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24/06/2016

Lending to a child? Build Loan Agreement – get back your child’s loan if they divorce

Lending to a Child: Dad loses money when his son divorces The evils of the Presumption of advancement The Australian presumption of law is that where a husband transfers property to his wife or his children then, in the absence of other evidence, the Court presumes that the transfer was […]

03/06/2016

Is one boy worth two girls?

Fatma is a loving and devout daughter to her mum. However, under her brother’s interpretation of Muslim law, one man is worth two women. Fatma’s brothers constructed a Will for their mum to sign whereby they got twice as much as their sister. The Supreme Court said that Mum was […]

25/05/2016

Don’t be quick to write-off bad debts

Instead of writing off your client’s bad debts, what about your clients collect them instead. Prepare Letter of Demand on our law firm’s letterhead together with the Writ. See Sample here. After your client builds the Letter of Demand and Writ, they: post the Letter of Demand and Writ to the […]

24/05/2016

How to remove dead Trustees from your SMSF

Removing Trustee and Members from your SMSF There is a good reason in wanting to share your SMSF with others such as your spouse, children, in-laws and business partners. After all, they are expensive to operate and to have the cost divided by 4 people makes it cheaper. However, the […]

09/05/2016

Build Codicil online to Remove Public Trustee from your Will

Remove Public Trustee but keep the ‘free’ Will – build Codicil online A nice person, from the government, gave me a ‘free’ Will Did the Public Trustee make your spouse and children the Executors? Did they then quietly slip in the “Public Trustee” as an Executor as well? As […]

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 […]