Landholding Discretionary Trusts and the potential avalanche of stings……
You are relaxing by an open fire nursing a mug of warm mulled wine when your phone starts ringing. You look down and see it is work. Whilst you had asked not to be disturbed on your skiing...
Don’t pay stamp duty if you don’t have to
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...
Disputes and the ATO
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...
Tax Traps – Beware the Division 7A snake pit
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...
Discretionary trusts holding residential property – the deadline is looming……
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...
Succession planning: Why accountants and lawyers should always confer
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...
Watch out for farms
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...
Take Care if you Declare
It is first thing on Tuesday morning when you receive a call from your client Lachlan who wants you to review an auction contract for a farm that has come up for sale next to his. The auction is...
Quit Horsing About
You act for Bill and Jo Smith on the sale of their 20 acre property in Bourke known as "Racecourse Road" which is well known in the town for breeding and selling race horses. It also holds local...
Can Text Messages or Video Recordings Constitute a Valid Will?
We are living and breathing in a digital age where pen and paper is becoming something of the past. A recent decision handed down by the Queensland Supreme Court in 2017 proved that an unsent text...