Different meanings of ‘dependant’ for superannuation and tax purposes
Understanding Superannuation Death Benefit Distribution Different Definitions of ‘Dependants’ for Superannuation and Tax Purposes On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for superannuation purposes, unless they are paid to the deceased’s legal personal representative to be distributed in accordance with the deceased’s Will. […]
Family business succession planning guide
New succession planning guide for family businesses The Australian Small Business and Family Enterprise Ombudsman, in conjunction with Family Business Australia, has released a new online guide to succession planning. Many family business owners hope to pass on their business to the next generation. Family business succession maintains the strong connection between the two most […]
Super dependants
If you have a super fund, you’ve probably been asked to nominate your beneficiary But, super fund trustees can only pay your super death benefit to eligible dependants* or to the legal personal representative (LPR) of your estate. If you haven’t elected a valid beneficiary the super fund trustee generally decides who your super goes […]
What is a family trust?
Is a family trust a good solution for you? Family trusts can help you protect your assets, manage your family’s tax more efficiently and enable you to provide an income stream to a vulnerable family member. To decide whether a family trust could be good for your family it’s important to understand how they work and […]
WA Wills and estate planning
What happens if you don’t have a Will The Public Trustee WA conducted a survey in 2014 which found that only 35 per cent of adults had a current Will and only 19 per cent of families with young children have a Will. There are many reasons why so many people do not have a valid, […]
Board of Advice Program
Project managing your future business needs As a business owner, your wealth and well-being are inextricably linked to your business. It is your source of income, your most important asset and, frequently, its sale will fund your retirement. At Omnis Group, we want to support your goals so you can retire financially secure by providing you […]
Omnis retirement planning case study
Structuring retirement planning reaps results for former ‘do it yourselfer’ Retiree Ross led a varied and interesting career – from jumping out of army helicopters, to being a ski instructor and owning his own business – he’s never done things by halves. So when it came to selling his mum’s home and finalising her estate, […]
Fair’s fair for blended families
A blended family can have a huge impact on your finances Whether it’s buying a home with your new partner or ongoing child support. But, one of the most important areas that is often overlooked, is the impact of a newly formed family structure on your estate plan. A fair solution means your wishes are […]
Secure your children’s future education
As a parent or grandparent, one of the best things you can do is give your child or grandchild a good education. But what if you weren’t around to help make it happen? Fortunately, you can put plans in place in your Will to make sure your children’s or grandchildren’s inheritance goes towards their education. […]
Most Australian small business owners paid avg $50k
60% Australian small business owners are paid <$50k During an episode of Q&A this month, Australian Chamber of Commerce and Industry Chief Executive James Pearson said small business owners would benefit from a company tax cut in Australia. He said it would “help them be profitable”, allowing them to grow their businesses, employ more people […]
