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Private Clients

Undue influence renders Will invalid

This recent case is a timely reminder of the care that needs to be taken when writing a Will for older and/or vulnerable clients.

Published by McCabes News
9 November, 2023
Private Clients

A refresher on testamentary trusts and payments to minors

Income passing to children under 18 years of age will have penalty rates of tax applied, unless the income is "excepted trust income" (and therefore taxed at normal (adult) tax rates). For this purpose, 'children under 18 years of age' means if they ...

Private Clients

Delay in the payment of a member’s superannuation withdrawal request could have serious tax consequences

The member of a SMSF made a withdrawal request before his death but the benefit was not paid until 28 weeks after his death.

Private Clients

Chisak v Presot: Family Provision Claims and Grandchildren

Chisak v Presot [2022] NSWCA 100 Judgment Date:  21 June 2022   Explanation: The recent decision of ...

Published by Terry McCabe
24 March, 2023
Private Clients

Debatable but not defeated, the presumption of advancement in the High Court Decision of Bosanac v Commissioner of Taxation & Anor [2022] HCA 34

A common asset protection strategy used by those who engage in high-risk business or provide professional services is to put the matrimonial home in their spouse's name to protect it from the claims of creditors in context of bankruptcy. This practic...

Published by Terry McCabe
25 October, 2022

To the letter: the Court’s approach when interpreting trust deeds

A recent decision in the Federal Court of Australia shows the importance of properly considering the particular wording used in a trust deed when exercising a power under it, and the adverse consequences that may flow if the rules of a trust are not ...

Published by Terry McCabe
18 November, 2020

Berkeley Challenge Pty Ltd v United Voice [2020] FCAFC 113

The Full Court of the Federal Court found that the "ordinary and customary turnover of labour" exemption to redundancy pay in the National Employment Standards did not apply to a large service company which dismissed its employees when their...

Published by McCabes News
2 July, 2020

Federal Government announces amendments to the Private Ancillary Fund guidelines

In a bid to incentivise philanthropy during these tough times, the Federal Government is providing credits for Private Ancillary Funds that exceed their minimum yearly distributions (see the announcement here). Private Ancillary Funds (PAFs) are requ...

Published by Terry McCabe
13 May, 2020

COVID-19: Financial Advisers and Accountants can now witness NSW statutory declarations

As reported in our earlier article, the NSW Government recently made new regulations in response to the COVID-19 pandemic to make it easier for documents to be witnessed and attested. As discussed in that article, the witnessing and attestation of do...

Published by Terry McCabe
28 April, 2020

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