Defining asset use for CGT concessions
The small business capital gains tax concessions are extremely valuable, and for small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero. But to access the CGT concessions some conditions […]
Trading stock or capital
Investment products may be held as trading stock by a taxpayer carrying on a business of share trading or options trading. However, whether a particular parcel should be treated as trading stock must be determined on a case-by-case basis. Generally, the tax issues facing share traders versus passive investors are summarised below. Tax treatment of […]
Details for FBT
As the FBT year runs from 1 April to 31 March, the months of October to December marks the “third quarter” of the FBT year, and so here is an overview of the FBT elements that can attract the ATO’s attention. This can be a timely period for a compliance check-up, so that employers who […]
Promissory Estoppel
Although it sounds ancient and archaic ‘promissory estoppel’ is actually quite a useful modern concept to help ensure fairness in business dealings. It especially important in building and employment contracts where the negotiations may be prolonged but the need for action is immediate. Imagine for example, that an Employer and Prospective Employee had a long […]
Council’s Role in Revitalising Retail
Council’s Role in Revitalising Retail A thriving small town is one where the shops are open and there is a vibrant centre. Currently though, the norm appears to be that half the shops are closed and new businesses are struggling to open or survive, facing unrealistic start up rents which discourage entrepreneurs. Unfortunately, the vacancy […]
Passing control of a trust
Good estate planning starts at the beginning of one’s working life, not at the end. In the early 1980s, many family trusts were set up with a vesting date of only 40 years because it was considered the best way to avoid the uncertain issues relating to the anticipated introduction of capital gain tax (which […]
Super benefits to children
For a parent the most difficult and frightening happening to consider is what will happen to your children in the event of your untimely death. But for parents in New South Wales, there are a number of avenues to financially protect your children in the event that something tragic happens to you. If the parent […]
Recovering control of a trust
John Smith lived in Condobolin. He had run a successful business in the town for 30 years through the Smith Family Trust (SFT) and the time had come to pass control of the trust to his son Harry. Harry was married with two young children. He had been working in the business for many years. […]
Binding death nominations and EPOA
Who will get your super money when you die? This is an important question because for many Australians, their self-managed super fund (SMSF) is a big asset – maybe one of the biggest. It is also somewhat complicated because SMSF distributions are not governed by a will. Instead, those directions are usually executed under a […]
Contesting a will in NSW
Probating a will can be a very difficult experience, particularly if a non-beneficiary or an actual beneficiary decides to contest the contents and/or the distributions in the Will. When this happens, it often causes great stress, significant arguments, and legal fees for all parties involved. Unless proven otherwise, the court will most likely find that […]
