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Small Trade Contracts: What you need to know moving forward

Written by Edward Bostock and Tayla Westman Originally published in The Profit The Fair Trading Amendment Act 2021 comes into force in August 2022 and this will place new obligations on businesses while providing new protections for consumers and small businesses. The key change is that “standard form small trade contracts” will now be subject to the unfair contract principle. To understand the significance of this change we first need to identify what constitutes a “small trade contract”? A small trade contract will...

Rollover relief to the brightline rule

The brightline property rule applies to properties purchased after 1 October 2015. It looks into what period the property was acquired and when it is being sold. If the property is sold after owning it for less than ten years, you may be obliged to pay income tax. The date that the land of the purchased property is transferred to you is the date the brightline period begins, and this date determines whether the 2, 5 or 10 year brightline period...

Guarantees – Discussing anti-discharge clauses

Most guarantees have an “anti-discharge” clause, these clauses are designed to prevent a guarantor from being discharged from liability and allows the creditor to vary the underlying contract without the guarantor being discharged from their obligations. One of the most referred to authorities is the case of Holme v Brunskill. In Holme v Brunskill, the case involved the renting of a farm. The farm had sheep on it and a bond was given in relation to the number and condition of...