Reversionary pension versus non-reversionary pension

Current as of March 2016   When a member of a superfund commences a pension they can nominate a reversionary pensioner if they want to. So what is a reversionary pension? Reversionary Pension A reversionary pension is an income stream superannuation benefit paid to a member. Upon the member’s death the pension continues to be paid to a nominated reversionary … Read More

January 2016 Newsletter

        Current as of January 2016 [vc_row][vc_column width=”2/3″] TIME TO REVIEW YOUR BUSINESS STRUCTURE For small businesses, there’s never been a better time to review the effectiveness of your business structure. In the last Federal Budget, the government announced new measures to allow small businesses to change their legal structure without incurring a capital gains tax liability. … Read More

Is your Death Benefit Nomination worded correctly? – Now is the time to check

Current as of January 2016   After your family home, your superannuation is most likely the next largest asset. Do you know what will happen to your superannuation upon your death? Will it automatically get paid to your Estate? No. Death benefits are not automatically paid to your Estate. They are paid in accordance with the fund’s rules and by … Read More

What Capital Gains Tax will my family have to pay once I’m gone?

Current as September 2015 Capital Gains Tax (CGT) is not payable as a result of your death, but your beneficiaries pay CGT if it is applicable, when they sell the assets they have inherited. They inherit your cost base if you acquired the asset on or after 20 September 1985. If you acquired it before that date, your cost base … Read More

SHOULD I DO A DEATH BENEFIT NOMINATION (DBN)?

Current as of July 2015   What is a DBN? A DBN instructs the Trustee of your self managed super fund (SMSF) or corporate superfund how to pay your super benefits in the event of your death. Who can I nominate? Only your dependants are eligible: your current spouse (including de facto and same sex) your children (including step, adopted … Read More

Update your Will

Current as of April 2015 As you will know from past S&W Insights, we often recommend that you update your Will. This needs to be done on a regular basis as your circumstances change. Bill Stanley’s mother-in-law died recently at 93 years of age, after 3 years in a nursing home with dementia. Fortunately the family had taken our advice, … Read More

Testamentary trusts – what are they?

Current as of July 2014 A “testamentary trust” is a trust created in your will, which only comes into existence upon your death. Your will needs to clearly summarise the rules of the” testamentary trust” that you are creating and for this reason it is imperative that a solicitor be used to draft your will. Testamentary trusts created by wills … Read More