PRUDENCE - Sagacity. Wisdom. Protection.

02/11/2016

Articles written by Adjunct Professor, Dr Brett Davies

Articles by Adjunct Professor, Dr. Brett Davies Click to view Why the worry with Service Trusts? Getting Property into Super for no stamp duty no CGT and no FBT Family Trusts and streaming life after Bamford Business succession planning Beware of failing to consider business structures ATO small business benchmarks […]

29/10/2016

Taxing Crowdfunding – ATO catches up on a new concept

The ATO has formed a view on Taxing Crowdfunding. The revolution is upon us and the ATO is having a hard time keeping up. ‘Crowdfunding’ is financial support for a project or venture. The collection and promotion are via internet platforms, mail-order subscriptions, benefit events and other methods. Crowdfunding falls […]

23/10/2016

Unsigned Will still valid – Statutory Will

Unsigned Will of dead Athena White; Parry v Smith What do you do with an unsigned Will? The Will was never signed. However, the Chief Justice said the Will was still valid. Under s.21(2) Succession Act, an order authorising a statutory is only made while the Will maker is still alive. […]

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: […]

14/10/2016

Reserves in a SMSF – How to complete annual return

&nbsp The wealth in a superannuation fund belongs to a member. You can’t have money in a superannuation fund not earmarked for a person. An exception is SMSF reserves. ‘Reserve accounts’ are assets in your SMSF that is not part of any member’s account. No one has any entitlement to […]

30/09/2016

Lost Family Trust Deed – can I replace?

Lost Family Trust Deed – can I replace? Is a lost family trust deed a bad situation? What is worse? losing your property Title Deeds; Self-Managed Super Fund Deed; or lost family trust Deed For a few thousand dollars and an advertisement, we can replace your Title Deeds. It is […]

21/09/2016

Art in SMSF – insurance & store in office premises

Art in SMSF is not a problem. However, every Self-Managed Super Fund, as part of its Investment Strategy and Product Disclosure Statement, must consider whether insurance on the fund’s assets is desirable or prudent. There is less than $500m of collectables held in SMSFs. This is a tiny proportion of the […]

08/09/2016

Key person insurance – protecting the business

Key person insurance – ‘income’ or ‘capital’ purpose? Businesses without strong leadership and direction are ships sailing without the captain at the helm. Death, Trauma and Disability are the insidious ‘killers’ of business. Key person insurance protects the business. Who is a key person? Businesses take out insurance to replace assets […]

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