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[…]
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[…]
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[…]
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[…]
The State Government in this year’s State Budget has announced new measures will be enacted to extend the current stamp duty exemption that applies on the transfer of certain family farm land to include land held in family companies. Family farm transfers to or from family companies in addition transfers[…]
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[…]