Incapacity and a SMSF
Who do you want to manage your fund if you die or are incapacitated? What to consider in the choice of an EPOA/Executor Who do you want to receive your SMSF account balance? Who do you want to manage your care options if you are incapacitated? What to consider in the choice of an Enduring […]
Estate Planning and TTR
By now, many of us would be aware, that from 1 July 2017, earnings generated by Transition to Retirement (TtR) pensions are taxed at accumulation rates. Indeed, we are questioning what to do with an existing TtR pension, whether to roll it back to accumulation or maintain it post 30 June 2017? Estate planning dynamics […]
Basics of Trusts
Trusts are a common strategy and this article aims to aid a better understanding of how a trust works, the role and obligations of a trustee, the accounting and income tax implications and some of the advantages and pitfalls. Of course, there is no substitute for specialist legal, tax and accounting advice when a specific trust […]
Valuations and SMSFs
1 July 2017 was a major date when it comes to SMSF changes and accurate valuations are key to compliance with many of the changes. Unsure of what the valuation guidelines are for your self-managed superannuation fund (SMSF)? I have compiled a guide on what you need to know about asset valuation as SMSFs are […]
Gifting and centrelink
There are many rumours and well-intentioned but wrong advice out here on the internet about how to maximise Centrelink or DVA pension by “gifting assets” before applying. I want to clear up some of those misunderstandings The gifting and deprivation rules prevent you from giving away assets or income over a certain level in order […]
Business Structures Basics
Completing a business plan This is the most important step. A business plan allows you to understand where you are going and how you are going to get there. It helps you identify key areas of your business, the responsibilities of each person, your strengths and weaknesses and can be used externally to seek finance. […]
Succession planning gone wrong
Family succession planning is very common. Frequently, retiring company directors appoint their children as directors in their place. This can go terribly wrong if not done correctly. Have a look at this sorry tale: Twenty-three years ago, a family company director was retiring and he appointed his son as director in his place. The same […]
Ruling from the Grave
Take poor old Peter Krstic, who died in 2007. He was always tight with his money and wanted his sons to be of a “mature age” before they got their inheritance. His two sons were aged 24 and 20 when he died. The relevant part of the will stated “the residuary estate to such of […]
Estate Planning and Bankruptcy
Under s 116(2) of the Bankruptcy Act 1966 (Cth) (‘the Act’), there are certain assets which cannot be shared between creditors when an individual goes bankrupt. Some of these assets include: items which have a sentimental value household items property that is essential for the bankrupt to earn income a basic vehicle assets held in […]
Is possession ownership under the PPSR
The Personal Property Securities Act 2009 (‘PPSA’) has been law for almost 9 years, but many businesses have still not experienced its impact in circumstances where their customer goes belly-up. Many businesses mistakenly assume that registration on the Personal Property Securities Register (“PPSR”) is the only way to protect their interest in the goods that […]
