Property Purchase and Main Residence

Posted On: Thursday, March 28, 2019

Hello. I refer to October 2014, Tax Smart magazine, issue number 0071, example 1, on page 29.   Read More

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SMS Question

Posted On: Thursday, October 12, 2017


In 1984 we bought a small grocery store unable to pay its lease commitment, from that we grew and expanded. We bought land and built a 700sq m building in 2003 and started trading in the new building in 2004. We transferred the existing business to the new building, for family reasons we sold the business paid the loan on the building, formed a family trust and a Company to operate the trust. The lessees paid lease payments into the trust which distributed its funds in accordance with the trust deed. The trust owes the wife and myself approximately 1 Million $. We did not claim or have received interest payments on the money. Our financial situation has changed considerably early this year.

The lessee went very badly, we exercised the landlord’s right, re-entered the building, spent our funds and borrowed money, and our time without pay to re-establish the business and sold the business to new lessees on the 28-08-2017 on a 10 years lease.

We repaid borrowings to the bank. Because of our changed finances, can the family trust repay part or all the money owing to us without us having to pay tax on that money?

Asset protection issue 0088 on page 9, question 5 you address a similar case, our accountant does not share that opinion. Your answer and direction will be most appreciated.

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Industrial Relations Update

Posted On: Thursday, August 21, 2014

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Posted On: Saturday, August 03, 2013

Like all new trends there is a name for the medium which has become a worldwide phenomenon so almost everything that has some form of personal or social content is referred to as 'social media'.  Read More

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