Accountants

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15/11/2016

SMSF Commercial Lease fails ATO scrutiny

SMSF Commercial Lease fails ATO scrutiny An accountant shows me a non-complying self-managed super fund. It owns commercial property. Its blemish? It does not have a correctly drafted SMSF commercial lease. It was a good lease. But it did not address the requirements of the SIS legislation. It failed the […]

14/10/2016

Accountants acting in clients ‘best interests’ – new rules

Tax agents have to act in the client’s ‘best interests’: s 30-10 TASA But what does that mean? What about a ‘conflict of interest’? Can you break the law to protect the client? The Tax Practitioners Board (TPB) expresses its views in Information Sheets. Legal Consolidated has summarised the TPB’s view below: […]

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 […]

09/05/2016

Build Codicil online to Remove Public Trustee from your Will

Remove Public Trustee but keep the ‘free’ Will – build Codicil online A nice person, from the government, gave me a ‘free’ Will Did the Public Trustee make your spouse and children the Executors? Did they then quietly slip in the “Public Trustee” as an Executor as well? As […]

18/04/2016

Five simple Asset Protection strategies

Asset protection Business owners, doctors, farmers and professionals face constant exposure to lawsuits and insolvency. Professional Indemnity insurance companies often wiggle out of not paying. You bet the house on a successful outcome with every client who comes in the door. Like professionals with insurance, anyone who owns rental or […]

18/04/2016

The most tax effective Business Structures

Business Structures: Family Trusts Trusts for Business Be careful in which “vehicle” you buy or build a business or asset. You can run your business as a sole trader, partnership or through a company via a Family Trust or Unit Trust or a combination of the above. You may buy […]