JobKeeper Acts Passed

The JobKeeper Bills were passed by the Commonwealth Parliament yesterday, 8 April. At the time of writing, the Acts as passed were not available on https://www.legislation.gov.au. Therefore we are retaining links to the Bills at the end of this article. The Bills were passed without amendment. The Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 leaves most of the core details to be supplied by Rules, to be made by the Treasurer. As at the time of writing, the Treasurer has not made those rules, nor released a current exposure draft. An exposure draft available on the Treasurer's website [...]

JobKeeper Acts Passed2020-04-09T10:31:58+08:00

SMSF landlords may reduce rent for related tenants (and other ATO reliefs)

The ATO has recently issued reliefs and reminders for self-managed super funds (SMSFs) impacted by coronavirus. The announcements are light on detail, as would be expected at this time. We have summarised them below, and included our own commentary to fill gaps and address questions which will arise. Obviously, no SMSF should act on this post without taking specific legal advice as to their own situation Rent reductions for commercial properties owned by SMSFs An SMSF which owns a commercial rental property may give the tenant a discount on rent and other amounts payable. This applies even if the fund leases [...]

SMSF landlords may reduce rent for related tenants (and other ATO reliefs)2020-04-01T10:55:40+08:00

When should I update my will?

The list below covers most cases where it is advisable to update your will, in addition to the obvious one: if your current will no longer reflects your wishes. No list can capture every case where this is desirable, however. The list below contains 14 cases – there is a good chance that many people have missed one or more of them. Other documents to review when reviewing your will Significant relationship change, including starting or ending a relationship with a spouse/partner, or their death, is also a reason to review any beneficiary nomination you have: given your super fund stating [...]

When should I update my will?2020-03-28T15:13:14+08:00

Use your family trust to boost your charitable or Church giving

Are you a regular donor to a Church, charity or other non-profit, and you hold a business or investments through a discretionary (family) trust? In many cases you can use your trust to donate money to your favourite non-profit and save tax at the same time. Or you can use the tax saving to boost the amount you give, at the same after-tax cost to you.If your favourite non-profit does not have tax-deductible gift recipient status (and many do not), you currently donate to it from after-tax income and you are in the top tax bracket, every $1 you give costs [...]

Use your family trust to boost your charitable or Church giving2019-07-09T12:58:05+08:00

Why your Parents should make Tax-Effective Wills

Large potential tax savings through “full-family” income splitting Most people look at wills solely from the perspective of the benefits to their family after they leave this world. While that remains the key consideration, there may also be substantial benefits if you arrange for those who wish to leave assets to you to do so in the most tax-effective way.Unlike a “standard” will, a “testamentary trust” will can enable the main beneficiaries to make substantial tax savings by distributing income earned on investing estate assets (and, in many cases, other income) to other family members in lower tax brackets. Most importantly, [...]

Why your Parents should make Tax-Effective Wills2019-07-09T12:58:20+08:00

Wills and Super Death Benefits: 2 Sides of the Estate Planning Coin

Passing on super requires the same care as making a will The key objective of estate planning is to ensure that the right people get your assets after you pass away. Traditionally this was done via a will. It is now common for a third or more of a family’s wealth to be in superannuation, however. Superannuation is not automatically covered by your will.Many people see a will as a separate exercise from deciding what happens to their super after their death, and take far more care over the former than the latter. People are often unaware that they have made, [...]

Wills and Super Death Benefits: 2 Sides of the Estate Planning Coin2019-07-09T12:59:29+08:00

Leasing new premises? DON’T sign that Offer to Lease

When selecting new leased premises, tenants must be careful of two critical issues in the ‘Offer to Lease’ (OTL). The commercial rental market is now “tenant-favoured” in many areas of Perth. Many tenants think they have done a great job by beating the landlord down on rent and negotiating a large fit-out contribution or a long rent-free period. Feeling satisfied with themselves, they then happily sign the OTL - without legal advice. Murder can be an expensive mistake. A standard-form OTL will commit the tenant to at least two key things, often exposing them to considerable, unexpected costs:  The tenant becomes [...]

Leasing new premises? DON’T sign that Offer to Lease2019-07-09T12:58:52+08:00