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Who builds your SMSF Deeds? A law firm or a non-qualified supplier

I have been preparing SMSF Deeds since 1988. As an Adjunct Professor, I have lectured at universities around Australia for over 19 years in superannuation. In contrast, non-lawyers also prepare SMSF Deeds. Non-lawyers claim to get a template document from a lawyer. They re-sell that SMSF Deed on their non-law firm […]

Distributing to a non-resident beneficiary in your Family Trust – it just got harder

A modern Australian Family Discretionary Trust has 100,000 of beneficiaries. They have no rights so you make the class of beneficiaries as wide as you can. It is not just family members. A beneficiary in your Family Trust falls into two groups: 1. resident of Australia for tax purposes (residents); […]

Family Court v’s Child Loan Agreement.

Family Court v’s Child Loan Agreement Does your Loan Agreement stand the test? Rowntree v FCT [2018] FCA 182 states that only a legally prepared Loan Agreement completely satisfies the Family Court. This is for a loan from a parent to a divorcing child. We love our children. You give them money. We […]

Divorce Protection Trust in your Will – stop your children’s ex-spouses taking your money

Divorce Protection Trust in your Will – stop your child’s ex-spouse taking your money when you die Your daughter-in-law knows you have money and that you are old. She tolerates living with your son a little longer. You die. She immediately leaves your son. She asks the Family Court for […]

Uber driver – independent contractor or employee?

  Uber drivers and workers in app-based companies – independent contractors or employees?   Technology companies operating based on digital applications – the US and the UK approach The Courts have stated that workers for app-based companies are generally recognised as employees. This is as opposed to contractors. The Australian […]

Disabled children in Wills – free training course for Accountants, Financial Planners & Lawyers

Protecting a vulnerable child When you build your Wills on our website you are asked for the general Age of Majority. You may have selected 18, 21, 25 or some other age.  For this question, you may wish to set a different Age of Majority for just one particular Residuary Beneficiary. […]

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 […]

Trust splitting for your family trust

Trust splitting is a common term for an arrangement where separate trustees are appointed over different assets of an existing discretionary trust. Each trustee is typically controlled by a different party. The intention of trust splitting is to produce a structure where each trustee is able to deal with the […]