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WHO IS LEFT TO LEND TO SMSFS?
Borrowing to buy a property in your Self-Managed Super Fund is a relatively new and exciting wealth creation strategy. Though it is not suited for everyone, those that are suited to it should seriously consider the option. When the law first changed to allow SMSFs to...
DOWNSIZER CONTRIBUTIONS INTO YOUR SMSF
As of 1 July 2018, people aged 65 years or older are able to make downsizer contributions into their superannuation fund of up to $300,000 from the proceeds of selling their main residence, as long as certain eligibility requirements are met. In the recently announced...
COSTS OF INVESTING IN PROPERTY
There are many fees associated with investing in property that impact overall cost and profit. Costs to buy and sell Buying and selling property involves multiple fees and costs: Stamp duty Conveyancing fees Legal costs Search fees Pest and building reports Should you...
WHAT IS THE RIGHT AMOUNT OF LIFE INSURANCE
How do you decide what amount of life insurance is the ‘right’ amount, especially when there are so many unknowns? Life insurance should ideally help cover your funeral expenses, pay off mortgages and assist with managing day-to-day expenses: Debt Various types of...
SUPER GUARANTEE RATE RISE
An increase to the superannuation guarantee (SG) is set to go ahead from 1 July which will see the base rate rise from 9.5 per cent to 10 per cent, followed by incremental half percentage point increases each year to 12 per cent on 1 July 2025. Employers should check...
INCREASE TO SUPERANNUATION CONTRIBUTION CAPS
From 1 July 2021, Australians will be able to put more into their super as the concessional and non-concessional contribution caps as well as the general transfer balance cap are set to increase due to indexation for the first time since July 2017. Concessional...
DO YOU HAVE ATO HELD SUPER
As of 30 June 2020, $13.8 billion was held by the Australian Taxation Office (ATO) as lost or unclaimed superannuation in accounts across Australia. Could some of that be yours? ATO-held super refers to the money in super that (the ATO) holds for you. This includes...
THE AMAZING POWER OF COMPOUND INTEREST
If you were to ask a 25-year-old where their superannuation is invested, at least half of them would have no clue. They probably would not be able to tell you what fund it is in. If they do know the actual fund, try asking them about the portfolio they have within...
Business Costs Assistance Program – June 2021
The Victorian Government’s $371 million Business Costs Assistance Program Round Two will assist eligible small to medium businesses most affected by the restrictions in place due to COVID19. The grant amount payable to an eligible business is determined by the...
BINDING FINANCIAL AGREEMENT PROS AND CONS
A binding financial agreement could be beneficial to partners with many solely owned assets. A binding financial agreement is similar to a prenuptial agreement. It is a contract between a married or de facto couple that sets out how their finances will be separated if...
SUPER GUARANTEE RATE RISE
An increase to the superannuation guarantee (SG) is set to go ahead from 1 July which will see the base rate rise from 9.5 per cent to 10 per cent, followed by incremental half percentage point increases each year to 12 per cent on 1 July 2025. Employers should check...
INCREASE TO SUPERANNUATION CONTRIBUTION CAPS
From 1 July 2021, Australians will be able to put more into their super as the concessional and non-concessional contribution caps as well as the general transfer balance cap are set to increase due to indexation for the first time since July 2017. Concessional...
DO YOU HAVE ATO HELD SUPER
As of 30 June 2020, $13.8 billion was held by the Australian Taxation Office (ATO) as lost or unclaimed superannuation in accounts across Australia. Could some of that be yours? ATO-held super refers to the money in super that (the ATO) holds for you. This includes...
THE AMAZING POWER OF COMPOUND INTEREST
If you were to ask a 25-year-old where their superannuation is invested, at least half of them would have no clue. They probably would not be able to tell you what fund it is in. If they do know the actual fund, try asking them about the portfolio they have within...
Business Costs Assistance Program – June 2021
The Victorian Government’s $371 million Business Costs Assistance Program Round Two will assist eligible small to medium businesses most affected by the restrictions in place due to COVID19. The grant amount payable to an eligible business is determined by the...
BINDING FINANCIAL AGREEMENT PROS AND CONS
A binding financial agreement could be beneficial to partners with many solely owned assets. A binding financial agreement is similar to a prenuptial agreement. It is a contract between a married or de facto couple that sets out how their finances will be separated if...
Car Expenses
What’s under the bonnet? If you use your own car for work purposes (this may be a car you own, lease or hire under a hire-purchase agreement), you can claim a deduction using either the cents per kilometre method or logbook method. You can claim a deduction for car...
Winding Up Your SMSF
Towards retirement, individuals may consider switching from their self-managed super fund (SMSF) to a different type of super fund. There are 2 key reasons why an SMSF fund may not be ideal towards and during retirement: SMSF funds are time-consuming and require the...
Travel Expenses – What You Need To Know Before You Go
Travel expenses include: Transport expenses are deductible when you travel in the course of performing your duties. This includes the cost of driving your car, flying, catching a train, taxi or bus. Accommodation, meals and incidental expenses are deductible when you...
Choosing The Right Income Protection Policy
Income protection pays part of your income so that you can focus on getting better rather than trying to make ends meet. Each company can define partial or total disability differently, and you need to meet these requirements if you are to receive benefits. Check the...
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