ok so jenny has passed away leaving 600k in her super. theres no will it's going to probate
she has a kid jason who is a tradie and she had remarried to john (jason's stepdad) who is also a tradie.
ok so if the super goes straight to john (spouse) no tax is paid. so the idea is that 400k john would keep and 200k john would pay off jennys PPOR (which is only in her name) jenny's PPOR goes to jason. so he would get it tax free ideally. if the 200k went to jason straight from super it would be taxed at 30% and he'd loose 60k
the problem is by jason allowing the 600k super to go straight to john. john could just pocket it and run. so jason needs some type of security.
Q 1.) first of all is this so far legal? or is this tax avoidance?
Q 2.) because john is transferring 200k from him to jenny's (who is now deceased) PPOR would there be tax paid on that transfer? :S
ok so to give jason security over the 200k while john has it. could jason and john sign a Joint venture agreement for johns own PPOR? backed by a caveat on the property and a limited power of attorney over john for the property. and then have another agreement saying once the 200k is transferred in to jenny's PPOR the JV agreement over johns PPOR would then be void/ cancelled.
Q 3.) is there a better way jason could have security over the 200k while john had it?
i know this is quite bizare... but it's actually an idea my friend is currently thinking of because of her current situation.
any help would much much appreciated
she has a kid jason who is a tradie and she had remarried to john (jason's stepdad) who is also a tradie.
ok so if the super goes straight to john (spouse) no tax is paid. so the idea is that 400k john would keep and 200k john would pay off jennys PPOR (which is only in her name) jenny's PPOR goes to jason. so he would get it tax free ideally. if the 200k went to jason straight from super it would be taxed at 30% and he'd loose 60k
the problem is by jason allowing the 600k super to go straight to john. john could just pocket it and run. so jason needs some type of security.
Q 1.) first of all is this so far legal? or is this tax avoidance?
Q 2.) because john is transferring 200k from him to jenny's (who is now deceased) PPOR would there be tax paid on that transfer? :S
ok so to give jason security over the 200k while john has it. could jason and john sign a Joint venture agreement for johns own PPOR? backed by a caveat on the property and a limited power of attorney over john for the property. and then have another agreement saying once the 200k is transferred in to jenny's PPOR the JV agreement over johns PPOR would then be void/ cancelled.
Q 3.) is there a better way jason could have security over the 200k while john had it?
i know this is quite bizare... but it's actually an idea my friend is currently thinking of because of her current situation.
any help would much much appreciated
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