Tax Stings
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...
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...
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...
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...