Do you have a Self Managed Superannuation Fund? Are you one of the 17,700 trustees who have received a letter from the ATO questioning the asset diversification of your fund? The ATO has sent a letter to 17,700 trustees of Self-Managed Superannuation Funds (SMSF) questioning whether the assets within the Superannuation fund are too concentrated […]
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The Australian Bureau of Statistics (ABS) released the results of their 2017/2018 Income and Housing Survey. This survey measures household wealth by adding up all the assets owned by the household and subtracting all debts. In summary the key finding were: the average household wealth is $1.02 million the average household wealth has increased by […]
Your financial well-being and plans for the future can be impacted by various economic events, so below is a video to assist you to stay up to date with the latest indicators. Australia’s All Ordinaries Index and ASX200 finally broke through their 2007 record highs set before the GFC. While there is speculation on the […]
We all know how to spend but do we know how to save? The following quick quiz will help you determine whether you are comfortable with the success of your saving and investment habits. Do you remember the first full-time salary you earned? If so write it down. Do you know the highest salary you […]
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 Commission. A good financial planner should be able to help you achieve your financial […]
Will you be able to finance your Retirement? Legislation changes to superannuation over the past 12 years mean we cannot leave retirement planning until our 50’s and 60’s. One of the most important changes is the amount we can contribute to our superannuation fund. In 2005 you could salary sacrifice up to $100,587 into super. […]
Some taxpayers appear to be claiming the same investment property related expenses that they have always claimed in their tax return. However, there have been a number of changes over the past few years the main two are: 1. Travel In the past you were able to claim a tax deduction for travel expenses to […]
There are five typical behavioural biases when making financial decisions. They include; 1. Overconfidence. The overconfident trait is developed when we make an investment in say shares or property and these shares or property increase in value by more than we anticipated. We did nothing other than buy the investment. We feel very confident, so […]
Are you a small business owner? Don’t forget the $20,000 tax deduction for purchase of new assets (this will increase to $30,000* from Budget night) What is the instant asset write off? Assets purchased for the business costing less than $20,000* can be claimed as a full tax deduction in the financial year of purchase, […]
Do you work and incur Self Education Expenses? Many college and university students do not realise that they can claim a tax deduction for their self education expenses These are the costs that you incur to undertake a work related course at a college or university or other recognised place of education. The course you […]