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If you have a valid will, you may assume that when you die your superannuation will automatically form part of the estate. However, this is not the case. Where you have not made a Binding Death Benefit Nomination, the superfund trustee has the power to decide who…
As we have come to expect, the federal Government has enacted further changes to self managed super funds. From 1 July 2021 self-managed super funds (SMSF) are able to have up to six members. Previously a maximum of four members were allowed. The majority of funds…
We all hate to pay for the premiums, but insurance policies are a necessary element for managing business risk. We have taken a look at the regime regarding insurance and the effect on policies during Covid and found a surprising result. The unprecedented impact of…
One of the most important pieces of advice that a person should receive if appointed to act as executor in a Will, is that the duties of an executor in administering a deceased estate are onerous. The duties of an executor are set out in the legislation, case law and…
For many business owners, tax time is fraught with complexity and additional time spent searching for documents to give to the accountant. But what if we have not prepared our records for the company in the movement of cash out of the company accounts? Will there be…
Most people of heard of a Family Discretionary Trust or an Estate Trust known as a Testamentary Trust. But what of the obligations of the people appointed to manage the trust? Can there be risks of a claim if you fail to get it right? Indeed there are risks in failing…