The asset test threshold amounts have been updated in the wills retainer instruction precedents.
Leases – new sublease precedents
Three new sublease precedents have been added to the Leases publication:
- Sublease – retail
- Sublease – commercial industrial
- Sublease – rural
Wills – resignation of trustee
A provision has been included in the will precedents to provide for the resignation of a trustee without being replaced, provided one remains.
Probate filing fees
The Supreme Court Probate filing fees have been updated in the retainer instructions and in the costs agreements. 1 July 2017
Estate filing fees
The costs agreements and retainer instructions have been updated to reflect changes to the Supreme Court filing fees.
Businesses changing hands
The commentary was updated to include an expanded discussion about employment agreements and the handling of employee entitlements when a business changes hands.
Assets and liabilities list
A new ‘tear off’ assets and liabilities list has been added to the retainer instructions Wills, powers of attorney precedent. This list may assist clients when they wish to provide more detail in their planning, as well retained by the client with their personal documents.
From 1 July 2017 – Foreign Resident Capital Gains Withholding Payments
For contracts entered into on or after 1 July 2017 the new foreign resident capital gains withholding (FRCGW) rate and threshold will apply to:
- real property disposals where the contract price is $750,000 and above (currently $2 million); and
- the FRCGW withholding tax rate will be 12.5% (currently 10%).
All precedents and commentaries were updated to reflect these changes.
Foreign Resident Capital Gains Withholding Payment
Early Alert – Foreign Resident Capital Gains Withholding Payment
It is proposed that from 1 July 2017 the regime will apply to all real property with a market value of $750,000 or above. Once the bill is law this alert, the commentary and precedents will be updated.
Practice management – superannuation
FROM 1 JULY 2017 Concessional Contributions Cap for superannuation reduced to $25,000 for all ages. Before-tax contributions include compulsory employer contributions and salary sacrifice arrangements. Contributions greater than $25,000 from before-tax income may mean payment of extra tax.