Article list

Issues to consider with $600k ‘Downsizer’ strategy

From 1 July 2018, the Federal Government is allowing ‘Downsizer contributions’ of up to $300,000 per individual who sells their eligible current or former family home after age 65. What are the considerations? Mainly Centrelink and taxable income. Conclusion The Downsizer contribution is beneficial if the Client has no age pension entitlement and is […]

30 Nov 2017

ATO holds Liechtenstein foundation to be resident trust estate

From SuperCentral

A recent Private Binding Ruling issued by the ATO (PBR 1051209890341) has held that an entity established in Liechtenstein (a small county between Switzerland and Austria) as a Stiftung (aka Foundation) was to be treated for Australian tax purposes as a resident tax estate. A Stiftung is a separate legal entity which has capital and is able […]

26 Oct 2017

Estate equalisation by courts not so straightforward

From SuperCentral

In a 2015 court case a claim by the daughters of the deceased for an equal share of his estate was dismissed. It was taken that the daughters had been fairly treated even though their brother inherited significantly more. This sounds like a legal decision from another century but it seems that fair and equal […]

17 May 2017

Key issues in estate planning using trusts

From SuperCentral

A look at two important family trust issues that advisers may come across in establishing or managing the workings of a client’s estate planning using trusts. Issue #1: Who should be the Appointor of my Family Trust? When completing an instruction form for arranging a new family trust for a client, it is very likely […]

21 Apr 2017

The Fair and Sustainable Superannuation amendments will soon be upon us… but what to do next?

From SuperCentral

Online legal documents provider, SUPERCentral, has produced a list of issues to consider and potentially action for superannuation clients by their accountants and advisers. The New Super Laws Checklist was produced in response to the ‘Fair and Sustainable Superannuation’ amendments that constitute the most significant change to superannuation in the last 10 years. “We produced […]

22 Feb 2017

Loan vs Gift? – the right way to help out your kids

From SuperCentral

We all know that life’s pretty expensive living in Australia these days – especially if you have a hankering for buying residential real estate in a capital city. Plus, if you are “lucky” enough to get into the real estate market, that usually means that you’ve signed yourself up for an enormous mortgage for the […]

07 Sep 2016

What happens when both members of a SMSF die at the same time?

From SuperCentral

It’s the call that every adviser dreads – the death of a client activates the estate planning toolkit of Will, Binding Death Benefit Nomination (“BDBN”) and reversionary nomination for SMSF pensions. But what if a husband and wife with their own SMSF both die in a car crash? At the same time? What is already […]

01 Sep 2016

Every SMSF member needs to put into place an Enduring Power of Attorney

From SuperCentral

You may have seen coverage in the news of the Women and SMSFs report, jointly released by the CBA and the SMSF Association, indicating that more than half of SMSF members do not have an up-to-date Will or a succession plan. The research report surveyed 801 SMSF trustees, as well as 535 individuals without an […]

16 Aug 2016

Witnessing of Binding Death Benefit Nominations: One, two or none? What’s the story morning glory?

From SuperCentral

Will all nominations lapse after 3 years? Must all nominations be witnessed by 2 independent witnesses (in the manner of a will)? The answers to these questions depends on whether the fund is an SMSF and whether or not the nomination is a lapsing or non-lapsing nomination. The story for SMSFs which have adopted the […]

01 Aug 2016

Family Trust as the New SMSF?

From SuperCentral

Have the ‘ScoMo’ changes (which now seem likely to be implemented – subject to one or two minor changes) amounted to the demise of SMSFs as the preferred private wealth investment vehicle? Possibly this view is overstating the situation. Tax deductible contributions can only be made to superannuation funds: they cannot be made to family […]

27 Jul 2016