A warning to accountants. Chadbourne v FCT.

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A warning to accountants. Chadbourne v FCT.

A warning to accountants Commonly Dad borrows money cheaper than his trust. In this recent case, Dad borrows money from the CBA and gives it to his trust. Everything goes wrong. In Chadbourne v FCT [2020] AATA 2441: the taxpayer, Mr Chadbourne, borrows money from CBA he on-lends the money to […]

Centrelink attacks innocent Grandparents

A rather worrying trend is Centrelink attacking people that are unaware that they are mentioned in a Family Trust. For example, the high risk son often makes Mum the Appointor or a Default beneficiary – for asset protection. Mum has never seen a cent of the Family Trust but the […]

Four things your Accountant should do differently this EoFY

  It is important to talk with your Accountant before the end of the financial year and work through your tax year-end planning issues before 30 June. Thanks to COVID-19 it is not just the usual year-end issues such as bad debts, trading stock, losses, super and the $150k immediate […]

Is it legal to build your parent’s Wills

Is it legal to build your parent’s Wills in Australia? Children are worried about the defacto death duties of CGT, income tax and stamp duty. Adult children, in particular, don’t want to pay the 32% Super non-dependency tax. Basic Testamentary Trusts and Super Proceeds Trusts are out of date. The 3-Generation Testamentary Trusts […]

How to sign a Will in isolation, lockdown and quarantine

How to sign your Wills in isolation and lockdown Due to the Coronavirus, best practice is to avoid strangers and non-family members. However, a Will is only witnessed by strangers and persons unrelated to you. During ‘lockdowns’ you cannot leave your home. The only witnesses may be your next-door neighbours. […]