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19/10/2015

Super binding nomination messed up 3 times

Super Binding Nomination wrong three times in Munro v Munro Mr Munro, a lawyer, loved his two daughters from his first marriage. As in Cinderella, his second wife did not feel that love. His Will gave $350 000 to his second wife and the remainder of his huge estate to […]
19/10/2015

Joint tenancy is old fashioned and dangerous

  Joint tenancy is old fashioned and dangerous   QUESTION: Please explain why you don’t like assets being held as joint tenants? As an accountant, I estimate that 80% of my clients own real estate as joint tenants. ANSWER: Back before 1980, Death and Probate Duties existed. At that time […]
16/10/2015

Farmers lose the tax incentive to be creative – R&D offset claims – Taxpayer Alert TA 2015/3

Our friends at the ATO have seen fit to crush any new approaches to farming with their latest anti-farmer  - Taxpayer Alert TA 2015/3. The ATO (and also AusIndustry couldn't help getting into the act) are threatening primary producers in the broadacre farming sector about not claiming the R&D Tax Incentives. This […]
15/10/2015

Self Managed Super Fund – Think outside the box

Self Managed Super Funds - Think outside the box Checklist: 1. SMSF? 2. Worth under $6m (net business assets) or $2m turnover? 3. Interest in property to a maximum value of the maximum concessional contribution? 4. ‘Business’ property? A Self-Managed Super fund is a like a day old baby; it needs a lot of […]
15/10/2015

Estate Planning – New dangers

Estate Planning - new dangers When I started drafting Wills in the 1980s: 1. A lawyer had no obligations to the beneficiaries (only to the Will maker – who is dead by that stage); and 2. Accountants and advisers had no obligation to warn a client to make a tax […]