We all know about responsibility. We also know that one of the most common barriers to entry into the world of SMSF’s is the perceived burden of taking on the trusteeship of a large, and incredibly important asset. For some, having to organise annual administration, audit and investment review can be too much and passing … Continue reading “With great power…”

We all hate paying for insurance cover, regardless of whether it is car, home, health, life or any other of the many aspects of our lives we feel the need to protect. Everyone would rather put the money paid in premiums towards nicer holidays or other luxuries. However, when the car is in an accident … Continue reading “To insure or not to insure?”

What is an ‘executor’ and what do they do? An executor is a person appointed in someone’s Will to manage their affairs and carry out their wishes after they die. An executor’s duties include: 1. arranging the funeral; 2. locating the Will and identifying all of the beneficiaries; 3. applying to the court for a … Continue reading “What is an Executor?”

The death of a desktop Anyone who experienced life before the 1980s will remember a time when home and office appliances were built to last. Lifetime guarantees were the norm and the Hoover vacuum cleaner literally outlived the grandparents. The same can’t be said for the desktop computer of today. Planning ahead for its relatively … Continue reading “The Death of Desktop”

For those unfamiliar with the term, preference shares (otherwise dubbed Hybrids) are listed investments that have both ‘debt’ and ‘equity’ characteristics. Companies sell/issue hybrids on the Australian Stock Exchange as a way of raising capital without diluting the value of ordinary shareholdings. Whilst every offering is different and have their own individual contracts, they are … Continue reading “Hybrid Securities – the best of both worlds?”

Understanding what is required for employers to meet their superannuation obligations can be a challenge for many small business operators. The aim of this article is to provide the basics. Superannuation Basics You must make super contributions for an employee if you’re considered an employer for super guarantee purposes and your employee is entitled to … Continue reading “Superannuation for Employers”

As many clients now have some type of investment in the property market, it is important to know and understand what you are entitled to claim in relation to expenses incurred. The general rule of thumb is that you can claim an expense that relates to you gaining or producing assessable income. As monies received … Continue reading “Rental Properties – Deduction Breakdown”

According to recent reports, there are approximately 3.4 million ‘lost super accounts’ in Australia that have a combined worth of almost $17 billion. Billion with a B! If you have changed your address, job, or even your name it is possible that you will have multiple superannuation accounts. Sunsuper general manager of customer experience Teifi … Continue reading “Claim your Lost Super”

People are often surprised to learn that their Will cannot deal with all of the assets that they manage or control when they die. Generally, a Will can only deal with and give away assets in your own name, such as your home, shares and cash in bank accounts. It cannot deal with any assets … Continue reading “Which assets can my Will deal with?”

Most taxpayers want to claim as many deductions as they can in order to pay as little tax as possible. While it is most important to ensure that you are entitled to the specific deduction, what many do not realise is that you can claim a deduction for a work uniform, either compulsory or non-compulsory, … Continue reading “Work-Related Clothing”

Everyone is talking in frightened tones about the upcoming Federal Budget and how much pain it will cause. Regardless of who we voted for or who we think is at fault for our economic woes, the reality is that we have no control over decisions made on our behalf at that level. It does however, … Continue reading “The Dreaded Budget”

When it comes to setting up a Self-Managed Super Fund (SMSF), one of the first decisions that must be made is whether you will act as trustees for the fund in your own names or through a company. While it may be initially cheaper to simply install individual trustees (the members), there are a number … Continue reading “SMSF Options – Trustees”

Have you been tempted by a smooth talking financial planner or a silver tongued real-estate agent into buying property within your superannuation? Get the facts on LRBA’s beforehand and make an informed decision. Check out the article below. LRBA’s, and what you need to know: ICAA

If you’re a small business owner, and part of the Baby Boomer generation, Succession Planning should be at the forefront of your mind. Check out the article below from the Institute of Chartered Accountants: The clock is ticking for baby boomers

After over 2 decades, the Australian Accounting Standards Board (AASB) will finally issue an updated Standard for the financial reporting of Superannuation Entities. Much has changed in the Super industry since AAS 25 was issued in 1993, and the new standard will accommodate the rapidly developing SMSF market. Read more here: New standard for superannuation entities

One of the many misconceptions surrounding Self-Managed Super Funds is that you need a large super balance before they are worthwhile. While this may have been the case a few years ago, the cost of setting up and maintaining your very own SMSF is probably cheaper than you think. The ATO recommends that you should have … Continue reading “Saving Money in Super”

While tax-effective structures may be in place to reduce tax, end of year tax planning strategies look at the position of each business or individual and seek to take advantage of legitimate tax minimisation opportunities and techniques. Tax planning is best done between April and June to ensure that advisors have enough information about the … Continue reading “Tax Planning”

The past few years have been tumultuous for the Financial Services Industry, dominated by Government intervention and the introduction of new legislation.  Some aspects of this legislation has been highly controversial and faces constant debate, scrutiny and lobbying for change.  Why the fuss?  What does it all mean?  How does any of this affect the man on the street? … Continue reading “Financial Planning – Compliance Costs”

For those of you out there who are undertaking additional studies while working, this article is a must read. You may be entitled to claim a deduction for self-education expenses if you are engaged in studies while working. The study must be appropriately related to your current work and be deemed as an ‘eligible course’ … Continue reading “Self-Education Tips”

Good estate planning ensures that your assets go to the people that you want to benefit when you die. A large part of good estate planning is having a valid and up-to-date Will. Your Will Once your Will has been signed, you should revisit it regularly to make sure that it still gives effect to … Continue reading “Why and how often should I update my Will and Estate Plan?”