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News

When Grandchildren Become De Facto Children

15/08/2017

In Chapple v Wilcox [2014] NSWCA 392, a grandson made a claim for a family provision order under Chapter 3 of the Succession Act 2006 (NSW) in respect of the estate of his deceased grandfather. Under the will, the estate consisted largely of a grazing property and pastoral business which passed to Mrs Wilcox, the deceased's only child (and the grandson's mother).

Budget LRBA Changes

27/07/2017

In this year's budget, the Treasurer announced two changes to the taxation treatment of Limited Recourse Borrowing arrangements (LRBAs).

Some Important Aspects of the LRBA change

27/07/2017

First - this change only applies to limited recourse borrowings that arise under a loan contract entered into on or after 1 July 2017.

$300,000 downsizing contribution

27/07/2017

This measure was part of the May 2017 budget changes. The basic details are that individuals who are home owners can from the proceeds of sale of their principal place of residence, each contribute up to $300,000 to superannuation.

Loss of ATE status due to late actuarial certificate

27/07/2017

A pension with Asset Test Exempt (ATE) status is a very valuable thing. If a pension has ATE status, then for then for the purposes of the Centrelink assets test, the capital value of the pension is either not counted at all (full or 100% ATE) or counted only as to 50% (partial ATE).