By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) The use of testamentary trusts in estate planning (particularly for clients with a reasonable level of income producing investments) is relatively standard practice. It is not uncommon in preparing
Discretionary Trust Deeds – Issues in Modern Drafting
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Background Various states around Australia have introduced provisions to impose surcharge on foreign person, both in respect of purchaser duty and land tax. Each of the states include special
Partnership Restructures: avenues to minimise transfer duty
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) To a lay person, a partnership involves the joint ownership of the business of the partnership, with each partner having a percentage interest in the partnership. With that view
Owies Case – will it cause a knee-jerk reaction?
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Key Takeaways No need for rash action as a result of the decision. In the usual case, beneficiaries named are those who are intended to benefit immediately after establishment,
Splitter blocks and other property developments – Tax issues
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) At some stage property owners may consider a development of property, whether that be a particular project (acquisition of a splitter block or proposed unit development), sale of recently acquired
Reallocating Estate Assets – After Death Without Tax
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