Articles

Deceased Estates, Capital Gains Tax Exemptions, and your Main Residence

Deceased Estates, Capital Gains Tax exemptions and your main residence are important considerations as you age. Alice owns her home in Rozelle and needs to move into an aged care facility. Once Alice has settled into the facility, a question may arise as to whether her Rozelle home can still be considered her main residence for tax purposes. When the Rozelle property is sold, will it attract Capital Gains Tax (CGT)?

In Australia, tax is paid on capital gains, the difference between the price at which an asset was acquired and the price at which it was sold. In some circumstances, the capital gain is exempt from this tax, including the sale of a home.

Sale while in an aged care facility

Suppose Alice decides, after moving into the facility that she should sell her home. The sale of the property will be exempt from CGT if:

• Her former home had not been rented out any longer than six years, or
• Alice did not have any other residence that could be described as her “main residence”.

Sale through a deceased estate

What is the situation regarding CGT though, after Alice having moved into the facility, dies? It depends on whether (a) Alice acquired her home before or after 20 September 1985, and (b) the […]

What is Larceny?

Larceny is theft of property. For an offence under this provision, the property taken must be something tangible and must have some value. It could include a credit card, a cheque or even using someone else’s power supply.

The theft must be of property that lawfully belonged to someone else; that is, from someone who had possession of the item.

Intending to return the property, money or other property of equal value at a later time is not a defence if you or someone else has received a benefit.

The penalty of larceny or theft in NSW carries a maximum sentence of 5 years. If dealt with in the Local Court the penalties are subject to limitations, depending on the value of the property stolen:

• If the value does not exceed $2,000 the maximum penalty is 2 years’ gaol and/or 20 penalty points;
• If the value does not exceed $5,000, the maximum penalty is 2 years’ gaol and/or 50 penalty points;
• If the value exceeds $5,000 the maximum penalty is 2 years’ gaol and/or 100 penalty points.

NSW legislation refers to penalty units to describe the amount payable for a fine. Penalty units are used instead of dollar amounts because the rate for penalty units is indexed for inflation and may therefore change. Currently, one penalty unit is $110. […]

State Debt Recovery Orders are issued on behalf of the NSW Government Office of State Revenue.

Commonly referred to as SDRO Enforcement Orders, this is an item of mail that you should not ignore or put into the “too hard basket”. Delaying a response to such an order can have hard and lasting consequences. These include: loss of licence, cancellation of vehicle registration and a community service order.

The SDRO Enforcement Order will issue if you do not pay or finalise your penalty reminder notice or court fine by the due date. Failing to pay such reminder notices or fines will result in you receiving an enforcement order with an additional $65 fee applied.

Below is the sequence of events which will begin if you fail to pay your fine.

Penalty Notice – PAY by due date

                           ↓

Enforcement Order –

• PAY the fine

Other paths available include:

• Dispute the fine
• Request Work & Development Order
• Request a postponement of enforcement order
  

                   ↓

Enforcement Action

• Drivers licence suspension,
• Vehicle registration suspension
• Customer business restrictions with RMS
  

                   ↓

Civil Sanctions

• Includes property seizure
• Garnishee order on employer or bank
• Examination summons & charges on land
  

                […]

Criminal Lawyers for Burwood Local Court

Our team of criminal lawyers regularly appear before Burwood Local Court and are thoroughly experienced, effective and trustworthy. If you require legal assistance, call Acclaim Legal today on (02) 9744 0722 or send us an email here.

If you require assistance, phone Acclaim Legal on (02) 9744 0722 for advice on criminal and police matters.

What is a De Facto Relationship?

A de facto relationship is one where you and your partner, of the same or opposite sex, have a relationship as a couple living together on a genuine domestic basis. It is not a de facto relationship if you are legally married to one another or are related to each other.

Since March 2009, parties to an eligible de facto relationship that has broken down can apply to the Family Court or the Federal Circuit Court to have financial matters determined in the same way as married couples.

All the circumstances of the relationship will determine whether a couple have a de facto relationship. These include:

• the duration of the relationship
• the nature and extent of their common residence
• whether a sexual relationship exists
• the degree of financial dependence or interdependence, and any arrangements for financial support, between them
• the ownership, use and acquisition of their property
• their degree of mutual commitment to a shared life
• whether the relationship has been registered, in a State or Territory with laws for the registration of relationships
• the care and support of children, and
• the reputation and public aspects of their relationship.

Financial Disputes

You must apply for the de facto financial orders within two years of the breakdown of your relationship. After this time you need the Court’s permission to apply.

Children

The Family Court and the […]