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How to activate a Testamentary Trust after death – Taxing Testamentary Trusts

  After your client dies, how does the accountant activate a Testamentary Trust? Taxing Testamentary Trusts 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 […]

In-house asset rule – but you can lend money to a cousin

Your Super Fund can't lend money to a 'related party': Superannuation Industry Supervision Act 1993 (SIS Act). This is the in-house asset rule. The ATO does not want you or a 'related party' to gain a benefit from your SMSF. The wealth in your SMSF is for your retirement only. […]

Divorce tax and Div 7A – an unholy alliance against your private company

Divorce tax and Div 7A – an unholy alliance against your private company 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. […]

Imposing new Rules for Employees after Employment Contract signed

Flexibility and control over your Employees 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 change the Policies […]

SMSF Divorce – Not a perfect couple

Breaking up is hard to do. What happens to your SMSF when you divorce? Sophisticated couples love Self-Managed Superannuation Funds (SMSFs). There are over 500k SMSFs in Australia. Mostly Mums and Dads. The average balance is $1M. SMSF divorce, it's an unhappy matrimony. However, one in three marriages end in […]

Disputes in SMSFs – an Intimate Family Affair

Disputes in SMSFs Superannuation is money you lock away for your retirement. You can choose an industry, retail or self-managed fund. A third of Australian superannuation assets are in Self-Managed Superannuation Funds (SMSFs). If you have an SMSF, you keep control of your superannuation. But not for disputes in SMSFs. […]

Superannuation Death Tax – 32% tax for adult children when parents die

Superannuation Death Duties - 32% tax on your Superannuation at death When Mum and Dad die, they want to leave money to their children. They spend their superannuation frugally to leave as much as possible in the fund. They nominate their children to get their super. Usually, when you and […]

Why I sold Law Central – it was not a law firm.

I founded and created the Law Central website in 2000. It was the first Australian website allowing you to build legal documents online. However, it was not a law firm. I sold it. I no longer have any involvement with Law Central. Accountants and advisers told me that they, instead, […]