Does the bank of mum and dad fully understand the risks of providing financial assistance to their children? Bendigo Bank run a tv ad about them being the better big bank snapping at the heels of the four majors. It makes you wonder how big the bank of mum and dad has become as the […]
READ MOREValues matter
How often do you stop to think about what’s really important to you in life? Values are the beliefs and principles that you believe are important in the way that you live and work. They give meaning to the things we do. They are individual to us, guide our behavior and allow us to […]
READ MORE2023 End of Financial Year Super and Tax Planning
As the end of the financial year (EOFY) deadline gets close, this is the time to consider if any superannuation and taxation opportunities are still on the table. By taking advantage of available tax concessions, you can potentially reduce your tax liability and secure a stronger financial future. Let’s have a look at some key […]
READ MORE30% super tax
The government has announced that from 1 July 2025, earnings from superannuation balances over $3 million will attract a 30% concessional tax rate, doubling the current 15% tax rate. Why? In its media release, the Albanese Government reasoned it is making our superannuation system more sustainable and fairer. They expect to raise a further $2 […]
READ MORESuper changes from July 2022
When the 2021 budget was handed down, a number of changes were proposed to superannuation. Legislation changes generally take some time and recently, most of these were passed, albeit they don’t apply until 1 July 2022. Work test requirements For those over aged between 67 and 74 wanting to contribute to super, there is a […]
READ MOREFederal Budget 2022 Snapshot
Once again, a budget windfall, thanks to higher commodity prices, has allowed the government to spend more and forecast lower budget deficits. The 2022-23 deficit is now forecast to be $80 billion lower than last year’s estimate. Given a federal election is looming, this budget was somewhat constrained on the spending side compared to prior […]
READ MOREWhen conflicted advice turns ugly
You may have seen in the news recently that Dixon Advisory Superannuation Services, Australia’s fourth largest superannuation advice firm, was placed into voluntary administration. It represents stress and potential losses for their thousands of clients and another big reputational hit to our industry. What went wrong? It wasn’t because their accounting software failed or tax […]
READ MORE2022 – the year you make those promised changes
Like many Australians, the last couple of years have led us to critically examine what’s important in life. What have we achieved since the start of the pandemic (even if that’s just making it through relatively unscathed), and what have we resolved to change this year? 2022 provides a fresh start, a time to change […]
READ MOREFederal Budget 2021 Snapshot
Summary With the tentative steps out of the COVID nightmare, this year’s Federal Budget focused on the ongoing protection from the Virus and encouraging the continued economic recovery through consumer spending and business investment. The $300 billion the government has spent on health support and economic stimulus has left us with a huge hole in […]
READ MORELockdown 2.0
“Hello darkness, my old friend. I’ve come to talk with you again” said Paul Simon1 about the six week Melbourne lockdown. Just when 2020 was getting a little brighter and we were slowly opening up, we find ourselves back to the early days of striving to get the virus under control. Back to Groundhog Day […]
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