Complete Tax & Financial Services in Chermside, Queensland | Financial service

Complete Tax & Financial Services

Locality: Chermside, Queensland

Phone: +61 7 3359 2777

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• Tax preparation service
• Accountant
• Financial service
• Financial planner

15.01.2022 How to not lose your family wealth? Family wealth can take a lifetime to accrue, but can also disappear in an instant through poorly considered generosity. This 3 minute read may be one of the most important articles you have ever read!... Many parents and grandparents are often willing to help younger generations with funds toward a house or education. It’s a wonderful gift but there can also be some serious traps. The person who receives the funds (called the beneficiary) needs to ensure that any early inheritance isn’t later caught up in a matrimonial or estate planning dispute, just because it hasn’t been thought through. Here are two strategies to help you avoid losing your accrued family wealth, and still be generous! Strategy 1 Family-Friendly Loan One way of safeguarding the transfer of assets and protecting family wealth is through a family friendly loan rather than a straight gift. These types of loans are preferred by parents who are looking to help their children but at the same time are unsure of their own future financial requirements. Here’s the big advantage... If a child has a failed relationship, the funds given to the child would in most circumstances end up in the pool of funds that are split. So, your family money could very quickly end up with another family. Instead of a gift, a properly documented loan to a child could protect the assets from becoming part of a child’s divorce settlement. In the event of a child’s divorce, the loan could be recalled to avoid it becoming part of a settlement. Strategy 2 Gift or Sell Assets before Death You may find that you save a lot of tax if you deal with your assets before death, rather than leaving them in your name to be distributed by your Will. An example is assets held within a Self-Managed Superannuation Fund (SMSF) that are left to a non-dependent who may end up incurring a tax liability on the taxable component of the death benefit at a rate of 15% or 30% (plus the 2% Medicare Levy). With proper estate planning, the money could be withdrawn in some circumstances before death tax free. There could also be tax benefits in selling certain assets acquired before 20 September 1985 (pre-CGT) and distributing the proceeds before death without incurring capital gains tax. Your Action Plan: Talk with us TODAY! Contact Complete Tax & Financial Services today on (07) 3359 2777 or [email protected]

13.01.2022 Time is running out for families to lodge their 2016-17 tax returns for any balancing payments from Centrelink. You only have until 30 June to do so. Don't forget your partner also needs to have lodged their return.