Presenting part one of a three part checklist from HHG Legal
Group's Tax Law Team.
Make sure you are aware of not only your tax planning
opportunities but also your responsibilities before the end of this
Maximise your retirement funding
Given the announcements made by the government in this
year's budget, the opposition's response and the impending
election on 2 July 2016, there is a great deal of uncertainty
regarding superannuation contributions.
If you normally make end of financial contributions you ought to
discuss with your accountant or financial adviser how the proposed
changes impact your current contribution strategy before you make
any further contributions.
If you do not normally make contributions because you intend to
make large contributions later in life, you ought to also speak to
your accountant or financial adviser as this strategy may no longer
be appropriate given the proposed changes.
Is your superannuation trust deed up to date?
Some retail funds and self managed funds only permit binding
death benefit nominations to last for 3 years. Is your binding
death benefit nomination up to date? Does it specify the
beneficiary or beneficiaries you would like to provide for? Can you
do a non-lapsing nomination? What does the trust deed say?
Is your investment strategy up to date
Is your investment strategy up to date and maximising the
available options for investment such as borrowing
Review your estate planning requirements.
Do you have:
an Enduring Power of Attorney;
an Enduring Power of Guardianship; and/or
an Advance Health Directive?
Are they still appropriate and up to date? Common triggers to
update these documents include marriage, death, separation,
divorce, birth of a child, health conditions, acquisition of
assets, establishing a self managed superannuation fund,
establishing a family trust, and engaging in new business.
Would you like to change the beneficiaries of your Estate or
change your distribution plan? Do you need to appoint a new
Executor, guardian for your minor children, Attorney or Enduring
Do you have appropriate insurance cover?
Will your spouse have adequate funds to maintain their existing
lifestyle when you pass away?
Will your business partner be able to afford to pay for your
share of the business to your loved ones when you pass away?
Do you need a new valuation of your business and as a result
need to increase your insurance cover?
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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ATO has released 2 draft fact sheets relating to the 2010 amendments to corporate law and tax in relation to dividends.
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