The financial planning process isn’t just about your retirement. It’s also making sure that you get to realise your lifestyle potential along the way too.
When it comes to structuring the legal entity of the SMSF, all members are required to be involved in managing the fund and are responsible for complying with relevant super and tax laws. One way that legislation ensures a member’s involvement, is to stipulate that they will be connected as a trustee of the fund.
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.
The impact of the gender pay gap goes beyond pay rates in the workforce. It also has far-reaching consequences for women right into their retirement. We talk about how preparation and planning for life events can close the gap and give you options for your future.
Get off the EOFY roundabout with our top 8 financial year resolutions that will stop the stress at tax time. It’s all about getting organised, planning ahead and working out what’s important to you.
Is my Superannuation safe if I become Bankrupt? Some individuals that realise they are heading towards the bankruptcy route will try to funnel their assets in superannuation for an "assumed" protection of these monies and assets. This is simply not the case. The truth about bankruptcy: Although filing for bankruptcy is meant to give people a fresh start by relieving burdensome debt, you must consider pros and cons if you are thinking about this option. According to the Bankruptcy Act, superannuation is usually a protected asset and falls under the category of ‘non-divisible' property. Non-divisible property is property which a trustee cannot take from a bankrupt. In relation to super, it is the interest that a bankrupt has in a regulated superannuation fund or a payment from such a fund received on or after the date of bankruptcy that may be at risk. The Bankruptcy Act was modified with effect from 28 July 2006 to prevent debtors from funneling their assets into their superannuation to protect their monies from creditors. When a trustee is looking at contributions made after this date and prior to bankruptcy they will consider the following; Were the contributions made to the superannuation fund out of character? Would the assets have formed part of the bankrupt's estate and otherwise been available to creditors Is the superannuation fund complying and regulated? If the answer is ‘no’ to the first two questions and ‘yes’ to the last, then it is very likely that the superannuation funds
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