Families

When you have found the right property and need a deposit to secure the purchase, a deposit guarantee may assist buyers whose funds are currently tied up. A deposit guarantee is a substitute for the cash deposit. The deposit guarantee is issued by a guarantor, for a fee based on its value and duration of cover. At the time of... Read more

Retirement villages can provide an appealing self-contained environment, physically and socially geared to the needs of retired people. It has been said that ‘retirement villages are not a financial investment, but rather an investment in a lifestyle’. There are certainly costs of a retirement village lifestyle and it is vital to be fully informed. Retirement village contracts are diverse, with... Read more

For those individuals earning more than $180,001 p.a. you will see your tax rate reported as 45%. However in reality this rate is incomplete. Once you have added in the 2% Temporary Budget Repair Levy and the 2% Medicare Levy your real tax rate becomes 49%. Further, for individuals in this highest tax bracket without adequate Private Health Insurance, your... Read more

Have you recently left Australia to live overseas, or are you planning a move in the future? You will be considered either an Australian resident or non-resident for tax purposes, and this will have a substantial impact on the amount of tax you will pay on both your Australian and overseas-sourced income. Some careful planning prior to leaving Australia will... Read more

There were many positives in Treasurer Hockey’s second federal budget, the tone of which was a stark contrast to his grave warnings, severe spending cuts and austerity messages a year earlier. However one must question the optimistic forward growth estimates on which treasury base their calculations – I hope they are correct. We attach a paper issued by the Institute... Read more

Some clients that we have assisted with property transactions have been unaware of the Premium Property Stamp Duty payable on residential property transactions in excess of $3 million. The duty payable is calculated as $150,490 plus $7 for every $100 that exceeds $3 million. In comparison, the rate for properties less than $3 million pay duty at the lower rate... Read more

‘Ademption’ is a legal term that describes what happens when something that is left as a gift in a Will is no longer owned by the Will-maker at the time of their death. Consider these examples of how this can occur. Example 1: The gifted property has been sold, for example the family home has been sold to fund aged... Read more

For parents who are willing and able to help their adult children buy their first property, here are a number of options with varying degrees of risk and control. Gift – A simple option if you have spare cash and are happy to hand it over as an unconditional gift. Tenants in Common – By buying a property with your... Read more

Many of my clients belong to the wealthiest generation in history. Over almost thirty years I have served as their chartered accountant, sounding board and I’m proud to say their trusted advisor. For well-off individuals with a long history of managing the strategic and practical aspects of their financial affairs, there are some challenges to overcome to achieve a time... Read more

When you have found the right property and need a deposit to secure the purchase, a deposit guarantee may assist buyers whose funds are currently tied up. A deposit guarantee is a substitute for the cash deposit. The deposit guarantee is issued by a guarantor, for a fee based on its value and duration of cover. At the time of... Read more