New rules about identifying clients involved in property transactions
1 May 2016 a new set of rules came into place in various States about client identification for the purposes of registration of property dealings. The transitional period ended on 1 August. These new requirements add a whole new layer of inconvenience and cost so clients and advisers need to understand what’s required.
Actions speak louder than words down on the farm
Farm succession requires the very thing that farmers hate the most – lots of discussion.
Don’t play games with your asset protection
Asset protection is a tricky business but one that it pays (quite literally) to be on top of. As any professional gambler will tell you, it doesn’t pay to play games with your assets.
Unpaid present entitlements: when is a debt not a debt – when the ATO says so
A recent High Court case has found that an unpaid present entitlement can be a debt payable by the trustee to the beneficiary. But if the debt goes bad the beneficiary will still not be able to claim a deduction for it.
Doing your LRBA homework before renovating
Acquiring a property through a SMSF using borrowed money may be an attractive investment choice for many, however, before the trustee/s get any ideas about carrying out renovations, building extensions and adding value to the property it’s important to check whether the proposed renovations would comply with the law.
The right limited recourse loan documents are essential
So you have been working really hard and building your superannuation nicely over the course of your working life so far (you don’t have to be at the end of your career to do this). Perhaps it’s time to consider what you might wish to do with it.
Life’s Too Serious
The latest addition to our sales & marketing team, Milly, came up with these slang phrases from the Roaring ’20s’ that she thinks we should bring back.
Further information:
t: (02) 8296 6222
info@townsendslaw.com.au
townsendslaw.com.au