It was a warm spring day on Shelter Island, New York, when two renowned authors, Kurt Vonnegut (Slaughterhouse Five) and Joseph Heller (Catch-22), found themselves at a party at the palatial second home of a hedge fund billionaire.
There’s a quote that says, “Money can’t buy you happiness, but it can buy you a yacht big enough to pull up right alongside it”. True if you have got that sort of money. For the rest of us, our spending is usually clothing, gadgets and cars – the kinds of things that make us happy.
Losing a loved one is hard enough, particularly during a pandemic, but what comes next can sometimes be complex and costly. There is organising the funeral, tracking down a will and winding up the estate.
It is possible to set up a super fund for under-18s. The bigger question is, should you? According to Australian Tax Office data, over 40,000 boys and more than 35,000 girls aged under-18 already have their own super accounts.
Tax law is complex, so it’s always worth speaking to your accountant or registered tax agent to be clear on what your business can claim in the run-up to June 30.