Many Australians own assets abroad, spend time living abroad or enter into relationships with people from other countries.
Similarly, people moving to Australia often retain assets in the country they have moved from and enter into relationships with Australians. On death or incapacity, this can create a complex situation with different succession laws applying to different assets and individuals. It can also create conflict about which laws to apply.
Complicating this further are the complexities of the Australian tax and duties legislation coupled with how international wealth interacts with the tax systems of other countries. For example, many other countries have inheritance and gift taxes that can apply on deaths, whereas Australia does not.
We apply a considered and thorough approach in dealing with these issues, both in the Australian and international contexts.
- advising clients on succession to their worldwide wealth including the use of Australian and offshore trusts, companies and other entities to simplify the structure and governance of their international wealth.
- cross jurisdictional probate and estate administration including estate disputes.
- dealing with clients with UK assets and issues including assisting clients with a UK inheritance tax exposure to ensure their strategy works from both an Australian and UK perspective.
- dealing with clients with US assets and issues including assisting clients with a US estate and gift tax exposure to ensure their strategy works from both and Australian and US perspective.
- the acquisition, sale and structuring of Australian residential and commercial property and businesses by non-Australian residents.
- international tax advice including ceasing Australian residence and tax planning for Australian income tax, capital gains tax and stamp duty.
Private Clients| 05 Jul 2022
Recent cases involving superannuation death benefit nominations provide a timely reminder that SMSFs continue to be at risk of dispute.
Private Clients| 28 Jun 2022
The High Court decision in Hill v Zuda is also a good reminder that the key aspect of an effective BDBN is complying with the terms of the SMSF deed.
Private Clients| 24 May 2022
Voluntary assisted dying will be legalised in New South Wales, the last state in Australia to pass legislation to allow terminally ill adults to choose to end their lives.
Private Clients| 03 May 2022
In the final part of our trust series, we look at removing beneficiaries from discretionary trusts.