Setting up a trust
In Australia, whether good or bad, it is easy to establish a trust fund, with online options prevalent and low-cost options available. This, however, is not the end of the process but rather the beginning. There is a lot of advice that trusts are some structure that will provide a lot of benefits, but rarely […]
Liquidation in Australia
The process of liquidation in Australia is one which is often misunderstood and without proper understanding can be devastating for business owners. Getting advice early is important and taking all steps prior to liquidation will minimise the risk and ensure that you are best placed during the process. From the moment that the company liquidator is […]
Perils of not updating a will after divorce
It used to be true love; roses were gifted, dinners were cooked, finances shared. You could even hear the pitter-patter of little feet! All was well, and so you made a Will leaving everything to your significant other, put it away and never thought about it again. Then it all went sour. Cinderella became the […]
Dealing with ATO Debt
Introduction Settlements of tax disputes in the early stages provides benefits for both the taxpayer and the Australian Taxation Office (“ATO”). Early engagement and ongoing communications with the ATO is critical for the purpose of negotiating mutually beneficial settlement terms. The Zafra Legal team has the experience to assist all taxpayers to achieve a sensible […]
Before Restructuring
Every business goes through times where they experience much needed growth. This growth can be a positive push to potentially restructure their business. There are however many factors to consider before restructuring. Business owners need to think about why they are changing the structure of their business and what the aim is in restructuring. There […]
GST Buying or Selling Real Estate
Whether a sale of property is subject to GST will be dependent on a number of factors. The sale of real property must be made in the course or furtherance of an enterprise before it is brought into the GST system. Summary of GST status for sale of real property.
Safe Harbour for Directors
Australia’s prohibition on companies whilst insolvent (Corporations Act, s 588G) had often been the subject of criticism. Until recently Australia had one of the strictest insolvent trading prohibition in the developed world. Prohibiting companies from incurring debts whilst insolvent meant pushing them much earlier into formal insolvency proceedings. Until Now Under Australia’s insolvent trading prohibition, […]
Basics of tax residency
Being a ‘non-resident’ makes a difference for tax treatment One of the very first questions you are asked on your individual tax return is: “Are you an Australian resident?” It may seem an unusual or unnecessary question, but the Tax Office wants to get this one cleared up early as it makes a big difference […]
Untaxed income
Sometimes, there’s no tax on certain types of income It is possible to receive amounts that you do not need to tell the taxman about, and don’t have to include as income on your tax return. The ATO classifies these into two different categories (or three, if you count “other” as a category). Exempt income. […]
Properties to Avoid
There are so many different types of properties that selecting one can be very confusing. There are however some specific property types I suggest you avoid altogether as they are simply a bad choice or are very high risk investments. Australia’s biggest Banks also have concerns with the majority of the below property types and will restrict lending levels on them.
