Does your Family Trust include Foreign Beneficiaries?

Most family trust deeds include a beneficiary list that is not just limited to the immediate family, but may include extended family members, who may be living overseas. Are these potential extended family members foreign beneficiaries? The fact that no distribution has been made to, or is intended to be made to, a foreign beneficiary does not help when determining … Read More

Simple super now super complicated

It has been 10 years since the Simple Super Reforms were brought in on 1 July 2007. A decade later the “Simplified Superannuation” system has become a labyrinth of legislation. From 1 July 2017, running a SMSF became more complicated and the new raft of reporting obligations and total superannuation balance calculations has created some new acronyms to drop-in on … Read More

What happens if a director incorrectly signs a contract?

Section 127 of the Corporations Act 2001 (the ACT) states that a company can execute a document if the document is signed by its directors with or without a common seal. The method of executing documents with a common seal stamp is no longer widely practised in Australia (and is outside the scope of this article – but directors need … Read More

Tax Office targets rental properties

We have discussed this area before but thought it best to bring it up again due to the recent targeting of rental property owners by the ATO to ensure they are doing the right thing. So what do you have to watch out for now in this regard? The following issues are being looked at closely by the ATO Are … Read More

Single touch Payroll is coming – are you ready?

The ATO are changing the way employers report tax and super information to them. There will be a need to use Single Touch Payroll from 1 July 2018. While it is 6 months off it is important that you are prepared for the change and start preparing for it now. If you have 20 or more employees, you need to … Read More

Can a Director be personally liable for ATO Debts?

We have written in past editions of the S & W Insight of the risks directors run in becoming personally liable for ATO debts. This is an issue that needs to be continually reviewed as the protection that a company structure provides the director, can be easily lost in certain circumstances. It is important to remember the situations where a … Read More

Rental Property Travel Deductions are now denied

Further to past editions of S & W Insight, and as announced in the May budget, travel deductions claimed on rental properties are now denied.  The new law governing this denial was passed on 15 November 2017 with effect from 1 July 2017. The law effectively denies most owners of residential properties deductions for travel expenses related to their properties. … Read More

November 2017 International Newsletter

REMOVAL OF CGT MAIN RESIDENCE EXEMPTION FOR FOREIGN RESIDENTS Our May 2017 newsletter summarised the Budget announcement that the main residence exemption from CGT would be removed for foreign residents.  Draft legislation and explanatory material are available here. Prior to the Budget announcement, it was possible in the right circumstances for foreign residents to claim the CGT exemption on a … Read More