Other Articles
Life insurance and buy-sell agreements
The ATO has recently released ATO ID 2015/10 that clarifies the ATO’s view as to whether a SMSF contravenes super legislation by purchasing a life insurance policy that covers the life of a member where the purchase is dependent on a buy-sell agreement. In the case...
Put or call?
Options are useful legal tools when one party, or both parties are keen to purchase or sell property but the time to do so is not right. Agreement has generally been made as to price and the transaction generally but either (or both) parties want to legally bind the...
Dangerous Trusts
Work has been a bit quiet, so you are pleased to receive a sales advice that your client, Percy, has agreed to buy an investment property for $2.5 million. Shortly afterwards, you receive a telephone call from Percy’s accountant, Penelope, who tells you that the...
Out of here in a box
“I'll leave this place in a box” is a common phrase made by people who have worked hard for and are proud of their home or farm. Many people never want to leave a familiar environment for aged care facilities, but when they are no longer able to care for themselves,...
Separation woes
You are acting for Clive in relation to the breakdown of his marriage with Alice. Clive is a cosmetic dentist and has done very well financially. Alice has also been very successful running her interior design business. The breakup has not been harmonious....
What happens when your circumstances change?
What happens when your circumstances change? If a loved one suddenly becomes ill and loses capacity, what becomes of their affairs? What is the outcome if they do not have their affairs in order? What is a power of attorney? A power of attorney is a legal document...
Conditional Contracts and CGT
In 2013, your farming clients Thomas and Olivia entered into a conditional contract to sell their farming property just outside of Queanbeyan to a development company for $5.5m (“Contract”). They acquired the property in 1999 for $1m and were very happy with the...
Periodic lease – a lease that never ends
One of the expenses involved in transferring business real property to a SMSF is to ensure a lease is in place for market value rent. SMSF leases are usually for a term of between 1 and 3 years and often include an option to review. Leases therefore have to be renewed...
Rain is wonderful, but here come the weeds….
With recent rainfall, weeds may be starting to find their way onto your block. The general definition of weed is a wild plant, growing where it isn’t wanted. However, noxious weeds can be more of a problem than just competing with your seedlings! Under the Noxious...
Will making and hidden tax stings
Andrew made me promise, Sheila tells you, that we would always treat the children equally. Yes, you reply, poor old Andrew, how long since he died? Ten long years, Sheila replies, and oh my goodness! How things have changed since then! Do you know, she goes on, that...