REVERSIONARY PENSIONS VERSUS NON-REVERSIONARY PENSIONS
When a member of a superfund commences a pension they can nominate a reversionary pensioner if they want to.
So what is a reversionary pension? Click here to find out.
DIRECTOR PENALTIES – COULD YOU BE LIABLE?
Did you know that a person who is a director of a company for only one day may become personally liable for a company’s entire superannuation guarantee and PAYG withholding debt?
If you are thinking about becoming a director, or you already are one, then click here to read about your responsibilities.
TESTAMENTARY TRUST – SHOULD I HAVE ONE?
A Testamentary Trust is a trust established under a Will and it only comes into operation after the death of the person who has made the will.
There are many factors to consider in deciding whether to set one up. Our article covers a few of these factors.
LAND VALUES HAVE INCREASED, SO BEWARE!
In NSW you are required to advise the Office of State Revenue if you are liable to pay Land tax.
As of 31 December 2015 the land tax threshold for NSW is $432,000. This means that land tax is calculated at 1.6% of the unimproved land value above $432,000 plus $100. A premium threshold also exists for land rich property with land value over $2,641,000. Generally, your principal place of residence (home) is exempt from land tax.
If you bought a new property during the year or have an existing one and are unsure whether you need to register or lodge a variation for land tax, please contact your client manager.
Your most unhappy customers are your greatest source of learning. Bill Gates
Kreston Stanley Williamson Team
*Correct as of March 2016
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.