More parents are contemplating helping children enter the home market. Whilst the banks are starting to relax their lending criteria, with the now sky high prices of real estate in the major capital cities, the “Bank of Mum and Dad” is still very much in demand. But don’t just give them the money! There are […]
continue readingWhat can a widow expect from her husband’s estate? The NSW Court of Appeal recently gave us their guidelines. Several months ago we discussed the decision in Steinmetz v Shannon [2019] from the viewpoint of the disagreement among the judges relating to ‘testamentary freedom’ (the ability to draft your will as you wish) and what if any […]
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26
Sep
2019
Bob and Barbara have recently established an SMSF with a corporate trustee and want their 17-year-old son, Ben, to join their SMSF. Can Ben join? We often get asked by our clients who are contemplating establishing an SMSF whether they can admit a child member to their SMSF. While it is not uncommon to admit […]
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16
Sep
2019
Sometimes it’s necessary to change your power of attorney in which case you’re going to need to revoke the existing appointment. What would happen if you decided that the person you have appointed as your Enduring Power of Attorney is no longer suitable for the role? Perhaps your relationship with your previously appointed attorney isn’t […]
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10
Sep
2019
An employee who is offered the chance to resign by their employer should think long and hard as it may prevent any claim against the employer thereafter no matter how well-placed that claim would otherwise have been. MARGE: The power plant called and said if you don’t come in tomorrow, don’t bother coming in […]
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05
Sep
2019
Brian Hor at Townsends Law thinks there should be some thought given and preparation around seeking to minimise challenges to an estate by making pre-emptive decisions, such as: Transferring assets before death Transferring assets during the owner’s lifetime to one or more persons being the intended beneficiary/ies of the assets after the owner’s death. Depending […]
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30
Aug
2019
Can an SMSF be used to develop a property? Yes, but there are some superannuation compliance issues that arise when considering whether to develop a property in your SMSF. John and Mary want to knock down and rebuild a property in their SMSF Let’s consider an example of John and Mary who own a property […]
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05
Aug
2019
If their kids don’t get on with one of the grandkids maybe the grandparents should act to protect that grandchild’s inheritance. Being an estate planning lawyer means very often having to ask the hard questions – questions about their family that can make people a little uncomfortable. I had to ask one of those the […]
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10
Jul
2019
A limited recourse loan by a member’s family trust to their SMSF might be a Division 7A loan. Can the loan comply with all the rules if it is in fact both types of loan? A recent enquiry has allowed Townsends Law to visit the question of when will a loan be deemed as a […]
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08
Jul
2019
John is the sole member of his SMSF and is the sole director of the fund’s corporate trustee. After seeking financial and tax advice on the benefits of owning a property in his SMSF, John decides to sell his investment property valued at $1m to his SMSF. As his SMSF’s available balance is $200k short […]
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24
Jun
2019
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