Estate Planning Awareness
As the old saying goes the only sure things in life are death and taxes. What it doesn’t say is that with the right planning you can reduce those taxes applicable to your estate.
In the United States they have identified this planning need, and from 19th to 25th of October they are staging Estate Planning Awareness Week, a joint initiative between the Lawyers and CPA’s. This week is a media awareness campaign to highlight the need for proper advice in estate planning and administration. From our experience this type of initiative should also be adopted here in Australia.
To this end we are seeking support from the Law Society and the Institute of Chartered Accountants in Australia to implement a similar public awareness campaign. Further to this, we have prepared a Guide to Estate Planning and Administration for our clients to use.
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Vision Newsletter from Merit Wealth – Autumn 2011
This is the Autumn edition of Vision, our quarterly newsletter for clients of Merit Wealth.
As we fast approach financial year end, we look at some pros and cons of arranging insurance inside and outside of your super fund, and the tax benefits of investing in property by borrowing through a self-managed super fund. If you’re approaching or over 50, now may be the time to think about reviewing your concessional contributions to super with some tax-effective strategies.
Our thoughts are with our fellow-Australians who have suffered personal and property loss and damage in the recent floods, cyclones and bushfires. These natural disasters have brought to light the need to look at our home and contents insurance and make sure you know what you’re covered for, and that the coverage is adequate.
Are you ready for the adventure of a lifetime? Virgin Galactic is getting set to propel would-be astronauts on a three-and-a-half hour jaunt into outer space. If the $US200,000 price tag doesn’t deter you, I’d be more than happy to advise on financial strategies to help you fund your trip!
We hope you enjoy reading this issue of Vision.
Your business and the floods
Many Australians over the past week have unfortunately been affected by flooding. Thankfully the armies of volunteers who have turned up to shoulder some of the burden have eased the work load for many affected families and businesses. We sincerely hope you and your loved ones are safe from this devastation.
The ATO, Federal, and State Governments also recognise that as a result of the destruction caused by these natural disasters individuals and businesses may experience financial difficulty as well as require additional time to meet their taxation lodgement and payment obligations. A range of support strategies are currently being implemented to provide assistance to those affected including:
Hayes Knight Audit QLD can now audit US and Canadian securities issuers
Hayes Knight Audit Qld was recently granted registered status with the Public Company Accounting Oversight Board (PCAOB). This is the governing body for publicly listed companies in the USA and means that we can conduct audits of entities that are issuers of securities in the US.
Similarly we are registered with the Canadian Public Accountability Board (CPAB), which gives us the same status in Canada as we have in the US. These registrations mean that we can manage and co-ordinate Australian company audit requirements almost anywhere around the world, and also manage the Australian audit compliance for companies listed in the US or Canada.
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Flood levy announced
The Government has just announced an increase to the Medicare Levy threshold to help pay for the flood recovery process.
Applying from the 2011/2012 income year, the flood levy of 0.5% will apply to all taxpayers with a taxable income of $50,000 or more and 1% for all those with an income above $100,000. Those below the income threshold or who are in receipt of an Australian Government Disaster Recovery Payment for a flood event that occurred during the 2010/2011 income year will be exempt from paying the flood levy. The levy is intended to apply to the 2010/2011 income year only.
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Tags: ATO | Federal Government | Flood assistance | flood levy | State Government
Posted in Brisbane News & Events, Infotelligence, News & Commentary, Uncategorized |