Planning for Your Estate

Having a will and effective estate plans in place is one of the most important things you can implement for yourself and your family. However, many people give little consideration to structuring their estate plans in a proper manner. This may be for a variety of reasons, including being busy with other matters, finding it overly complicated or not willing to engage in professional advice. For those looking at tidying up this aspect of their situation early in 2022, we explore what’s involved in conducting an estate planning process.

Self-managed Super Funds (SMSF)

As a result of changes in legislation, self-managed super funds (SMSFs) are now able to have up to six members. Previously, the maximum number of members was limited to four. This may increase the popularity of the concept of the ‘family super fund’ – where parents allow their adult children to become members of the fund. However, whilst this may seem like an attractive strategy, it is not without its complications.

First Home Super Saver Scheme

With housing affordability presenting challenges in many parts around the country, the First Home Super Saver (FHSS) scheme allows eligible individuals to utilise superannuation to save some of the money required for a home deposit. The premise of the Government initiative is to assist buyers to accelerate their savings within the concessional environment of super. We outline some of the important rules and considerations.

Commonwealth Seniors Health Card

For people that don’t qualify for the Age Pension and are self-funded, it may appear that there is limited support for expenses incurred during the retirement years. However, for those eligible, the Commonwealth Seniors Health Card (CSHC) allows access to cheaper health care and other discounts. In the below, we summarise the valuable assistance
and include an example of how a couple with $4 million in combined superannuation can apply.

Inheriting Shares

In 1978, Australia abolished “death duties”, being taxes upon the estates of decedents. However, this doesn’t mean that taxes are not payable when individuals inherit wealth. There are numerous taxes that apply to estates, such as those payable on superannuation proceeds and capital gains on disposal of certain assets. Within the below, we highlight some of the rules associated with inheriting personal share investments.

June Monthly Musings

Another financial year has passed and here is our June Monthly Musings. In this edition:

  • We provide our usual observations on the month’s market movements,
  • We release Episode 10 of 3 Minute Tech which looks at the 2021/22 – Changes to the Super Thresholds, and
  • In Focal Point, with 2020-21 done and dusted and the new financial year upon us, there are a number of important superannuation and tax changes that have come into effect. We summarise the legislative implications, some of which may prompt a review of ongoing planning.

We hope you enjoy.

Changes for the New Year

With 2020-21 done and dusted and the new financial year upon us, there are a number of important superannuation
and tax changes that have come into effect. We summarise the legislative implications, some of which may prompt
a review of ongoing planning. It is also critical to note that announcements made in the recent 2021 Federal Budget
may not be included as the proposals firstly require approval.
Feel free to contact your adviser if you have any queries.

May Monthly Musings

Our May Monthly Musings has arrived. In this edition:

  • We provide our observations on the month’s market movements,
  • We release the latest episode of 3 Minute Tech which looks at the 2021/22 Federal Budget and summarises the key points and strategic implications, and
  • in Focal Point we look at “sequencing risk” which is the risk that the order and timing of investment returns on a portfolio are unfavourable.

We hope you enjoy.

Sequencing Risk

Sequencing risk is the risk that the order and timing of investment returns on a portfolio are unfavourable. In
other words, sequencing risk is the risk of a negative return at the worst possible time.

April Monthly Musings

Our April Monthly Musings covers off on the month’s market movements, we re-visit the 3 Minute Tech episode on “How to build your Super Nest Egg” in light of the fast approaching end of financial year, and in Focal Point we look at the topic of “Investing for Children (Minors)”. 

We hope you enjoy.