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Personal Insolvency Thresholds

Personal Insolvency Thresholds

The following information outlines the monetary thresholds that apply in relevant insolvency practices. Income Contribution Threshold Income Thresholds before Income Contributions become Payable (after tax & s139N deductions): $54, 081.30 – No Dependents $63, 815.93 – 1 Dependent $68, 683.25 – 2 Dependents $71, 387.32 – 3 Dependents $72, 468.94…

Personal Insolvency Agreements

Part X - Personal Insolvency Agreements Part X of the Bankruptcy Act allows a person to enter into a Personal Insolvency Agreement (PIA) with the agreement to satisfy their debts without being made bankrupt. The PIA sets out how the debtor will satisfy their debts. When creditors accept the proposal,…
Estate Planning & Wills

Estate Planning & Wills

You may or may not have a will, but even if you do, personal circumstances can change quickly. Wills need to be reviewed as your personal circumstances change to ensure that they remain relevant to your needs; What is the position with your superannuation and who will take the proceeds…
Individual Trustee

SMSFs: Individual or corporate trustee?

SMSFs: Corporate Or Individual Trustee? Nearly 80% of recently established self-managed superannuation funds (SMSFs) operate under an individual trustee structure rather than a corporate trustee arrangement, according to statistics released by the ATO. We examine the pros and cons of each form of trustee. Benefits of the corporate trustee structure…