How your business can avoid GST when transferring yacht

Posted on Categories Commercial Law, Maritime & SuperyachtTags

 If you’re business is registered for GST and you are looking to restructure, it is important to get the correct legal tax advice, as incorrectly restructuring assets in your business may incur an unnecessary GST debt, which may be costly as boats are generally expensive assets. Given that GST is payable at a rate of 10% on the value…

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How to secure your boat sale: a tip for brokers

Posted on Categories Maritime & SuperyachtTags

A well-drafted contract will assist the sales process and help to secure your boat sale. You may ask how is this possible? Usually the words ‘Boat Sales Contract’ are often considered as making the sale process more complicated. The starting point with securing a boat sale is to ensure that your contract meets the brokerages practical and legal…

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Exporting smartly

Posted on Categories Maritime & SuperyachtTags

The smart exporter needs to plan, but often the importer is dangling orders enticing the exporter before they’ve had time consider thoroughly their legal position. With the potential loss of a future contract and income the importer’s siren song can be very enticing especially in a competitive market. However, not having a well-considered plan could be tantamount to commercial…

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Reviewing the marine industry future

Posted on Categories Maritime & SuperyachtTags

Four years ago the article ‘A Grey Cloud Over the Industry’ critically analysed the effect of Grey Imports on the legal and economic seascape of the Industry. This article will revisit those issues in the context of today’s seascape. Indeed the global financial crisis is still referred to as a major game changer across all economic spheres with the Australian…

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Accreditation

Posted on Categories Maritime & SuperyachtTags

When making comparisons with countries such as Germany, in relation to their education system and how this interrelates with industry may seem unfair given the differences in economic development. However, if Australia is to compete on the world stage it can not be seen to be second best and such comparisons are useful. One such comparison is where before…

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Are you and your business protected?

Posted on Categories Maritime & SuperyachtTags

There are many similarities between a seamen respecting the sea, not taking unnecessary risks and how you expose your self to risk in business, if not thoughtfully considered the captain may risk going down with the ship. Businesses in the Marine Industry, while governed by the same rules and regulations as other general businesses, operate in their own peculiar commercial…

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Life Jackets

Posted on Categories Maritime & SuperyachtTags

Background Law A commonly stated and eye-opening statistic is that between 1999 and 2011 only 15 of the 221 people killed in NSW boating accidents were wearing a life jacket. Three main rules, always have and always will apply for lifejackets on vessels: ALL vessels must carry a lifejacket for each person on board (unless exempt). The lifejackets must be the correct size for…

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