The decision to move into an aged care home is often a difficult one. With the loss of autonomy, and often the family home, it is an emotional time for the person moving and their family and friends. Planning ahead is essential to maintaining control and choice and minimising stress as there are a lot […]
Transition to retirement (TTR) arrangements are set to be overturned or converted into full pensions following changes released in the 2016 Federal Budget. Under the proposed rules set to commence 1 July 2017, the tax on earnings in TTR pensions will change from zero to 15 per cent, the same earnings tax that applies to money […]
The Australian 12:00AM July 26, 2016 TONY NEGLINE Wealth columnist Anyone in their forties and fifties should be financially planning to live well into their nineties … anyone younger than 40 should be assuming they will live beyond 100. Does this sound fanciful? Every new government report shows that Australians are living longer. As […]
A mandatory component of managing a self-managed super fund (SMSF) is planning out what will happen to the fund if its trustee was to pass away. While succession planning may not be one of the first responsibilities that comes to mind when managing an SMSF, it is a necessity that can provide certainty and peace of […]
A testamentary trust is an effective estate planning tool that can provide greater flexibility when it comes to protecting assets and minimising tax when distributing assets to beneficiaries. Testamentary trusts are trusts that are established through an individual’s Will that do not come into effect until the individual has passed away. The trust outlines a structure […]
Adding a granny flat to a property is becoming an increasingly popular option among homeowners and investors alike. While a range of granny flat scenarios and arrangements can provide additional living space and potential rental-income, consideration must be given to the various tax implications and financial ramifications before adding such a building to your property. Under […]
Investment bonds are a practical investment option for those who earn a high income and seek long term tax efficiencies Investment bonds, also known as tax-paid, insurance or growth bonds, work similarly to a managed fund, except they are combined with an insurance policy. There is a ten year rule which allows tax free earnings […]
With the Federal Government’s proposed changes to the transition to retirement (TTR) pension to take effect from 1 July 2017, those with existing arrangements should review them to avoid impact on their retirement funds. Following changes in the 2016 Federal Budget, from 1 July 2017, transition to retirement (TTR) pensions will no longer receive a tax-free […]
The re-contribution strategy can be utilised to reduce the taxable portion of your superannuation benefits passed onto your beneficiaries following the death of an SMSF member. Superannuation benefits in an SMSF are categorised into tax-free and taxable components. A re-contribution strategy works by withdrawing a large sum of superannuation from a member’s fund and a re-contribution of […]
The Australian Tax Office (ATO) often focuses on specific behaviours, characteristics and tax issues that are suspicious and can lead to investigations. Due to enhancements in technology, the ATO has expanded its data matching capabilities which have improved the ability to identify incorrect reporting in tax returns. The ATO has released a list of behaviours and […]
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