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When can trustees keep secrets from beneficiaries?

A warning to accountants, financial planners and lawyers Trustee confidentiality is a major issue in all our practices. This is a warning to all accountants, financial planners and lawyers that take on the onerous responsibilities of holding a Trustee position for clients we have Felicity Blades v Richard Isaac & Christopher Alexander. It is […]

Airport lounge membership fees are tax deductible for employer

Employers can claim a tax deduction for airport lounge membership annual fees The ATO’s Taxation Determination TD 2016/15 dated 27 July 2016, confirms that employers can claim a tax deduction (under s 8-1 Income Tax Assessment Act 1997) for airport lounge membership annual fees. This is for their employees. What about if the lounge membership […]

Are gifts to clients tax-deductible for accountants and financial planners?

ATO issues ruling on tax deductible gifts: Taxation Determination TD 2016/14 It is good news. The Determination, dated 27 July 2016, confirms what Legal Consolidated Barristers & Solicitors has stated for a long time. An accountant or financial planner is entitled to a deduction under s 8-1 Income Tax Assessment Act 1997. This […]

Are Family Trusts replacing Self-Managed Super funds?

Are Family Trusts replacing Self-Managed Super funds? We are seeing a renewed interest from professionals for Family Trusts. Family Trusts built on our website have surged 38% in the last 12 weeks. Conversely, SMSFs have dropped by 23%. On speaking with professionals it appears that clients are losing confidence in […]

Charity v Son – Dad’s Will challenged

Charity v Son – Dad’s Will challenged Dead Zopito Di Cesare left everything to charity. His son, Ivano Ferrante last week filed a Supreme Court writ against the charities.  Usually, a son argues that he wasn’t getting enough out of his Dad’s Will and asks the court to rewrite the […]

Who can challenge a Will? Fireproof your Will with a Considered Person Clause

Who can challenge a Will? Each States’ Family Provision Act sets out who can challenge a Will  Courts are reluctant to interfere with your Will. However, legislation exists in all Australian States and Territories. They enable certain people to apply to the court for ‘provision’. Or if they got something in […]

Lending to a child? Build Loan Agreement – get back your child’s loan if they divorce

Lending to a Child: Dad loses money when his son divorces The evils of the Presumption of advancement The Australian presumption of law is that where a husband transfers property to his wife or his children then, in the absence of other evidence, the Court presumes that the transfer was […]

Is one boy worth two girls?

Fatma is a loving and devout daughter to her mum. However, under her brother’s interpretation of Muslim law, one man is worth two women. Fatma’s brothers constructed a Will for their mum to sign whereby they got twice as much as their sister. The Supreme Court said that Mum was […]