Tax Smart Blog

Have you considered the following...

• Do you have a valid Will that is regularly reviewed?
• Have you considered a Power of Attorney where a person grants another person the power to make certain decisions on their behalf such as to buy or sell properties?
• Consideration should be given to an Enduring Power of Attorney that lets someone act on your behalf if you lose the ability to make decisions for yourself. If you don't have one in place, in the unfortunate event of not having the “capacity” to maintain your affairs, control of your assets may pass to a government body such as The Office of the Protective Commissioner.
• Binding nominations are effective choices as to which beneficiaries receive your superannuation entitlements and in what proportions. Note if these nominations are not kept up-to-date, you could find your super money is distributed in the way you had not preferred.

You should have a financial plan that considers tax effectiveness.

The rules that apply to different assets, such as the tax treatment of a family home compared to shares or investment property must be considered