Tax Stings
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...
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...
The pain of company guarantees
Your farming clients Paul and Mary have suffered an extended drought and are unable to meet their latest bank interest payment. They have come to you for advice. Their trading entity (which owes the...
One business deal, multiple contracts: GST and stamp duty stings
You are acting for Charlie on the purchase of a chocolate factory. Money is tight and Charlie has been watching all expenses including your fees and stamp duty. The building is owned by Freddo and...
Present pain and future property
You do a lot of work with Samantha, a local accountant, so are not surprised when she calls to say she has a group of clients who are pooling their resources to buy a country property called ”Last...
Family law tax peril
You’ve been out of university for a few years working in a business law firm that also does a bit of family law now and then. Because of your interest in family law, you’ve had quite a bit to do...
Market value and GST
It’s 6pm and everyone is tired and emotional after a heated and acrimonious mediation between brothers Patrick and George. They’re arguing over a price for George’s shares in the family company that...
Risky risks management
Risky Risk Management Greg and Chloe come to see you about reorganising their business affairs. Chloe is about to become the director of a private equity company and is concerned about her personal...
Tax ruling on family companies and family law
A very important draft taxation ruling issued last week. Up to now, the ATO has been acknowledging that a payment by a family company to a family member under a Family Court order is tax free. If...
Risks of company guarantees
Farming clients Charlotte and George have had a terrible year with persistent rain during the harvest period resulting in a complete crop failure. Because of the crop failure, they were unable to...