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...
The devil is in the dating
Land tax and foreign beneficiaries It’s getting on for Christmas and you’ve had a hell of a rush – people seem to think the world will come to the end on Christmas Eve. A month or so ago Mary asked you to set up a discretionary trust to purchase a residential property...
What happens when ASIC deregisters a company?
A company may be deregistered either voluntarily, liquidated or struck off the register of companies by the Australian Securities Investments Commission (ASIC). ASIC may deregister a company if the company has ceased trading or has overdue fees and penalties. If your...
Spotting a Phoenix – understanding illegal phoenix activity
One of the attractions of setting up a company to conduct your business is that setting up the company creates a separate legal entity that prevents individuals (i.e. the directors and shareholders) from being held personally liable for the company’s debts. The...