Snap shot: Always follow testamentary options strictly in accordance with the will. Check for Revenue Rulings for guidance Megan, a long-term client and friend comes in to see you about her late sister’s estate. Megan tells you she has been given an option...

Given the complexity of the taxation regime and the requirement for taxpayers to initially self-assess their liabilities, disputes between taxpayers and the Australian Taxation Office (ATO) will inevitably arise from time to time. If you disagree with a...

Division 7A of the Income Tax Assessment Act 1936 is a poisonous well of hissing snakes for general practitioners when dealing with companies.  In very broad and simple terms it can claim income tax on amounts paid to, or loaned to, or debts forgiven from,...

Where a discretionary trust owns residential property and the deed for the discretionary trust does not specifically exclude foreign beneficiaries, the trust will automatically be classed as a foreign trust. If the deed for the discretionary trust that owns...

Tax stings lurk in all kinds of succession planning matters. The following scenarios illustrate the importance of lawyers and accountants working together in the best interests of their clients. The country lawyer Fred is a GP solicitor in a country town. He...

Your good client and friend Fergus rings and asks you to act for him on a sale. Fergus is a solo accountant and a bit of a wheeler and dealer. You do a fair bit of work for him. He says that he has a farm down south that has been doing pretty well but he has...