Estate planning: Have you addressed it yet?
Estate planning is not just about distributing assets; it’s about ensuring that your loved ones are taken care of and that your wishes are honoured. Navigating estate planning requires careful consideration of tax implications, and at Sphere, we understand the complexities involved. Let’s delve into some key considerations and why our approach stands out.
Understanding tax implications
The transfer of assets upon an individual’s death typically triggers complex tax implications. While capital gains tax (CGT) rollover provisions may apply, it’s essential to consider the timing of transfers and potential CGT liabilities for beneficiaries. We guide you through these nuances, ensuring that your estate plan minimises tax burdens while maximising benefits for your beneficiaries.
Gifts and CGT
Gifts made as part of estate planning can also have CGT implications, particularly if they involve assets like property, shares, or crypto assets. Our expertise ensures that you understand the tax consequences of gifts, helping you make informed decisions that align with your estate planning goals.
State and territory transfer duties
The timing of property transfers can significantly impact transfer duty liabilities at the state or territory level. With our in-depth knowledge of the regulations across Australia, we help you navigate transfer duties, ensuring that you optimise tax concessions and minimise unnecessary expenses.
Harnessing testamentary trusts
Testamentary trusts offer a flexible and tax-efficient solution for individuals seeking greater control over asset distribution. However, establishing and managing these trusts requires careful planning and expertise. At Sphere, we provide comprehensive support in setting up and managing testamentary trusts, safeguarding your legacy and beneficiaries’ future.
Estate planning is complex, with tax implications varying based on individual circumstances and location. Our tailored approach ensures that you receive personalised advice and guidance tailored to your specific situation. With us by your side, you can navigate the intricacies of estate planning confidently, knowing that your legacy is in capable hands.
Expert Business and Tax Advisors: We work for YOU, not the ATO!
About Sphere Accounting & Advisors-
At Sphere Accountants and Advisors, we’re more than just accountants. We’re protectors of your wealth, steadfast in our commitment to keep as much of your money in your hands as legally possible. Remember, we always work for you, not the ATO.
When you seek our tax advice, you’re not just getting a service; you’re partnering with a team. We consider the complete picture and are always on the lookout for ways to help you to create, safeguard, and grow your wealth. This commitment holds whether you approach us as an individual or a business entity.
Our expertise isn’t confined to just taxation. We span across the realms of accounting, strategic planning, tax advisory and beyond, delivering a whole solution to fit your needs. With Sphere Accountants and Advisors, you gain a dependable ally in navigating the complex accounting landscape.
For more information, please visit our website, give us a call at (03) 8899 6399, or drop us an email. We look forward to assisting you on your financial journey.
