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08/04/2016

Drafting Div 7A Loans – ATO’s 4 concerns

The ATO has just audited my new client’s Div 7A agreement. It did not go well. Many Div 7A Loan agreements are not ‘commercial’ and therefore not valid based on 4 common drafting errors: The Div 7A Loan must be signed as a ‘Deed’ not as an ‘agreement’. 'Agreements' require […]
02/04/2016

A new way of defining Trust Income for fixed trusts – AMIT

A new way of defining Trust Income for fixed trusts - AMIT The Federal Government is kindly giving Trustees of fixed trusts a new way of calculating trust income, distribution and attributions. This is under the AMIT (Attribution Managed Investment Trust) rules. It starts 1 July 2016, but you have […]
29/03/2016

Reversionary Pension to love child

Muriel’s husband died a few years ago. At 54 she fell in love again and was the oldest mother in her city. She called her love child Colin. Her two oldest children, Ian and Brian, are successful engineers. Muriel's assets are all in her Self-Managed Super Fund. As the sole director […]
26/03/2016

Why doesn’t your Employment Contract allow for specific Awards?

QUESTION: I am building an Employment Contract for my employee. She’s been with me for 6-years (hence the anxiety). I notice there’s no reference to the Award provisions under which she is employed. Does your Employment Contract override the Award provisions? Should not your contract compliment them? Where do specific employment conditions, […]
12/01/2016

Crowdfunding kills brokers – accountants and advisers take over

Bypassing the stockbroker, mum and dads, aided by the adviser and accountants can directly invest in public businesses and start-ups. The Crowd-sourced Funding Bill issues in a new stream of business for advisers and accountants to help Australians invest via equity crowdfunding. However, the proposed legislation is too restrictive. Only […]
04/01/2016

Tax by Stealth

Tax by stealth - the shameful growth of the Australian tax system The Australian tax system has changed significantly since the end of the 19th century. The six colonies raised the bulk of their tax revenue from selective customs and excise duties. The original design of the tax systems of […]
06/11/2015

Legal Consolidated Taxation Prize UWA (formerly Brett Davies Lawyers Tax Prize)

The Brett Davies Lawyers Taxation Prize UWA at the University of Western Australia has been renamed the Legal Consolidated Taxation Prize UWA. This reflects the change of name of the law firm from Brett Davies Lawyers to Legal Consolidated Barristers & Solicitors. The Prize is awarded to the UWA student who […]