Families

If you earn less than $48,516 per year (before tax) and make after-tax super contributions, you are eligible to get matching contributions from the government. The amount of the co-contribution reduces the more you earn over $33,516. To work-out how much co-contribution you are eligible for, try MoneySmart’s Calculator.

All swimming pools and spas must be registered by 29 October 2013. This includes any temporary swimming pools which have a depth greater than 300mm. There will be a penalty for owners who fail to register a swimming pool. Swimming pool owners will be required to provide a valid swimming pool compliance certificate before being able to sell or lease... Read more

Making a Will is an important responsibility, particularly for parents of young children. A testamentary trust is a trust established by a Will and is widely used for asset protection and significant taxation advantages. The end result for your family can be substantial, as illustrated in the following example. John dies leaving behind his wife Jessica, and three young children.... Read more

How is property divided when a couple splits? It’s not always a straight 50/50 split. Many factors are considered in each case, such as past financial and non-financial contributions, care of any children, current income and future career prospects. What is the process? In summary, sole and joint assets are valued, the contributions and future needs of each spouse are... Read more

Wills and inheritance can be highly emotional subjects, particularly as family structures become more complicated.  The rules and practices around bequests are not as simple as you might think and the way your beneficiaries and the courts may view the division of spoils after your death may not always align with your expectations. The Succession Act NSW makes some significant... Read more

As an ethical financial advisor with an interest in growing and protecting the wealth of my clients, I cannot recommend strongly enough that if you have dependents you should obtain appropriate personal insurance such as life insurance. Unfortunately I have seen the consequences to families when someone is underinsured too often. While it is an unpleasant topic here is one... Read more

One area of estate planning that is becoming more and more common is the making or updating of Wills by couples who have been married previously, so called “blended families”. Blended families are amongst the fastest growing family type in Australia, increasing by 50% over the past decade. Unfortunately it is not always as sweet as the “The Brady Bunch”.... Read more