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Latest Accounting News
Hot Issues
300,000 SMEs utilising $20K write-off, says ATO
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Resources on our site to help you, your family and your friends.
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
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Powerful Budgeting, cash flow and Super Tools available on our site.
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Major Bank Levy Passed
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Australia's leading causes of death - ABS
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Our 'hardest' SMSF tasks
Uber drivers hit for 10% tax
Lack of literacy promotes unrealistic goals
Taxpayer failed to prove that payments were “loans”
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Items that heat up your depreciation deductions
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Articles
Impending GST changes good news for SMEs
SMSF related-party borrowing arrangements
Primary Producer Income Tax Averaging
Active vs passive assets and the small business CGT concession
ATO issues further taxpayer alerts on key focus areas
Borrowed money to pay a business tax debt? Is the interest deductible?
Online Selling
The dangers of income splitting
Clients failing on depreciation front - property investment
Home office deductions: What substantiation will the ATO accept?
ATO advises accountants on client data swoop
ATO issues stern reminder on new backpacker tax
Debt Recovery
Government takes next step in tax cheats crackdown
Car salary packages and the deductibility of after-tax running costs
Choosing an Executor
ATO fires warning shots at cash economy exploiters
Getting a tax valuation from the ATO
5 tips to get home office deductions right
Choosing an Executor

 

Obligations and responsibilities of an executor are significant.  Their decisions can be monumental.



       


 


Yet it is common for will makers to nominate a family member as the executor of the will, without thinking about whether that person has the capabilities necessary to carry out their duties.


The executor should act with care and within a reasonable time frame.  The role of an executor occurs rarely during a lifetime for a family member, so it is not a typical skill set.  Guidance from specialists will assist with the legal and taxation maze, as well as avoiding costly decisions.


Should the investments be sold or distributed?  What are tax consequences of each decision?  Is there a risk of the share market falling to impact on a portfolio to the detriment of a (different) beneficiary?  Is there sibling rivalry?


Choosing one executor only from family can sometimes create an environment that causes financial loss and increased emotional stress for the whole family.

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29th-January-2017