A financial gain, made on the disposal of an asset, not in the form of income. Such gains may be liable tax.
Capital gains tax
(CGT) A tax levied upon the gain made in the disposal of assets acquired after the 19th of September 1985. All net capital gains that the taxpayer makes on the value of the asset will be assessed by the Australian Tax Office as income.
Principles of law which are formulated by the courts as opposed to those which are formulated by the legislature.
A request from a lower court to a higher court for an opinion on a point of law involved in a decision.
Cause of action
The facts which enable a plaintiff to bring a legal action against another.
Latin - let him beware. A notice to prevent parties taking action in relation to certain procedures until the caveator's assertion has been dealt with by a court. Common examples include caveats lodge on the registration of Torrens title land and caveats lodged against a grant of probate.
Latin - buyer beware.
Certificate of title
A document showing the registered proprietor of Torrens system land and any encumbrances or insterests over the title. Certificates of title are issued by the Registrar of Titles.
Latin – to be informed. A prerogative writ issued by a court which overrules a decision of a lower court, tribunal or administrative officer. Grounds for the issuing of such writs include a denial of natural justice, an error of law or ultra vires.
A company is a legal entity generally formed to acquire profit through commercial activities.
Company limited by guarantee
A company where members guarantee specified amounts in the event of liquidation. However, members of such companies are not required to contribute funds while the company is in operation.
Company limited by shares.
A company where the member's only liability is to the value of any unpaid portion of their shares.
People who own shares in a company.
An officer of a company who has authority to deal with administrative issues. Company secretaries are required to be appointed by the directors of the company.
A non-express trust is created without an express declaration by the settlor. There are 3 main categories of non-express trusts: Implied, Resulting and Constructive. Unlike an express, implied and resulting trust which arises from actual intention (respectively express or implied), a constructive trust arises not because of any intention of a person holding property or an interest in property. It comes from the operation of law. This is because it is inequitable (unfair) for you to hold that property or interest for yourself. For example, in equity it is a fraud for you to deny the trust. There are many examples: a vendor's lien for unpaid purchase money; a purchaser's lien for prematurely paid purchase money; where you make a profit from a fiduciary relationship such as renewing the partnership's lease in your partner's name.
A legal entity characterised by a common seal, the ability to own property, the ability to sue and be sued and perpetual succession. An example is a company.
Proceedings brought by two parties against each other concerning the same issues.