Busy bees
Beekeeping can sting you in ways you don’t expect. This case study shows the hidden tax pitfalls of diving into your retirement hobby farm.Snapshot Always…
Timing is everything: End of financial year considerations
Some salutary lessons in end of financial year tax stings.Snapshot The end of the financial year always raises issues. CGT issues are technical and difficult….
Nobody knows everything: Taxes and the administration of deceased estates
Why it pays to get some help with taxes in the administration of deceased estates.Snapshot Always make it clear who should pay the tax. IT…
A matter of trust: Working together to avoid hidden tax stings
Stinging examples of why lawyers and accountants need to work together on trusts and succession.Snapshot Amending trust deeds is a difficult business. Seemingly simple transactions…
Accountants vs lawyers?
Why it’s better to work together when it comes to succession planning & restructuring.Snapshot Accountants and lawyers need each other. Lawyers should always liaise with accountants…
Deceased estates duty concession: a new Revenue NSW ruling
A practical guide to the new Revenue Ruling DUT 046 on the deceased estates duty concession.Snapshot On 12 February 2020, Revenue NSW issued Revenue Ruling…
Company distributions: hidden tax stings await the uninitiated
The importance of seeking tax advice on company distributions.Snapshot Division 7A of the Income Tax Assessment Act 1936 prevents companies making tax-free distributions to shareholders…
Why your initial choice of entity is so important
As your initial choice of entity has long-term consequences, it’s important to give it careful consideration. By JIM MAINSnapshot Initial choice of entity has long-term…
Foreign trusts and duty – it’s just not cricket
Careful attention required with foreign trusts and duty. By AMANDA TULLYSnapshot A trustee of a landholding discretionary trust may be liable for foreign surcharges if…
Advising on the purchase of land? Beware the sting of GST withholding
Beware the sting of GST withholding when advising the purchase of land. By JIM MAINSnapshot If the contract says the margin scheme applies, make sure…
Buying or selling: beware the sting of GST
Presume the sale of a new house to be subject to GST unless established otherwise. Always think GST when buying or selling. By JIM MAIN.Snapshot Presume the…