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Article archive
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Quarter 4 October - December 2014
Quarter 2 of, 2016 archive
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Reminder – Salary and Wages PAYG Shortfall
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$20,000 Asset Write Off Reminder
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Danger for buyers of Australian property of $2 million plus
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Budget 2016-17
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FBT Time
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Fringe Benefits Tax – Company Holiday Home
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Fringe Benefits Tax – Nil
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Estate Planning - early inheritance
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ATO issues SMSF tax warning
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ATO seeks to dispel LRBA panic
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Financial tools your family and friends can use.
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$20,000 Asset Write Off Reminder
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Tax office issues warning on imminent rule change
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Age Pension means-test prevents rational decision-making
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Locking Up Bank Accounts
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ATO figures show property investors missing out on tax breaks
Locking Up Bank Accounts

 

It seems that banks are being drawn in into financial disputes with couples.  And they are responding somewhat predictability.

       

If any joint account holder tells the bank, or the bank find out that the joint account holders are in dispute, they may ‘block’ access to the account.

This means that no-one will be able to withdraw funds from the account.  That means that no expenses can be paid from that account – not even joint household costs.

Deposits to the account may continue. 

The bank will continue to pay interest on the credit balance in the account.  The bank will only ‘unblock’ access to the account when they receive authorisation from all account holders.

Turmoil results.  And in a protracted divorce or dispute funds would be locked up for a very long period.

 

 

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