Our Blog

  • Cautionary tale Part 2.

    A client wanted to give her house to her granddaughter who lived with her and looked after her and instructed me to do her will. I cautioned her against that as her 2 daughters will challenged her will. So we transferred the property to her granddaughter. This is one of the exception to the principle […]

  • Cautionary tale.

    Father transfer all his properties including his principal residence to his son in order to qualify for the pension. He saved money by not seeking professional advice. Son died suddenly without a will, leaving all his properties to his next of kin, his wife. Father now looking for a place to rent. Father and daughter-in-law […]

  • Do you know that you can be fired… without realizing it?

    It happens when you are required to accept changes made to your job duties, work location or salary, with which you do not agree. The term ‘constructive dismissal’ is a type of wrongful dismissal that may apply in these situations. Whenever your employer makes a major change to an essential aspect of your working relationship, […]

  • Why every Pokémon Go Hunter needs a will.

    Pokémon Go has been an overnight success. It has broken records by becoming the number one selling app in both apple and Android stores contributing massively to the Nintendo share price. Pokémon Go is a reality based game where Pokémon hunters use their phone GPS to track down Pokémon who appear in the real world […]

  • Tax exemption for temporary residents from 1 July 2006

    A ‘temporary resident’ is, from 1 July 2006, exempt from Australian tax on income earned outside Australia. A temporary resident for these purposes is someone who: holds a temporary visa granted under the Migration Act 1958 — this includes people who enter Australia for work or study, is not an Australian resident within the meaning of […]

  • First Home Owners Grant

    The First Home Owners Grant (FHOG) is a once off payment and incentive provided by the Federal Government to first home buyers. The aims of FHOG are to – Encourage and assist first home ownership – Offset the effect of GST on home ownership Conditions for FHOG For contracts entered on and from 1 July […]

  • Stamp Duty Concession For First Home Buyers

      Stamp duty is a charge on certain documents and transactions. For instance, when you buy land in Victoria, which may include buildings, you will be liable to pay stamp duty. The amount payable for stamp duty is based on the market value of the property.   The Victorian Government offers eligible first home buyers […]

  • Can you reduce income Tax & GCT by liquidating pre-GCT Company?

    Let it assumed: Victoria owns the shares in FamilyCo, which was incorporated in the early 1980s, i.e. before the introduction of capital gains tax. FamilyCo owns three rental properties that were purchased before 20 September 1985. In 2014, Victoria wants to wind up FamilyCo and divide its assets amongst her three children. Two of those […]

  • Can you reduce GST by deregistering?

    Can you reduce GST by deregistering? Let it be assumed: • Ben purchases run down offices with a view to redeveloping them for sale. • The offices have been vacant for over 12 months and thus the vendor charges GST on sale. • Ben registers for GST purposes because he wants to recover his input […]

  • Can GST be reduced by not registering?

    Assume the following: Andrew purchases a home for $2,000,000.00 as an investment. Andrew rents the house out to tenants. Things do not work out and the relationship between Andrew and the tenant sours. After the tenants leave, Andrew decides to knock down the house. Andrew then subdivides the land into two blocks and sells one […]

  • Top 10 SMSF Compliance Tips

    Compliance is a vital part of running any SMSF. Here are some of my top tips to ensure you reduce your risks. Record – keeping – Make sure you keep proper records for at least 10 years.  Lodge your annual return on time. ATO can apply fines and penalties apply from 1 July 2013 for failure […]