By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Key Points Many estates pass assets equally to children. After death, one or more children may decide they wish to take exclusive ownership over certain assets. Using the normal approaches,
QBCC Requirements: Poor Structuring Causes Financial Woes
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser Key Points QBCC is again closely monitoring the financial state of licensed businesses in the construction industry. A number of licensed businesses are failing the financial requirements due to the
Reallocating estate assets – after death without tax
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) A common estate plan is to draft the Will to pass the estate to identified beneficiaries (either named persons or testamentary trusts in equal shares). The portion of the estate
Aussiegolfa appeal confirms our view: Relief for grandfathered trusts
Contributed by Domenic Festa, Principal, Steps Law Published in CCH iKnow Issue 1 (January 2019) The Aussiegolfa appeal (Aussiegolfa Pty Ltd (Trustee) v FC of T [2018] FCAFC 122) involved the provision of residential accommodation to a related party of
Trust Splitting: Better alternatives for consideration
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Trust splitting is a process that involves appointing a separate trustee for certain identified assets of a single trust. The purpose of a trust split is to separate the control
Trust Splitting: Opportunities Remain!
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) On occasions, it is desirable to restructure the assets of a trust. The motivations for a restructure can include: succession planning, separating control of certain assets to different persons, separating
ATO attack on Stapled Structures: Does it affect Private Business
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) The ATO has had on its radar what it describes as stapled structures. It has identified a number of concerns that it has with stapled structures. Then in the May
Effect of Trust Vesting Date: ATO confirms our long-held view!
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Most trusts, and all private discretionary trusts, have what is known as a vesting date which is described differently in different trust deeds e.g. Vesting Date, Perpetuity Date, Termination Date,
CGT Amendments – A Missed Opportunity
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Published in Australian Tax Week Issue 25 (22 June 2018) Amendments to the small business CGT concessions (SBCC) were introduced to Parliament in the Treasury Laws Amendment (Tax Integrity and
CGT Amendments Introduce Unnecessary Complication for Small Business
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Published in Australian Tax Week Issue 3 (8 June 2018) and The Tax Institute Volume 53(1) Amendments to the small business CGT concessions (SBCC) were introduced to Parliament in the