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  • This year one of our Directors, Greg Rundle, will be joining business and community leaders from around Australia to take part in the 2017 Vinnies CEO Sleepout, raising awareness and vital funds to support services for the thousands of men, women and children experiencing homelessness across the country.

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  • Why should I have a Will?

    Written by 360Private

    Published: 19 March 2019

      Why Should I have a Will? Is a Will a must have or just something your advisors keep telling you that you need? Let’s take a closer look.When you pass away you will either have a Will, or not have a Will. If you have a Will then your Estate (a combination of your personal items, bank accounts, property, investments, superannuation, etc.) will be administered according to the terms of your Will and pass to the people you have nominated as beneficiaries. If you pass away without a Will it is said that you have died ‘intestate’ and your Estate will instead be distributed in accordance with the laws of intestacy. Laws of Intestacy Each Australian jurisdiction has legislation that prescribes how a person’s Estate must be distributed if they pass away intestate. This legislation varies significantly between jurisdictions. In South Australia the laws of intestacy provide that: If you have a spouse (this includes wedded spouses as well as domestic partners) and no children then your Estate will pass to your spouse. Sometimes it can be quite complicated for the surviving partner to prove the existence of the domestic relationship, especially in the case of blended families. Ex-spouses are also entitled to benefit in some circumstances, in which case your Estate may be split between spouses! If you have a spouse and children, then your spouse will receive your personal items and the first one hundred thousand dollars ($100,000.00). The remaining assets will be split with half going to your spouse and the other half to your children. This can cause a lot of anguish and even financial hardship for your spouse if, for example, he/she only receives half of the house. The other half of the house will be held by the Public Trustee on behalf of any minor children until they reach the age of eighteen. This means that your spouse may be unable to sell the property without the consent of the Public Trustee.  If you do not have a spouse or children then your parents will receive the full benefit of your Estate. If you do not have any parents living then your siblings and then nieces and nephews will benefit.  A Valid Will  The benefits of having a valid Will are: You are able to ensure that the people you wish to benefit from your Estate do benefit. You are able to gift specific items or cash amounts to different people. You are able to choose who will make arrangements for your Estate after you have passed away and to administer your Estate (this person is called the Executor).  You are able to ensure that your beneficiaries receive their inheritance at an age you think will be appropriate. You may wish to ensure they do not have access to a large sum of money until they are older and more mature.  You may direct that your assets are to be held in a Testamentary Trust for the benefit of one or more beneficiaries and their lineal descendants. Testamentary Trusts are tax effective and give additional protection to your inheritance from your beneficiaries’ spouses, bankruptcy and/or spendthrift habits!  Your Estate will likely incur fewer costs and will be administered more quickly. People often say they do not need a Will because they do not have any assets. Even if this is the case now, a lot can change by the time you pass away. Assets such as life insurance and superannuation benefits may form part of your Estate and can be more significant that you think. If you have a spouse and/or children then passing away without a Will leaves them in a tough spot. They will likely incur significant legal costs, not to mention emotional hardship, in proving their relationship and/or paternity to the court. This sometimes creates disputes with your parents and/or siblings. If you do not want the intestacy laws to apply to you, do not want additional costs to your Estate and wish to provide guidance and support to your next of kin then a Will is a must have! Please contact Mark Lumley at 360Private Legal for personal and professional legal advice.
  • Retirement Village Contracts

    Written by 360Private

    Published: 20 February 2019

    Retirement Village Contracts Entering a retirement village is a major financial and lifestyle decision.  It is prudent to include your family in the decision to move in to a retirement village. Retirement villages for the most part offer a fulfilling, communal lifestyle but you need to be aware of some of the key features of the retirement village model, these being; You don’t purchase the bricks and mortar of the retirement village unit, you are purchasing a right to occupy the unit by way of an interest-free loan to the retirement village operator; You do not receive a certificate of title and you will not be noted on the title (which is held by the retirement village operator); You are required to pay an entry fee which is returned to you or your estate less deductions when your tenure comes to an end; You still need to pay a regular maintenance fee (either weekly, fortnightly or monthly) whilst you are living in the retirement village; and Each retirement village has its own residence rules governing the conduct of the residents. The financial contribution required to enter a retirement village comprises three categories of fees; The ingoing contribution; The ongoing contribution (usually described as the “maintenance fees” or “general service charges”); and The outgoing contribution (which includes a “Deferred Management Fee” and outstanding charges). Your solicitor or financial adviser will be able to discuss these fees with you and give you a general  idea of how much of your ingoing contribution will be returned to you or your estate once you leave the village. It should be noted that the amount that gets deducted will vary according to the length of your tenure – the longer you stay, the greater the deductions. The contract and ancillary documents provided to a prospective resident are lengthy and comprehensive and can be quite overwhelming. In South Australia the contract must state in clear terms that it is recommended that you obtain legal and financial advice before entering the contract. While it is not compulsory it is recommended that a prospective resident obtain independent legal advice before signing the contract. In addition to the financial considerations there are other matters that need to be considered such as; The services and facilities that are offered by the retirement village; The residence rules and their impact on you; Your rights and obligations in the event of a dispute with another resident or the retirement village operator; and Your rights and obligations in relation to termination of the contract. It pays to know where you stand before you sign on the dotted line! If you are considering moving in to a retirement village please contact Mark Lumley at 360Private Legal for personal and professional legal advice.  
  • NEW Important Information on Single Touch Payroll

    Written by 360Private

    Published: 22 January 2019

    As you may be aware Single Touch Payroll (STP) is expected to become a requirement for all employers, regardless of employee headcount, from 1 July 2019. Employers with more than 20 employees have been required to comply with STP since 1 July 2018, and generally do so using electronic payroll software specifically designed to handle the reporting requirements. What is Single Touch Payroll? Single Touch Payroll (STP) is an electronic method for employers to provide payroll information to the Australian Tax Office at the same time you pay your employees.  This information will include details of salaries, wages, tax withholding and superannuation information. STP provides businesses with opportunities for efficiency, particularly around the end of the financial year. Organisations reporting via STP will no longer be required to complete employee payment summaries, as payroll and super information will already be available to employees through the MyGov system. Australian Taxation Office Compliance The ATO will initially take a soft-touch approach to STP compliance for smaller businesses, and have communicated that they will not force businesses to utilise a payroll or bookkeeping software. The intention is to support small businesses by assisting them to meet the requirements. Although yet to be confirmed, micro-employers (1-4 employees) are expected to benefit from additional reporting options not available to larger employers, such as quarterly reporting via their registered tax or BAS agent initially rather than reporting each pay cycle. Check your Software If you have employees in your business, your existing payroll software may need to be upgraded for STP reporting – you will need to confirm these details with your current software provider or accountant. Our team of Advisors are able to answer any queries that you may have around the introduction of STP, and have a great deal of experience in assisting with software transitions or upgrades. Please contact us on 8291 2111 if you would like further information regarding STP, advice on your specific obligations and requirements, or assistance with selecting and moving to appropriate software packages.      
  • Risk Claims

    Written by 360Private

    Published: 01 January 2019

    Risk Claims You automatically insure your car and house, and more than likely you have medical insurance too, but what about those things that are most important to you?  What could be more important that your family, your income and your life? With any luck you will enjoy life without ever having to make a claim, but if something should befall you, insurance makes a world of difference to you and your family, relieving financial pressure at an already difficult and stressful time and ensuring you maintain your independence. During 2018, 360Private have secured benefits for our Clients of over $630,000 – you and your family’s lifestyle is something you have worked hard to achieve, so protecting it is essential. Whether you are looking to buy a new home, start a family, or nearing retirement our Risk Advice team can assist with a private assessment of your needs. Please contact us today.
  • Payroll Tax Reduction for Small Businesses

    Written by 360Private

    Published: 11 December 2018

    Payroll Tax Reduction 1 January 2019   Please note that legislative amendments which reduce payroll tax for small businesses will come into effect from 1 January 2019, with businesses with an annual taxable wage of up to $1.5 million no longer liable for payroll tax. Those with taxable wages between $1.5m and $1.7m will benefit from a reduced payroll tax rate.  As these changes come into effect mid-financial year, the 2018-19 financial year will be split into two return periods: Period 1: 1 July 2018 to 31 December 2018 Period 2: 1 January 2019 to 30 June 2019 What Do You Need To Know? If you are an Employer with estimated wages of under $1.5 million for 2018-19 from 1 July 2019, you will no longer be required to pay payroll tax in South Australia if your Australia-wide wages, or group wages, continue to remain below $1.5 million. Will I Need To Continue To Lodge Monthly Returns? As payroll tax is based on your annual taxable wages, you will need to remain registered for the 2018-19 financial year. If you have advised RevenueSA that your estimated Australia-wide wages, or group wages, for the 2018-19 financial year are under $1.5m, RevenueSA will convert you to an annual cycle so you will not be required to lodge monthly returns for the January 2019 to May 2019 periods. When Can I Lodge My 2018-19 Annual Reconciliation? You will need to complete the 2018-19 Annual Reconciliation by 22 July 2019. An email will be sent to you once the Annual Reconciliation opens in mid-June. When Can I Cancel My Registration? If you expect your 2019-20 financial year Australia-wide wages, or group wages, to remain under $1.5m, you should cancel your registration as part of the 2018-19 Annual Reconciliation. If you cease employing in South Australia before 30 June 2019, please contact RevenueSA Employers with estimated wages between $1.5 million and $1.7 million for 2018-19 Will The Rate Change For My Monthly Returns? You will continue to lodge your monthly returns using your current deduction entitlement (now called the ‘exempt amount’). The rate of tax you pay will be automatically calculated when you complete and lodge your returns. The rate at which payroll tax is applied will depend on your estimated annual wages (for Period 2 between 0 per cent and 4.95 per cent). This will be automatically calculated through the online return process and a calculator will be available by mid-December this year to calculate your new rate. Will Both Periods Be Calculated In My 2018-19 Annual Reconciliation? When you complete your 2018-19 Annual Reconciliation you will need to provide your, or your group’s, total South Australian and Australia-wide wages for the year, together with a split of wages for the two periods (as specified above). Payroll tax payable and the deduction/exempt amount will be calculated based on the proportion of your wages paid in each period. Employers With Wages Over $1.7m For 2018-19 There is no change. You will continue to lodge your monthly and annual reconciliations returns using your current deduction entitlement (up to $600,000 p.a.). Please call your Advisor today if you have any further queries. Important: Clients should not act solely on the basis of the material contained above. Items herein are general comments only and do not constitute or convey advice per se. Changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. This is issued as a helpful guide to clients and for private information. If you need any clarification or direct advice please call us and make an appointment with an Adviser.

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