Personal and Asset Protection
Been wondering whether you should choose interest only or principal & interest repayments on your home loan? Take a look here to see which one is best for you.
Superannuation is an important part of Estate Planning, but did you know that it doesn’t form part of your estate when you pass away? Get the information you need here to make sure your wishes are respected and your super is distributed the way you intend.
Have you thought about insuring the most important asset in your life – your ability to earn income. Income Protection Insurance provides income cover if you are sick or injured and unable to work. Here at Modoras, we take a holistic view of your personal insurances. Invest in peace of mind. Read more here to see how Income Protection can help you.
Federal Budget 2018: Other Proposals Federal Budget 2018 Initiatives: Other Proposals Tax integrity measure for testamentary trusts Effective 1 July 2019 Concessional tax rates for minors receiving income from a testamentary trust will be limited to income derived from assets transferred from a deceased estate or proceeds from the disposal or investment of those assets. This initiative is designed to prevent minors from obtaining the benefit of adult marginal tax rates on a high amount of income. Created by transferring assets that are unrelated to a deceased estate into a testamentary trust.
Federal Budget 2018: Tax (investors) Federal Budget 2018 Initatives: Tax (investors) Removing the capital gains discount for managed investment trusts Deductions denied for vacant land Removing the capital gains discount for managed investment trusts Effective 1 July 2019 Managed Investment Trusts (MITs) and Attribution MITs (AMITs) will be prevented from claiming the 50% capital gains discount at a trust level from 1 July 2019. MITs and AMITs will continue to be able to distribute realised capital gains to beneficiaries. Who are still able to apply the 50% capital gains tax discount for proceeds from assets that are held longer than 12 months. Deductions denied for vacant land Effective 1 July 2019 As an integrity measure to address concerns that dedications are being improperly claimed for expenses associated with vacant land, the Government will deny deductions such as borrowing expenses and council rates, where the vacant land is not genuinely held for the purpose of earning an assessable income. Denied expenses that would ordinarily be included in an asset’s costs base, may continue to be included for capital gains tax (CGT) purposes when sold. Expenses that would not ordinarily be included in the costs base of the asset for CGT purposes and will now also be denied a deduction will continue to be excluded in the cost base calculation. This initiative will not apply to expenses associated with holding land that are incurred after: A property has been constructed on the land, it has received approval to be occupied
What to do if your business is your only asset or investment If your business is your only asset or investment, it’s important to protect your livelihood and plan for your future. Read our tips on how to safeguard your financial future while still growing your business. SOURCE: Photo by rawpixel.com on Unsplash Help! My business is my only asset or investment It’s not unusual for business owners to throw their heart and soul into their business. But are you pouring your life savings into it as well? This can have a significant impact on your financial future and retirement. So, what can you do to protect yourself and secure your future if your business is your only asset or investment? Protect your livelihood Risk Management is one of the most critical things you can do to ensure you and your business can survive when unforeseen events or situations arise. It’s law that you need insurance to cover your employees, but what about you? What happens to your income, or the business if you can’t run it anymore. It’s important that your business continues to run effectively even if you can’t be at the helm. If your business is your only asset, you’re also likely to be heavily reliant on the income for personal and lifestyle expenses. There are many risk considerations when you’re self-employed. But there are also ways to mitigate these risks. Some aspects that affect you personally is making sure the business can continue to
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