Families

Banks have outlined how they are supporting those affected by the coronavirus pandemic and its economic impacts. All members of the Australian Banking Association (ABA) will suspend principal and interest loan repayments for distressed small-business customers for six months. All four major banks (CBA, NAB, ANZ and Westpac) will also extend this to distressed home loan customers, enabling them to... Read more

Many people in the coming months will need to be in self-isolation, quarantine or potentially receiving treatment. This separation will make it harder for practical matters to be managed. There will be times that may need people to be formally authorised to make decisions for you. Having a power of attorney in place is the best way to be prepared... Read more

Two measures announced in the Government’s stimulus package are changes related to superannuation. Superannuation Pension Streams Reduced The Government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products. This is of benefit to retirees holding these products, by reducing the need to sell investment assets to fund minimum drawdown requirements. The minimum annual amount that you’re... Read more

DIY “Will Kits” are not new and now many websites boast online Wills which promise to save hundreds on legal fees. The convenience and low price may seem initially appealing, however there are some significant disadvantages to preparing a Will without sound legal advice. 1. You Don’t Meet the Person Writing Your Will. This is the most significant issue with... Read more

With interest rates low, many Australian’s are looking to transition from renting to home ownership. Housing affordability continues to be a major challenge, however there are areas where home ownership could be a reality for renters. CoreLogic recently released data showing that more than a third of properties across Australia had estimated mortgage repayments that were less than weekly rental... Read more

An important change to the CGT main residence exemption for foreign residents was recently passed. As this will significantly impact a number of our clients, we provide some detail below. Who is Impacted? This change will impact individuals who are foreign residents for tax purposes, and who will be selling their main residential property in Australia. Previously, these individuals were... Read more

Talk of Australia’s housing market recovery is back, with our biggest markets – Sydney and Melbourne  – increasing property prices once again this month. For a concise overview of the Sydney Property Market’s latest performance, click here to watch a short video from CoreLogic. If you’re considering your options, now is a great time to get an estimate of your... Read more

If you are a trustee of a discretionary trust, and you hold (or intend to hold) residential land in NSW in the trust, then it is important you are aware of foreign person surcharges which may inadvertently apply. Foreign Person Residential Property Surcharges in NSW In NSW, residential land held by foreign persons attracts an 8% surcharge purchaser duty and... Read more

The record low interest rates we currently have in Australia has put borrowers squarely in the box seat when it comes to choosing a home loan. There are some highly competitive loans available as lenders eagerly battle for new business. However, it is important buyers are aware of the hidden dangers that may come with some of the cheaper home... Read more

If you were seriously ill or injured and unable to communicate your wishes, who would make decisions about your care or treatment? Would they even know what you want? Advance Directives are a good way to help your loved ones and doctors make health care decisions based on your individual values and beliefs, when you are no longer able to.... Read more