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10/04/2017

Does your SMSF allow election to treat pension as lump sum? ATO is trying to stop you

Treat pension as lump sum? ATO says yes, but only if Deed allows it Treat pension as lump sum? The ATO has reluctantly confirmed that a Self-Managed Superannuation Fund’s exempt pension income is reduced when an election is made. This is to treat a pension payment as a lump sum. […]
07/04/2017

Stop additional stamp duty & land tax – update your Family Trust Deed

For years, the Commonwealth inflicted a foreign family trust regime. Now NSW, Queensland and Victoria impose penalties for foreign beneficiaries and foreign trustees. Every Australian Family Trust is affected. What if your foreign family trust purchases or holds real estate in Australia?  It pays penalty stamp duty and land tax. […]
04/04/2017

Divorcing husband transfers assets to wife’s Family Trust – any CGT?

Moving assets into Family Trust & SMSF on divorce – for no CGT divorce family trust When you divorce often the biggest assets are in the Family Trust. No matter how much we all love our Family Trust it is still a separate entity from the marriage. Thankfully, CGT relief […]
01/04/2017

Top 8 legal documents Accountants build at end of financial year

8 documents Accountants build at end of financial year I have sold over 16,000 Self-Managed Super Funds and 18,000 Family Trust Deeds online. Surprisingly, however, these are the 8 most common documents Accountants build at End of Financial Year: 1. Trust Distribution Statements for Family Trusts 2. Family Trust Vesting […]
31/03/2017

Travel costs to visit Accountant & Adviser tax deductible – says ATO TD 2017/8

When are costs of travel for a tax return deductible? This ATO Tax Determination TD 2017/8 was issued 29 March 2017. When you visit your accountant or financial planner the cost of travelling is tax deductible. This is when you are having your tax return prepared by a ‘recognised tax adviser’. It […]
28/03/2017

Accountant & Adviser’s reviewing client Wills – 8 questions to ask

  Reviewing client Wills each year Estate Planning and Wills are primarily the concern of the Accountant and Adviser. You know your client. You see your clients at least once a year. The end of financial year is a good time to sit down with your clients and review their […]
27/03/2017

Can you call your boss a ‘pig’ on Facebook? Unfair dismissal?

Stephen Campbell is a wharfie. His job is driving a big crane. He called his boss a ‘pig’ on Facebook. He also damaged a ship. It was not enough to sack him. He claimed unfair dismissal. According to the Fair Work Commission in Melbourne, his Employment Contract needed to refer […]
25/03/2017

CGT on dead wife’s wedding ring. Faults in Will drafting.

Capital Gains Tax on dead people’s jewellery – CGT death duty on a wedding ring Sometimes people make a mistake and name a Specific Gift in their Will. For example, ‘my wedding ring to my daughter’. The result may be CGT death duty on a wedding ring. When your Will goes […]