CGT on dead wife’s wedding ring. Specific gifts in Wills are bad. Equalisation clauses do not work.

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25/03/2017

CGT on dead wife’s wedding ring. Specific gifts in Wills are bad. Equalisation clauses do not work.

Capital Gains Tax on dead people’s jewellery – CGT death duty on a wedding ring Sometimes people make a mistake. They put a Specific Gift in their Will. For example, ‘my wedding ring to my daughter’. The result? CGT death duty on that wedding ring. At death, your Will is […]
27/02/2017

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

[smartslider3 slider=2]   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 […]
22/02/2017

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 […]
21/02/2017

Family Court looks at Dead Father’s Estate

If you thought the family court was just about done 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 […]
06/02/2017

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

[smartslider3 slider=2]   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 […]
28/01/2017

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. […]
27/01/2017

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. […]
25/01/2017

Imposing new Rules for Employees after Employment Contract signed

Flexibility and control over your Employees – using Workplace Policies 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 […]