PRUDENCE – Sagacity. Wisdom. Protection.

PRUDENCE – Sagacity. Wisdom. Protection.

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26/08/2016

The ‘Curse’ of the homemade Will

  The 'Curse' of the homemade Will “On numerous occasions when dealing with a so-called homemade Will, I have observed they are a curse. A homemade Will which utilises what is sometimes known as a ‘Will kit’ is not much better. This case proves the point….” Master Sanderson, Rogers v […]
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16/08/2016

SMSF Unit Trust buys a necklace for wife – now what?

.  SMSF Unit Trust buys a necklace for wife - now what? SMSF Unit Trust. Do you operate a Unit Trust where your Self-Managed Superannuation Fund owns some or all the units? If so you have a 'related unit trust'. A related unit trust is an SMSF unit trust. An SMSF […]
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11/08/2016

Go bankrupt lose Super? Bankrupt widow keeps Super

Go bankrupt lose Super? Bankrupt lose Super. But isn't Superannuation protected from bankrupcty? The 3 common safe havens to protect assets from insolvency are: ‘Clean skin’ Family Trusts (eg, doesn't employ people) Low-risk spouse (eg. spouse is a school teacher) Superannuation With huge wealth moving into Super the Trustee-in-Bankruptcy has its […]
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11/08/2016

Introduction for Dr Brett Davies’ presentation

Introductory note for Dr Brett Davies' presentation --------------------------------------------------------------------------------------------------------------------- Adjunct Professor, Dr Brett Davies Dr Brett Davies is a partner of the national tax practice Legal Consolidated Barristers & Solicitors. They are the only law firm website in Australia where you can build legal documents online. Brett is Adjunct Professor at […]
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07/08/2016

SMSF Borrowings. ATO Safe Harbour & Mortgages

We prepare SMSF borrowing gearing documents complying with the ATO 'safe harbour' SMSF borrowing is common. We provide documents for SMSF borrowing where the:   1. Lender is the Bank 2. Lender is a related party 3. existing SMSF loan is being updated 1. Lender is the Bank SMSF borrowing where an Australian […]
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01/08/2016

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 […]
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31/07/2016

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 […]
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31/07/2016

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 […]
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