My earlier post concerning the Federal Court decision in Rowntree v FCT highlighted the vital evidence required to prove monies transferred from a private company group to its controlling director and shareholder was in fact a non-taxable loan advance. In the recent Full Federal Court decision in Hart v FCT [2018] FCAFC 61 (reported at … Read more
The recent Federal Court decision of Rowntree v FCT [2018] FCA 182 (reported at 2018 WTB 9 [243]) highlights how much additional care must be taken in documenting even simple related-party transactions, such as loans, that are so prevalent within high net wealth (HNW) private client groups. In this case, the taxpayer, a practising NSW … Read more
In February 2018, the Government released the Exposure Draft of the Treasury Laws Amendment (measures for a later sitting) Bill 2018: with the misleading by-line “…improving the small business CGT concessions”. The following article demonstrates how in fact the draft, if enacted in its current form covers not only the “loophole” raised in the May … Read more
On JOY Law, Jack Stuk and I joined the JOY FM team to discuss what options are available to you if you are left out of a family member’s Will. Specifically, we discussed: the steps you should follow when challenging a Will; how you can demonstrate that you are an “eligible person”; the moral obligations … Read more
By Clea Cole (Lawyer), Bridget Hobbs (Lawyer) and Jack Stuk (Principal Solicitor) After a costly and time-consuming court battle between a deceased’s surviving family members, the Supreme Court of Queensland has dispensed with the formal signing requirements for a Will and found that an unsent text message on a mobile phone can operate as a … Read more
A Testamentary Trust is a trust created under a Will, which comes into effect only after the death of the person making the Will (the Testator). Essentially, upon the death of the Testator, their assets belong to the Trust, rather than going directly to any beneficiary of the Will. By choosing independent trustees for your … Read more
As the use of the cloud to provide digital products and services has grown, so too has the interest of governments in taxing cloud-based transactions. The difficulty for governments, such as Australia’s, is that the cloud infrastructure is largely located overseas and their ability to enforce compliance by overseas suppliers is limited. Nonetheless, from 1 … Read more
By Jack Stuk (Principal) and Bridget Hobbs (Lawyer) Following the release of the 2017/2018 state budget on 2 May 2017, you might be aware that the stamp duty concession currently available on transfers of property (other than the primary residence) between spouses will be removed from 1 July 2017. This tax exemption is most often … Read more
By Jack Stuk (Principal and President NTAA Ltd), and Eli Bursky (Lawyer) Many people lost millions in the Global Financial Crisis. Potentially, despite the passage of years, they may be gainfully recouped at least in part through revenue or capital losses applied against income or capital gains in the future, assuming the labyrinth of qualifying … Read more
