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Superannuation changes – 5 things to consider before 1 July 2017

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The following is a brief list of 5 important issues concerning superannuation that you need to consider prior to 1 July 2017. 1.  Review your account balance on your superannuation fund and the account balance of your spouse. Generally, until now, it was best to have the oldest person in the relationship with the largest… Read more »

Indirect Taxes in Estate Planning

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Effective estate planning is crucial to ensuring that a deceased person’s hard earned wealth is distributed effectively to the intended beneficiaries in a tax efficient manner.  A testator’s failure to plan in advance may mean that a significant portion of their estate is used to pay taxes to the ATO.

Departing Australia Superannuation Payment (DASP)

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If you have worked and earned super while visiting Australia on a temporary visa, you can apply to have this super paid to you as a departing Australia superannuation payment (DASP) after you leave. The requirements  are as under which you will need to meet to claim your DASP.

Natural Disaster and Personal Leave

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An employer needs to ascertain their obligations to their employees in the event that a business has to temporarily close as a result of a natural disaster or emergency. Employers need to be aware of the industrial instrument their employees fall under (i.e. award, agreement, or employment contract) as well as the Fair Work Act… Read more »

Will you outlive your retirement savings?

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With the changes to the superannuation laws from 1 July 2017 most pre retirees are concerned that they will outlive their retirement and investment assets in retirement. Others are concerned that they only will have two choices.

Capital Gains Tax Issues for Deceased Estates

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It is prudent for testators, executors and beneficiaries to be aware of the Capital Gains Tax (“CGT”) implications for deceased Estates. Effective tax planning can have a significant bearing on the amount of tax paid by the Estate and/or beneficiaries.

Federal Budget Summary 2017-18

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On 9 May 2017, the Treasurer, Mr Scott Morrison, handed down his second Federal Budget. The Budget focuses on gradually returning to surplus over the medium term. It contains significant changes for small businesses, superannuation and the property market.

The merits of investing in insurance bonds

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In the latest superannuation changes the government has made amendments to Non Concessional Contributions (N.C.C.) to superannuation funds. Non Concessional Contributions (N.C.C.) are those contributions that we make to our own superannuation fund from our after tax earnings. They are not contributions made on our behalf by our employer.

Options to purchase land – risks and rewards

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Entering into an option to purchase property is a good way for individuals and developers to purchase property at an agreed price in the future in the hope that the property price increases, whether by market forces or by making rezoning and development applications on the land.

ATO Payment Arrangements

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It is understandable that occasionally it may not be possible to meet your tax obligations on time because of financial or other difficulties. As a first step, it is important to know how much you owe so you can manage your tax obligations.