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17/02/2018

Can Family Trusts override the Family Court?

Family Trust v’s Family Court As a tax lawyer, I structure clients’ affairs to legally reduce tax burdens. I am also asked to: consider asset protection – in case the client or one of the structures goes bankrupt or insolvent stop the Family Court taking assets if there is a […]
08/01/2018

Transfer assets from SMSF to yourself when you retire?

Using assets to pay superannuation benefits. Self Managed Superannuation Fund (SMSF) trustees often ask whether they can use assets belonging to their SMSF to pay their members’ superannuation benefits.  SMSFs trustees who contemplate doing this are trustees for SMSFs which are usually asset rich but cash poor. The term used […]
07/05/2017

Accountant disrupts $3b debt collecting industry

Now the Adviser and Accountant does debt collecting Many businesses don’t have the time and resources to recover debts. Often they are too hard to collect. As accountants well know, over $3b of debt is written off every financial year in Australia. The debt collection industry is under the clutches […]
01/04/2017

Top 8 legal documents Accountants build at end of financial year

8 documents Accountants build at end of financial year I have sold over 16,000 Self-Managed Super Funds and 18,000 Family Trust Deeds online. Surprisingly, however, these are the 8 most common documents Accountants build at End of Financial Year: 1. Trust Distribution Statements for Family Trusts 2. Family Trust Vesting […]
31/03/2017

Travel costs to visit Accountant & Adviser tax deductible – says ATO TD 2017/8

When are costs of travel for a tax return deductible? This ATO Tax Determination TD 2017/8 was issued 29 March 2017. When you visit your accountant or financial planner the cost of travelling is tax deductible. This is when you are having your tax return prepared by a ‘recognised tax adviser’. It […]
17/11/2016

Can you abandon a gift in a Will to keep the pension?

Can you abandon a gift in a Will to keep the pension? The Financial Planner carefully structures Mary’s affairs. Mary receives a $1 pension and Concession Card. But then, Mary’s mother dies. Mum’s Will leaves everything to Mary. The inheritance costs Mary her $1 pension and Concession Card. Mary has […]
15/11/2016

SMSF Commercial Lease fails ATO scrutiny

SMSF Commercial Lease fails ATO scrutiny An accountant shows me a non-complying self-managed super fund. It owns commercial property. Its blemish? It does not have a correctly drafted SMSF commercial lease. It was a good lease. But it did not address the requirements of the SIS legislation. It failed the […]
14/10/2016

Accountants acting in clients ‘best interests’ – new rules

Tax agents have to act in the client’s ‘best interests’: s 30-10  TASA But what does that mean? What about a ‘conflict of interest’? Can you break the law to protect the client? The Tax Practitioners Board (TPB) expresses its views in Information Sheets. Legal Consolidated has summarised the TPB’s view below: […]