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Child Cover

  • Parents naturally want to make sure that their kids are safe, secure, and healthy, and they will always want to be there for the if they're not. But what happens if your child is seriously injured or struck down with an illness and they need more of your time than your current situation allows? How do you take time off away from work to care for them whilst at the same time juggling the costly expenses of hospital visits, surgeries, and medications, without reducing your income?

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  • 'Go Live' Single Touch Pay Date Looming

    Written by 360Private

    Published: 03 May 2019

    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. With the STP go-live date looming, the ATO and the Government have been busy releasing information on the practical application of STP in practice. Below is a summary of some of the key announcements made that may affect you if you are a business that has employees. The ATO will offer micro employers (one to four employees) help to transition to STP and a number of alternative options — such as allowing those who rely on a registered tax or BAS agent to report quarterly for the first two years, rather than each time payroll is run. Small employers can start reporting any time from 1 July to 30 September 2019. The ATO may grant deferrals on an application basis. There will be no penalties for mistakes, missed or late reports for the first year. The ATO will provide exemptions from STP reporting for employers experiencing hardship, or in areas with intermittent or no Internet connection. Employers who do not have an Australian Business Number (ABN) but instead have a Withholding Payer Number (WPN) are exempt from reporting under STP for the 2018/19 and 2019/20 financial years. Insolvency practitioners are exempt from mandatory reporting through STP for the 2018/19 financial year in respect of the entities they administer. STP reports lodged by employers will be shared with social security agencies from 1 July 2020. If you would like to discuss the impact of STP to your business, please contact your 360Private advisor today.
  • 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.

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