Blog / Financial Planning
Strategies to help maximise entitlements in retirement age
This article discusses strategies to maximise Government pension entitlements in old age.
Genuine Redundancy Payment for a person aged over 65
This article looks at an issue the Government rectified in October 2019 which affected persons aged over 65 but below the age pension who were entitled for a Genuine Redundancy Payment.
Selling Principal Home and Asset Test
The value of the principal home is exempt under the asset test. When a homeowner sells their principal home and intends to spend some or all of the proceeds to purchase a new home, the sale proceeds exemption applies. Under the exemption, the amount they intend to spend can be asset test exempt for up to 12 months, and in some cases up to 24 months.
EOFY 2019 - Taxation
This article looks at the following taxation matters: Pre-pay deductible expenses; Residential rental properties - travel expenses; Defer income; Planning to retire or stop working; Tax Deductible superannuation contributions; Maintaining good records; Net medical expenses offset; Private health insurance.
Budget Announcements 2019-20 Tax
The following article looks at the 2019-20 Budget announcement relating to tax.
Budget Announcements 2019-20 Social Security
The following article looks at the 2019-20 Budget announcement relating to Social Services
Unused Annual Leave and Estate
Consideration needs to be given to payment of unused annual leave as it's tax free if paid to an estate.
Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018
The Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018 received royal assent on 21/6/2018. This bill introduces the Personal Income Tax Plan announced in the 2018 Federal Budget. The tax plan will be introduced over a seven year period and involves 3 steps.
What's new and proposed from July 2018 - TAX
TAX - What's new and proposed from July 2018
What's new and proposed from July 2018 - Financial Planning
Financial Planning - What's new and proposed from July 2018
May 2018 Budget - Taxation
This article we look at the proposed changes to the taxation system in the May 2018 Federal Budget.
Estate Planning
A Will isn’t always the only way You would have heard the saying: “where there’s a will, there’s a way”. This statement is usually used to encourage people who are losing enthusiasm for a task or goal. But it also reflects the way many people feel about estate planning. They think that so long as you have a Will, you have a way to ensure your wealth is passed correctly to your loved ones. But this is not necessarily the case. The following article will give you more information on Estate Planning & its importance.
Making the most of your redundancy
If you are leaving your employer due to redundancy, you have a great opportunity to make a fresh start. Now could be the best time for you to think about a career change, become self-employed or consider retiring if you are close to retirement. But regardless of what your next steps might be, it’s important that you: understand the payments you may receive from your employer and what tax treatments apply consider the financial issues likely to be relevant to your age and career goals, and speak to us to find out how you could manage your redundancy payments effectively.
Federal Budget Briefing Paper - Social Security
Federal Budget 2017 Social Security - includes information on the following: Pensioner concession card reinstatement, Increasing pension residence requirements, Working age payment, New mutual obligations, Liquid Assets Waiting Period increased, Energy Assistance Payment, Family Tax Benefit, Child care subsidy
Federal Budget Briefing Paper - Taxation
Federal Budget 2017 Taxation - includes information on the following: Medicare Levy Increase, Extending The Immediate Deductibility Threshold For Small Businesses, Major Bank Levy, Changes To Small Business Capital Gains Tax (CGT) Concessions, Additional Capital Gains Tax Discount For Investment In Affordable Housing, Managed Investment Trust (MIT) Investment In Affordable Housing, Residential Property Plant And Equipment Depreciation Deductions, Residential Property Plant And Equipment Depreciation Deductions, Reducing The Corporate Tax Rate, Capital Gains Tax Changes For Non-Residents, Changes To Repayment Of HELP Debt, Annual Levy For Foreign Owned Vacant Residential Properties
Cloud Account and an Estate
Using cloud technology is becoming the norm whereby we save our important information in the clouds. Although this is a very convenient tool there could be an issue from an estate point of view.
UK vote to leave the EU
The UK voting to leave the EU created an unprecedented situation, and there is no verified procedure for the exit from the EU.
2015-2016 EOFY Tax Tip
As with the end of any financial year, it is important for one to maximise any tax deductions one may be entitled to, but also ensure where possible that the deduction is able to be claimed in the financial year where it has most impact.
Foreign resident CGT withholding
From 1st July 2016, where a foreign resident disposes of taxable Australian property (this includes land, residential and commercial property, mining/quarrying/prospecting rights, and some indirect interests in these things), the purchaser must withhold 10% of the purchase price and pay that amount to the ATO. Withheld amounts will then be used to offset the foreign residents CGT liability in respect of the disposal.
FBT changes to entitlement benefits
From 1st April 2016, the concessional treatment of entertainment fringe benefits has been limited.
Family Payments Budget Announcement 2015
New child care subsidy From 1 July 2017, a new single Child Care Subsidy (CCS) will be introduced. CCS will replace the existing: • Child care benefit and • Child care rebate. CCS will be payable to families who use an approved child care service for a child who is un
Pensions, allowances and concession cards - Budget 2015
Pension asset test changes From 1 January 2017, the following changes to the pension asset test have been proposed: • increase the ‘asset free areas’ for both homeowners and non-homeowners • increase the asset test taper from $1.50pf to $3pf per $1,000 of assets ove
Affording a higher education
School leavers furthering their studies face university costs that leave many with a legacy of debt while others won’t be able to attend uni at all. A fortunate few have parents who planned ahead. Which best describes your situation? According to the latest government figure
Taxation rates and figures 2014 - 2015
Income tax rates Resident individuals Income Rate $0 – $18,200 0% $18,201 – $37,000 19% over $18,200
Net Medical Expenses Tax Offset (NMETO)
The NMETO allows taxpayers to claim a tax offset for out-of pocket medical expenses incurred above a certain threshold. In the 2013–14 Federal Budget it was announced and subsequently legislated that the NMETO would be phased out, with transitional provisions for medical expenses relating to disability aids, attendant care or aged care expenses.
Business Taxation Budget Announcement 2015
Tax incentives for small business The Government announced a range of tax concessions to assist small business entities. Generally, a business is a small business entity if it has business turnover (aggregated turnover) of less than $2 million. Company tax cuts A tax cut of 1.5% is
Personal Taxation Budget Announcement 2015
Employee Share Schemes - further changes to tax treatment The Government will make further amendments to the proposed changes to taxation of Employee Share Schemes (ESS) from 1 July 2016. The aim is to make ESS more accessible for Australian businesses and their employees, especially start-ups
CGT: The Rules
Although many of us have been faced with paying it at some point, capital gains tax (CGT) remains relatively misunderstood. Below, we consider some definitions and some simple strategies to help you minimise this tax. What is a ‘capital gain’? You make a capital gain (or capital lo
Tax Rules Do Not Treat All Income Equally
Anyone who has completed their own tax return will know that the tax office treats different types of income differently. Bank interest is recorded in one section, dividends from shares in another, and managed fund distributions somewhere else. And unless you are taking a pension or lump sum fro
Medicare Levy Increase From 1 July 2014
Medicare Levy has been legislated to increase from 1.5% to 2% from 1 July 2014 to provide funding for Disability Care Australia. Medicare Levy is levied on a person’s taxable income and is payable by all taxpayers with the exception of few low income earners. This
Term Deposits, Loans & Offset Account
Banking 1 - Term Deposits If you have invested in term deposits recently you may have received a notification from the bank requiring you to give the bank 31 days’ notice if you want to withdraw your money early. The new requirement born from a new reform called the “Basel III Liqu
The Art Of Debt Recycling
Most of us don’t think twice about recycling our plastics and paper waste to help save the environment, but what about recycling debt? Is that a good way to save money? Debt recycling is the process of replacing mortgage debt, or bad debt, with investment debt, also known as good debt. Thi
Buying Your Kids A Home - Good Or Bad Idea?
Owning your home has long been considered the Australian dream, but the changing property market is helping to ensure that it remains just that for many young people. Even with the introduction of initiatives such as the First Home Owner Grant and First Home Saver Accounts, housing ownershi
Tap Into The Amazing Power Of Compounding
When you invest over a period of time, compound interest is your best friend. In effect, it means you are earning interest not just on your own capital, but also on the interest you’ve already earned. Over the long term, this might be phrased as “interest on interest on interest on i
Be Different Today So You Can Be Different Tomorrow
Every generation thinks life will be different for them – and of course, they’re right - but when it comes to planning for the future, young people have a habit of thinking they have plenty of time. After all, when you’re in your mid-thirties or even early forties, retirement i
The Changing Shape Of Working Life
For some time, financial and social commentators have been telling us that the shape of working life is changing. There is a loss of skills that comes from workers taking early retirement and if Australia is to remain a growing economy, this must be rectified. The problem is not unique to us as most developed nations are facing the same dilemma. Consider how our working life has transformed over the last 50 or so years and it will be easier to see how there are more changes to come. Normal 0 false false false EN-AU X-NONE X-NONE
When Can You Afford To Retire?
Start with a ballpark calculation of your retirement needs. One rough rule of thumb is that you can retire comfortably on about 75% of your pre-retirement income. Another is that every $100,000 invested will provide a sustainable $3,500 per annum in income.
A Time Of Transition
For many people, retirement can be a bit of a shock. After looking forward to days of leisure, suddenly the routine of working life is replaced by time that somehow needs to be filled. Using the transition to retirement rules, people approaching retirement can ease into a new routine, retain flexibility regarding their income, and possibly give their retirement savings a boost.
What are Listed Investment Companies?
Managed funds are a simple way to start an investment portfolio. You don’t need much money to start and you can build up your investments and spread your money across a range of assets. You rely on the expertise of the fund manager to select assets and decide when to buy and sell them. &n
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