Are you one of the many small businesses that employ contractors rather than employees in order to reduce some of the reporting and administration responsibilities? Many small business owners believe that if they employ a contractor, rather than an employee, then they will not need to pay one or more of the following financial commitments. […]
Due to recent legislation changes, company directors need to obtain a director identification number (director ID) to prevent fraudulent activity and to help curb illegal phoenixing activity. ASIC definition of Illegal Phoenixing Activity Under the new laws, directors appointed on or before 31 October 2021 have until 30 November 2022 to apply, however, directors are encouraged to submit […]
As a result of the recommendations by the Productivity Commissioner, the Federal Government has ensured members’ retirement savings are protected from underperforming funds by subjecting superannuation funds to an annual objective performance test based on their net investment returns. The first annual performance review has been concluded and 13 funds have FAILED the test. Please […]
COVID, finances, your financial planning What to look for when choosing a financial planner Based on an ABC report, almost 50% of Australian adults have unmet financial advice needs. More Australians need financial planning assistance but they are unsure how to select a prudent financial planner, particularly after the finding of the recent Bank Royal […]
Superannuation and personal insurance changes – Review your super Buying insurance through super has many advantages, but you need to make sure you are getting the right type of cover for your individual needs. Also, in some cases, you may be paying for nothing. Most super funds offer life insurance and total and permanent disability […]
When it comes time to investigate residential aged care for yourself, your partner, a parent or parents, or a relative, the search for a facility and how to pay for it can be quite daunting. The aged care system is complex, and decisions are often made in the midst of a health crisis. Factors such […]
August provided mixed economic news, with central banks, businesses and consumers remaining cautious. In a widely-reported speech, US Federal Reserve chair, Jerome Powell said there remained “much ground to cover” before he would consider lifting interest rates, sending stocks higher and bond yields lower. In Australia, shares and shareholders were boosted by a positive company […]
With the major banks offering 6 months term deposit rates of as little as 0.5% per annum, it is no wonder that many self-funded retirees are looking to derive dividend income from financially secure Australian public companies. Not only do investors historically receive a greater rate of return over the medium to long term but […]
There is no doubt that education costs in Australia increase exponentially year on year. The total estimated cost of education for a child starting school this year is, National Average (metropolitan areas) (1) Government 81,823 Catholic 140,433 Independent 340,882 However, if you look at our capital cities Sydney is most expensive followed closely by Melbourne. […]
In 2019 we advised that the amount of money in unclaimed superannuation exceeded $20 Billion. Pleasingly, this amount is down to $3.6 Billion. Whilst this reduction in the unclaimed balance is a massive improvement it still represents a significant amount of money that is not being managed in the best interest of the owner, the […]