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Advisers and accountants in Estate Planning must also consider where the parent’s money goes. Mrs Hall is a doctor and Mr Hall is a property developer. They have two children. Mr and Mrs Hall are divorced. Mrs Hall sought spousal maintenance. Mrs Hall’s…
Your deceased client may have had the foresight to provide their beneficiaries with the option of putting the inheritance into Testamentary Trusts. A Testamentary Trust is a trust contained in a Will. It is part of the Estate Planning process. Taxing…
Divorce is exhausting. Disentangling from your spouse’s financial affairs is traumatic. If you are lucky you grab your money and run. Unfortunately, that's not the end of it. Div 7A divorce tax means more heartbreak for you. Got tied down with the wrong…
Labour laws are skewed in favour of the Employee. How can Employers retain control? The Employer often relies on a number of Workplace Policies . Workplace Policies are rules for Employees. But are these Policies enforceable on the Employee? What if you…
Mum and Dad love Self-Managed Superannuation Funds ( SMSFs ). There are over 500k SMSFs in Australia. We act for 4,600 accountants, lawyers and financial planners their average balance for their client's SMSFs is about $1M. One in three marriages ends in…
When you die with superannuation, two questions arise: Firstly, who gets the money? How can you ensure it goes where you want and not where the trustee decides? Secondly, what tax is payable by the recipient? What steps can you take to reduce the tax burden…
A Unit Trust is similar to a company . Each Unit gives an exact value of the interest in the Unit Trust’s underlying assets. Say there are two units in the Unit Trust. If you own one unit, you own 50% of the Trust’s assets. If you own 1,000 of 10,000 units,…
Reversionary pensions allow your spouse's super to remain in super after they die - but there are problems. You can have more than $1.6m in your Superannuation fund. However, your pension is limited to $1.6M: Division 294 ITAA 97 ( transfer balance cap ).…
