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29 Apr 2014

It is important to make sure you know what your responsibilities and opportunities are well before the end of the financial year. For advice on any of the items in this checklist, contact Bernadette Duell, Jade Lattimore or Janene Bon.

 

Trusts 

  1. All trust distributions made in the year ended 30 June 2014 must be recorded in writing by the trustee of the trust on or before 30 June 2014.  The trustee resolution must be made in accordance with the terms of the trust deed.  The trust accounts do not, however, need to be prepared by 30 June 2014, so the resolution does not need to specify an actual dollar amount for the resolution to be effective in making the beneficiary presently entitled (unless the trust deed specifically requires it). I
  2. Is your trust deed up to date?  Does it take into account recent changes in the law, such as the Bamford decision? 

Superannuation 

  1. Maximise your retirement funding – know what you can contribute and when and how those contributions need to be made.
  2. Is your superannuation trust deed up to date? 
  3. Some retail funds and self managed funds only permit binding death benefit nominations to last for 3 years.  Is your binding death benefit nomination up to date? Does it specify the beneficiary or beneficiaries you would like to provide for? 
  4. Is your investment strategy up to date and maximising the available options for investment such as borrowing arrangements and in specie contributions of real estate? 

Charitable giving 

  1. Is there a charitable cause or entity you would like to donate money to?  You may be able to receive a tax deduction for gifts to these causes and entities and receive that deduction this financial year.
  2. If you are planning on making a substantial donation to a charity or a deductible gift recipient, you may want to consider establishing your own charitable foundation, called a Private Ancillary Fund (PAF).  HHG can assist in establishing a PAF for you and have this PAF up and running by 30 June 2014 so that a donation to your own fund can be tax deductible to you this financial year.

And don’t forget your…

Estate planning 

  1. Review your estate planning requirements.  Do you have a Will, an Enduring Power of Attorney, an Enduring Power of Guardianship and/or an Advance Health Directive?  Are they still appropriate and up to date?  Do you need to appoint a new Executor, Guardian of minor children, Attorney or Guardian?  For your Will, would you like to change your beneficiaries or your distribution plan?  Common triggers to update these documents include marriage, death, separation, divorce, birth of a child, health conditions, acquisition of assets, establishing a self managed superannuation fund, establishing a family trust, and engaging in new business. 
  1. Insurance – will your spouse have adequate funds to maintain their existing lifestyle when you pass away?  Will your business partner be able to afford to pay for your share of the business to your loved ones when you pass away? Do you need a new valuation of your business and as a result need to increase your insurance cover?

 

 

 

*This is general information only, and does not constitute specific legal advice. Please consult one of our experienced Legal Team for specific advice relevant to your situation.

Supporting Western Australian's for more than 100 years

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Sitka Pil

My circumstances at the time I made contact with HHG were dire following my argument being rejected by two no win no fee firms. Following my initial meeting with HHG's employment law team I was left feeling extremely positive by the response and concern shown by HHG in regards to their support of my argument along with their preparedness to pursue an outcome on my behalf.

I accept the fact that nobody really wins in these cases (mental health/ workplace) however the end result was what would be considered most favourable and far in excess of what would have been achieved had I not sought the advice from HHG.

I have no hesitation in recommending HHG to anyone caught up in the messy circumstances I found myself in at the time.

Great advice and five-star commitment to their client!!"

Nathan Lynch

"Thank you for such great assistance with the transaction of Flying Domestics on behalf of Lorna Good. It has been such a pleasure to work with the HHG Legal Group and I look forward to working with you in the future."

Jim Goodwin

"Simon Creek and his team were at all times empathic, professional and confident.  My matter needed to be addressed within a pressing time frame, and their availability at short notice and contact after hours was much appreciated.  It caused me considerable stress, but having such a thoroughly reliable and competent team to call on helped me to feel in control. Although I hope not to need their services again in future, I would be confident in doing so!"

Dr Lana Bell

"A good outcome is what we can expect.  A great outcome is a sign of a company which does the very best for their clients. A very big thank you to Daniel Morris for showing empathy towards my small and much needed legal action.

To HHG Legal Group, thank you for a great outcome.  I would recommend your company to anyone seeking legal services."

Jan Atkinson

"Your support this morning was amazingly kind, not to mention your totally reassuring competence, knowledge and wisdom that you used on my behalf.  It was extremely reassuring to have your knowledgeable support, and I particularly appreciated your real and obvious kindness to me. It means so much at a very difficult time. I'm so grateful to you."

Family Law Client

"Janene was very professional and we established a good rapport quickly. The subject of death and wills can be quite confronting to deal with, however, Janene's approach was soft and accommodating."

Lynette Livesey

"A big thank you to HHG for their professional service, continued support, and wide range of legal knowledge. Our clients have given us nothing but kind words regarding HHG Legal Group and so we have no hesitation in referring and recommending Simon Creek and HHG Legal Group for their outstanding services and legal expertise."

Nigel Plowman, Director at McKinley Plowman & Associates

"Simon is a friendly and practical legal advisor. I have received great feedback from the clients I have referred to him and his team at HHG Legal Group."

Richard Beal, Director at BDO

"Over the last few years, I have been impressed by Simon’s legal ability, management skills, entrepreneurial spirit, personal integrity and people skills. He appears to be that rare breed of lawyer – both knowledgeable and commercial."

Michael Malone, Founder of iiNet

"Our family has been a client of HHG Legal Group over many years.  Business has included drawing up of wills for three generations and preparing of probate for my father in law. I would have no hesitation in recommending HHG Legal Group to anyone requiring such services."

Bernice Climie

"You should be congratulated for the manner in which your staff address clients and we found our dealings with your company, once again a very pleasant experience and we would like to truly thank you for your efforts."

Steve Harvey and Jane Powell

"HHG Legal were absolutely fantastic. Extremely responsive and brought calm to our chaotic family situation through their knowledge and caring attitude. Extremely professional from our very first contact with them and they expertly guided our family though the required legal process over almost a 12 month period."

Amanda Williamson

"Fantastic team! They really care about their client. Tim Colcutt is a 'go that extra mile' guy who gives his client his all. I can't recommend HHG and Tim enough."

Kerry Samson

"I had a fantastic lawyer in Anne Hurley. She helped me out a great deal with good, sound advice in a friendly, professional manner. First class, thanks Anne"

Graeme Hammond

"Marine Plant Systems has been working with HHG Legal Group for a few years now and they continually provide first-class service. Their professional advice has been invaluable to our company."

Carolin Grimm - Marine Plant Systems

"We were kept up to date at all times. Pricing was always updated over the time period so we remained "in budget". Personal access to someone whenever I had questions. All in all a great experience without too much fuss."

Rosslyn Tasker - COO AltusQ Pty Ltd

"Good service you can count on."

Miles Lee

"HHG Legal Group has provided outstanding support as I have taken the journey of buying a business, their professionalism is beyond reproach. Their assistance throughout the Due Diligence process has been invaluable, I would fully recommend them."

Mark Armitage

"Very friendly and efficient service - what a pleasure working with Anne."

Jacques Taylor

"I highly recommend Daniel from HHG Legal Mandurah. When dealing with a complicated legal property matter recently I was extremely impressed by Daniel's honesty and integrity and the legal advice I received. I am very happy with the service from HHG Legal."

Tony Walker

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