Welcome to the LawCentral web-site. On this site you can build your own legal documents, as well as learn about the law in which they operate. Join LawCentral today - it's FREE!.
LawCentral offers a simpler solution to making your own documents. By following easy to use question wizards, you can complete your own legal document within minutes. Lawyers prepare all of our documents and logic flow. Law Central Co Pty Ltd is not a law firm. It does not give legal advice.
Has your company lent you money? If you haven’t signed this special loan agreement your company is deemed by the Australian Tax Office to have given you the money - with terrible tax consequences.
2. FAMILY TRUST About the Family Trust Family Trust (Discretionary Trust) A Family Trust (also called a Discretionary Trust) is one of the most common small business structures in Australia. Unlike, a Unit Trust (which benefits members who buy "units"), you establish a Family Trust to benefit the members of a family. Family Trusts provide families with a great deal of flexibility in sharing the tax burden among family members and protecting family assets. The Family Trust structure is useful if your family holds capital growth or income-generating assets. Some of the key attributes of the Family Trust are:
•Prepared for asset protection purposes. It helps protect from bankruptcy and insolvency •It is a relatively low cost and simple structure to use •It allows you to distribute income to family members who are on low tax rates •It allows you to “stream” income: you can distribute one type of income to one person and another type of income to another person •Works in every state of Australia A Family Trust can operate for up to 80 years.
What is a SMSF? A SMSF is a Self Managed Superannuation Fund. This is a Superannuation Fund that you operate and run by yourself. A SMSF consists of 1 to 4 members. All of the members are trustees of the fund. Even though you run your SMSF yourself, you will need to have an Accountant and an Adviser to help you. The Deed also allows for trust splitting with your spouse. Why have a SMSF? A SMSF is advantageous if you prefer to have complete control over your superannuation assets. You get to decide where and when you invest the assets of your fund (within legislative constraints). A SMSF gives you the flexibility to structure your retirement funds to suit your personal circumstances. Does this SMSF come with a Product Disclosure Statement? Yes. At no additional cost this SMSF comes with a Product Disclosure Statement.
About the Statutory Declaration Most legal systems are based on being able to ascertain what is true. Often, the truth of something can only be discovered from available evidence. A Statutory Declaration is a way of assisting in this discovery. It is a way of making a statement of fact, which gives the statement greater evidentiary weight than it might otherwise have. This is because you and others are aware that if you lie in a Statutory Declaration then you can face criminal charges. A Statutory Declaration is a written statement, declared to be true by you the maker in the presence of a Commissioner for Declarations or the equivalent in your jurisdiction. Usually, the first and last parts of the statement are standard and are set out on the appropriate form, with the substantive parts in between to be composed by you.
