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24.01.2022 Ioppolo & Hesford v Conti In Ioppolo & Hesford v Conti the deceased (Francesca Conti) had made her will and purported to leave all her superannuation entitlements to her children. She specifically stated that she did not want any superannuation entitlement paid to her husband (Augusto Conti). At the time of Francesca's death she and Augusto were the trustees of an SMSF. Following Francesca's death, Augusto retired as a trustee and appointed a corporate trustee (which was cont...rolled by him) as the new trustee of the SMSF. The new trustee decided to pay Francesca's death benefit of $648,586 to Augusto. Francesca's children (in their capacity as executors of her estate) took action against Augusto and the corporate trustee but failed. In particular, the executors argued that as specified in section 17A of the Superannuation Industry (Supervision) Act, they were entitled to be appointed as co-trustees of the SMSF. Had they been appointed co-trustees, they may have been able to influence the decision in relation to the payment of the death benefit. The Court found that whilst section 17A allowed an executor to be appointed as a co-trustee, it was not mandatory that the appointment be made. The executors argument that the SMSF trustee had not acted bona fide in ignoring the wishes expressed in Francesca's will was also rejected. The Court noted that this case illustrates how problems can arise in a family and lead to disputes relating to an SMSF and death benefit. Francesca's failure to properly document her wishes in relation to the payment of her superannuation death benefit arguably resulted in a substantial financial and emotional cost to her children. See more

24.01.2022 Must Know Credit repair secrets Posted on June 17, 2019 by admin It’s important to understand credit repair so you know what to do if it ever happens to you or someone you care about. Credit repair is as a concept is actually simple: once you learn the mass of relevant industry regulations, you learn how to manage the situation and the associated stress. That doesn’t mean discarding the intricacies of credit repair so here are five credit repair secrets that might just of...fer some guidance should your credit history be frustrating your progress. Damaging listings on your credit file are there because they were correctly placed or incorrectly placed. Only incorrect listings can be removed. Unfortunately, credit providers won’t remove accurate information from a credit file. But they will remove inaccurate information, provided you know how to work with them. Removing incorrect listings is a process that takes weeks, not days. So while a good credit repair agency will move fast, they have to liaise with credit providers and those providers can be big, bureaucratic organisations that operate at a slower pace. Creditors may be willing to negotiate. Hence, they might be willing to offer you friendlier payment terms, or even cancel some of their debt. You need to ask. This sort of informal negotiation spares the credit providers the hassle of chasing someone for money. Part 9 Debt Agreements involve a formal renegotiation. Again, they usually involve credit providers accepting less money under a new repayment schedule. This time, though, your name (or your loved one) will be entered on the National Personal Insolvency Index and the agreement will be recorded on their credit file, severely damaging your borrowing prospects for at least five years. You can solve problems yourself. You might not realise it, but you can do your own credit repair without engaging an agency. Whilst you might find it complicated, stressful and time-consuming, this route won’t cost you a cent.

24.01.2022 Unique Wealth's Gavin Bramley on Radio talking and teaching listeners about Smart Budgeting.

23.01.2022 Life events trigger reminder to update beneficiary nominations When major life events occur in your life, such as divorce or starting/ending a de facto relationship, updating your nomination of beneficiary for your superannuation fund may not be high on your priority list. A binding nomination of beneficiary expires three years after the date you sign and date the form. Similar to a Will, a binding nomination becomes invalid when certain changes occur to your family circumsta...nces which result in the nominated beneficiaries ceasing to be dependants. When the nomination expires or becomes invalid, it is no longer binding on the trustee and the superannuation funds rules often set out how death benefits are to be paid in these circumstances. This may mean that the trustee may pay your death benefit in a way that you did not intend. Luke and Sarahs story Luke and Sarah have been happily married for ten years. Four years ago, Luke decided to make a binding nomination of beneficiary in favour of Sarah. Luke made this decision knowing that his son from his first marriage, who does not keep in contact, would receive a small portion of the death benefit. Luke leads an active life and, as often happens, he did not make a Will or renew his binding nomination after it expired. When Luke died, the lack of a binding nomination and a Will had significant financial impact on Sarah because the Trustee paid his death benefit to his estate. Under the law of intestacy, Lukes son received approximately half of the death benefit (rather than a few thousand dollars) from Lukes estate.

21.01.2022 What was Katz v Grossman? Since the 2005 decision of the Supreme Court of NSW in Katz v Grossman, the case has been discussed in many articles and seminars relating to superannuation and estate planning. In the Katz v Grossman case, the deceased left a son and daughter. The deceased's will provided that his estate assets were to pass equally to his two children. Part of the deceased's wealth included about $1 million in an SMSF. Following the death, the SMSF was in the contro...l of the daughter. The daughter caused the deceased's superannuation death benefit to be paid directly to her, and not to the deceased's estate. Accordingly, the son did not receive half the superannuation as intended by the deceased. The Court determined that the daughter was legally able to do this. The circumstances of Katz v Grossman highlighted the importance, from the perspective of estate planning, of: how control of an SMSF passes in the event of the death of a member/trustee the importance of considering the relationship between binding death benefit nominations and a deceased's will. See more

21.01.2022 DEBUNKING THE ESTATE PLANNING MYTH While the financial planning industry is undergoing significant structural change, negative sentiment, increased compliance costs and falling practice valuations, a new breed of progressive advisers have identified and embraced new income streams from collaborative services to their practices, one of them being ‘estate planning facilitation’. BLOGS by Chris Hill - October 28, 2019 ...Continue reading

20.01.2022 THE KEY BUDGET ANNOUNCEMENTS Treasurer Josh Frydenberg has announced a slew of measures to boost Australia’s economic recovery. 11 million taxpayers will get a tax cut backdated to the July 1 this year. Those earning $40,000 will pay 20 per cent less, and those earning $80,000 will pay 11 per cent less. More than 7 million Australians will receive tax relief of $2000 or more this year.... Our plan will grow the economy. Our plan will create jobs. Our plan will guarantee the essential services that Australians rely on. And we will do this without increasing taxes, Mr Frydenberg said. Mr Frydenberg also announced an instant asset write-off scheme that will allow 99 per cent of businesses to write off the full value of any eligible asset they purchase for their business. It’s a game changer, and it will unlock investment, Mr Frydenberg said. Mr Frydenberg also revealed a JobMaker hiring credit that will encourage businesses to hire young Australians. It will be payable for up to 12 months to any business that hire people on JobSeeker, and will be priced at $200 a week for Australians under 30, and $100 a week for Australians aged 30-35. All businesses other than the major banks will be eligible, and Treasury estimates it will create 450,000 jobs for young people. Unemployment is now expected to peak at 8 per cent. The budget deficit is now forecast to reach $213.7 billion in 2020, and remain at $66 billion by 2023-24. Net debt will increase to $703 billion this year and peak at $966 billion 44 per cent of GDP in 2024.

20.01.2022 Tax return checklist Here weve compiled a tax return checklist of some pre-return information you might need to get together when preparing your return: Basics Tax File Number (TFN)... Bank details: BSB, account number, account holder name, bank name For medical expenses you will also need your medicare number Details of children Last years Income Tax Assessment Earnings Payment summaries (PAYG) from any places where you have received an income Information on any lump-sum payments you may have received, potentially through termination payments, Centrelink. Personal injury payouts do not need to be reported if they occurred outside and unrelated to your workplace Details on foreign earnings Any interest received from banks or building societies Statements of dividends received or invested Statements on earnings from managed funds Any other income gained, i.e. from properties or investments If you have a spouse you will need details on their earnings and expenses Deductions Receipts for gifts and donations Receipts for work-related expenses including transport (mileage), uniforms, technology necessary for your work If self-employed, contributions to superannuation Details about your income protection insurance Costs for managing tax calculations, i.e. tax agents Medical receipts, totalling >$2,120 While your tax returns can be a thankless task, being prepared through out the year can make the job easier especially if you have meticulously filed away your receipts throughout the year. If you can provide these together with the above-mentioned documents in our tax return checklist you will find the whole process less intimidating and less stressful.

20.01.2022 Tax return checklist Here we’ve compiled a tax return checklist of some pre-return information you might need to get together when preparing your return: Basics Tax File Number (TFN)... Bank details: BSB, account number, account holder name, bank name For medical expenses you will also need your medicare number Details of children Last year’s Income Tax Assessment Earnings Payment summaries (PAYG) from any places where you have received an income Information on any lump-sum payments you may have received, potentially through termination payments, Centrelink. Personal injury payouts do not need to be reported if they occurred outside and unrelated to your workplace Details on foreign earnings Any interest received from banks or building societies Statements of dividends received or invested Statements on earnings from managed funds Any other income gained, i.e. from properties or investments If you have a spouse you will need details on their earnings and expenses Deductions Receipts for gifts and donations Receipts for work-related expenses including transport (mileage), uniforms, technology necessary for your work If self-employed, contributions to superannuation Details about your income protection insurance Costs for managing tax calculations, i.e. tax agents Medical receipts, totalling >$2,120 While your tax returns can be a thankless task, being prepared through out the year can make the job easier especially if you have meticulously filed away your receipts throughout the year. If you can provide these together with the above-mentioned documents in our tax return checklist you will find the whole process less intimidating and less stressful.

18.01.2022 Tenancy in Common This is a form of co- ownership in which the property is held in common with others but where, in contrast with Joint Tenants, the share of a deceased Tenant in Common forms part of the deceaseds estate and passes to his or her beneficiaries under his or her Will or certain prescribed persons or intestacy (that is where there is no Will) Tenants in Common have fixed undivided shares in the property. Tenants in Common can have unequal shares (for example, two-thirds to one and one-third to the other). Assets held as Tenants in Common do form part of your estate and can be left by Will.

16.01.2022 Joint Tenancy This is a form of co-ownership in which the following principles apply: a) In theory each Joint Tenant owns the whole of the property jointly with the other owner or owners. No party has a specific share in the property while joint tenancy continues. This means that the Joint Tenants must have equal interests in the property, and are entitled equally to its rents and profits. There can be two or more Joint Tenants. b) The principle of survivorship applies. ...On death of one Joint Tenant the surviving Joint Tenant or tenants acquire the whole property automatically by operation of law. It follows that property held in joint tenancy does not form part of the estate of the tenant who dies. So a Joint Tenant cannot in her or his will deal with property held in joint tenancy. c) The principle of joint tenancy applies to real estate as well as to property like cars, shares, furniture and bank accounts. d) Joint tenancy is usual in marriage where the spouses want to hold the property equally, and, also want the principle of survivorship to apply. It is not so common in other situations. If you hold real estate as a Joint Tenant you can easily sever the joint tenancy and convert it to a tenancy in common. This is something which needs to be seriously considered in many situations especially where a marriage or de facto relationship has broken down. See more

14.01.2022 Unique Wealths Gavin Bramley on Radio talking and teaching listeners about Smart Budgeting.

12.01.2022 6 questions to ask a financial adviser Before you get life insurance, talk through these 6 questions with your financial adviser. That way you'll have a clear picture of what you're buying. 1. What types of cover do I need? Deciding what you need to be covered for is important. You can start by asking yourself (and your adviser, of course): Can I do without any of these types of insurance?...Continue reading

12.01.2022 One of my favourite artists painting live. Absolutely worth a visit!!

11.01.2022 More than skin deep The bronzed Aussie is a cultural cornerstone. Weve long associated the icon with all thats Australian; the outdoors, the beach, and an active lifestyle. Its virtually imprinted on our national psyche. ...Continue reading

10.01.2022 To the under 25 year olds the digital world has made money into little more than an abstraction. This is why they are getting themselves into debt. Teach them by making money tangible. https://www.youtube.com/watch?v=_VB39Jo8mAQ

09.01.2022 Must Know Credit repair secrets Posted on June 17, 2019 by admin Its important to understand credit repair so you know what to do if it ever happens to you or someone you care about. Credit repair is as a concept is actually simple: once you learn the mass of relevant industry regulations, you learn how to manage the situation and the associated stress. That doesnt mean discarding the intricacies of credit repair so here are five credit repair secrets that might just of...fer some guidance should your credit history be frustrating your progress. Damaging listings on your credit file are there because they were correctly placed or incorrectly placed. Only incorrect listings can be removed. Unfortunately, credit providers wont remove accurate information from a credit file. But they will remove inaccurate information, provided you know how to work with them. Removing incorrect listings is a process that takes weeks, not days. So while a good credit repair agency will move fast, they have to liaise with credit providers and those providers can be big, bureaucratic organisations that operate at a slower pace. Creditors may be willing to negotiate. Hence, they might be willing to offer you friendlier payment terms, or even cancel some of their debt. You need to ask. This sort of informal negotiation spares the credit providers the hassle of chasing someone for money. Part 9 Debt Agreements involve a formal renegotiation. Again, they usually involve credit providers accepting less money under a new repayment schedule. This time, though, your name (or your loved one) will be entered on the National Personal Insolvency Index and the agreement will be recorded on their credit file, severely damaging your borrowing prospects for at least five years. You can solve problems yourself. You might not realise it, but you can do your own credit repair without engaging an agency. Whilst you might find it complicated, stressful and time-consuming, this route wont cost you a cent.

08.01.2022 Building a free and independent lifestyle needs more than just a drive to succeed and the skill to make it happen. It takes one of two other ingredients; good luck or good planning. The dream to be rich, free and happy We all have different definitions of success. For most of us it is the desire for financial independence, an aspiration to choose our own path in life and ultimately, a drive to achieve a sense of fulfillment and happiness. ...Continue reading

08.01.2022 Financially Free A South African book on financial freedom as it pertains to a South African audience from a South African Author. Gavin Bramley was born and educated in Durban, South Africa. For the past twenty years he has assisted individuals and businesses with their financial affairs and in this book, he shares the knowledge and the closely guarded secrets of the wealthy that he has accumulated with the reader. Financially Free is a life manual, showing the reader how... to escape from the so-called rat-race towards financial freedom as achieved by Private investors and business owners. The writing style and examples Gavin has used makes this book easy to read and understand. Gavin discusses the dos and donts of financial investments. He exposes what the rich will invest in and what they will ignore. If you are starting out or if you have already built up some investment capital this book is for you. By following Gavins simple advice you will come to understand your own cash flow management from a whole new perspective as you begin to consistently advance your financial wealth. See more

08.01.2022 Listen to me talking on Family Wealth Management on 26 October 2016. I'll be on Twin Cities FM Radio tomorrow at 12:45pm. Station frequency of 89.7

06.01.2022 Listen to me talking on Family Wealth Management on 26 October 2016. Ill be on Twin Cities FM Radio tomorrow at 12:45pm. Station frequency of 89.7

02.01.2022 Can You Identify All These Famous Logos Redesigned by an Artist Into Chinese? http://ow.ly/2UvOSt

01.01.2022 Owning Insurance A little-known benefit of owning life insurance is that once you’re covered, an insurer cannot revoke your cover or change what you’re covered for. Any changes to your policy can only be in your favour. The insider’s advantage ... Unlike your car insurance, most life insurers offer what’s known as 'guaranteed renewable' policies meaning that each year your policy is renewed, the insurer must continue to cover you under the same terms and conditions. So regardless of whether your health has declined or you’ve taken up new activities, they cannot revoke your cover or change what you’re covered for. For example, if you’re diagnosed with diabetes or even choose to start base jumping two years after you take out your policy, you’re guaranteed to have the same cover, for the same price. In fact, you don’t even have to tell your insurer about these changes. An added benefit of this is that when most insurers make improvements to policy terms that benefit you, they will automatically include them in your existing policy at no extra cost. There’s more If your occupation becomes riskier, you don’t have to tell your insurer. But if you do, they generally won’t increase premiums, insure you for less, or change your benefits. However, if your occupation becomes less risky, make sure you tell your insurer as your premiums could be reduced. The movement here is completely in your favour. And more Look into future insurability, where you can increase your cover without any medicals when major life events occur (e.g. you get married or take on a larger mortgage). The bottom line is, once an insurer takes you on, they take on the risk. So no matter how your behaviours change, you’re guaranteed the terms of your policy from the day you took it out. And, in some instances, you can improve your benefits, or reduce your premium, without additional risks or costs.