Put and call options on the rise in Queensland
Across Queensland, we are witnessing a surge in the property market. Regional Queensland, in particular, is experiencing greater demand than has been the case for many years. As a result, the use of put and call options is on the rise.
As most readers would be aware, a Put and Call Option Agreement is a contract where one party agrees to sell one or more properties if requested by the buyer (a call option) and the other party agrees to buy the same property if requested by the seller (a put option).
For both the buyer and seller, a properly drafted Put and Call Option Agreement can make a big impact on just how effective it is at protecting your needs.
In a rising market, buyers are being drawn to a put and call option as most agreements of this kind will include a right for the buyer to nominate a third party to be the buyer under the contract. This is the mechanism that, in theory, allows a buyer to on-sell property using an option agreement without ever having to settle on that property. This is attractive to a buyer in a market where prices are rising.
From the seller’s perspective, if you are minded to enter into a put and call option, it is important to consider the following items to safeguard the seller’s interest:
In addition to such mechanisms, the time frames allowed by the seller is important. It is important to keep a buyer to specific time frames and have a right of termination accrue in the seller’s favour if a buyer fails to perform. This will prevent a speculative buyer looking to ‘sit’ on a put and call option for an extended period. For instance, the seller should consider incorporating separate conditions with due dates which require:
Separate to the above to best help a seller negotiate terms of the put and call, it is important to understand the commercial drivers of a buyer. Buyers who are looking to develop the property will want to incorporate the following terms into the put and call:
Author: Ranjit Singh
Linda Reynolds apologises after NDIS sends woman’s private details to abusive ex-partner
The privacy breach is the latest controversy to embroil the scheme and came as the minister defended a leaked communications plan related to independent assessments (04 June 2021). More...
News organisations fined more than $1 million for contempt of court in George Pell trial
Some of Australia's most well-known newspapers, websites and radio stations have been slugged more than $1 million in fines for being in contempt of court during the child sex abuse trial of Cardinal George Pell (04 June 2021). More...
Release of the 'Foster Report'
The Government has released the consultation report provided by Stephanie Foster PSM into the processes and procedures relating to serious incidents in the parliamentary workplace. This report has made some significant findings and recommendations to improve how serious incidents are prevented and dealt with in the parliamentary workplace (04 June 2021). More...
Australia-US to collaborate in fight against phone scams
Australia and the United States will work together more closely to combat unlawful robocalls, unsolicited texts and phone scams under a new agreement signed by the two country’s respective communications regulators. (04 June 2021). More...
Courts are treating DV cases more seriously
Queensland Courts are treating domestic violence offences as more serious offending, warranting the greater use of custodial penalties as well as longer custodial penalties (31 May 2021). More...
Legal profession leading change on domestic and family violence
President of the Law Council, said the Law Council convened the roundtable following the findings of several recent inquiries that called for the legal system to be better equipped to respond to family violence and protect vulnerable individuals. Participants agreed that problems caused by the differing definitions of domestic and family violence between jurisdictions should be further considered (30 May 2021). More...
Australian court finds government has duty to protect young people from climate crisis
The federal court of Australia has found the environment minister, Sussan Ley, has a duty of care to protect young people from the climate crisis in a judgment hailed by lawyers and teenagers who brought the case as a world first (27 May 2021). More...
Australians deserve tech that protects their rights
A new report by the AHRC calls for far-reaching changes to ensure governments, companies and others safeguard human rights in the design, development and use of new technologies like artificial intelligence (AI). The Human Rights and Technology final report, makes 38 recommendations to ensure human rights are upheld in Australia’s laws, policies, funding and education on AI (27 May 2021). More...
Concerns as Dr Yang Hengjun faces trial
The Law Council of Australia strongly supports Minister for Foreign Affairs, Senator the Hon Marise Payne, in calling on the Chinese Government to permit Australian citizen Dr Yang Hengjun access to legal representation and consular assistance (26 May 2021). More...
Investing in Queensland women grant recipients announced
More than 30 community groups are set to benefit from funding that will advance gender equality and respect for women and girls in Queensland. Successful applicants in round one of the Investing in Queensland Women program will receive up to $15,000 to assist with the development and flexible delivery of community initiatives set to empower women (26 May 2021). More...
Voluntary assisted dying laws introduced to Queensland Parliament
Legislation to allow access to voluntary assisted dying in Queensland has been introduced into Parliament.
Premier Annastacia Palaszczuk said the Voluntary Assisted Dying Bill 2021 will now be scrutinised by the Health and Environment Parliamentary Committee, and will go through further public consultation (25 May 2021). More...
VAD bill welcome but better access needed for remote Queenslanders & those with long term illness
Queensland’s proposed voluntary assisted dying bill is welcome but could be improved to ensure timely access for people living in remote areas, and to remove subjective rules around life expectancy time frames, says the Australian Lawyers Alliance (ALA) (25 May 2021). More...
Commonwealth Parliamentary Review now open for submissions and interviews: Sex Discrimination
The AHRC is inviting contributions for its Independent Review into Commonwealth Parliamentary Workplaces, accepting written contributions from groups covered by the Review’s Terms of Reference. The Review aim is to ensure all Commonwealth Parliamentary workplaces are safe and respectful and that our national Parliament reflects best practice in the prevention and handling of bullying, sexual harassment and sexual assault. Make a written submission here. The Department said it would receive submissions on its Consultation Paper until 9 July 2021. The Department’s 17-page Consultation Paper, including information on how to have a say, can be accessed here.
Attorney General Consultations
National Register of Enduring Powers of Attorney
Closing date 30 June 2021
Attorneys-General from each Australian jurisdiction have agreed to consult on possible arrangements for a National Register of Enduring Powers of Attorney. We have prepared a consultation paper to seek your views.
Law Council update
The Law Council produces a fortnightly newsletter which highlights the Law Council's important activities and advocacy, along with any relevant media and events stakeholders would be interested in. More...
Law Council of Australia submissions
04 June 2021— Law Council
Supplementary submission: Intelligence Oversight and Other Legislation Amendment (Integrity Measures) Bill 2020
28 May 2021—Law Council
Australia’s Humanitarian Program 2021-22
25 May 2021—Law Council
Supplementary submission: Inquiry into extremist movements and radicalism in Australia
AAT Bulletin
The AAT Bulletin is a weekly publication containing a list of recent AAT decisions and information relating to appeals against AAT decisions
Issue No. 11/2021, 31 May 2021. More...
AHRC: Independent review into Commonwealth parliamentary workplaces
The Commission will not be investigating nor making findings about individual allegations of bullying, sexual harassment or sexual assault as part of the Review. The Commission will report on its findings and recommendations in a report to be tabled in Parliament in November 2021. The Terms of Reference outline the scope of the review in more detail here.
OAIC consultations
National Health (Privacy) Rules 2018 review
The closing date for submissions is 4 June 2021.
OAIC: Our FOI disclosure log
The information described in our disclosure log has been released by the OAIC under the Freedom of Information Act 1982 (FOI Act): Updated May 2021
ALRC: Judicial impartiality consultation paper 2021
The Inquiry would look at judges in the High Court, Federal Court, Family Court and Federal Circuit Court. Submissions are open until 30 June. The ALRC was expected to deliver is report to the Attorney-General by 30 September. The Paper can be accessed here.
Regulator performance guide for consultation
The guide will empower regulators to demonstrate and report on best practice performance that is in line with the Government’s expectations and supports investment and growth. Submissions open until 21 May 2021. More...
ANAO consultations
Due to table: May 2021 Open for contribution Administration of the National Bushfire Recovery Agency.
The objective of this audit is to assess the effectiveness of the National Bushfire Recovery Agency and its administration of the National Bushfire Recovery Fund. Due to table: May, 2021 Open for contribution - Australian National University’s Governance and Control Frameworks - The objective of this audit is to examine the effectiveness of the Australian National University’s governance and control frameworks.
Finance and Public Administration Legislation Committee
Operation and management of the Department of Parliamentary Services
On 11 May 2021, the reporting date was extended to 30 June 2021.
Legal and Constitutional Affairs Legislation Committee
Family Law Amendment (Federal Family Violence Orders) Bill 2021 [Provisions]
The deadline for submissions to this inquiry is 18 June 2021.
Select Committee on Foreign Interference through Social Media
Foreign Interference through Social Media
Select Committee on Foreign Interference through Social Media to inquire into and report on the risk posed to Australia’s democracy by foreign interference through social media. The committee is to present its final report on or before the second sitting day of May 2022. The closing date for submissions is 31 October 2021.
Queensland
Queensland Court Appointments – May 2021
Appointment of Supreme Court Justice Freeburn
Queensland Government - Attorney-General and Minister for Justice Shannon Fentiman announced the appointment of the newest Justice to the Queensland Supreme Court Trial Division, Paul Freeburn QC.
Queensland's Public Trustee appointed
Queensland Government - Acting Public Trustee, Samay Zhouand, has been appointed to the role of Queensland's Public Trustee for a period of three years.
Amendments to the Youth Justice Regulation 2016 - Youth Justice (Monitoring Device Conditions) Amendment Regulation 2021
Amendments have been made to the Youth Justice Regulation 2016 to prescribe the areas in which electronic monitoring provisions will apply. These changes have come into effect on 17 May 2021. The amended regulation is available here, with information on the changes outlined on the Department’s website.
Land Court launches Procedural Assistance Service
The Land Court has launched a dedicated Procedural Assistance Service website to assist self-represented litigants in the court (12 May 2021). More...
Queensland Intermediary Scheme webpages
The Queensland Intermediary Scheme webpages are now live on the Queensland Courts website. Intermediaries are speech pathologists, psychologists, occupational therapists, or social workers who are assigned to facilitate communication between witnesses and police and witnesses and courts (12 May 2021).
Commission into institutional responses to child sexual abuse
The scheme aims to overcome communication barriers and create a more accessible justice system by providing intermediaries to assist witnesses with communication needs to give their best evidence. The scheme will commence in Brisbane and Cairns in July 2021 and will operate as a two-year pilot program (12 May 2021).
OIC Qld
Virtual panel delivers privacy insights
June 3, 2021 - Recently Privacy Commissioner Phil Green participated in a virtual panel about ‘Making privacy a priority’, which was organised by Queensland Health as part of Privacy Awareness Week 2021 celebrations. More...
New guidelines: sharing personal information between agencies
May 28, 2021 - OIC has published updated guidance for agencies and health agencies on personal information sharing. More...
Reporting and challenging asset valuation outcomes
QAO Published: 31 May 2021: Advice
Most Queensland Government and local government entities revalue their land, buildings and infrastructure every year.
Preparing for an audit—small public sector entities
QAO Published: 27 May 2021: Advice
The day-to-day operations of public sector entities are getting busier all the time and changes to everyday activities can be seen as disruptive
QAO reports
Education 2020
Audit objective: This report summarises the audit results of entities in Queensland’s education sector at their respective balance dates (27 May 2021).
Queensland Courts: Practice Directions
Planning and Environment Court – Appearances other than in person at Reviews/Applications - 31 May 2021
Parties and practitioners are advised that the Planning and Environment Court has released additional guidance in relation to appearances other than in person at the hearing of an application or review. More...
Amended protocol for Applications in the Brisbane Supreme Court - 25 May 2021
An amended protocol for Applications will apply in the Brisbane Supreme Court from Wednesday 26 May 2021 until further notice. More...
Department of the Premier and Cabinet Consultation
Annual report 2019-20 feedback survey
By taking a minute to complete this survey, you will help us improve our annual reports so readers can use them more effectively. Open until 30 June 2021. More...
Postal Industry - Quarterly Update Seven: 1 January to 31 March 2021
Ombudsman Industry updates: 04June 2021
This update discusses complaint statistics and compensation for lost and damaged parcels, including case studies. More...
Understanding our Inspection Report
Ombudsman Industry: 25 May 2021
This factsheet helps agencies understand and act on our reports. See our factsheet Oversight of the use of covert, intrusive and coercive powers for more information about our role.
New Briefing date
Cyber Security Strategies of Non-Corporate Commonwealth Entities
26 May 2021 Recipient Hon Brendan O'Connor MP
Auditor-General Report No 32 2020–21
Interim Report on Key Financial Controls of Major Entities
ANAO Report No 40: 02 June 2021
This report is the first in the series of reports for the 2020–21 financial year and focuses on the results of the interim audits, including an assessment of entities’ key internal controls, supporting the 2020–21 financial statements audits. This report examines 25 entities, including all departments of state and a number of major Australian government entities. The entities included in the report are selected on the basis of their contribution to the income, expenses, assets and liabilities of the 2019–20 Consolidated Financial Statements.
COVID-19 Procurements and Deployments of the National Medical Stockpile
ANAO Report No 37: 27 May 2021
The audit examined whether COVID-19 procurements to increase the National Medical Stockpile (NMS) were consistent with the proper use and management of public resources and whether COVID-19 deployments of the NMS were effective.
Human Rights and Technology final report
AHRC: 27 May 2021
Recommendations include stronger community protections against harmful uses of AI—especially when AI is used in high-risk areas such as policing, social security and banking—and the creation of a new AI Safety Commissioner to help lead Australia’s transition to an AI-powered world.
Free votes in the Commonwealth Parliament 1950-2021: a quick guide
APH: 21 May 2021
This quick guide contains an updated list of free votes granted by either of the two major parties—the Australian Labor Party and the Liberal Party of Australia—in the Commonwealth Parliament between 1950 and 2021
The impact of domestic violence as an aggravating factor on sentencing outcomes
Sentencing Advisory Council Qld: 31 May 2021
This research brief explores whether there is a difference in sentencing outcomes for cases involving charges of common assault or assault occasioning bodily harm (AOBH) sentenced as domestic violence offences compared to non-domestic violence offences.
Impiombato v BHP Group Limited (No 2) [2020] FCA 1720
REPRESENTATIVE PROCEEDINGS – shareholder class action – claims brought on behalf of non-resident shareholders – dual listed company structure – whether provisions of Pt IVA of the Federal Court of Australia Act 1976 (Cth) capable of application to group members not resident in Australia – procedure under Pt IVA – consideration of the meaning of “claim” under s 33C – question of jurisdiction better defined as whether Pt IVA permits an applicant to define group membership as including claims of non-residents – statutory presumption against extraterritorial operation of legislation – s 33C directed to when a particular form of proceeding can be commenced in an Australian court – presumption has no work to do – consideration of class action regimes in different common law jurisdictions and the issue of non-resident group members – consideration of s 33KA of the Supreme Court Act 1986 (Vic) – whether the Court should exercise its discretion to exclude non-resident group members from the proceeding – order could be fashioned if and when appropriate – strike out application – whether the claims brought on behalf of the shareholders in the United Kingdom company were viable
EQUITY – Pt IVA supplements powers Court always had and has as a court of equity to hear and determine in a single proceeding the multiple claims against a respondent – consideration of the powers the Court of Chancery had in relation to the conduct of a representative proceeding – concept of jurisdiction not based on mere presence and service, but upon a sufficient connexion being shown between the dispute and forum – purpose of Pt IVA not to narrow regimes that existed in equity’s exclusive or auxiliary jurisdiction – curious result if one could be a group member in a Chancery rule representative proceeding but not under Pt IVA procedures
PRIVATE INTERNATIONAL LAW – authority of the Court to decide personal actions of non-residents – consideration of the jurisdictional “anchor” – Mobil Oil Australia Pty Ltd v Victoria [2002] HCA 27; (2002) 211 CLR 1 – territorial nexus the capacity to exercise power over a respondent.
HIGH COURT AND FEDERAL COURT – federal jurisdiction – whether Pt IVA confers jurisdiction on the Court or establishes powers and procedures by which the Court can exercise jurisdiction
Constitution ss 71, 77 Acts Interpretation Act 1901 (Cth) ss 9, 21(1)(b).
Australian Conservation Foundation Incorporated v Minister for the Environment [2021] FCA 550
ADMINISTRATIVE LAW – statutory construction – application for judicial review – where proposed action for construction of and operation of infrastructure to harvest and supply water to a coal mine by a different but related company – where proposed action intended to provide an alternative source of water from that approved in the initial proposal for the construction and operation of the coal mine – where the delegate of the Minister for the Environment decided under s 75(1) of the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act) that ss 24D and 24E (the water trigger controlling provisions) were not controlling provisions for the proposed action (the controlled action decision) – whether the delegate erred in construing the phrase involves large coal mining development in ss 24D and 24E and definition of “large coal mining development” in s 528 as encompassing only an activity which forms part of the process of extracting coal from a mine – where so-called definition enacts substantive criteria – whether delegate’s construction supported by the penal nature of the controlling provisions – where contrary to the delegate’s construction an action will involve a large coal mining development if the action is so closely associated with the mining of coal as to be integral to it – application for judicial review granted – controlled action decision to be remitted to the Minister for determination according to la.
The Action was to construct and operate the NGWS Project. Adani Infrastructure explained in its referral that the project: Separate applications for State and local government approvals.
Urquhart; Chief Executive Officer, Services Australia and (Freedom of Information) [2021] AATA 1407
FREEDOM OF INFORMATION – whether practical refusal reason exists in accordance with section 24(1) of the Freedom of Information Act 1982 (Cth) – whether request consultation process engaged in pursuant to section 24AB of the Freedom of Information Act 1982 (Cth) - decision under review set aside
Freedom of Information Act 1982 (Cth).
Wilson Transformer Company Pty Ltd v Anti-dumping Review Panel (No 2) [2021] FCA 591
ADMINISTRATIVE LAW – application for judicial review of a determination of the Anti-Dumping Review Panel (the Panel) to affirm decisions of the Commissioner of the Anti-Dumping Commission to terminate anti-dumping investigations – whether each of the decisions involved an error of law – whether each of the decisions was not authorised by the Customs Tariff (Anti-Dumping) Act 1975 (Cth) (the Customs Act) – whether the decisions were affected by jurisdictional error – where the Panel did not err in law by adopting and applying an erroneous construction of the Customs Act – where the Court is satisfied that it was not impermissible for the Panel to have reasoned as it did.
ADMINISTRATIVE LAW – whether a breach of the rules of natural justice occurred in connection with the making of each of the decisions – whether the decisions were affected by jurisdictional error – where the Panel failed to comply with the requirements of procedural fairness by not advising the Applicant of its intended course to hold a conference and undertaking to provide the Applicant with an opportunity to respond to any relevant information it might obtain during that conference subject to its obligations of confidentiality – where the error made by the Panel was not material and thus not jurisdictional error.
Boensch v Somerville Legal [2021] FCAFC 79
BANKRUPTCY – appeal from orders made by the Federal Circuit Court – where primary judge made a sequestration order against appellant’s estate – whether primary judge denied appellant procedural fairness – where appellant is self-represented – where primary judge did not advise appellant of his right to cross-examine – where appellant filed material with the Court – where material not before primary judge – where only single copy of material available between appellant and primary judge at hearing – where appellant required to make submissions without the benefit of his copy of the material – where no opportunity for trial judge to have fully read the appellant’s material – where appellant not informed at outset of hearing of time available to make submissions – where additional time to make submissions permitted on an ad hoc basis – appeal allowed.
LibertyWorks Inc v Commonwealth of Australia [2021] FCAFC 90
ADMINISTRATIVE LAW – challenge to validity of a determination made by the Health Minister under s 477(1) of the Biosecurity Act 2015 (Cth) – where determination prevented Australian citizens, permanent residents, or operators of outgoing aircraft or vessels from leaving Australian territory, unless an exemption applied – whether determination requires an individual to be subject to a biosecurity measure of a kind set out in Subdiv B of Div 3 of Pt 3 of Ch 2 of the Act and is therefore invalid by reason of s 477(6) – whether s 477(6) prevents a determination applying to a group or class of individuals
STATUTORY INTERPRETATION – whether s 477(3)(b) of the Biosecurity Act 2015 (Cth) refers to “places” outside Australian territory – whether Act displaces presumption that references to the singular include the plural.
Willmott v Assistant Commissioner Carless & Anor [2021] QCAT 185
POLICE – DISCIPLINE AND DISMISSAL FOR MISCONDUCT – QUEENSLAND – STAY OF PROCEEDINGS – OTHER MATTERS – where allegations of bullying and other workplace misconduct – where police officer demoted from Sergeant to Senior Constable, transferred and required to undertake professional development strategy
ADMINISTRATIVE LAW – ADMINISTRATIVE TRIBUNALS – QUEENSLAND CIVIL AND ADMINISTRATIVE TRIBUNAL – where application for stay of operation of decision – whether stay desirable – where applicant may have arguable case on review – whether balance of convenience favours stay – where far greater significance is public aspect of staying orders in disciplinary proceedings – where alleged misconduct would present serious distraction for other officers in their ability to perform their duties for the benefit of the community whom they are sworn to protect – where prejudice to public significant – where prejudice to public not mitigated – where individual circumstances do not outweigh need to preserve public confidence in integrity of Queensland Police Service and its disciplinary process – where balance of convenience favours refusal of stay
Isles v State of Queensland [2021] QCAT 135
HUMAN RIGHTS – DISCRIMINATION LEGISLATION –– GROUNDS OF DISCRIMINATION – DISABILITY OR IMPAIRMENT – where police entered alerts, warnings and flags on QPRIME system – where QPRIME is internal information management tool for officer safety - where protected attributes of presumed mental illness and political beliefs – where comparator was person without presumed mental illness and stated beliefs but who had significant interaction with police – where relevant circumstances – whether treated less favourably – where alerts, warnings and flags reasonably necessary to protect health and safety of people at place of work - where treatment was not less favourable than any other citizen with whom police had significant interaction –- where Applicant not treated less favourably because of alerts, warnings and flags - where no evidence of bad faith – where no evidence of indirect discrimination or victimisation - where Respondent treated Applicant no less favourably than it would have for any citizen with significant interaction with police – where workplace health and safety exemption applies.
Commonwealth
Bills
Liability for Climate Change Damage (Make the Polluters Pay) Bill 2021
HR 24/05/2021 - This Bill makes fossil fuel companies liable for climate change damage, giving victims of climate change, such as the 2019 – 2020 bushfire survivors, the right to bring an action against thermal coal, oil and gas companies for climate change damage.
Independent Office of Animal Welfare Bill 2021
HR 24/05/2021 - Commonwealth statutory authority with responsibility for the development of animal welfare policy at the Commonwealth level. The Office will have a leadership role on matters of animal welfare, as well as the ability to conduct inquiries and reviews into the effectiveness and implementation of our animal welfare laws.
Acts compilation
Freedom of Information Act 1982
27/05/2021 - Act No. 3 of 1982 as amended
Regulations
Telecommunications (Statutory Infrastructure Providers—Circumstances for Exceptions to Connection and Supply Obligations) Determination 2021
27/05/2021 - This instrument determines the circumstances where the connection obligation and the supply obligation do not arise in relation to requests for wholesale broadband services from a carriage service provider to a statutory infrastructure provider for the purposes of the Telecommunications Act 1997.
Queensland
Bills
Residential Tenancies and Rooming Accomodation (Tenants' Rights) and Other Legislation Amendment Bill 2021
Stage reached: Referred to Committee on 26/05/2021
Amend Police powers and responsibilities
Subordinate legislation as made – 04 June 2021
No 52 Civil Liability and Other Legislation (Prescribed Amounts) Amendment Regulation 2021
Subordinate legislation as made – 28 May 2021
No 45 Proclamation No. 1—Criminal Code (Consent and Mistake of Fact) and Other Legislation Amendment Act 2021 (commencing certain provisions)
No 46 Penalties and Sentences (Penalty Unit Value) Amendment Regulation 2021
Reminders:
No 40 Proclamation—Criminal Code (Child Sexual Offences Reform) and Other Legislation Amendment Act 2020 (commencing remaining provisions)
The date of 5 July 2021 is fixed for the commencement of the provisions of the Act that are not in force.
No 41 Evidence (Intermediaries) Amendment Regulation 2021
This regulation commences on 5 July 2021. The purpose of the Amendment Regulation 2021 is to prescribe, commencing on 5 July 2021, Brisbane and Cairns as places for the operation of the Queensland Intermediary Scheme pilot. The aim of the pilot is to assist prosecution witnesses with communication needs to give their best evidence in child sexual offence prosecutions.
Disclaimer
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.
