Million-dollar dilemma

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A large lump sum payout from superannuation might sound good to most people, but there are circumstances when it is a serious problem rather than a welcome windfall, says Michael Hutton, wealth management partner at HLB Mann Judd Sydney. In particular, it can be a problem for self-managed superannuation fund trustees and members, which tend […]

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Tax refunds go begging and building wealth through super or gearing

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Australian taxpayers need to be preparing for the upcoming End of Financial Year period now if they are to maximise their tax planning strategies and receive an optimal tax refund in the 2019/20 financial year. Lodging a tax return sooner rather than later not only ensures any refund is received sooner, but also reduces any […]

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Taxing times for Australian expats overseas

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Many Australians dream about living and working overseas, but before packing their bags people need to think about what steps to take to ensure they don’t end up with a big tax bill on their return home, says Peter Bembrick, tax partner at HLB Mann Judd Sydney. “It may sound like a dream come true […]

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Cryptocurrency and tax – six things to know

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The jury may still be out on whether buying cryptocurrency such as Bitcoin or Ethereum is a good investment or not, but those who own cryptocurrency must ensure they understand the tax implications, particularly in light of imminent changes to Australia’s anti-money laundering rules, says Peter Bembrick, tax partner at HLB Mann Judd Sydney. “New […]

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Rate your wealth: a reality check

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While many people may appear to be wealthy, in reality their financial situation can be quite tenuous – it is important to take steps to build enduring wealth, warns Michael Hutton, head of wealth management at HLB Mann Judd Sydney. “For example, if people are too dependent on the fortunes of a single asset, or […]

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Last minute tax tips

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Although there are just a few weeks to go before the end of the financial year, there are still steps that can be taken to minimise tax liabilities, said Peter Bembrick, tax partner with HLB Mann Judd Sydney. “It’s not too late to take action to reduce your tax bill – after all, there’s no […]

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Lack of estate planning a growing issue for Australians

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Many Australians still do not see estate planning as something they need to focus on, and many don’t realise they may in fact have very significant estates, said Mr Michael Hutton, head of wealth management of HLB Mann Judd Sydney. “The family home, superannuation balances and other assets, can all add up to a very […]

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SMSFs can have role in estate planning strategies

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There is still far too much confusion about the role of superannuation, especially self managed superannuation funds (SMSFs), in estate planning warns Michael Hutton, head of wealth management at HLB Mann Judd Sydney. “As a result, estates may not only end up paying unnecessary tax, but superannuation balances can also be distributed in a way […]

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ATO concessions reduce cost of employee share plans

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Recent ATO concessions allow certain employers to introduce employee share plans at a drastically reduced cost, including free ATO approved standard legal documentation and safe harbour valuation methods for valuing issued shares, said Mr Jolyon Dare, tax consulting partner with HLB Mann Judd Sydney. The new concessional employee share rules, which were introduced on July […]

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Confusing terms and jargon affecting decision-making

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The use of jargon that is not understood by investors, and is even misleading, is likely to hold back the take-up of services that should be embraced, such as insurance, warns Michael Hutton, head of wealth management, HLB Mann Judd Sydney. “It’s all very well for the financial services industry to come up with a […]

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