Tag Archive: taxbizaustralia

Not All Share Services Are Created Equal

Max Newnham - 14 Oct 2015

In an article I posted on the site back in July I warned members of a pseudo-death duty imposed by the banks in the form of requiring probate to be obtained. This occurs when shares are owned by one member of a couple in their own name, that are worth more than $15,000, and the surviving partner or spouse wants…

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How The Self Employed Are Disadvantaged By The Income Test

Max Newnham - 4 Sep 2015

The income test for the age pension seriously disadvantages those s who are self-employed. A self-employed person earning $10,000 a year receives $3250 less in pension than a person that is employed. There are however ways that the impact of test can be reduced. The income test is made up of two thresholds that change each quarter. Income counted by…

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Risky business: companies and trusts

Max Newnham - 5 May 2015

There are many risks associated with running a small business, but the financial impact of some of these can be reduced by taking out insurance. There are other risks that can result in the personal assets of the business owners being attacked in the event of a business failing or as a result of legal action. A business owner or…

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Changing Trustees of an SMSF

Max Newnham - 8 Apr 2015

Trustees of SMSFs that were set up more than 10 years ago, that are now well into their 70’s, are realising that when one of them dies a bureaucratic and administration nightmare will be created for the surviving member. Under the SMSF rules there must always be two individuals appointed to act as trustees for an SMSF. There is the…

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Are SMSFs Losing Their Appeal?

Max Newnham - 26 Nov 2014

Research carried out by DEXX&R, an Australian financial services research house, appears to indicate that the dominance of the superannuation retirement income sector by SMSFs will decline over the next 10 years. DEXX&R recently carried out a detailed analysis of superannuation funds with accounts in the drawdown or pension phase. For the first time this research included self managed super…

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MySuper accounts

Max Newnham - 16 Sep 2014

These accounts are offered by both industry and commercial superannuation funds. They are more like deciding to take public transport, such as a bus, rather than owning your own car. They will be very cheap from an administration point of view. They don't have many options or features, you will not be doing any driving and in most cases not…

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