Over the past 5 years, there has been extensive coverage in the media about Sydney’s housing affordability crisis. With ever-increasing property values and soaring rental prices, more Sydneysiders are opting to invest in property with the goal of renting the property out. One of the sweeping reforms announced in the 2017 budget was the Vacancy Tax….
With the growing number of blended families, the need for parents to financially assist their children and stepchildren in purchasing property, the aging group of baby boomers, the growing number of Self-Managed Superannuation Funds and aging family businesses, Australians are experiencing a significant increase in the number of family provisions claims and contested estates. Statistics…
What is a Testamentary Trust? The implementation of a testamentary trust in your estate plan allows you to set up a method of managing the income and capital of your estate for the benefit of minors and beneficiaries, ensuring that your assets and wealth are protected in the future. A testamentary trust will come into…
Have you been left out of a Will or unfairly provided for? If you have been left out of a Will or unfairly provided for, there are just and valid reasons for contesting a Will. At the time, will makers may have been ill-advised on their duty to adequately provide for their dependents or they…
Estate Planning Questionnaires Whether you are a financial planner, accountant or advisor, estate planning is always an important topic to cover with your clients. A common problem advisors experience which limits their ability to create long lasting client relationships stems from asking the wrong questions. In this article, we ask you to reconsider whether you…
The proper use of testamentary trusts can offer many benefits and flexibility in managing generational wealth transfers, including tax benefits for distribution to minors. However, the consequence of getting a “simple will” or failing to obtain the right advice to assist with the implementation of drafting the terms of the testamentary trust is often discovered…
Over the past few years we have seen an explosion in construction in NSW for apartments or townhomes being sold as off the plan property i.e. before they have even been built. The main benefit that comes with purchasing off the plan property is that a purchaser can secure a property at the current market price…
With housing affordability continuing to be a significant issue, the NSW State Government has been conducting large-scale land releases to increase supply and put downward pressure on property prices. Examples of this can be seen with Rouse Hill and Riverstone which are community titled. In recent years, there has been a growth in the development…
Put and call options are an effective mechanism that allows two parties, usually a land owner and a developer, to enter into an agreement to sell and purchase land respectively at a future date. The use of put and call options (“Options”) has increased particularly along growth corridors such as north-western Sydney. Options are documented…
If you own property in NSW, you are liable to pay land tax on the property that you own from 31 December of the previous year. Land tax is payable on the following common types of property: Vacant land, which includes vacant rural land; Land where a house, residential unit or flat has been built;…
