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14/10/2016

Reserves in a SMSF – How to complete annual return

&nbsp The wealth in a superannuation fund belongs to a member. You can’t have money in a superannuation fund not earmarked for a person. An exception is SMSF reserves. ‘Reserve accounts’ are assets in your SMSF that is not part of any member’s account. No one has any entitlement to […]

08/09/2016

Key person insurance – protecting the business

Key person insurance – ‘income’ or ‘capital’ purpose? Businesses without strong leadership and direction are ships sailing without the captain at the helm. Death, Trauma and Disability are the insidious ‘killers’ of business. Key person insurance protects the business. Who is a key person? Businesses take out insurance to replace assets […]

11/08/2016

Go bankrupt lose Super? Bankrupt widow keeps Super

Go bankrupt lose Super? Bankrupt lose Super. But isn’t Superannuation protected from bankrupcty? The 3 common safe havens to protect assets from insolvency are: ‘Clean skin’ Family Trusts (eg, doesn’t employ people) Low-risk spouse (eg. spouse is a school teacher) Superannuation With huge wealth moving into Super the Trustee-in-Bankruptcy has its […]

20/07/2016

Are Family Trusts replacing Self-Managed Super funds?

Are Family Trusts replacing Self-Managed Super funds? We are seeing a renewed interest from professionals for Family Trusts. Family Trusts built on our website have surged 38% in the last 12 weeks. Conversely, SMSFs have dropped by 23%. On speaking with professionals it appears that clients are losing confidence in […]

20/07/2016

Charity v Son – Dad’s Will challenged

Charity v Son – Dad’s Will challenged Dead Zopito Di Cesare left everything to charity. His son, Ivano Ferrante last week filed a Supreme Court writ against the charities. Usually, a son argues that he wasn’t getting enough out of his Dad’s Will and asks the court to rewrite the […]

20/07/2016

Who can challenge a Will? Fireproof your Will with a Considered Person Clause

Who can challenge a Will? Each States’ Family Provision Act sets out who can challenge a Will Courts are reluctant to interfere with your Will. However, legislation exists in all Australian States and Territories. They enable certain people to apply to the court for ‘provision’. Or if they got something in […]

24/06/2016

Lending to a child? Build Loan Agreement – get back your child’s loan if they divorce

Lending to a Child: Dad loses money when his son divorces The evils of the Presumption of advancement The Australian presumption of law is that where a husband transfers property to his wife or his children then, in the absence of other evidence, the Court presumes that the transfer was […]

03/06/2016

Is one boy worth two girls?

Fatma is a loving and devout daughter to her mum. However, under her brother’s interpretation of Muslim law, one man is worth two women. Fatma’s brothers constructed a Will for their mum to sign whereby they got twice as much as their sister. The Supreme Court said that Mum was […]