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Genders and Partners | Top 10 Estate Planning Predictions For Australia - Lawyer Adelaide

Estate Planning Predictions for Australia to Compel workers to regularly disclose and remit super SGC and PAYG tax

OK, OK – I admit this one is not directly related to estate planning. And I also freely concede this one is more speculative then my other predictions. However I stand by it.

At the moment, some employers do not have to withhold PAYG tax or SGC for some workers, ESPECIALLY if those workers are not classified as permanent employees: ie casual workers; workers who work below a threshold number of hours per week; workers earning less than a certain threshold amount of income; independent contractors.

There is an administrative burden for businesses to be the collection-agent for the Government, and so if a business can legitimately arrange its affairs to minimise that burden, it will probably do so. So… businesses might insist on categorising workers as independent contractors, and so leave the issues of SGC & PAYG to the worker to sort out.

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Mediating Settlement of Estate Disputes

By Rod Genders

Like most developed countries, Australia’s population is ageing as a result of sustained low fertility and increasing life expectancy. This has resulted in proportionally fewer children in the population and a proportionally larger increase in those aged 65 and over.

Over the 20 years between 1994 and 2014, the proportion of the population aged 65 years and over increased from 11.8% to 14.7%. This group is projected to increase more rapidly over the next decade, as further cohorts of baby boomers turn 65.

In the 12 months to 30 June 2014, the number of people aged 65 years and over increased by 118,700 people, representing a 3.6% increase.

We are living longer and accumulating greater wealth. This gives rise to the potential for more disputes arising on either incapacity or death.

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Capital Gains Tax Reform in 2016

By Rod Genders

Over the next 10 years, Australia will face significant challenges as it attempts to balance its books while enormous numbers of Baby-Boomers exit the scene. The State & Federal Governments (of all political persuasions) will need to make some difficult choices to address these challenges, and attempt to cling onto our desirable quality of life.

Nearly $24 billion has been lost to the Federal Government in just five years by a capital-gains tax discount which many economists claim rewards the rich and freezes out first homebuyers.

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Verification of ID

By Rod Genders

State Governments and authorities around Australia have introduced mandatory Verification of Identity (VOI) policies. These policies help to protect all the parties in a variety of legal and business transactions against fraud.

Mandatory VOI policies are now in place in South Australia, Victoria and Western Australia. Similar policies are set to be introduced in New South Wales in 2016, with the remaining states and territories likely to follow shortly.
This overlaps with anti-money-laundering legislation, and various banking & finance protocols and policies.

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Death and Taxes Ahead in SA

By Rod Genders

Australia is the only western democracy in the world not to have some form of death duty. The USA, Canada, England, Scotland, Ireland and New Zealand all have inheritance taxes.

Until the 1970’s each state and territory in Australia had some form of death duty or inheritance tax. But then Joh Bjelke Peterson as premier of Queensland abolished them in that state, and every other state government soon followed suit to remain competitive.

All State and Federal Governments are desperately looking to raise revenue in these difficult economic times, and every recent review of our tax system suggests that some form of inheritance tax will be back on the table.

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5 Biggest Estate Planning Mistakes and How to Avoid them

By Rod Genders

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Top 5 Dangers of Do-It-Yourself Will Kits in SA

By Rod Genders

Creating a Will gives us the peace of mind that comes from knowing that our estate will be distributed according to our wishes. But the desire to avoid the expenses normally associated with Will preparation is tempting some people these days to consider using Do-It-Yourself Will Kits.

At first look, DIY Will kits might seem to be cheaper and save some time and travel involved in having a legal professional prepare a Will, BUT the savings in time and money could be illusory if there are even minor mistakes or unforeseen events that cause the Will to be invalid.

Remember: any mistakes you make will only become apparent after you’re dead, and it’s too late to fix them.

Determining the wishes of the deceased is a legal issue by its very nature, and consequently, if the Will is not properly prepared and executed, it could be invalidated or challenged, sometimes complicating things even worse than if there had been no Will at all.

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