Legal Tip 431: QLD Trusts Could Soon Last for 125 Years Under QLD law at the moment trusts can only last until up to 80 years before they must...
Tax Tip 534: Borrowing from Parents and Parking in Offset Account A good strategy to consider is for adult children to borrow money from their...
There are important estate planning issues to consider with offset accounts, especially offset accounts in joint names as generally a bank account...
Usually, home loan lenders will only lend on the lesser of the purchase price or contract price of the property that will secure the loan....
There has been a lot of ‘talk’ about the ATO ‘cracking down’ on trusts and section 100A about reimbursement agreements. This section basically...
If the main residence is rented out the interest on the loan that relates to its purchase could deductible. That would seem to discourage people...
It may still be possible to claim interest and other expenses incurred in relation to an investment property where the property is vacant. The...
The 1936 Income Tax Assessment Act will cause a loan from a related company to be taxed as a dividend, unfranked, unless certain requirements are...
The trustee of a discretionary trust may not need to wait until the end of the financial year for it to distribute the income or corpus of the...
With trusts if the trustee retains the income of the trust the trustee will be taxed on this at the top marginal tax rate and the Medicare levy....
There was a law change many years ago, around 2017 I think, that now generally makes it no longer possible for residential property investors to...
It is possible to borrow from a related company to buy shares. The borrower could be an individual or a trustee and the loan must meet Div7A...
It is possible to restart the 6 year absence rule for CGT even after you have been absent for more than 6 years. However, the property could never...
Tax Tip 524: Easing the Tax Burden on Inherited Assets When a person dies and passes their assets on the recipient will generally inherit the...
Tax Tip 523: Can A Related Company Lend 100% of the Purchase Price of a Property? This post covers the tax issues, not the general law issues....
Legal Tip 429: Step Children and Wills Where step children are in the family care should be taken. Example Homer married Marge when she...
The Pain of Low Fixed Rates Reverting to High Variable Rates Imagine having a $600,000 loan at 2% fixed coming off and reverting to an interest...
Homer has a $1mil home loan with a loan of $500,000 and $500,000 in the offset account. He wants to borrow to buy a $500,000 investment property...
If a person dies and has money in their bank account the bank can release up to $15,000 without Probate or Letters of Administration being granted...
Discretionary Trusts cannot claim interest on loans used to make capital or corpus distributions to their beneficiaries. Example Homer set up...
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