PRUDENCE - Sagacity. Wisdom. Protection.

17/11/2016

Can you abandon a gift in a Will to keep the pension?

Can you abandon a gift in a Will to keep the pension? The Financial Planner carefully structures Mary’s affairs. Mary receives a $1 pension and Concession Card. But then, Mary’s mother dies. Mum’s Will leaves everything to Mary. The inheritance costs Mary her $1 pension and Concession Card. Mary has […]

15/11/2016

SMSF Commercial Lease fails ATO scrutiny

SMSF Commercial Lease fails ATO scrutiny An accountant shows me a non-complying self-managed super fund. It owns commercial property. Its blemish? It does not have a correctly drafted SMSF commercial lease. It was a good lease. But it did not address the requirements of the SIS legislation. It failed the […]

07/11/2016

Mum dies, baby pays 66% tax

Taxing minor children upon parent's death - use of Post-Death Testamentary Trust In a perfect world, you build a 3-Generation Testamentary Trust in your Will. When you die, your Estate is tax-free for 80 years. A 3-Generation Testamentary Trust washes out the de-facto death duties: Capital Gains Tax, Stamp Duty […]

02/11/2016

Articles written by Adjunct Professor, Dr Brett Davies

Articles by Adjunct Professor, Dr. Brett Davies Click to view Why the worry with Service Trusts? Getting Property into Super for no stamp duty no CGT and no FBT Family Trusts and streaming life after Bamford Business succession planning Beware of failing to consider business structures ATO small business benchmarks […]

29/10/2016

Taxing Crowdfunding – ATO catches up on a new concept

The ATO has formed a view on Taxing Crowdfunding. The revolution is upon us and the ATO is having a hard time keeping up. 'Crowdfunding' is financial support for a project or venture. The collection and promotion are via internet platforms, mail-order subscriptions, benefit events and other methods. Crowdfunding falls […]

23/10/2016

Unsigned Will still valid – Statutory Will

Unsigned Will of dead Athena White; Parry v Smith What do you do with an unsigned Will? The Will was never signed. However, the Chief Justice said the Will was still valid. Under s.21(2) Succession Act, an order authorising a statutory is only made while the Will maker is still alive. […]

14/10/2016

Accountants acting in clients ‘best interests’ – new rules

Tax agents have to act in the client's 'best interests': s 30-10 TASA But what does that mean? What about a 'conflict of interest'? Can you break the law to protect the client? The Tax Practitioners Board (TPB) expresses its views in Information Sheets. Legal Consolidated has summarised the TPB's view below: […]

14/10/2016

Reserves in a SMSF – How to complete annual return

The wealth in a superannuation fund belongs to a member. You can't have money in a superannuation fund not earmarked for a person. An exception is SMSF reserves. 'Reserve accounts' are assets in your SMSF that is not part of any member’s account. No one has any entitlement to […]

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