Many people don’t realise that superannuation benefits are not an estate asset and do not automatically flow to the estate of the deceased. Despite a Will being legally binding and providing what a person may receive from an estate, superannuation benefits do not apply. A Binding Death Benefit Nomination is a written direction to the Trustee of your superannuation fund which ultimately states beneficiaries who you want to receive your superannuation benefit in the event of your death.
Dying without a Will is known as dying intestate, and this is not an ideal situation but is far more common than you think. According to the rules of intestacy, your assets will be distributed to those next of kin. This may also involve surviving relatives who you may not necessarily wish to inherit your assets. The administration of an intestate estate requires a person to take responsibility to see it through as there has been no executor of the will appointed by the deceased.
When parties have a contract in place, there may be circumstances where the parties wish to amend the contract where appropriate as it may no longer reflect the agreed positions of the parties to the agreement. This includes changes to the original contract’s terms, clauses, sections or definitions.
It is time to get on top of your business financials as the new financial year begins so you can implement your business goals for the upcoming year. To ensure your business is healthy: actively review your business’ financials (including your cash flow). It may also be beneficial to see a financial planner to get a holistic view of finances, tips and advice to help set your financial goals and develop strategies to reach them.
If you’re a business owner, you must ensure that you complete and lodge your income tax returns whilst meeting the superannuation requirements. With small businesses, it is essential that you check what record keeping and other tasks need to be completed. For instance, profit and loss statements to show a summary of income and expenses, conducting a stocktake, summary of your record of debtors and creditors, etc.