March 2015 Newsletter

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Relationship breakdown – tax trap

A relationship breakdown can be emotionally and financially traumatic as assets are divided and property settlements negotiated. Even where a split is amicable there can be difficulties agreeing on how to apportion the assets, especially when some of those assets are owned by a family company.

Click here for more details.

Those Swiss Bank Accounts will now be exposed

As mentioned in past newsletters there was an amnesty that finished on 19 December 2014 that allowed taxpayers to disclose assets they hold overseas, that they had previously not told the Australian Tax Office (ATO) about.

Click here to find out how this could affect you.

Binding Death Benefit Nominations

Your superannuation is generally one of your biggest investment assets.  It comes as a surprise to many that its distribution is not determined by your Will.  Instead, it is distributed by your Superannuation Fund’s trustee in accordance with the Fund’s rules.

To see how this might affect you, click here.

FBT Planning for the 31 March year end

The FBT period ending 31 March 2015 is about to wrap up this month and employers will be gearing to have the FBT return completed and ready for lodgement (usually on 21 May). To assist you with completing the FBT return and collating the relevant information, we have collated a list of key things to consider.

For the full list click here.

Xero Seminar

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On the 5th of March we held a lunchtime seminar at the nearby Kirribilli Club on the benefits of using Xero bookkeeping software.

To read all about it, click here.

Quote

There are two types of pain you will go through in life: The pain of discipline and the pain of regret. Discipline weighs ounces, while regret weighs tons.

– Jim Rohn