Super’s new $1.6m transfer balance cap — what counts towards it?

The transfer balance cap applies to the total amount of superannuation that has been transferred into retirement phase. The balance of assets in pension phase can be held across several accounts, so the number of accounts is immaterial. The amount of the lifetime cap will start at $1.6 million, and will be indexed periodically in $100,000

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Active vs passive assets and the small business CGT concession

The small business capital gains tax concessions are extremely valuable, and for small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero. But to access the CGT concessions some conditions

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The process (and pros and cons) of ‘electing’ to be a family trust

Trusts are an important and very useful concept for managing one’s financial affairs, as well as estate planning. The pros and cons of ‘electing’ to be a family trust A trust is established whenever there is a separation of the legal ownership (for example, the name appearing on a land title) from the beneficial (equitable)

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