Pension Loan Scheme
To help pensioners who are asset rich but income poor, the government launched a version of a commercially available financial product, the reverse mortgage. The government’s answer is its pension loans scheme (PLS), whereby a pensioner can apply for a non-taxable loan using some form of real property as security. The PLS does not provide […]
Running a business through a SMSF
Under the regulations, self-managed super funds (SMSFs) are not prohibited from carrying on a business, however the business must be: – allowed under the SMSF’s trust deed, and – operated for the sole purpose of providing retirement benefits for fund members. Note however that the rules governing SMSFs prohibit or limit some activities available to […]
Pension withdrawals above minimum
From 1 July 2017, where pension members are withdrawing amounts above their minimum annual pension payment required, they will be diminishing the capital value of their pension account. Particularly if a member had already ‘maxed out’ their transfer balance cap (‘TBC’) of $1.6 million, they will likely have no opportunity to convert any further amounts […]
Willing assets to a non-resident
It is not uncommon to come across bequeaths of assets under the Will of a deceased person to non-resident beneficiaries. For example, this could occur simply where a child of the deceased has relocated overseas. In circumstances where a deceased gifts an asset/(s) to a non-resident beneficiary of Australia, CGT Event K3 can be triggered […]
Wills and Certainty
Sarich v Sarich [2017] WASC 222 The recent decision of Sarich v Sarich from the Supreme Court of Western Australia again shows that a lack of clear drafting and legal advice in a Will can result in unintended consequences on the beneficiaries of the estate. The executor sought directions from the Supreme Court as to the proper interpretation of […]
Basics of insurance through super
Having the right insurance cover such as illness and accident cover within your super fund is very important as it provides a level of security for members of the fund along with their families. Choosing the right insurance cover can be arranged by the SMSF trustee/s. Generally, there are three types of insurance that are […]
10 ideas to help your business
If your business is struggling, you may not know the best way to fix the problem without some help. We’ve put together 10 ways that you may be able to use to turn your struggling business around. If you aren’t sure where to start, contact us and speak with the experts.
Business Location
The physical location of your business can have a multitude of impacts in addition to obvious ones such as customer access and transport. Before you settle on a location, you need to be thoroughly aware of how and how much your location will impact your organisation.
Trading with a wind up notice over your business
Companies that have trouble meeting their tax obligations, or other debts, may receive a notice to wind-up from creditors or the ATO. Business owners and company directors are often confused about the impact of receiving a wind-up notice, and uncertain about what their options may be. A wind-up notice is a serious matter, and it’s […]
Trading Insolvent
Companies are a unique type of legal structure in that they are a separate legal entity and provide limited liability. However, there are certain situations in which the corporate veil can be lifted and directors are held personally liable for the company’s dealings. This commonly occurs when a company continues trading whilst insolvent. Directors have a duty […]