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11/08/2016

Go bankrupt lose Super? Bankrupt widow keeps Super

Go bankrupt lose Super? Bankrupt lose Super. But isn't Superannuation protected from bankrupcty? The 3 common safe havens to protect assets from insolvency are: ‘Clean skin’ Family Trusts (eg, doesn't employ people) Low-risk spouse (eg. spouse is a school teacher) Superannuation With huge wealth moving into Super the Trustee-in-Bankruptcy has its […]
11/08/2016

Introduction for Dr Brett Davies’ presentation

Introductory note for Dr Brett Davies' presentation --------------------------------------------------------------------------------------------------------------------- Adjunct Professor, Dr Brett Davies Adjunct Professor, Dr Brett Davies is the tax partner of the national practice Legal Consolidated Barristers & Solicitors. They are Australia's only law firm providing legal documents online. Brett is Adjunct Professor at the Curtin Business & […]
07/08/2016

SMSF Borrowings. ATO Safe Harbour & Mortgages

We prepare SMSF borrowing gearing documents complying with the ATO 'safe harbour' SMSF borrowing is common. We provide documents for SMSF borrowing where the:   1. Lender is the Bank 2. Lender is a related party 3. existing SMSF loan is being updated 1. Lender is the Bank SMSF borrowing where an Australian […]
01/08/2016

When can trustees keep secrets from beneficiaries?

A warning to accountants, financial planners and lawyers Trustee confidentiality is a major issue in all our practices. This is a warning to all accountants, financial planners and lawyers that take on the onerous responsibilities of holding a Trustee position for clients we have Felicity Blades v Richard Isaac & Christopher Alexander. It is […]
31/07/2016

Airport lounge membership fees are tax deductible for employer

Employers can claim a tax deduction for airport lounge membership annual fees The ATO's Taxation Determination TD 2016/15 dated 27 July 2016, confirms that employers can claim a tax deduction (under s 8-1 Income Tax Assessment Act 1997) for airport lounge membership annual fees. This is for their employees. What about if the lounge membership […]
31/07/2016

Are gifts to clients tax-deductible for accountants and financial planners?

ATO issues ruling on tax deductible gifts: Taxation Determination TD 2016/14 It is good news. The Determination, dated 27 July 2016, confirms what Legal Consolidated Barristers & Solicitors has stated for a long time. An accountant or financial planner is entitled to a deduction under s 8-1 Income Tax Assessment Act 1997. This […]
20/07/2016

Are Family Trusts replacing Self-Managed Super funds?

Are Family Trusts replacing Self-Managed Super funds? We are seeing a renewed interest from professionals for Family Trusts. Family Trusts built on our website have surged 38% in the last 12 weeks. Conversely, SMSFs have dropped by 23%. On speaking with professionals it appears that clients are losing confidence in […]
20/07/2016

Charity v Son – Dad’s Will challenged

Charity v Son – Dad’s Will challenged Dead Zopito Di Cesare left everything to charity. His son, Ivano Ferrante last week filed a Supreme Court writ against the charities.  Usually, a son argues that he wasn’t getting enough out of his Dad's Will and asks the court to rewrite the […]