What to Do If You've Lost Your Trust Deed: Essential StepsLost Trust Deed
Trustees should hold the stamped original trust deed for the following reasons: 1. if there is a dispute as to the terms of the trust deed (for example, what they are or how they operate), then there will be difficulties if any party to the dispute wants to rely on an unstamped copy of […]
Protecting your assets
Act in haste or repent at leisure The case of Lewski v Commissioner of Taxation [2017] FCAFC45 shows that asset protection is all about timing. A wife and husband became beneficiaries under a family trust in 1997. In conjunction with this setup, the wife gave her husband complete authority to handle all her financial affairs […]
Bailment under the PPSR
In this blog, we take a close look at Bredenkamp v Gas Sensing Technology Corporation, in the matter of Welldog Pty Ltd (In Liq) (Receivers and Managers Appointed ) [2017] FCA 1065. GSTC, a US company, provided product line management and research and development services. It was common for its Australian subsidiary, Welldog, to store […]
No Power of Attorney
A Power of Attorney is a document giving the person you appoint the power to do anything at law you can do such as pay bills, buy and sell real estate or shares, open and operate bank accounts, enter into litigation, enter into nursing homes, and hostel contracts. If you own property, or have the possibility of […]
Terminating staff during probation
A new employment position is both exciting and anxious for both the new employee and the employer. While both parties tend to hope for success, sometimes the fit is off and the employee and the employer find themselves in the midst of a dilemma. It is typical for employment contracts contain a clause regarding the probationary period […]
Mutual Wills
But what about having a document that protects all your business assets upon your death? We have a document for that too. It’s called a deed of mutual wills. What is a deed of mutual wills? It’s used when preparing the wills of spouses. We draft them to keep property in the family and they […]
Defacto or Married
Like many countries across the globe, Australia struggled in their willingness to accept same sex marriages. However in December 2017 with the passing of the Marriage Amendment Bill, the Marriage Act of 1961 was amended; changing the definition of marriage and religious freedom Australia. While it has taken years and tremendous effort on the part […]
Life insurance bonuses
When a life insurance policy has been held by the taxpayer for 10 years or longer, reversionary bonuses received on that policy are tax-free. (A reversionary bonus is the profit earned annually on traditional life contracts on top of the sum-insured.) For policies held less than 10 years, stipulated amounts are included in the Taxpayers […]
Basics of Succession Planning
Effective succession planning is extremely important to your business. Getting it wrong will carry a high cost for you personally and the value of your business. We believe succession planning should be broken down into four very important elements: Developing a strategy to ensure that any untimely exit of a key person does not destabilise […]
Basic asset protection
In an increasingly litigious environment, many of our clients are concerned about asset protection. Typically they want to ensure that: Their assets are protected from attack from their creditors, bankruptcy or divorce Their personal and business assets are protected for future generations The assets they pass to their children are protected from creditors, bankruptcy or […]
