From this year, lost super accounts will be closed and transferred to the ATO more quickly than before. Inactive accounts of “uncontactable” members will be transferred to the ATO if the balance is less than $2,000 (up from $200). Inactive accounts of “unidentifiable” members will be transferred to the ATO after 12 months of inactivity (down from 5 years). An... Read more
A 100% offset account for a home loan enables you to pay off your loan sooner, and still have access to a lump sum of your savings when you need them. An offset account is a regular savings account that has ATM, cheque book and internet access, which is linked to your home loan when the loan is established. The... Read more
How do tax credits work? Tax credits are received by the shareholder with franked dividends. This is a credit for tax that has already been paid by the company at the rate of 30%, before the company’s profit was distributed as dividend. The shareholders income from dividends will only be taxed at the difference between their marginal tax rate and... 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
One would hardly think an election is to be held in September given last night’s Federal Budget and its focus on cost cutting, tightening of taxation collections and scaling back on incentives. Even with this fiscally austere approach the government is still forecasting a deficit in 2013/14 of $18b. The Australian economy’s rapid contraction and consequent fall in tax revenue... Read more
A number of tax changes aimed at reducing complexity, cutting red tape and providing tax relief for small businesses have been introduced this year. Following is an outline of the changes relevant for small businesses in this financial year. From the 2012-13 income year, small business can: immediately write-off of all assets valued at under $6,500 (up from $1,000 previously);... Read more
The Hillross Awards Program recognises advisers and advisory firms across the country for their high levels of professionalism, wealth management expertise, customer service and business efficiency. The Hillross Adviser of the Year, 2012 the winner was our very own David Heyworth Hillross Managing Director Hugh Humphrey said David Heyworth was a deserving winner and the overwhelmingly positive feedback from his... Read more
Brendon Vade, Financial Planner at Edney Ryan Wealth Management has recently obtained accreditation from the Self-Managed Super Funds Professionals’ Association of Australia Limited (SPAA). SPAA is recognised as the leading association within the SMSF industry in Australia. Brendon’s accreditation demonstrates his committment to providing industry-leading advice to clients with SMSF’s. If you have SMSF-related enquiries, contact Brendon to discuss.
As part of the Stronger Super measures, the Government recently introduced new obligations for SMSF Trustees. In addition to requiring a regular review of the fund’s investment strategy, trustees need also consider insurance cover for the fund’s members. Insurances may include life, TPD (total and permanent disablement), trauma and income protection. There is no obligation to take out a particular... 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