PRUDENCE – Sagacity. Wisdom. Protection.

Register here to receive our PRUDENCE newsletter

09/01/2018

Married man marries sex worker

The songwriter Richard Clapton, in 1975, warned: Girls on the avenue, they’re trying to get you in, Strolling by with their rosebud smiles. Sadly, Mr Sha didn’t heed such advice. While living with his wife, in Melbourne, Mr Sha engaged the services of a young lady with a ‘rosebud smile’. While […]
08/01/2018

Can an SMSF use its assets to pay a members’ superannuation benefit?

Using assets to pay superannuation benefits Can an SMSF use its assets to pay a members’ superannuation benefit?  Often an SMSF has plenty of assets but no cash. Or the member may want that particular asset. A non-cash benefit payment is called an ‘in specie benefit’.  So instead of paying the member in “cash” […]
11/09/2017

New profit centre for Accountants and Financial Advisers: Setting up a business structure

New profit centre for Accountants and Financial Advisers: Setting up a business structure This week is you setting up business structures for your clients. We have seen a 400% increase in Family Trusts and Unit Trusts being built on our website over the last 12 months. Baby boomers are refusing […]
25/08/2017

New profit centre for Accountants and Financial Advisers: Estate Planning

  New profit centre for Accountants and Financial Advisers: Estate Planning I hope you enjoyed last week’s new area of practice: updating SMSF Deeds.  This week’s new profit centre is Estate Planning. Some people incorrectly believe that Estate Planning is about a lawyer making a Will. I have prepared an […]
05/08/2017

Influencer Marketing for Accountants and Financial Planners

Why Accountants & Advisers need Peer Index/Peer Influence Peer index and Peer influence are two related but slightly different things. A Crowd Tap report: The Power of Peer Influence highlights that “Influencer marketing is one of the hottest topics in marketing today”. Legal Consolidated enables Accountants & Financial Planners’ voices to […]
30/06/2017

SMSF member overseas or of unsound mind? 47% tax penalty. POA to the rescue?

POAs and SMSFs Your SMSF must satisfy the 3 residency tests. One of those tests is that ‘central management and control’ of the SMSF remains in Australia. 1. Leave Australia: The ATO allows SMSF members to leave the country for up to 2 years. But if a member leaves Australia […]
29/06/2017

Life estates for your family home are bad and not tax friendly

Life Estates don’t work. Life estates are bad for tax. Right to resides are not better. You own the land. You can give a person (life tenant) a right to live in or rent out the property until the life tenant dies. When the life tenant dies the ‘remainderperson’ get […]
30/05/2017

Transitional rules to reset the cost base of assets that support pensions and TRIS in SMSFs using the proportionate method

Transitional rules to reset the cost base of assets that support pensions and TRIS in SMSFs using the proportionate method Introduction Under the reforms to superannuation that come into effect from 1 July 2017 anyone that has an amount exceeding $1.6 million of superannuation in pension phase will need to […]