Director Identification Numbers: What you need to do and when

The Federal government's long touted Director Identification Numbers (DIN) are finally taking form. The DIN scheme is part of a suite of reforms being implemented as part of the 2020 Budget Digital Business Plan known as the Modernising Business Registers (MBR) program. The MBR program will establish the new Australian Business Registry Services (ABRS) [...]

2022-01-10T14:09:01+10:00October 21st, 2021|

The High Court rules limitation periods may be waived – relevance for family loans

Price -v- Spoor [2021] HCA 20 Background In this case the High Court ruled that a person can waive their right to a statutory limitation period. Facts A borrower had granted a mortgage in 1998 to be repaid in the year 2000. The mortgage was not repaid and in 2017 the mortgagee brought [...]

2021-10-11T16:31:05+10:00October 11th, 2021|

Gift and loan-back strategy – interesting comments by the Supreme Court of Queensland

Re Permewan [2021] QSC 151 The gift and loan-back-strategy is widely employed in estate planning and asset protection scenarios. The essence of the strategy is as follows: The principal (who wishes to protect their assets) gifts a substantial sum, equivalent to the net value of the asset they are trying to protect to [...]

2021-10-11T16:30:42+10:00October 11th, 2021|

The use of corporate appointors in 2nd generation family trusts

Background The appointor (sometimes called principal) of a family trust has the power to appoint and dismiss the trustee. The appointor is the ultimate controller of the family trust. The appointor rarely has substantial other powers within a family trust and as such is only occasionally involved in trust management.  This is generally [...]

2021-10-11T16:30:21+10:00October 11th, 2021|
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