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 […]
Category Archives: Articles
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 […]
Did you know that the maximum number of members of a Self Managed Superannuation Fund can have increased from 4 to 6 on 1 July 2021? Regularly I am asked the question “Should we as a family pool our superannuation resources and establish a Self Managed Superannuation Fund (SMSF)”? An SMSF commonly has two members, […]
Here is what is available COVID-19 Disaster PaymentThe COVID-19 disaster payment is available to eligible workers who can’t attend work or who have lost income because of a lockdown and don’t have access to appropriate paid leave entitlements. And, it only applies from the eighth day of lockdown. That is, there is nothing you can […]
In a recent tax case, the taxpayer claimed 100% of his home internet expense for the financial year but failed to keep contemporaneous records. The deduction was reduced to $50 by the ATO. The case went to the Administrative Appeals Tribunal (AAT). During the course of the dispute, the taxpayer provided a record of the […]
A recent survey conducted online by YouGov Galaxy using a sample of over 1,000 Australians aged between 24 – 39 found the following; 61% do not have a regular savings plan 33% only save occasionally 14% say they live paycheque to paycheque 31% don’t feel comfortable talking about money 54% of millennials want to have […]
As it is fast approaching 30 June 2021, I thought it would be prudent to provide you with a checklist of the things to consider in order to maximise the value of your superannuation fund. Contributions If you are under age 67 you can make voluntary contributions without satisfying the work test. You will note […]
Did you know that in 2008 you could make a tax-deductible contribution to super of $100,000 and a non-concessional or non-deductible contribution to your superannuation fund of $150,000? These generous contribution limits meant that you could spend your 30’s and 40’s financing the growth and development of your children, paying down your mortgage, and leave […]