Real life examples of problematic variation clauses

Real life examples of problematic variation clauses

There are a number of reasons why the trust instrument of a discretionary trust might need to be amended. These include, but are not limited to, succession planning, tax planning and/or the general modernisation of the provisions of a trust deed to account for changes in trust and tax laws.

Recent Tax and Regulatory Developments Affecting SMSF Audit

Recent Tax and Regulatory Developments Affecting SMSF Audit

All references in this paper are to the Superannuation Industry (Supervision) Act 1993 (SIS Act), the Superannuation Industry (Supervision) Regulations 1994 (SIS Regs) and the Income Tax Assessment Act 1997 (ITAA97) and the Income Tax Assessment Act 1936 (ITAA36) unless otherwise stated.

Estate Planning and Blended Families

Estate Planning and Blended Families

Striking a balance between providing for a spouse and children from a previous relationship is a challenge many of us as professional advisers have encountered. As advisers, careful advice needs to be given to clients outlining their obligations, risks and the consequences of their instructions and intentions. Blended families are more prone to dispute than is the case with first relationships and face a range of challenges, practically and legally. Superannuation, estate planning and family law disputes can often be avoided with proper planning and strategic decision making.  

Foreign trusts and foreigner duty surcharge

Foreign trusts and foreigner duty surcharge

From 1 July 2015, if the trustee of a foreign trust acquires Victorian residential property, that trustee is liable for a duty surcharge of 3%1 on top of the normal ad valorem duty. This can result in a duty rate of up to 8.5%. This article will examine when a trust will be a foreign trust and what changes can be made to trusts to ensure that they are not foreign trusts under the Duties Act 2000 (Vic).