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Even a pre-1985 family home can be subject to CGT

  CGT Family Home – that does not seem fair Death and Probate Duties were abolished by 1981. However, in 1985 the Federal Government introduced Capital Gains Tax. CGT earns the Government more money on deceased estates in a single year than in the cumulative history of State death duties. […]

Employment Contracts to stop affairs, fights and bullying

Build our Employment Contracts to stop Affairs, Fights and Bullying Do you allow employees to have intimate liaisons during or after work? Where do you stand on fighting and bullying? To discourage such behaviour, the Employment Contract must allow for Policies, such as an Employee Relations Policy. Our Employment Contracts allows […]

Family Court looks at Dead Father’s Estate

  If you thought the family court was just about getting its clutches into mum and dad, think again. In this case, the Family Court looked at the dead father’s Will. Advisers and accountants in Estate Planning must also consider where the parent’s money goes. Mrs Hall is a doctor […]

How to activate a Testamentary Trust after death – Taxing Testamentary Trusts

  After your client dies, how does the accountant activate a Testamentary Trust? Taxing Testamentary Trusts Your deceased client may have had the foresight to provide their beneficiaries with the option of putting the inheritance into Testamentary Trusts. A Testamentary Trust is a trust contained in a Will. It is part […]

In-house asset rule – but you can lend money to a cousin

Your Super Fund can’t lend money to a ‘related party’: Superannuation Industry Supervision Act 1993 (SIS Act). This is the in-house asset rule. The ATO does not want you or a ‘related party’ to gain a benefit from your SMSF. The wealth in your SMSF is for your retirement only. […]

Divorce tax and Div 7A – an unholy alliance against your private company

Divorce tax and Div 7A – an unholy alliance against your private company Divorce is exhausting. Disentangling from your spouse’s financial affairs is traumatic. If you are lucky you grab your money and run. Unfortunately, that’s not the end of it. Div 7A divorce tax means more heartbreak for you. […]

Imposing new Rules for Employees after Employment Contract signed

Flexibility and control over your Employees Labour laws are skewed in favour of the Employee. How can Employers retain control? The Employer often relies on a number of Workplace Policies. Workplace Policies are rules for Employees. But are these Policies enforceable on the Employee? What if you change the Policies […]

SMSF vs Divorce – Not a perfect couple

Breaking up is hard to do. What happens to your SMSF when you divorce? Sophisticated couples love Self-Managed Superannuation Funds (SMSFs). There are over 500k SMSFs in Australia. Mostly Mums and Dads. The average balance is $1M. SMSF vs divorce, it’s an unhappy matrimony. However, one in three marriages end […]