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Corporate trustees are an increasingly common feature of modern discretionary trusts. As the increasing risks of trustee liability become more apparent, it can only be presumed that the use of corporate trustees will continue to increase. However, corporate trustees are not an absolute panacea and it is important to appreciate that the structure of any … Continue reading
When vendor and purchaser are associated companies the amount of secondhand goods credit that can be claimed is limited to the lesser of the: GST included in the original cost of the goods to the supplier [GST] tax fraction of the purchase price, and tax fraction of the open market value of the supply. The tests of … Continue reading
Trading up, more room for the kids, closer to the office, away from the traffic noise, life style opportunity … moving on, moving up, trading down – common reasons to buy and sell. When does a regular replacement of the family home equate to a business enterprise? And if that enterprise is carried out by … Continue reading
It is commonly believed that professional or independent trustees operate in a different capacity than trustees who can benefit from the trust; and that liability, if it arises, should only be borne by trustees who can benefit from the trust (see Rubber stamp alert). This is not the case. A professional trustee was recently bankrupted … Continue reading
Matters of Trust 