There is a provision of the income tax legislation which allows any amount an Australian tax resident receives from a non-resident trustee to be taxed as income in Australia. That might sound reasonable at first but the catch is that the tax will be applied to amounts that have already[…]
In these difficult times many businesses and property owners are suddenly seeing income disappear while costs remain. Sales go down, rents have to be reduced or temporarily waived and sadly many face losses for the next few months if not longer. Being able to benefit from carrying these losses forward[…]
Loss of capacity is a growing area of concern in Australia. The impact upon trust relationships controlled by an affected person is significant, as loss of capacity necessitates a change of control. This is especially important in cases where the individual suffering loss of capacity is sole trustee or sole[…]
What gets written in a trust deed is not always what the settlor and the trustee meant to say or what they asked to have drafted. This sort of mistake in a legal document, any type of deed or contract, can be fixed by a process called rectification. Rectification is[…]
This case considers facts so reminiscent of the much discussed Katz v Grossman [2005] NSWSC 934 that comparison must come to mind. The main fact variation being that in this case the contest was between a long standing spouse and a child of the first marriage rather than between siblings.[…]
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[…]
A Special Disability Trust is defined in the same way under both Federal and State taxation legislation. The definition is that in the Social Security Act 1991 (Cth) section 1209L and the Veterans Entitlement Act 1991 (Cth) section 52ZZZW. Both definitions rely upon the disabled individual meeting the definition of[…]