It is crucial that you put in place a cohabitation agreement or a living together agreement when you live together with your partner. The purpose of entering into such an agreement is that your assets are safeguarded even if you both were to split ways in the future.
The assets that can be safeguarded by a living together agreement are those which have been bought before you started living together with your partner. It can include other important aspects such as how the living expenses will be divided between the two of you and how the debt accumulated during your relationship will be shared between the two of you. Setting out such a financial agreement makes it clear as to who owns what when you cease living together.
When to use a Living Together Agreement
A living together agreement can be used if:
Ø You are currently living with someone or intend to live with someone in the near future
Ø You wish to set things straight regarding ownership of assets and also how bills will be paid
Ø If any of the partners decide to approach the court upon the split up, you wish to have a formal agreement which can be deemed legal by the courts
Contents of an Agreement
The following aspects should be made clear in the cohabitation agreement:
Ø The income earned by each person in the relationship belongs to the one who has earned it
Ø The property or assets which were owned by a partner continue to be owned by that particular partner, irrespective of the status of their relationship.
Ø The assets which were bought together will be owned jointly by the couple.
Ø Both partners will share a joint liability to pay off the debts that were acquired jointly.
Ø The splitting of living expenses
Is Independent Legal Advice Necessary?
Before entering into an agreement of this sort it is advisable for each of the partners to seek legal advice. This can help to prove at a later date that both the parties entered into the agreement completely aware of what type of agreement they were entering into.
It is also advisable to make complete financial disclosures as there can be claims later of having acted under some influence. Having a formally drafted agreement rules out the possibility of a dispute and proves that each partner had voluntarily signed the agreement and that no pressure had been placed on them to agree to the terms involved.
Terminating the Agreement
If any of the following events have occurred, the agreement can be terminated:
Ø One of the partners die
Ø The partners involved in the agreement decide to get married or enter into a civil partnership with each other or any other person
Ø Both partners mutually decide to terminate the agreement. A deed will be signed to make this happen
Ø One of the partners is handed over a written notice which terminates the agreement
Ø Partners decide to adopt a child
Ø If court rules out the agreement to be legally invalid
Distribution of Assets after Termination of Agreement
When an agreement is terminated, the assets which have been acquired after entering into this agreement will be treated as being owned jointly. Therefore the assets will be sold and the income earned will be divided equally between the partners. The debt which was acquired jointly will have to be paid in equal shares. For any personal debt, the partner who is liable to pay it will be responsible for its repayment.
Which other documents are required for Legal Protection?
If one of the partners who were living together were to pass away the cohabiting partner may find a claim to the deceased partner’s assets. To prevent your assets from being inherited by the wrong person you may have to write your own Will. Almost two thirds of British citizens presently do not have a valid Will which puts their assets at risk.
English Law doesn’t recognise cohabiting partners and the rules of intestacy may not ensure wealth distribution according to your wishes. There are many ways you can write a Will such as using a simple Will template which several websites provide or by hiring the services of a solicitor.
Offences and Penalties Under GST
What is meant by the GST offenses and penalties?
The GST law has plainly characterized depictions of offenses and the punishments imposed in every situation. This is vital data for all entrepreneurs, CAs and Tax Professionals as an incidental slip-up can cause extreme outcomes.
Offenses under GST
There are 21 offenses under GST. We have mentioned a few here. For the entire list of 21 offenses please go to our main article on offenses.
The major offenses under GST are:
● When GST registration is not done, even though required by law.
● Supply of any goods/services without any invoice or issuing a false invoice
● The issue of invoices by a taxable person using the GSTIN of another bona fide taxpayer
● Submission of false information while GST registration
● Submission of fake financial records/documents or files, or fake returns to evade tax
● Obtaining refunds by fraud
● Deliberate suppression of sales to evade tax
● Opting for composition scheme even though a taxpayer is ineligible
The major penalties under GST
In the event that you select to drop your registration, you have to apply for it on the GST Common Portal. You should do this inside 30 days of the occasion which made you drop your enlistment. You will require information of stock hung on the date and the quantum of levy of installments and credit inversion, and the points of interest of installments made.
● If the individual can’t document the return inside the course of events than the Penalties GST if there should arise an occurrence of typical return is Rs.50/ – every day and Rs.20 every day in the event of nil return.
● If the individual isn’t qualified for the organization to conspire but enlisted under the plan with the aim to submit extortion the punishment will be 100% of the assessment due or Rs.10000/ – whichever is higher and in different cases 10% of the duty due or Rs.10000/ – whichever is higher.
● If an individual is charging higher GST than the rate pertinent and not saving the duty gathered to the Government the Penalties GST will be 100% of the assessment due or Rs.10000/ – whichever is higher.
● If the individual neglects to issue a receipt for the products/benefits, the punishment will be 100% of the expense due or Rs.10000/ – whichever is higher. In the event that the receipt issued contains wrong/deceptive subtleties, the punishment will be Rs.25000/ –
● In situations where the measure of duty is more than Rs.100 lakhs, it pulls in punishment and prison time. On the off chance that the measure of duty is Rs.100-200 lakhs it will be up to 1year, the assessment sum is Rs.200-500 Lakhs it will be as long as 3 years and if the expense sum is more than Rs.500 lakhs it will be as long as 5 years.
● Any situation where the punishment isn’t explicit the punishment will be Rs.25000/-.
Leading professionals for property valuation services in Sydney
Are you planning to invest in any property for the residential or commercial purpose in Sydney? Property investment is always a big decision and you always want to make it right with the help of top professionals of the industry. As an individual, you may not have an idea about the true value of the property when you are going to purchase it from any dealer. In this kind of situation, you will need to call the professionals who can help you with the services of property valuation to provide complete details about it.
Property valuation is definitely one of the important and beneficial procedures for all the buyers in the market. If you are also searching for the leading professionals of this industry for help, you can contact Romeo Property Valuers who are available to serve the clients with a bunch of services for property valuation. With the help of these professionals, you will be able to know about the market value, development feasibilities, insurance, immigration complaints, GST, tax audits, property transfers and many more legal formalities. Because of all these services, you will be able to make the right deal without any kind of inconvenience with the help of best real estate valuer Church Point. If you contact these professionals for help, they will definitely give you the best in class services because of the following qualities:
A team of leading professionals having a long time experience:
In this industry, you can’t trust every company for the same quality services when you are going to find the services for any residential or commercial property valuation. If you want to search for the leading professionals of the industry, Romeo Property Valuers will be the right destination for you. They are at a reputed position in the market because of the team of leading professionals who are working with a long time experience to deliver all these services. Because of the proper experience and skills in this industry, they will fulfill all your requirements when you are going to make the property investment.
Transparent and trusted services:
These professionals are known for their trusted and reliable services for the clients. You do not need to worry about any kind of hidden charges or terms and conditions while working with these professionals. Because of the transparency in the services, you can trust them and can call anytime for help. They work with complete dedication for customer satisfaction in the market. Because of such quality of the services, they are able to keep the clients completely happy with the services as top real estate valuer Arndell Park. You should definitely trust these service providers in Sydney for help.
Available for the advice:
It is true that you may need any kind of advice to make the right deal for any kind of residential or commercial property in Sydney. If you are confused about any kind of legal formalities or pricing of the property, these professionals will serve you with best-in-class services. They are available to offer legal advice for all the clients who need help to make the right deal for the properties. You just need to contact them and they will advise for the right decisions for property investment.
Cost effective services for clients:
For the clients, they are available to offer very cost effective services and you do not need to worry about the cost of getting the services of property valuation with these professionals. Many customers think about the cost of calling the professionals for the services of property valuation in Australia. Now, you do not need to worry about such kind of issues when you want to know about the real residential, commercial or industrial Property value Sydney. They are known to offer all the required services at much affordable price.
Because of all these specialties of these professionals in Australia, you will definitely have lots of benefits to take the right decision for any kind of investment in the property. They will not only help to find the right deal for any kind of property as per your budget but they will offer one solution to keep you relaxed and comfortable for all the legal formalities.
There is no need to get confused about the true value of the property when you are going to invest your money in it. With the help of these professionals, you can give time to your life and work without such kind of stress about the investments. They have a long list of completely satisfied clients in the market because of their excellent quality of the services. You can definitely get the help of these professionals whenever you want for your property investments. You just need to visit their website and contact them for any kind of help that you need for the property valuation.
Find the best deals on all kinds of shipping containers in Australia
Are you searching for the best place to buy shipping container in Australia? Do you want to use shipping containers for storage or moving of your items in the easiest way? At the present time, shipping containers are used at a large scale for several purposes by the residential and commercial customers all over the world. Whether it is about your moving projects or you want to find a temporary storage solution for your home or office items, you will definitely find the shipping containers very beneficial for all these requirements in your daily life.
One thing is for sure that many companies are available in Australia to offer services for containers for sale Sydney and they are providing few other additional services to the clients. However, you never want to compromise on the service quality, product quality and pricing when you are looking for any kind of shipping container to use for your residential or commercial purpose. Among all these service providers, you can definitely trust the services of Containerco because they are one of the leading professionals to deliver the services for every customer who is searching for new or used shipping containers in Australia.
New and used shipping containers available:
The customers may have different requirements when they are going to invest in shipping containers in Australia. If you are going to use it for your permanent storage or shipping requirements then it will be good to go for a new one where you will definitely find assurance of genuine quality and excellent condition. Some of the customers want to make the modifications and changes in shipping containers for the residential and commercial requirements. For all such customers, it will be good to go for the used shipping containers that are available at much affordable price.
With the team of Containerco in Australia, you will be able to find the complete range of new and used shipping containers without any kind of inconvenience. They understand the requirements and different budget capacities of the customers. According to your requirements, they are available to serve you in the best way with the best deals on new and used shipping container options. You never need to worry about the quality of used shipping containers when you are going to invest in it. You should definitely check out the complete range of these new and used containers for sale.
Available in all sizes:
According to your storage or shipping requirements, they are available to offer all size options for shipping containers. Whether you want to go for the option of 10ft shipping container hire or you want to go for higher size for extra storage space in the container, they can offer everything as per the needs and requirements of every customer. Because of availability of all the sizes in shipping containers, you will definitely get the freedom to choose the appropriate storage space according to your requirements at your home or commercial places. You do not have to go for a smaller or larger one that will not be sufficient for your storage requirements.
Modification services available:
Today, modified containers are extremely useful in several industries for the clients and you can also find excellent solutions for modified shipping containers in Australia. If you are searching for the best range of modified containers for sale in Sydney, you just need to find it with Containerco. You will be able to find the options like dry container, refrigerated container, fully open side container, open top container, flat rack container, doors at both ends and many more options with these modifications for the shipping containers. You can also contact them for any kind of custom modifications as per your requirements for these shipping containers.
Excellent price deals for customers:
If you are going to get the shipping containers with these professionals in Australia, you do not need to worry about the pricing. They are available to offer the best price offers for all the customers who are going to get the shipping containers. If you are out of budget for a new container then you can definitely pick the option of used containers with these professionals. You do not have to compromise on the quality of shipping containers when you are going to find the best price deals for it.
With these experts, you will also find very comfortable services because they will drop it to your location and they will keep proper care of all your transport requirements for these shipping containers. If you want to find all these kinds of benefits to buy the shipping containers in Australia, you just need to visit their website and get the free quote. You can discuss your requirements to get the quote for the shipping containers with this company.
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