Can I use Family Trust losses to offset Estate Income?

At their death, the client may wish to leave the assets in their Will to the existing Family Trust. This is because they want to use the accumulated tax losses in the Family Trust. Can you soak up losses in your Family Trust by moving dead people’s assets into...

How to Extract Money from Your Australian Company

Withdrawing wealth from your proprietary limited company is difficult. Australian tax law, particularly the tortious Division 7A rules, is designed to keep wealth ‘trapped’ inside the corporate structure. Your company is a separate legal person. The...

Family farm lost after Dad breaks a 30-year promise

A son works on a farm for three decades. His father makes him a promise. You get the farm. But the father’s Will gives the land to his other children. The son sues the estate. The court upholds the Will. The son loses the farm he worked his whole life to build....