If you have a trust then you have probably sat in a meeting with your accountant and heard the phrase 'that may raise Division 7A issues'. Everyone usually then grumbles and nodes wisely, and moves on... But you may be asking yourself, what is Division 7A? Glad you asked.
Find out how our clients' step mother extracted over $1m from their deceased father's estate, leaving them with almost no inheritance - and how we fought to win it back.
Hear our views on the 2018 Budget measures.
The Government has announced a 'tax integrity' measure to 'improve' the taxation of testamentary trusts. What impact does this potentially have on your estate planning strategies?
We all love our trusts, but unfortunately they don't last forever. They have an ‘expiry date’. When you reach this date, the Trust ends and its property must be distributed to beneficiaries. Before this time you need to consider who will be entitled to the assets, and what tax and stamp duty liabilities may be triggered. You also need to see if the date can be extended...
It's relatively easy to get into property ownership with someone. But it can be considerably harder to get out. Particularly if you don't have a co-ownership agreement in place. Find out what court remedies may be available to you NSW if you find yourself stuck in a property.
Many businesses have built strong brands by treating customers well. But it is also important to ensure that no single customer can put your business at risk. You need to draw the line somewhere. This is where your terms of supply come in. However, these terms need to be consistent with the Australian Consumer Law.
Maryke assists families and businesses in a wide variety of matters, including property law, business transactions and estate planning.
How to find private binding rulings on the ATO website
In South Australia stamp duty is not payable on a transfer of real property from a trustee of a trust to a person who already has a defined beneficial interest in the property. For example, a transfer of property from the trustee of a unit trust to the unit holder. But there are a couple of tricks you need to be aware of.
A few judges and populist politicians have recently made some snarly comments about lawyers and ‘greedy’ people who are challenging Wills. Apparently, as a profession, we are getting a bit of ahead of ourselves in bringing too many of these cases to court. Read this article to get informed about the debate.
Everyone gets a $1.6 million cap on the assets that can support a tax-free super pension. You and your spouse each get a separate cap. But super pensions that pass to you from your spouse when they die may put you over your cap. This will have adverse tax outcomes. You need to plan for this as part of your estate planning.
In South Australia it is possible to transfer a property from a family trust to a beneficiary without stamp duty. Find out how.
The end of the first calendar quarter for the year is fast approaching, and this is a great time to think about improving your employment processes and procedures. To get you started, these are our favourite employment law 'nuts and bolts' that may need some tightening.