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 […]
continue readingTownsend 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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11
Dec
2019
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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27
Nov
2019
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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15
Nov
2019
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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03
Oct
2019
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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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
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