Your super doesn’t form part of your estate, and is not subject to the terms of your Will. It’s therefore critical to have in place appropriate arrangements to make sure your super ends up where you intend.
In Australia, there are 3 main types of employment contracts: permanent (full-time or part-time), casual, and fixed term (whether full-time or part-time). This article focuses on fixed term contracts.
The short answer is that it depends on whether the trustee first falls within the class of potential beneficiaries, and then whether the trustee is specifically excluded from benefiting.
Taking on the role of Executor of a deceased estate can be daunting, time consuming and more difficult than you anticipated!
Everyone is playing a winner-takes-all game – at your cost. Microsoft, Google and Apple are trying to own you, and keep you from being ‘part-owned’ by the other guys, and they have been playing this game for years.
Will all business owners be required to return profits from their businesses as personal services income if they are involved in the business? Will they be required to earn a ‘market wage” (whatever that is)?