Posted in Superannuation

Proposed Taxation Changes 2013-14 The new Coalition Government has proposed various taxation changes for their first term. A large number of these are repeals of legislation that the Labor government only recently introduced. Some of the important proposed changes are as follows: Small Business Entities (SBE): Remove the increased immediate deduction for assets costing less than $6,500 Remove the accelerated depreciation deduction for the first $5,000 of the ...

Unclaimed Money
The Australian Securities and Investment Commission (“ASIC”) hold the federal records for all unclaimed monies.
Unclaimed money can originate from: Banks and other Authorized Deposit-taking Institutions; Life Insurance companies and Benefit Fund Friendly Societies; First Home Saver Accounts; Companies with unclaimed money such as resulting from the liquidation of a company.
Money is transferred to the ASIC un...

    If you're a low-to-middle income earner, the government may help boost your super savings through the super co-contribution. The ATO uses the information on your tax return and the contribution information received from your super fund to work out whether you’re eligible. If you are, the ATO will calculate the co-contribution amount and deposit it into your super account. The 2014 financial year has a matching rate of 50% to a maximum of $500; m...

  As a result of superannuation, life insurance, inheritances and homes, most people are worth more than they think. When organising your will, it is important to structure your estate to ensure that all of your assets are distributed to the people you choose, and that those people do not pay more tax than is necessary. Considerable savings are available if you take the time to plan your estate properly. One tool for structuring estates is the discretionary will o...

Following the death of a member of a super fund the trustee is responsible for administering the members balance by way of payout to beneficiaries or by allocating to a reversionary pension. To remove this uncertainty we recommend that members consider a Binding Death Benefit Nomination. Many of our funds have non-binding nominations in place that can be used by the trustee as a guide when distributing death benefits. The problem is that ultimately with a non-binding nominatio...