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ATO says ‘loans’ from company were not loans

ATO successfully penalises professional for no Loan Agreement Rowntree v FCT [2018] FCA 182 shows that only a legally prepared Loan Agreement satisfies the ATO for related-party loans. In this case, Justice Raes stated: 'Bruce Rowntree was an experienced lawyer with extensive academic qualifications in law, finance and taxation. Despite having this impressive […]

Victorian Medical POAs – they no longer exist from 12 March 2018

Old Victorian Medical POAs are gone - now we have medical directives On 12 March 2018, the Medical Treatment Planning Act 2016 comes into force. From that date onwards you can no longer build the Enduring power of attorney (medical treatment) on our website. Instead, from that date, you prepare: 1. an […]

Lost Will vs Destroyed Will

  A 'lost' Will is not automatically a 'revoked' Will - lost vs revoked A Will is valid until it is intentionally revoked by the Will-maker. (The Will-maker must be of sound mind to revoke a Will.) A person holding a POA for the Will makers cannot destroy a Will. But […]

Appointor gone crazy? Family Trust succession planning

Family Trust succession planning Many assets don't go into your Will at death: joint tenancy, superannuation (well not automatically), cross-owned insurance and Family Trust assets (except for loan accounts). Succession planning for the Family Trust is the most challenging. What happens if the Appointor does not die but becomes of […]

When can’t you change a SMSF trustee?

Use a law firm's website to update SMSF Deeds You would have thought it was straightforward to change the Trustee of a Self-Managed Superannuation Fund. Not so you if you read Moss Super Pty Ltd v Hayne [2008] VSC 158. A member died. The surviving member tried to change the trusteeship of the […]

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 […]

Daughter charged with Elder Abuse

Daughter charged with Elder Abuse James Ash is in his mid-70s.[1] Living in a Victorian nursing home, he suffers from Parkinson’s disease. Before losing capacity, he appointed his daughter, Vanessa, as his Power of Attorney. Vanessa was also a financial planner and a lawyer. Shortly after, Dad is declared mentally […]

ASIC warns of ‘cutting corners’ on death nomination forms

ASIC warns financial services licensees against 'cutting corners' on death nomination forms The Australian Securities and Investments Commission (ASIC) is putting the financial advice sector on notice about meeting requirements for witnessing signatures. This is after finding issues with advisers failing to correctly witness binding death nomination forms for superannuation […]