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Busy Bees – Land Tax Exemptions
Snapshot: check the zoning details on the contract; if land is not zoned rural land there are additional ‘commercial’ tests to determine whether the dominant use is primary production; just because the previous owner had a land tax exemption doesn’t mean you will As a...
Family succession traps
Snap Shot Complex tax rules apply to dealings with company shares. If a matter is not within your area of expertise seek specialist advice. You acted for the family when Celia’s parents, Tom and Mary, brought her into the family business by making her a shareholder....
Changing Trustees and Landholder Duty Pain
Snap shot: Take care when preparing change of trustee documents. Consider the landholder duty provisions whenever shares in a company or units in a unit trust are being transferred in landholding entities. You are sitting in your office tucking into a quick lunch...
Happy 40th – Not quite the surprise you were hoping for – landholder duty implications
You act for Sally and Steven who live in regional NSW and run a successful tyre shop. You have met with them many times over the years for business related matters and each time remind them that they are yet to do their wills. After taking some long service leave, you...
Dealing with Deceased Estates: Gifts and tax implications
You are dealing with the three children of the late Janice - Katey, Ken, and Kris, who are also the executors of her will. You prepared Janice's will before her death and are now sorting things out in her estate. Husband John predeceased Janice some years ago. Katey,...
A “Tail” of Woe….
As you drive to work after what had been an unusually stress-free morning getting the kids out the door, your phone starts to ring. You see it is your client Fabio but you can’t really answer with your rowdy kids in the car so ignore it. But it rings again, then...
Don’t Always Run With The Sheep
Barry and Judith have owned a large rural property since 1993. They come to you to discuss selling a 22 acre block on which they live. The block is part of their larger rural property of 1,000 acres on which they conduct a farming business, which is situated close by....
Joint Venture or Partnership? Understanding the difference
A joint venture involves two or more persons or entities joining together for a particular project. A partnership is described as a relationship which exists between people carrying on a business, with a common view of making a profit. It also includes incorporated...
Buying and selling a property at the same time
Buying or selling property is widely accepted as one of life’s major stress factors. When you buy and sell property at the same time and try to complete both transactions together this can add considerably to the stress levels. This is known as a simultaneous...
Common misconceptions about estate planning
An estate plan involves more than signing a Will and leaving it in a safe place. An effective estate plan requires consideration of several matters and ongoing review to ensure it reflects your testamentary wishes and covers unexpected events. In this article we look...