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SMSF vs 3-Generation Testamentary Trust

  SMSF vs Testamentary Trust ‘No longer is Super a tax haven or an Estate Planning tool – it is only for your retirement.’ Canberra speaks Super ‘loop-holes’ closed On 1 July 2016, the Liberals successfully passed legislation to make it harder to get wealth into Super – and then […]

Old family trust deeds – 6 problems

  Revamping old Family Trust Deeds 6 Problems with old Family Trust Deeds and how to fix them Your old Family Trust is like your car. It needs updating from time to time for: Streaming provisions Franking credits Attribution to distribute capital gain Extension of the Capital Gains Tax regime […]

Safe sender list

Whitelist or add email addresses to your safe sender list in your email account To stop going into junk or spam folders: go to ‘junk’ emails and ‘mark as not spam or junk’; or add to your Contacts; or add it to your safe sender list To add to safe sender […]

Garden leave in Employment Contract

  Garden leave in Employment Contracts Ron Dennis vs McLaren F1 team Ron Dennis and the McLaren F1 team had a fight. Even the world of Formula 1 is not protected from the clutches of employment law. It’s a perfect example of Garden leave. What is garden leave? ‘Gardening leave is […]

Contractor vs Employee

  Contractor vs Employee Many contractors are now employees – under the new rules You call yourself an independent contractor. Your business operates out of a company. However, the new rules mean that you are still an employee. The Contractor vs Employee question is now murky. What is an ‘employee?’ What is […]

Can you abandon a gift in a Will to keep the pension?

Can you abandon a gift in a Will to keep the pension? The Financial Planner carefully structures Mary’s affairs. Mary receives a $1 pension and Concession Card. But then, Mary’s mother dies. Mum’s Will leaves everything to Mary. The inheritance costs Mary her $1 pension and Concession Card. Mary has […]

SMSF Commercial Lease fails ATO scrutiny

SMSF Commercial Lease fails ATO scrutiny An accountant shows me a non-complying self-managed super fund. It owns commercial property. Its blemish? It does not have a correctly drafted SMSF commercial lease. It was a good lease. But it did not address the requirements of the SIS legislation. It failed the […]

Mum dies, baby pays 66% tax

Taxing minor children upon parent’s death – use of Post-Death Testamentary Trust In a perfect world, you build a 3-Generation Testamentary Trust in your Will. When you die, your Estate is tax-free for 80 years. A 3-Generation Testamentary Trust washes out the de-facto death duties: Capital Gains Tax, Stamp Duty […]