Simplifying deeds in the pension phase with your SMSF clients
For members in the pension phase of an SMSF, a lengthy and complex deed is not always necessary. Short, targeted deeds can also achieve the desired estate planning outcomes with just as much certainty. There has been a lot of discussion regarding the effectiveness of...
Reasonable care
Beware of signs when skiing and ensure you are satisfied as to where it is safe to ski whether it is on water or at the snow this winter! In Wyong vs. Shirt (1980) a landmark High Court negligence case, Mr Shirt was an inexperienced water skier and looked for deep...
Loose fill insulation asbestos testing
If your home was built before the 1980’s it could be affected by hazardous loose-fill asbestos insulation. Loose-fill asbestos is raw crushed asbestos which was installed as insulation in the 1960’s and 1970s and over time hazardous airborne fibres can move from the...
Stamp duty and mortgage duty
On 11 May 2016 amendments were made to several NSW state revenue Acts. First Home - Owner Grant Scheme This scheme is available to first home buyers who purchase or build a new home. A new home includes a substantially renovated home. The definition of a substantially...
Swimming pool certificates of compliance and non-compliance
Are you considering selling or leasing your property that has a swimming pool or spa pool? If the answer is yes, you need a certificate of compliance or non-compliance. From the 29 April 2016, all properties being sold or leased with a swimming pool or spa pool need a...
The PPSR and rural purchases
The Personal Property Securities Register (PPSR) is a national electronic register whereby security interests can be registered over personal property. The register is primarily governed by the Personal Property Securities Act 2009 (Cth). Under the Act, personal...
When a delayed estate means tax stings await
You acted for Barry and Betty when they applied for probate of the will of their late mother Bertha. Barry is an investment banker and Betty a barrister - both with young children and both very busy. The will appointed Barry and Betty as executors and left everything...
Self managed super funds – Who controls it?
As many of us age, so do our pensioners and those relying on their superannuation. JMA Legal work extensively with accountants and self managed super funds and the deeds that govern them. Day to day we see the issues that can arise with funds. Recently, an elderly...
Your duties
You act for Tom who has been running a farming business since the early 1980’s, grazing sheep. Unfortunately for Tom his wife left him many years ago not long after their twins Gerrie and Matthew were born. Matthew and Gerrie both went to live with their mother...
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...