Legal Consolidated publishes PRUDENCE each week. It is emailed to accountants & financial planners. But anyone can join the free mailing list.
A Life Estate (including under a Will) is an asset with two owners: Life Tenant - this person has the exclusive right to live and make a profit out of the property until he or she dies. right to possess and enjoy the asset and its income until death all…
You distribute Family Trust income to your children and spouse. As much as you can. But you run out of family members on low marginal tax rates. The Family Trust then distributes the remaining Family Trust income to the 'bucket' company . But the Family Trust…
A discretionary trust beneficiary can disclaim their entitlement upon discovery, without a formal deed. They must act quickly to show dissent, or the ATO considers the opportunity lost. Each financial year, your Family Trust gets an income. It may be from…
Directors make mistakes. ASIC punishes them. Fair enough. However, the court goes further when Financial Planners operate out of a company structure. Financial Planners operate out of a company. But they suffer higher risks if directors as Storm's Cassimatiss…
With a Legal Consolidated Employment Contract, you can sack your Employee if he calls you a pig on Facebook. No unfair dismissal Stephen Campbell is a wharfie. His job is driving a big crane. He called his boss a ‘pig’ on Facebook. He also damaged a ship. It…
Sometimes people put a Specific Gift in their Will. For example, ‘my wedding ring to my daughter’. The result? CGT death duty on that wedding ring. At death, your Will is lodged in the Probate Office. At that point, your Will is a public document. Both the…
CGT Family Home - that does not seem fair Death and Probate Duties were abolished by 1981. However, in 1985 the Federal Government introduced Capital Gains Tax . CGT earns the Government more money on deceased estates in a single year than in the cumulative…
You need our Employment Contracts to stop Affairs and Fist Fights Do you allow employees to have intimate liaisons during or after work? Where do you stand on fighting and bullying? To discourage such behaviour, the Employment Contract must allow for…
