Wealth Creation - Page 3 of 4 - Oracle Partners Accountants & Advisors Bondi Junction, Sydney

Jan 01

What to consider before signing a personal guarantee

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Wealth Creation

Personal guarantees are a standard business practice in commercial transactions, however, they are often misunderstood and can pose significant risks. A personal guarantee is an agreement of one party to answer for the debt, default or miscarriage of another. Director guarantees are a common type of guarantee, where the director of a company receives a […]
Jan 01

Splitting assets when couples part

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Wealth Creation

There are both legal and tax implications to be considered when former partners in an SMSF decide to split after the breakdown of the relationship. It is possible to transfer assets, such as property, from one super fund into another; however, there are four things individuals need to consider: Separating couples need to work out […]
Jan 01

Separation and super

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Wealth Creation

Superannuation forms one of a couple’s biggest assets. Splitting superannuation after a separation can become a complex process. Superannuation is treated as property under the Family Law Act 1975 (Cth). Once a relationship ends, superannuation can either by split by agreement or court order. Generally, parties will try to negotiate an agreement between themselves before […]
Jan 01

Insurance traps in your super

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Wealth Creation

Insurance arrangements in super can create a few surprise outcomes for members who leave big superannuation funds to start their own self-managed super fund yet leave a portion in their old fund. Members need to be wary of the traps that can cause a loss of cover. As insurance is a complex financial product members […]
Jan 01

Super boost for business owners

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Wealth Creation

Changes announced in the 2016 Federal Budget grant small business owners the right to use the sale of their business to contribute more to their super than the introduced $500,000 lifetime after-tax contribution cap. As the small business retirement exemption will continue, small business entities can contribute up to $500,000 of sale proceeds into their superannuation in […]
Jan 01

CGT withholding regime

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Wealth Creation

An introduction of a 10 per cent non- final withholding tax on payments made to foreign residents that dispose of specific taxable Australian property will come into effect from 1 July 2016. The new legislation will impact on any property transaction where the purchase price is more than $2 million. The withholding regime will apply […]
Jan 01

Alternatives to building your nest egg

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Wealth Creation

The prospect of putting less into superannuation has prompted many Australians to start looking for other ways to boost their retirement savings. Jumping on the offensive by seeking out other tax-effective ways to increase retirement savings isn’t always easy, with complications such as fees, administration and confusing terminology attached to saving outside of super. Nonetheless, […]
Jan 01

SMSF Borrowing – ATO imposes stricter guidelines

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Wealth Creation

Self-managed super funds (SMSF) have until 30 June 2016 to conform to the ATO’s new rules on related- party loans. A guidance paper released by the Tax Office stated that related-party loans e.g. family trusts or private companies to SMSFs now must be at interest rates of 7.75 per cent for shares and 5.75 per cent […]
Jan 01

Aged care considerations

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Wealth Creation

The decision to move into an aged care home is often a difficult one. With the loss of autonomy, and often the family home, it is an emotional time for the person moving and their family and friends. Planning ahead is essential to maintaining control and choice and minimising stress as there are a lot […]
Jan 01

Transition to retirement changes

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Wealth Creation

Transition to retirement (TTR) arrangements are set to be overturned or converted into full pensions following changes released in the 2016 Federal Budget. Under the proposed rules set to commence 1 July 2017, the tax on earnings in TTR pensions will change from zero to 15 per cent, the same earnings tax that applies to money […]