Publications and News

Options and hidden tax stings

5 July 2017

Snapshot

  • Options are always tricky.
  • What applies to GST does not necessarily apply to CGT.
  • Assumptions can be very dangerous.
Options and hidden tax stings

 Tony comes to see you about a 'too good to refuse' offer he has received from a developer – $5 million GST inclusive for a property he bought for $5,000 in 1970. Continue Reading..

First Home Owners - incentive to save

5 July 2017

Following on from our article last month about stamp duty being abolished on homes for first home owners up to a certain limit, the Federal Government in its recent Budget also established a scheme to help people save for their first home by using their superannuation fund to build savings for a deposit in a tax advantageous environment. Continue Reading..

Gen Y - Modern Farming Succession

22 June 2017

Join us for an interactive seminar on Wednesday 26 July from 6pm to 8pm, designed to aid upcoming farmers and off-farm siblings with agribusiness and succession law topics.  Continue Reading..

Take care if you declare

7 June 2017

It is first thing on Tuesday morning when you receive a call from your client Lachlan who wants you to review an auction contract for a farm that has come up for sale next to his. The auction is scheduled for that afternoon so Lachlan, as he always does, has really left things until the last minute. You had a terrible night’s sleep after a big blue with your husband about his spendthrift ways, and aren’t feeling all that sharp, but you have the time to review the contract. Lachlan also wants you to attend the auction with him.  Continue Reading..

Win for First Home Owners - Updates from the 2017 State Budget

6 June 2017

From 1 July 2017 the NSW Government will introduce a long awaited range of new measures to assist first home buyers and housing affordability generally throughout NSW. Under current laws in NSW, first home buyers are only eligible for a stamp duty exemption on a purchase of a new home up to the value of $550,000 (and in the case of vacant land, a purchase up to the value of $350,000).  Continue Reading..

Legal health

12 May 2017

Legal housekeeping is essential to a stress-free future. In the event of death, injury or illness, there are simple legal documents that can give you and your family instant financial and emotional relief.Power of Attorney (“POA”)A POA document allows you to appoint an attorney to act on your behalf in relation to your financial and/or legal affairs. If you have an enduring POA, the document continues to be effective once you have lost capacity, which is where it’s true value lies.  Continue Reading..

Succession planning and hidden tax stings

5 May 2017

You knew it was professionally unwise, but you just couldn't say no to your old mate Peter when he asked you to help fix up his family succession plan. You tried to explain, but when he said “Maaate, come on, school mates and footie mates and you can’t help? Come on…what are mates for?”.  Continue Reading..

Take care when amending the vesting date of a pre 84 deed

13 April 2017

You’ve just come back to work after being on medical leave and are excited to receive a call from a longstanding client, Molly, who wants you to act for her regarding a purchase of an investment property for $3 million. Molly tells you the purchaser will be Edlly Pty Ltd as trustee for the Moed Family Trust. The Moed Family Trust was established in 1967.You phone the vendor’s solicitor to give her the purchaser details.  Continue Reading..

The importance of a power of attorney

12 April 2017

Your husband Robert suffered a stroke three weeks ago and is in hospital. The doctors tell you that Robert is suffering from memory loss. His prognosis is not good and several weeks later Robert becomes extremely ill. The doctors tell you Robert has lost mental capacity and transfer him into high care. Continue Reading..

SMSF Deeds

31 March 2017

It is strongly advised that SMSF Deeds are reviewed before 1 July 2017 and updated where necessary. We are pleased to advise JMA Legal has reviewed and amended its SMSF Deed to satisfy the upcoming Federal legislative changes. In particular our deed allows for: - Transfer between accounts to ensure the transfer balance caps are not exceeded; Continue Reading..

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