Pets & Estate Planning

Pets are not only companions for many people, they may also be loved family members. Legally pets are the property of their owners, so your pet can’t inherit anything. Your pet will be inherited. Failing to document arrangements for your pets in your will or worse still failing to make[…]

SMSF Trustees: The Optimal Number

The Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 has now received assent and become Act No 47 of 2021. From 1 July this year Self Managed Superannuation Funds (‘SMSF’) will be allowed to have up to six members and trustees rather than the current maximum of four. Despite this the[…]

Can’t find the deed?

A recent decision of McMillian J in Melbourne is a good reminder for all with trustee clients who can’t find the deed. In Application by South Melbourne Continental PL [2018] VSC 398 Her Honour made clear that a Court will not simply make declarations as to the content and execution[…]

Losing the Main Residence Exemption

If Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No 2) Bill 2018 (‘Bill’) is passed Australian citizens may lose the benefit of the main residence exemption. The Bill has passed the House of Representatives and is before the Senate. If passed it can apply to sales of homes[…]

Here and there: Residency for tax purposes

Determination of residency in Australian taxation law is a complex collection of four separate tests any one of which may deem a person to be a tax resident. A recent decision of the Federal Court1 will not only surprise but concern many tax professionals; particularly comments on Taxation Office Checklists[…]