Opening a business inside a family structure Any type of business or organization can be opened inside a family structure. A supermarket, a small retail shop, a government public service office, a division of a power or water sewage company, police traffic controllers, a sporting club or even a pub. The whole of society has the option to…[Read more]

What is the primary relationship? To begin there is only one primary relationship. The primary relationship is the one and only person you have no secrets from. The purpose of this person involves love and guidance and its job is to talk to you on a daily basis. This person is employed by the government to perform this role for you and is under…[Read more]

bjsaust wrote:
You seem to be confusing independent with interdependent. Interdependent would imply the partners depend upon each other.

In depends on which partners you are refering to. In true family structure (TFS, a book im writing) the objective is to reach a point were you only have interdependant relationships. Every person starts life…[Read more]

Yes thats right. I wasnt suggesting using that means to shortcut centrelink tho. I was merly just curoius. I tried opening a internationalbank account with HSBC and they said the australian government banned the use of these types of accounts with them.I know in the states they pay a lot less tax on bank interest. It might be perfectly legal to…[Read more]

I tried opening an acocunt with HSBC and they said they no longer offer accounts to Australians due to restrictions imposed by the australian government.

Thanks again Terry

The person you can employ to manage your SMSF would be the accountant? or someone else?

oh right, got ya. Thanks

Thats interesting. Could be quite a saving if it was possible to do. Terry, what do you mean by unencumbered? I am guessing it might mean "inherited"

Also my dad paid his supperannuation with income that was salary sacrificed. This means he paid a reduced rate of tax on his supperannuation contributions (Not the full rate of tax). So I imagine he may have to pay some tax on his retirement benefit once he reaches age 60? 

okay, thanks

Sure, I will let you know

I dont know yet. My grandfather told me he is going to see the accountant over the next 2-3 weeks. I also sent the accountant an email explaining to her what my grandfather needs to do and the reasons why. The reasons for that was that my grandfathers ability to communicate is not exactly perfect and I really think she needed someone to pre…[Read more]

My grandmother is being very incoorperative over the trust situation. She refuses to make any changes to the trust deed. My grandfather wants to make changes to ensure she only takes her share of the trust appointer. However, the accountant requires both of them to agree in order to make any kind of changes to 35 year old trust deed as they are…[Read more]

Yes, well it is actually a new policy and I know he has been talking to the company but hasent finalised it yet. He will explain the insurance situation with me and the wife soon at which point I will be adding notes to the will stuff. Sometime after that point next thing we will be doing is seeing the solicitor to make the will. The insurance is…[Read more]

Yes, so dad may have to fill out a binding nomination form for the insurance company for the directions to be binding or they are binding by defult?

So I need to think about setting up either a unit trust with 50/50 directions to the spouses or a two separate testamentary trusts for each spouse in which each spouse is named the appointer for their relevant trust…?Okay, well what if the directions on the will just specify how the insurance payout are given? that would be binding?

Yes, the life insurance policy…So if you want to split a life insurance payout between two spouses then I suppose to put it in a trust is best as the trustee of the trust will have to follow the directions on the trust deed when paying out benefits…

Well in your opinion would it be worth investigating one of these as well or just leave it to the insurance company directions which will also be included in the wil…

What about insurance trusts? I mean a insurance trust may be nessasary in some situations in order to provide instructions on how a insurance benefit is to be divided between spouses? (i.e. on the trust deed)http://www.civiclegal.com.au/Publications/OnlineGuides/BusinessSuccessionPlanning.aspxHave a look on the bottom of this page.Only reason I…[Read more]