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Australian personal financial planning case studny questions, urgent - Essay Example

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However, the company has its separate entity. Hence, the company is required by laws to pay its income, while Leo and Spiro pay their individual income taxes. The…
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Download file to see previous pages The business needs of the company are different from that of its directors and running a company costs a lot. Neither Leo nor Spiro can claim the company as part of their estate, since none of them is the sole owner of the company (Small Business Development Corporation, 2010).
(ii) Partnership: If Leo and Spiro would agree to go into partnership, this is simple and inexpensive to set up. However, both of them will be required to pay income taxes, and the assets of a partnership business may not be fully protected as that of a company. There may problems of secession plan because each partner has equal right to the business
assets, and sharing this may bring some disagreements. The business needs of the partnership business are the same as that of the partners. Neither of the partners can count the business as part of his business estate, because they jointly own the business (Small Business Development Corporation, 2010).
(iii) Self-Managed Superannuation Fund (SMSF): Both Leo and Spiro will act as individual trustees of the Fund; which means that they cannot receive salaries or wages for their duties. The assets of the Fund are different from the personal assets Leo and Spiro. SMSF is not expensive to run. Neither of the trustees can lay claim to the Fund as part of his estate. The trustees may decide to allow the Fund to cease operating if there are problems from running it.
(iv) Discretionary Trust: Either Leo and Spiro may decide to set up a discretionary trust, otherwise known as Family Trust. The business needs of the trustee are the same as that of the trust. The trustee will be required to pay taxes on the activities of the Trust, for example, investing the trust fund in a business; taxes will be paid on the income from the business. The asset of the trust belongs to all the family members. There may be problems in secession planning, but it does not cost much to run a trust. And none of the members can claim it as an his or her Estate (Small ...Download file to see next pagesRead More
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