Happy New Year, and welcome to 2024!
As we settle into the year, have you considered your goals and how to pursue them? Well, here’s some good news!
Whether it’s property sales, business structuring, or pre-separation advice, our dedicated team is ready to collaborate with you.
In our first blog of the year, we delve into five legal matters to consider prioritising in the first quarter of 2024. Discover why taking these steps now can significantly impact your experience and outcomes year-round. Read on.
1. Get your Will & Estate plan organised (or updated)
The start of a new year is an excellent reminder that life can change – sometimes at a moment’s notice. This is why, when it comes to protecting your assets and looking after the interests of your loved ones, you should make sure to think about whether you need to create (or update) your Will and Estate plan.
There can be myths that creating a Will is uncomfortable, or updating it can be difficult and time consuming. In reality, if you have the right legal team, who can create the innovative, practical solutions that you need, this process can be simple and manageable for your schedule.
If you have family dynamics that are complex, business ventures that need protecting and future assets to be considered, our Wills & Estates team can help you formalise your wishes now.
2. Seek business advice
As a business owner, minimising risk and maximising your opportunities is very important. One of the ways you can do this is to ensure that your terms and conditions reflect your current business structure by working with a lawyer to review them.
Before doing this, a business lawyer can also help you discuss any changes you are looking to make to your business structure for 2024, advise on ways to streamline your processes as an employer and comply with any new business legislation that applies to you.
3. Find out important dates for business owners
2024 might be the year that some employers will look to sell their businesses. If this is the case for you, there are specific dates in the year you’ll want to be aware of (including June 30th) so that you can reduce your taxable income and complete your transaction correctly. The earlier you touch base with our experienced business lawyers, the sooner you can establish when you want to sell your business and how you can practically get there.
4. Receive pre-separation advice
Sometimes, Christmas can be a pressure cooker for family relationships and dynamics. The summer holidays can also allow you more time to reflect on what you truly want for yourself and your family.
If that is a new start, then chatting to a family lawyer for separation – or even pre-separation – advice can be of great benefit. By receiving thorough support on what financial documentation to keep, how to best transition from marriage into separation, and find support for mental health or financial advice, you can work on your timeline, minimise stress and truly feel prepared.
5. Prepare your property for sale
For many, 2024 is the year they will pursue their property goals. If you are looking to sell the property you own this year, consider these crucial legal steps:
Engaging a property law team to prepare a Section 32, review your property law contract and advise you on any potential issues to be aware of.
Preparing documentation for your property transaction can sometimes take longer than you think, so starting in the early months of 2024 is a wise option.
Another important announcement to note this year are the new changes to Land Tax laws in Victoria:
The new tax law prevents land tax adjustment between a vendor and purchaser in contracts for the sale of land from the 1st of January 2024.
This doesn’t apply for contracts that exceed 10 million dollars or were entered on or before the 31st of December, 2023.
If you received a land tax bill on the 1st of Jan 2024, now is the time to consider what your sale price is going to be and speak with our property law team about how these new law changes will impact you.
At South East Lawyers, our generalist firm offers legal advice and support for family law, business and commercial law, property law, conveyancing, and Wills & Estates matters for families and individuals. With us, you can streamline your legal matters, receive the in-depth advice you deserve and feel confident that every need is handled thoroughly and carefully. To work with us, reach out to our team here.