What is Division 7A really all about?
If you have a company then you have probably sat in a meeting with your accountant and heard the phrase ‘that may raise Division 7A issues’. Everyone usually then grumbles and nodes wisely, and moves on… But you may be asking yourself, ‘what the hell is Division 7A all about?’ Glad you asked.
My trust is expiring – can I get an extension?
Australians love their trusts. In fact, the number of active trusts in Australia is coming up to 1 million (if not there already). We use so many trusts because they are so versatile. But one problem most trusts have is that they don’t last forever, they have an ‘expiry date’. If you have a trust you should be aware of its ‘expiry date’, and if that date is fast approaching, you must plan for the end! Sometimes we find that a trust has already expired years ago, without anyone having noticed…
Forcing a sale of property in NSW
It’s relatively easy to get into property ownership with someone. But it can be considerably harder to get out. Particularly if you don’t have a co-ownership agreement in place. Find out what court remedies may be available to you NSW if you find yourself stuck in a property.
Is the customer always right?
Many businesses have built strong brands by treating customers well. But it is also important to ensure that no single customer can put your business at risk. You need to draw the line somewhere. This is where your terms of supply come in. However, these terms need to be consistent with the Australian Consumer Law.
Transferring an asset from a super fund to a member – no stamp duty in SA
In South Australia stamp duty is not payable on a transfer of real property from a trustee of a trust to a person who already has a defined beneficial interest in the property. For example, a transfer of property from the trustee of a unit trust to the unit holder. But there are a couple of tricks you need to be aware of.
A rant on challenging Wills
A few judges and populist politicians have recently made some snarly comments about lawyers and ‘greedy’ people who are challenging Wills. Apparently, as a profession, we are getting a bit of ahead of ourselves in bringing too many of these cases to court. Read this article to get informed about the debate.
What is the superannuation transfer balance cap and why should you care?
Everyone gets a $1.6 million cap on the assets that can support a tax-free super pension. You and your spouse each get a separate cap. But super pensions that pass to you from your spouse when they die may put you over your cap. This will have adverse tax outcomes. You need to plan for this as part of your estate planning.
Distributing assets from a family trust to a beneficiary – no stamp duty in SA
In South Australia it is possible to transfer a property from a family trust to a beneficiary without stamp duty. Find out how.
First-quarter employment law tune-up
The end of the first calendar quarter for the year is fast approaching, and this is a great time to think about improving your employment processes and procedures. To get you started, these are our favourite employment law ‘nuts and bolts’ that may need some tightening.
Is your business ready for sale?
If you’re thinking of selling your business, we bet there are 2 key outcomes you are looking for:
1. Getting the highest purchase price possible; and
2. Being able to make a clean break from the business, so you can think about something else (and maybe even relax or take a holiday).
These outcomes are both realistic and achievable, but it will take some planning before you put the business up for sale.