Cancelling shares and landholder duty
When a couple in business together separates, things get messy and tax stings can fly under the radar in the ensuing familial chaos.Snapshot When an…
Dealing with deceased estates: Gifts and tax implications
When dealing with deceased estates, practitioners should be mindful of capital gains tax implications when dealing with gifts.Snapshot Appropriations and partitions are different. There is…
A ‘tail’ of woe
When considering whether rural land qualifies for the Primary Production Land tax exemption, practitioners should consider the ‘dominant’ use of the land.Snapshot When advising clients…
The devil is in the dating: A collection of cautionary tales
Dates are tricky and it’s important for practitioners to be aware of cut-off dates. If in doubt, discuss the issue with the accountant.Snapshot Dates are…
CGT considerations: When a beneficiary exercises an option under the will
Where a will contains an option, practitioners should be aware of possible capital gains tax implications and advise their clients accordingly.Snapshot When drafting wills and…
The danger in changing trustees
Be very careful in preparing a deed to remove or appoint an additional trustee.Snapshot Be very careful in preparing a deed to remove or appoint…
Awakening the sleeping giant: FIRB obligations and testamentary gifts to foreign beneficiaries
Changes to the Foreign Investment Review regime have important implications for testamentary gifts to foreign persons and the administration of deceased estates.Snapshot Foreign persons proposing…
Landholding discretionary trusts and the potential avalanche of stings
Beware of trusts and hidden tax stings.Snapshot Always check the trust’s vesting date. Where appropriate, ensure the trust deed, if purchasing a residential property, excludes…
Don’t pay stamp duty if you don’t have to
Always follow testamentary options strictly in accordance with the will.Snapshot Always follow testamentary options strictly in accordance with the will. Check for Revenue Rulings for…
Don’t get caught unaware – Murky trust traps
Can you trust a trust? Not always – there are many murky traps to catch the unaware.Snapshot Always take care when dealing with trusts. Seemingly…
What is a declaration of trust for stamp duty purposes?
NSW Court of Appeal delivers welcome clarity on the definition of a ‘declaration of trust’ for stamp duty purposes.Snapshot In the recent case of Benidorm,…