The Golden Times

Articles

Property tax trap warning as ATO targets valuations

3 weeks ago | thegoldentimes.com.au | Duncan Hughes

Low-balling investment property valuations for SMSFs with an account balance close or just over $3 million to lower tax liabilities or qualify for increased concessions could set a tax trap for unwary self-funded retirees, tax experts warn as owners prepare their annual tax returns. The strategy used to reduce future Division 296 tax on unrealised gains, land tax thresholds or wealth-based levies could result in hefty, backdated tax bills and possible audit risk, they warn.
Five ways to maximise new tax break to boost retirement income

1 month ago | thegoldentimes.com.au | Duncan Hughes

Retirees and those nearing retirement with $1.9 million in super can boost their pension account by an extra $100,000 to $2 million when the limit is lifted from July 1, providing an opportunity to increase income and improve financial security. Those with $1.76 million in their income account can increase contributions by an additional $360,000 by maximising the bring-forward rules under the new caps, according to financial advisers.
Grey divorces hit record high as wives decide it's time to split

1 month ago | thegoldentimes.com.au | Duncan Hughes

Record numbers of older Australians are seeking advice about divorce, with women leading men in the number of inquiries about living alone, particularly over their concerns about superannuation, according to research.
Owners fear retirement means loss of family business: NAB report

1 month ago | thegoldentimes.com.au | Duncan Hughes

About half of all small and medium-sized business owners fear retirement will mean the closure or sale of their business rather than its transfer to a family member, according to analysis by NAB, the nation’s largest business bank. But only one-third have devised a retirement strategy, or considered the complex tax, legal and family issues involved in finding a successor or selling the business to someone outside the family, the analysis shows.
Looming super tax change prompting high-net-worth rethink

1 month ago | thegoldentimes.com.au | Duncan Hughes

Investment strategists are reviewing high-net-worth client portfolios and readying for major changes to the treatment of superannuation following the Albanese Government’s landslide election victory. Strategies being considered for dealing with an expected increased tax on the earnings of superannuation accounts with more than $3 million range from asset splitting between spouses to increased use of discretionary trusts and investment companies.
Ageing seniors with SMSFs are ‘at risk’ from family, advisers

1 month ago | thegoldentimes.com.au | Duncan Hughes

Self-managed super fund (SMSF) members with declining mental capacity, typically because of ageing, are creating a “honey pot” for unscrupulous family members or advisers, according to investment specialists and lawyers. Anna Hacker, client director for Pitcher Partners in Melbourne, warns that failure to protect the fund assets of affected members is often the “big missing piece” from estate advice intended to protect members at risk of making the wrong decision.
How to avoid late-life financial threats to your wealth, welfare

1 month ago | thegoldentimes.com.au | Duncan Hughes

A Sydney widow facing legal fees of more than $400,000 over a fight with her de facto children about whether she could remain in the family’s Sydney apartment highlights the growing late-life financial risks to many retirees.
Uncertainty over abstract artist’s will sparks legal battle

2 months ago | thegoldentimes.com.au | Duncan Hughes

A bitter NSW Supreme Court row over a Sydney abstract artist’s $24 million bequest of real estate, art and cash highlights the importance of keeping a will that accurately reflects your final wishes, according to lawyers. Mimi Milka Berger, who died aged 86, had made several wills during her final years, including one that had been torn apart and then painstakingly put back together with sticking tape.
Cost of dental care forcing seniors to delay treatment: ADA

2 months ago | thegoldentimes.com.au | Nicholas Way |Duncan Hughes

Nearly two-thirds of Australians aged 65 and over are delaying seeking dental treatment, according to a new research study by the Australian Dental Association (ADA). The annual ADA study, based on a survey of 25,000 people, found that affordability was the main reason, with 64 per cent of over-65s delaying dental trips in the past year because they couldn’t afford it.
Exempt employment income from age pension income test: NSA

2 months ago | thegoldentimes.com.au | Nicholas Way |Duncan Hughes

Senior Australians should have any employment income exempted from the age pension income test to simplify the pension system and encourage more older people to remain in the workforce if they need or want to. That’s a key recommendation of the National Seniors Association (NSA) in its pre-Budget submission that chef executive officer Chris Grice says is an important element of the organisation’s lobbying of all political parties before the May 3 federal election.