Fewer Victorian private schools will lose their longstanding payroll tax exemption than first thought, with the fee threshold to be increased. The 2023/24 state budget forecast about 110 non-government schools would lose the exemption from mid-2024, raising $422.2 million (US$280 million) for the state across the next four years. Peak bodies for independent and religious schools…
How to Prevent Getting Hit With Inheritance Taxes
Receiving an inheritance can be considered a great blessing. Even though you will be missed, your heirs will be glad that you named them as a beneficiary. If you have not made any preparation to cover or prevent inheritance taxes, your beneficiaries will discover that they will not get nearly as much as they hoped….
Estate Tax Exemption Amount Goes Up in 2023
Every year, the IRS announces new limits on the estate tax exemption for the upcoming year. It is the amount of money people can give away without having to pay a federal estate tax. The number is primarily for rich people who have large amounts of money. The federal estate tax exemption has been raised…
Will Your Kids Inherit a Tax Bomb From You?
September 12, 2022
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You can have good intentions with your estate to pass it on to your heirs. You are sure that they will enjoy the benefits of it and have informed them of it. It is possible, though, that if you have not prepared to get around inheritance taxes, they may not receive nearly as much as…
Passing Down Wealth Without a Tax Burden
Parents and grandparents give a great deal to their children and grandchildren. One of the most tangible legacies they can give is generational wealth. When passing down wealth, most people want to avoid taxation as much as possible, so as to give the maximum amount to their heirs. Estate Tax Exemption An estate tax is…
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