need more personal assistance, give us a call. I am sure you will find our efficiencies, and consequently our lower costs, next to none.
In the coming weeks we shall add a forum for your feedback to our blog. Please visit us regularly or subscribe to our RSS feed to keep up to date with the events and news from Georgiadis Lawyers.
Georgiadis Lawyers has many clients involved in banking and finance. They would be all pleased to know that as promised in the 2005/2006 State Budget, the Government had announced that the duty on the remaining categories of mortgages that are still liable for stamp duty will be phased out. The rate of duty on a dutiable mortgage stamped from 1 July 2007 will be reduced by one third to 30 cents per $100. The rate of duty will further reduce to 15 cents per $100 from 1 July 2008.
It is noted that the stamp duty rate will be assessed as at the time of stamping the mortgage not the date of the mortgage.
Even better news is that stamp duty on mortgages is being abolished from 1 July 2009.
