September 2022 Newsletter
Is your estate plan in order?
Estate planning is ultimately about ensuring that you have the right mechanisms in place to ensure that, in the event of your death, your assets pass in the manner that you intend. The steps in the process involve identifying the assets in play – this could involve savings accounts, shares, collectibles, property, vehicles, superannuation, and more! – and then who owns them. Having done that, the next question is one that only you can answer: how do you want these assets distributed upon your death? An estate plan brings about this outcome.
The subdivision of land is as popular as ever. Where one of the subdivided blocks is then sold off, there may be GST and CGT consequences for the seller. These tax consequences are dependent on a range of factors unique to the particular case at hand.
Meanwhile, the results are in! 2021/22 saw super funds record their worst results since the GFC! Sit tight and have faith, change your super fund, start an SMSF…are just some of your options if your super balance has suffered a decline.
Contents
This jam-packed edition features items on:
Tax consequences of land subdivision: Whether you are in business or not, there may well be both GST and CGT issues that arise when subdivided land is sold off. This will depend on a range of factors.
Hiring employees: With the unemployment rate at historic lows, workers are in demand and are also switching jobs at record rates. There are a range of issues employers should be aware of when hiring. These include minimum worker entitlements, employment contracts, and rates of pay.
Super funds post lowest returns since GFC: The poor performance of super funds in 2021-22 may prompt account holders to contemplate taking action. This may involve changing funds, commencing an SMSF, or withdrawing your savings from the sector altogether (if eligible). Alternatively, you could sit tight and ride the wave.
e-Invoicing – save time and money: The ATO is anticipating a significant uptake in eInvoicing over the coming 12 months. This new form of invoicing makes transactions faster, simpler and more secure for your business.
Estate planning explained: Estate planning is the process of arranging your affairs now to ensure there is an efficient and effective distribution of your estate after your death. Essentially, there are four steps involved in this important process.
Insurance: inside or outside super? While most individuals are careful to insure their personal assets, insuring your wealth is wealth/income – via life insurance, TPD insurance, and income protection – is arguably equally important. This can be done either inside or outside superannuation.