Super splitting is more than agreement between the parties

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When the Family Court orders are finalised, the parties might think that it’s all over, but when it comes to super-splitting there’s considerably more to do. With one in three marriages in Australia likely to end in divorce, the splitting of interests in a Self-Managed Super Fund has raised a number of questions. Under the […]

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Overcoming Asian reluctance to estate planning

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Migrants or permanent residents in Australia who have backgrounds from Asia are often very averse to discussing estate planning.  There are a number of time-honoured cultural reasons for that, but Jonathan See looks at whether they are still relevant. Chang and his wife, Ming, migrated from China to Australia in 1975 with little money in […]

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Do bushfires + financial hardship = early access to your super?

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Given all the talk about the dreadful bush fires you’d be forgiven for thinking victims could access their super to help with their recovery.  Think again, as Elizabeth Wang reports. Robert and Mary have been affected by the devastating bushfires. They are struggling financially and are wondering whether it is possible to withdraw some of […]

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New law clarifies minor’s tax on testamentary trust income

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A minor pays tax at adult marginal rates on income received from a testamentary trust. The new law seeks to stop non-estate assets making their way into those trusts in order to increase that income and access those marginal rates. In the 2018-19 Budget, the Government announced that it will implement an integrity measure to […]

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Selling member’s business real estate into SMSF

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Townsend Lawyers’ Jeff Song explains that this strategy, though perhaps not quite as attractive, is still viable. From 1 July 2018 new law provides that in certain circumstances the outstanding amount of a limited recourse borrowing arrangement (LRBA) will count towards the relevant member’s total superannuation balance (TSB). How will these new provisions affect the […]

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Substituting your SMSF when off-the-plan is off-the-rails

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Bob and Susan can’t afford to complete their off-the-plan purchase unless they use their super. Bob and Susan signed a contract and placed a deposit in their personal capacity some time ago to acquire an off-the-plan apartment which is now nearing completion. The bank has valued the property lower than the original contract sale price […]

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Maria Siu joins Townsends Lawyers and SuperCentral as Special Counsel

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Townsends Lawyers and its associate SuperCentral Pty Limited are pleased to announce the appointment of Ms Maria Siu LL.B. (Hons), Dip Fin Serv, Cert Adv Tax to the position of Special Counsel – Superannuation. Maria will provide superannuation research and advice across both Townsends and SuperCentral legal staff and their clients. Ms Siu brings a […]

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Helping one of your children with a home deposit

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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 […]

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What can a widow expect from husband’s estate?

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What 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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Is it possible to admit your child as a member to your SMSF?

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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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