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Your Will needs to be clear and legally enforceable. Specific gifts in a Will add complexity and tax issues. Specific Gifts are gifts of a particular item of property to a specific beneficiary. (The other type of gift are residual gifts. This is where what is…
Business owners, company directors, and professionals like dentists and engineers face financial risks due to their work and responsibilities. Their vulnerability to bankruptcy is heightened by exposure to liability, unpredictable market conditions, and the…
This guide aims to provide Australians with an in-depth understanding of the tax system in Papua New Guinea (PNG). As neighbouring nations with growing economic ties, it is crucial for Australians engaging in trade, investment, or other activities in PNG to…
An Australian trust exists under state law. So your trust may be under the laws of a state. E.g. New South Wales, Victoria, Northern Territory or any other state or territory. This is called the trust's 'jurisdiction'. Can you change the 'jurisdiction'? This…
Professor Brett Davies from Legal Consolidated emphasises the importance for practitioners to stay informed about CGT event E4. This is particularly true when dealing with unit trusts. This event may occur when payments are made to unitholders, with some…
In Australia, the legality of altering a testamentary trust after the Will Maker's death can be intricate. It's essential for both Will Makers and potential beneficiaries to comprehend the rules and choices related to testamentary trusts. In Australia, it's a…
As of 22 April 2020, in NSW, video conferencing technology like Skype, WhatsApp, FaceTime and Zoom are used in witnessing important legal documents like Wills, powers of attorney and statutory declarations. Documents include: an Australian Will a 3-Generation…
The executor of your Will lodges all outstanding tax returns. This is up to the date of your death. If the Notice of Assessment includes a compulsory HECS debt repayment, your Executor pays it out of your estate. Apart from that, the rest of the HECS debt is…
