The Tax Man Cometh …….
One of the various roles of an Executor is to make sure that all estate debts are paid. In particular, an Executor needs to make sure any tax liability of the deceased during their lifetime or of their estate is accounted for. Keeping records of everything that might...
The Other Certainty in Life …
We look at whether you need an ATO Clearance Certificate when selling property. The answer is yes, if: you are selling real estate over $750,000; and you don’t want 12.5% of the sale price to be paid to the ATO. The ATO requires the Certificate to be obtained before...
HIT THE BRAKES … !
If you are appointed as the executor of an estate, you have a number of duties cast upon you. They include: maximising the size of the estate for the beneficiaries; and preparing any necessary tax return or obtaining Income Tax Clearances. Estate administration...
Are you at your (super) limit…?
The preparation of your estate plan involves a number of matters, especially the payment of your superannuation death benefit. From 1 July 2017 a “Transfer Balance Cap” was introduced. In broad terms, the effect of the Cap is to limit the total amount of...
A little respect …. for my wishes!
I often write about the importance of having a valid Will. You might have been as surprised as I was to learn that Aretha Franklin, “the Queen of Soul”, died without a formal Will. By not making a formal Will, the famous singer sparked more than four years of bitter...
The Curse Of The Home-made Will Strikes Again!
I have written previously about the pitfalls of home-made Wills. Although it may sound like I’m trying to drum up business in recommending your Will be prepared by a solicitor, there is some support from Master Sanderson in a recent Supreme Court of Western Australia...
‘Let’s Kill All the Lawyers’
You may know of this famous and controversial line from the character “Dick the Butcher” in William Shakespeare’s Henry VI. Some recent “developments” in technology have had me thinking whether Dick’s wish that society be free of lawyers might come true! The...
Is It The End Or Just The Beginning…
Divorce, ending a de facto relationship or ending a civil partnership can be emotionally difficult but have you ever thought what happens to your Will if these events occur? Under the Succession Act 1981 (Qld), if any of the above events occur, your Will is revoked to...
Changes to Home Guarantee Scheme – what this means for you.
The Australian Government has announced that it intends to expand the eligibility criteria of the Home Guarantee scheme. The scheme was initially introduced to support the affordability of first home ownership by allowing a prospective homeowner to have a 5% deposit...
Buyer (no longer) Beware?!
Major changes are coming relating to the sale of property in Queensland. One significant change is that the old principle of “Buyer Beware” will largely no longer apply. There will soon be obligations on a Seller to make comprehensive disclosure to a Buyer of matters...