Are you a regular donor to a Church, charity or other non-profit, and you hold a business or investments through a discretionary (family) trust? In many cases you can use your trust to donate money to your favourite non-profit and save tax at the same time. Or you can use the tax saving to boost the amount you give, at the same after-tax cost to you.If your favourite non-profit does not have tax-deductible gift recipient status (and many do not), you currently donate to it from after-tax income and you are in the top tax bracket, every $1 you give costs [...]
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Large potential tax savings through “full-family” income splitting Most people look at wills solely from the perspective of the benefits to their family after they leave this world. While that remains the key consideration, there may also be substantial benefits if you arrange for those who wish to leave assets to you to do so in the most tax-effective way.Unlike a “standard” will, a “testamentary trust” will can enable the main beneficiaries to make substantial tax savings by distributing income earned on investing estate assets (and, in many cases, other income) to other family members in lower tax brackets. Most importantly, [...]
Passing on super requires the same care as making a will The key objective of estate planning is to ensure that the right people get your assets after you pass away. Traditionally this was done via a will. It is now common for a third or more of a family’s wealth to be in superannuation, however. Superannuation is not automatically covered by your will.Many people see a will as a separate exercise from deciding what happens to their super after their death, and take far more care over the former than the latter. People are often unaware that they have made, [...]
When selecting new leased premises, tenants must be careful of two critical issues in the ‘Offer to Lease’ (OTL). The commercial rental market is now “tenant-favoured” in many areas of Perth. Many tenants think they have done a great job by beating the landlord down on rent and negotiating a large fit-out contribution or a long rent-free period. Feeling satisfied with themselves, they then happily sign the OTL - without legal advice. Murder can be an expensive mistake. A standard-form OTL will commit the tenant to at least two key things, often exposing them to considerable, unexpected costs: The tenant becomes [...]