Now is the best time to start estate planning – here’s why

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Let’s face it, nobody wants to think about what will happen to their family once they pass away, let alone talk about it. But the truth is, it’s easier for you and your family to make good decisions while you’re alive and well rather than after you’re gone.

Because we don’t know what life may throw our way, it’s never too early to start estate planning. Successful estate planning involves much more than making a will. Many factors need to be considered, such as tax planning, asset protection and what will happen with the funds in your superannuation and any insurance policies you have in place.

Estate planning according to your wishes

An effective estate plan will help to ensure your wishes are carried out just as you would like them to be. As a result, your beneficiaries will receive what you want them to, in the most cost-effective and tax-efficient manner.

Things to consider include:

  • Making sure your investments and superannuation are structured for the best returns
  • Ensuring adequate personal and asset protection insurances are in place
  • Confirming your beneficiaries are clearly identified and no-one is forgotten
  • What you want to happen in the event of your disability or mental incapacity
  • The appointment of legal representatives such as Executors or Powers of Attorney

This probably sounds complex, and it can be. But talking to the financial experts at Wealth Plan Advisory will help you successfully navigate the process with as little stress as possible.

By putting strategies in place now, you can have peace of mind that your loved ones will be taken care of should the unexpected happen.

 

For straight-forward, practical financial, taxation and accounting advice
contact our knowledgeable team at SVA and WPA by calling 02 8850 0388.

Maximise your tax return with our free downloadable checklist

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Nobody wants to pay more tax than they have to (or come under the ATO’s radar). Our free checklist will help you ensure all your income and deductions are accounted for.

Get my Tax Return Checklist

 

For straight-forward, practical taxation, accounting and financial advice
call us on 02 8850 0388.
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Personal income tax cuts for 2018-19 are good to go

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In the 2018-19 Federal Budget, changes to the Personal Income Tax Plan were announced. These changes have been passed, taking effect on July 1, 2018.

There are two changes you need to know about for the coming financial year

  1. The top threshold of the 32.5% tax bracket has increased from $87,000 to $90,000.
    This change applies to residents, foreign-residents and Working Holiday Makers.
    Pay as you go withholding rates and schedules will be updated to include the changes.
  2. A new low and middle income tax offset (which is in addition to the Low Income Tax Offset) will provide a non-refundable tax offset of up to $530 per annum for Australian residents earning less than $125,333.The offset amount ranges from $200 (for incomes less than $37,000) to $530. The lump sum will be paid after your income tax return is assessed next financial year.

    It is expected over 10 million taxpayers will get at least some relief from this new offset. We can help you find out if you’re one of them.

 

For straight-forward, practical accounting, taxation and financial advice
contact our knowledgeable team at SVA and WPA by calling 02 8850 0388.
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