Many people have received correspondence from Revenue NSW with an invoice for multiples years of land tax because they did not know they were liable for land tax and had not registered. Find out if you have to pay and how much you might have to pay.
If your Discretionary Trust holds or acquires residential land in NSW after 31 December 2020 then your trust will be liable to surcharge duty and surcharge land tax if you do not amend your Trust Deed before 31 December 2020.
When a parent dies, it can be difficult for the children to deal with the contents of the home including things like furniture, artwork, antiques, memorabilia and so on. A lot of those things may have little commercial value but often have a very high sentimental value. But you still need to know how to go about division of these items and when you can do it.
Your Will and estate plan ages over time but unlike a fine wine, it will rarely improve with time. There will be times during your life when you should review and/or update your Will, particularly when your personal circumstances change.
In 1975 the Family Law Act established the principle of no-fault divorce in Australia. This means that there is no longer any requirement for one of the parties to be considered 'at fault' for the relationship breakdown. The court only requires that there is an irretrievable breakdown of the marriage, in order to grant a divorce.
If you and your husband/wife have been married for less than 2 years, then you must attend counselling before filing an Application for Divorce. The two years is calculated from the date of the marriage to the date of applying for the Application for Divorce.
When you divorce in Australia and you lodge your Application for Divorce, you are required to notify the other party (your husband or wife) that you have done this; unless you make a joint application. This notification is referred to as ‘service’.
We have seen an increase in family law matters where one set of parents have provided money to their child and that child has subsequently separated from their partner. Whether the money provided by parents is a gift or a loan, can affect each party's entitlements when they divorce.
We previously wrote about commercial leases and the Federal Government Code of Conduct, back in April 2020. Since that time, the NSW State Government has passed its legislation which supports the code for NSW lease transactions.
We have seen an increasing interest of late in parents considering providing money to their kids. One of the most common reasons is to help with the purchase of their first home. But is that money a gift? Or is that money a loan that needs to be repaid?