Bankruptcy Trust in Wills

Bankruptcy Trust in Wills Bankruptcy Trusts in Wills to protect spouses, children & beneficiaries The Bankruptcy Trust protects your beneficiaries if they go bankrupt before or after your death. When you die you give your assets to your spouse and children. But...

Financial Planners witnessing POAs prepared by Legal Consolidated

  Since 2018, thanks to significant advocacy efforts by the Financial Advice Association Australia and Legal Consolidated, financial planners have been empowered to act as authorised witnesses for Commonwealth statutory declarations and Powers of Attorney (POAs)...

Journal Entries are not legal documents. Book entries do not work.

Journal entries and Book entries do not work: ATO Commonly Dad borrows money cheaper than his trust. In this recent case, Dad borrows money from the CBA and gives it to his trust. Everything goes wrong. In Chadbourne v FCT [2020] AATA 2441: the taxpayer, Mr...

NSW Stamp duty to change a Trustee

Change a trust’s trustee to a corporate trustee in New South Wales? At times, you may wish to change the trustee of your New South Wales trust. Perhaps the trustee dies, leaves the country or loses mental capacity. Or you want to move from a human to a company as a...

Centrelink attacks innocent Grandparents

  A rather worrying trend is Centrelink attacking people who are unaware that they are mentioned in a Family Trust. For example, the high risk of bankruptcy son often makes Mum the Appointor or a Default beneficiary – for asset protection. Mum has never...

Four things your Accountant should do differently this EoFY

  It is important to talk with your Accountant before the end of the financial year and work through your tax year-end planning issues before 30 June. Thanks to COVID-19 it is not just the usual year-end issues such as bad debts, trading stock, losses, super and the...