Deed of Gift - Cash, Assets & Unpaid Present Entitlements

About Product

A person, company, trust or SMSF may seek to gift cash or an asset to a charity, education institution or another person or entity. This Deed caters for such a gift with a receipt and an acknowledgement.

In addition it can be used for unpaid present entitlements owed to discretionary trust beneficiaries.

► $129.00 (inc GST) - OR provided under your unlimited membership

► The master document has been signed off by Abbott & Mourly and is congruent with Australian law.

General Information

Many people provide gifts at various times in their lives without necessarily knowing, and generally without evidence. This could attract a dispute in which a gift could be mistakenly intended to be a borrowing. This risk can be easily be refuted with an executed Deed of Gift.

Likewise beneficiaries of a discretionary trust may not seek to receive unpaid present entitlements but over time seek to reclaim against the trustee. It is important for the Trustee to put in place a Deed of Gift to cover that consequence.

Benefits

An executed Deed of Gift provides evidence that the Gifter has gifted something to a Giftee; thereby preventing further legal dispute.
It can be used as evidence of a charitable gift to a registered charity for tax deduction purposes.
The gift can be used by the Trustee of a discretionary trust to be used with any trust distribution – after of course, to gift any unpaid present entitlement to the trust.
A wide range of flexibility for all types of gifts including cash, in-kind, in-specie and unpaid present entitlements.

Frequently Asked Legal Questions

Do LightYear Docs Deed of Gift package meet the Taxation Law?

The Deed of Gift can be used for many purposes. Depending on the purpose, the parties may seek the advice of a qualified lawyer to ensure that the Deed of Gift meets its desired or requisite purpose.

Can a Gift be made in-specie?

Absolutely. There is a wide range of possibilities for in-specie, or property transfer options covered in the Deed of Gift. However care should be taken that the property transfer meets any other legal requirements.

Can a gift be deductible?

The gift may be deductible if paid to a charity or public benevolent institution registered for taxation purposes.

How long does this document take to assemble?

Depending on the complexity of the data, this document should take approximately 5-10 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts .

Is this document a legal document?

All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by Abbott & Mourly.

The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.

Is the document easy to read?

All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lightyeardocs.com.au.

What lawyers sign off on the LightYear Docs documents?

All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.

Are the LightYear Docs documents reviewed regularly?

All LightYear Docs documents form part of the LightYear Docs internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.

Can I get a sample of this document?

Yes, please email support@lightyeardocs.com.au to request a sample document for you to review.