Binding death nominations and EPOA
Who will get your super money when you die? This is an important question because for many Australians, their self-managed super fund (SMSF) is a big asset – maybe one of the biggest. It is also somewhat complicated because SMSF distributions are not governed by a will. Instead, those directions are usually executed under a […]
Contesting a will in NSW
Probating a will can be a very difficult experience, particularly if a non-beneficiary or an actual beneficiary decides to contest the contents and/or the distributions in the Will. When this happens, it often causes great stress, significant arguments, and legal fees for all parties involved. Unless proven otherwise, the court will most likely find that […]
Managing a SMSF overseas
Are you an SMSF trustee who loves to travel? Sounds like a great lifestyle, however while planning your summer break you need to be aware that there can be negative consequences if you are out of the country for too long. If you are a trustee and you relocate overseas for an extended period, the […]
Tax deductions for SMSFs
One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members. If an SMSF trustee incurs an expense in the usual […]
What counts towards to super cap
The transfer balance cap applies to the total amount of superannuation that has been transferred into retirement phase. The balance of assets in pension phase can be held across several accounts, so the number of accounts is immaterial. The amount of the lifetime cap will start at $1.6 million, and will be indexed periodically in $100,000 […]
Remember the (estate planning) basics
It is an unfortunate fact that although most people understand the fundamental importance of estate planning, it is an area of financial management that is often neglected. Why? Is it because people don’t like talking about death? Are they a bit confronted by their own mortality? Do they not want to tempt fate? Or is […]
Succession Planning
From about five years ago, the baby boomer generation started to turn 65. A surge in Australian business owners retiring began, and continues, but the topic of succession planning, although given some emphasis by this demographic wave, remains a perennially under-addressed issue. Often a recurring subject of the ATO’s “Building Confidence” compliance website, effective succession […]
Departing Australia Superannuation Payment
Whether you’ve been on a working visa and have been slogging away bagging bananas in Tully for six months, or decided to quit your city job and move to Peru, your employer has been putting money aside for your superannuation. Among sorting out all your affairs, you’re probably also wondering what will happen to your […]
Finalising an estate
After they’re gone: finalizing taxes Sorting out the tax affairs of a deceased person may seem like a daunting task, especially with laws varying between Australian states and territories. However this guide should help you finalize various “loose ends”– from lodging tax returns to how any liabilities should be sorted out. Order of administrative events Following the […]
Basics of a deceased estate
Unfortunately, having to deal with managing a deceased estate is a task many of us will have to shoulder at some stage in our lives — but having some familiarity with what’s involved beforehand will hopefully ease the burden. It is worth remembering that the law that applies to the assets and income of a […]