Source: https://fwoca.com.au/library/?fwp_keyword=Trust
Timestamp: 2019-09-20 18:10:54
Document Index: 60743949

Matched Legal Cases: ['art 1', 'art 3', 'art 2', 'art 1', 'art 3', 'art 2', 'art 1']

Becoming Financially Well Organised – Estate Planning: Trusts
Trusts The most common type of trust where people hold assets, is a Discretionary Trust, or more commonly known as a Family Trust. If your trust owes you money, either as a loan, or from a previous year’s income distribution, this amount will be included as an asset in your name and will be covered… Read Full Article
ato changes regarding trust distributions to corporate beneficiaries
The ATO changes surrounding trust distributions to corporate beneficiaries could mean you need to review your taxation plan leading up to tax time. Up until 16 December 2009, trusts have been able to distribute to a range of beneficiaries, Read Full Article
ato trusts tax changes to hit small business
Published in Dynamic Business, 22 July 2010 Changes to Trusts by the Australian Taxation Office will begin to impact small business this year, with business owners urged to complete a new Taxation Plan to avoid trouble. Managing Partner of elliotts, Matthew Schlyder, said trusts have previously been able to distribute Read Full Article
changes to trust distributions at tax time
Published on Dynamic Business, Thursday 22 July 2010. Small businesses and corporates alike could pay more tax than expected due to recent tax law changes surrounding trust distributions, according to leading Brisbane Accountancy firm, elliotts. Read Full Article
tax office focus on family trusts
A family trust is a common structure used to operate a business or hold investments on behalf of a family. It allows involvement of a wider group of family members to possibly share in income and capital whilst control remains, Read Full Article
Have you considered ways of protecting your assets? We will outline the provision to activate Testamentary Trusts in the event of your death through your Will. Read Full Article
self managed superannuation funds and unit trusts
Back in the 1990s, a popular strategy for owning and acquiring assets by a Self Managed Superannuation Fund (SMSF) was to purchase these assets in a unit trust that was wholly owned or partly owned Read Full Article
smsf trustees and sis act requirements
As a trustee of a Self Managed Super Fund you are ultimately responsible for running your fund. It is therefore imperative that you understand the duties, responsibilities and obligations required of you. Read Full Article
trust(ee)worthy children?
You’ve worked hard, saved and invested wisely. Now serious thought must be given to how your hard earned wealth should be distributed on your death. With the current emphasis on ensuring that we have set aside enough for retirement Read Full Article
Do you find yourself wondering where the revenue is going to come from for the next quarter or year? Most law firms have no idea about how much revenue is actually in their pipeline. In this Grow Your Law Firm webinar, find out the 2 simple strategies to implement that will significantly increase your revenue. The strategies… View Webinar
The Australian Government announced a new measure in the 2015 Budget for small businesses (aggregated turnover less than $2 million) with immediate deductibility for assets costing less than $20,000. This has since passed the Senate and become law. It applies whether you operate your business as a sole trader, partnership, company or trust. Read Full Article
New ATO Guidelines – Is your firm at risk?
In this month’s webinar we will explore the new Australian Taxation Office (ATO) Guidelines “Assessing the risk: allocation of profits within professional service firms”. It catches every partnership, company and trust structure that exists within Australia, in other words, every legal firm that is not a sole principal practicing in their own name without a service… View Webinar
ALERT – ATO APPLIES THE PRESSURE TO LEGAL FIRMS
On 2 September 2014, the Australian Taxation Office (ATO) issued guidelines on, when in their view, a tax avoidance scheme (Part IVA) might be in place with regard to the structuring of professional services firms, which includes legal firms. The guidelines are called: “Assessing the risk: allocation of profits within professional service firms.” On 22… Read Full Article
Why Marketing Doesn’t Work in Legal Firms
By having the benefit of reviewing legal firms around Australia every week, I get to see what really goes on in firms. When it comes to marketing, firms think they are marketing, but what they are doing is pouring money, time and energy down the drain. And they’re the firms that think they are marketing.… Read Full Article
Self Managed Super Funds should not forget property as an investment
Self Managed Super Fund (SMSF) trustees should not forget property as part of their investment strategy as part of maintaining a balanced investment portfolio for their members. Property investment can be through owning units in a listed or unlisted property trust, or can be direct ownership in residential, industrial or commercial property. Limited recourse borrowing… Read Full Article
Top 10 Profit and Cash Flow Strategies
Does this revenue model sound familiar? Number of Fee Earners x Available Hours per Fee Earner x Productivity Percentage x Charge Rate x Recovery Rate = Revenue – Direct Labour = Gross Profit Read Full Article
Getting the Most out of Incorporating Your Legal Practice
Some of the feedback from firms around incorporation is: “If I was starting our in practice now, I’d do it in a heartbeat.” “It all seems a bit too hard and time consuming.” “I really don’t understand the benefits of incorporating.” Read Full Article
Top 5 things to make sure your Firm’s tax is right
The first thing I do when I start working for a new legal firm client, is to do a review of their affairs to ensure everything is in order. In at least 50% of cases, the financial statements and tax returns are either incomplete or incorrect. So here are the Top 5 issues with financial… Read Full Article
Top 5 Cashflow Improvement Strategies for Law Firms
Partners focused on doing ‘the work’ often take their eye off the lifeblood of their business; cashflow. Without cashflow, the firm struggle to pay debts and pay you, the owner. Managing cashflow and driving cashflow improvement is just as vital to a law firm as a clear revenue strategy. You cannot afford to ignore cashflow… Read Full Article
Top 5 Profit Improvement Strategies
Last week we left off after saying that you need to prioritise the actions that will have the greatest probability of revenue growth so that you do these first. Any strategy must be assessed and categorised according to the following order of priority: Priority #1 Providing existing products/services to existing clients. This is the first priority… Read Full Article
Top 5 Profit Improvement Strategies for Legal Firms (part 1)
becoming financially well organised: retirement plan (part 3)
So far in Step 7 Retirement Planning, we have discussed what a retirement plan is as well as the best way to structure your retirement plan. In this final instalment, we talk tax points, the different tax rates and were also include a free Retirement Plan Checklist for your use. Read Full Article
Becoming financially well organised: Taxation Plan (part 2)
Capital Gains Tax (CGT) also needs to be considered. CGT applies when you sell an asset, not just to a third party, but also between related parties. CGT is one of the most complex areas of tax law that exists in Australia. Read Full Article
Becoming financially well organised: Taxation Plan (part 1)
Everybody wants to pay less tax and enjoy more from the income they earn. A taxation plan will help you to minimise your tax legally. Read Full Article
Becoming financially well organised: asset protection plan (part 3)
Wrapping up step 4 of Becoming Financially Well Organised, we’ll be looking at asset protection plans for Loans owing by your entities as well as a handy checklist for your Asset Protection Plan. Read Full Article
Becoming Financially Well Organised: Asset Protection Plan (part 2)
Are your partnership and superannuation assets exposed? As we look at step 4 in Becoming Financially Well Organised, we’ll talk a little about partnerships and probably one of the biggest areas of interest for the average Australian investor… Superannuation. Read Full Article
Becoming Financially Well Organised: Asset Protection Plan (part 1)
With the conclusion of Risk Planning, we are now onto step 4, bringing you a little closer to becoming Financially Well Organised. Step 4 is all about Asset Protection Plans, where we ask the question: Are my assets exposed? An Asset Protection Plan covers the ownership structure of assets, ensuring they are owned in the right… Read Full Article
Becoming Financially Well Organised: Estate Planning – Companies & Super Funds
If you own a company, or are a shareholder of a company in your private legal structure, only the shares held in your name can be dealt with under your Will. If shares in the company are owned by a trust, you must consider who will be in control of the trust. Read Full Article
Becoming Financially Well Organised: Estate Planning – Wills
Most people think that a Will prevents this from happening, and ensures all of their wishes will be carried out. Unfortunately this is not always the case. Read Full Article
Is an ILP right for you?
There are many options available now for structuring legal practices. These include: Sole practitioners Partnership of individuals Partnership of discretionary trusts Service entities Companies There are advantages and disadvantages for each structure, and the relevant choice, as always, is dependent on each principals’ and practice’s personal situation. Read Full Article
When you really break it down, there is only one measure that really drives results. I call it Return on Energy: Results Achieved ÷ Effort Read Full Article
One of the most challenging decisions to make as a business owner is to decide on what strategy to implement that will maximise your growth, but do it in a sustainable way. And more importantly, what actions NOT to implement. For a professional services firm, like a law firm, the principals are traditionally Read Full Article
Product…it defines your revenue
Most professional service firms try to be all things to all people, which makes revenue growth a challenge. You need to be clear on what your product is, this will a make your marketing and selling easier Read Full Article
Published in Proctor, December 2011, page 34-35. A financial overview of incorporating your legal practice. Incorporating your legal practice can have several benefits, Read Full Article
For the first time in nine years, there were no changes to the personal income tax rates and thresholds. This means the 2010/11 rates and thresholds will apply in 2011/12 as tabled below. Read Full Article
employee versus contractor – changes from the ato
There has been a recent increase in the level of Australian Taxation Office (ATO) audits and reviews of employee versus contractor relationships. Deeming the relationship as an employee or contractor arrangement can have a significant impact on your tax and withholding obligations, particularly in relation to PAYG Withholding, Read Full Article
top 10 ways to increase profit and cash flow for law firms, alpma feb 2011
Matt Schlyder presented the Top 10 Profit and Cash Flow Improvement Strategies for any Law Firm, at the Australian Legal Practice Managers Association on Wednesday 23 February 2011. Matt goes through the Top 10 Profit & Cash Flow View Video
the bamford case – what lawyers can learn
Published on The New Lawyer, October 27 2010 Lawyers can learn from the Bamfords case, and help their accountants at the same time. As an accountant, I see many and varied trust deeds. Old, new, detailed, client tailored, standard precedent – the list goes on. No one trust deed is the same. Read Full Article
estate plan – what happens when I’m gone?
I won’t be here, so they can sort it out among themselves… We hear many stories about families falling apart after someone has passed away, whether the breakdown is a result of financial complications, or where children from a blended family miss out on their inheritance because the surviving spouse remarries, and their new partner… Read Full Article
super to ensure significant savings on commercial property
Published in Balance, December 2010 Self managed super funds and trusts are the preferred way to structure the purchase of a commercial property as they would ensure significant cost savings over time. Read Full Article
Published in Principal, September 28, 2010 Everyone knows the old saying about how only two things in life are certain. However, you may have some uncertainties surrounding tax on trust distributions as a result of recent changes to tax law. Matthew Schlyder clarifies the changes and what they mean for business owners. Read Full Article
tax ruling to take many by surprise
Published in Australian Financial Review, page 44 – 46, Tuesday 27 July 2010. Small businesses are in for a shock, says a tax expert about a ruling by the Australian Taxation Office. Ruling TR 2010/3, which deals with Read Full Article
cooper review to provide greater security for self managed superannuation funds
The recent Cooper Review recommendations bring welcome news to Australians with a Self Managed Superannuation Fund (SMSF), according to leading Brisbane Accountancy firm, elliotts. Managing Partner of elliotts, Matthew Schlyder, said the industry welcomed Read Full Article
the budget wrap up – 2010
federal budget 2010 – brief summary On Tuesday, Treasurer Wayne Swan handed down the 2010-2011 Federal Budget. Below is a summary of some of the points announced by the Treasurer. A 50% Discount on Tax Savings for Interest Income from 1 July 2011 Read Full Article
time is ripe for tax tips
Published in Australian Financial Review, page 32, Thursday 17 June 2010 Business owners have the opportunity of one last-ditch effort to get their tax affairs in order before the end of financial year. If they haven’t already done so, now is the time to review depreciation schedules, says Dianna Dimitrov, Read Full Article
tax traps in divorce settlements
Matrimonial breakdowns and the resultant separation and division of property can be a very difficult and emotional time. There are also tax traps in the division of property that if not properly thought Read Full Article
Estate Planning involves two fundamental factors: reviewing your assets and protecting them. When putting together an estate plan, first consider the assets you wish to transfer. Second, Read Full Article
super funds – are they now able to borrow?
There have been some recent changes to the borrowing and in-house asset provisions of the Superannuation Industry (Supervision) Act 1993 (“SIS”) which may have an impact on how asset purchases are structured Read Full Article
Christmas and New Year is often a time where we ponder the future. Often financial concerns or plans also linger in our minds. Estate Planning should be a key part of any arrangements you Read Full Article
business structures and planning your estate
Businesses can involve a number of complex structures. When drafting your Will or undertaking estate planning it is important to consider several issues. Businesses can be structured using one or a combination of some or all of the following Read Full Article
Rob and Nat came to us in early 2007. In that first meeting we sat down with them and simply discussed where they were currently situated and their goals for the future. Through the goal setting process it became clear that while Read Full Article
protecting the estate from challenge
Some clients are concerned that the Will which they prepare may be challenged by “disgruntled beneficiaries” – people who think that they ought to have been beneficiaries and are not, or people who are beneficiaries and believe they ought to have received more than they do. “Disgruntled beneficiaries”, who are your spouse, child or dependant,… Read Full Article
Estate Planning is the art of arranging your assets and affairs so that during your lifetime you (and your beneficiaries after your death) can enjoy maximum use and benefit of those assets at a minimum cost in tax and duties. As a result, estate planning principles need to be borne in mind throughout the life… Read Full Article