Is your succession plan in place?

With Australia’s ageing population and retirement funding issues, the ageing business owner also has decisions to make – when to retire and how to fund it! Australia’s economy is built on the SME market. However less than 20% of businesses have a formal succession plan in place.  A succession plan is essential for a family business transitioning the business value … Read More

Transition to Retirement Income Streams (“TRIS”) – once a TRIS always a TRIS?

Transition to Retirement Income Streams (“TRIS”) allow individuals to access their superannuation benefits prior to retirement or without having to terminate their employment. Who is eligible for a TRIS? Provided the individual has reached their preservation age a TRIS can be commenced. Date of birth Preservation age Before 1 July 1960 55 1 July 1960 – 30 June 1961 56 … Read More

Are you ready for the 1 July 2017 super changes?

Part 3: Interaction of the $1.6m pension transfer cap and death benefit payments In last month’s Part 2 of the super changes newsletter, “I have more than $1.6m in pension phase so what are my options?” http://stanleywilliamson.com.au/ready-1-july-2017-super-changes-part-2-1-6m-pension-phase-options/, we discussed the $1.6m Transfer Balance Cap (“TBC”) and “Transfer Balance Account (“TBA”). Not only does this TBC affect members who are currently receiving … Read More

NSW Property Surcharge on Discretionary Trusts

If you have a Discretionary Trust (commonly known as Family Trust) and you have residential properties located in NSW within your Trust, then we suggest that you read this article in full. The NSW Government has recently made changes to the definition of “foreign persons” for the purposes of assessing duty and land tax liabilities. If you have a Discretionary … Read More

Buy-Sell Agreements – What are they and what are the benefits?

A buy-sell agreement is a legally binding document between the key persons in a business (i.e. the business partners). It acts as a succession planning tool to protect the business interest for each of the key persons in the business, and provides legal certainty for the families or estates of each of the key persons. It allows executors access to … Read More

2016 Federal Budget Superannuation reforms – the next steps

Last month the government had its first sitting of Parliament since the election and though they released some draft legislation for comment, we expect more changes in the forthcoming months of this superannuation reform journey. Latest proposals The annual limit of Non-Concessional Contributions (‘NCCs’) will be reduced to $100,000 from the current cap of $180,000 from 1 July 2017. No … Read More

Do you have an unwanted Family Trust?

A Trust is a relationship where the Trustee holds assets on behalf of beneficiaries. Sometimes the Trustee or the beneficiaries may want this relationship to end. For example, when the assets no longer exist, when the beneficiaries are old enough to look after their own assets, due to a family dispute, ill health, or administration costs. Or sometimes the Trust … Read More

Should your Family Trust have a Corporate Trustee or an Individual Trustee?

Family Trusts can provide significant benefits for asset protection and tax minimisation, and as a result there has been significant growth in the number of Family Trusts. Family Trusts must have a Trustee. But should the Trustee be a company or an individual? This question is important for asset protection and succession planning. Under Trust law, a Trustee is personally … Read More

SMSF ADVICE FROM YOUR ACCOUNTANT AFTER 1 JULY 2016?

You may have read in the financial press about the changes that will be happening from 1 July 2016 in the SMSF advice area. From 1 July 2016 new laws will come into play and accountants will no longer be able to give clients advice about SMSFs (Self Managed Superannuation Funds) unless they hold an Australian Financial Services licence (“AFS … Read More