We think achieving financial goals is easier if you have access to leading edge information.
Accordingly, we have established a portal known as the Financial Knowledge Centre, and it’s available to all our clients at Wealth & Security Planners, Streamline Financial Planning and Advice4Me.
As a part of the launch of this site we are providing clients with 6 months complementary membership as a “thank-you” for your loyalty and business. Through the Financial Knowledge Centre, you will have access to a range of tools, calculators and information.
The site is a little hub of information, offering learning modules, news articles of interest, videos to spark your curiosity and unbiased commentary.
Please let us know what you find interesting, and where improvements might be made. Feedback is always welcome.
Of course, you can still contact us, for personal financial advice tailored to your circumstances – including comparing loans, insurance, investments and superannuation accounts.
Here’s an update on the latest sharemarket and bond market moves over the weekend.
Just to add a bit of context to flashy media reports… Your own investment strategy may include more or less exposure to share and bond markets. This update is a very generic look at some of the issues driving news headlines on money and finance today.
Superannuation rules in Australia have undergone some fairly dramatic changes as of the 1st July 2017. With that threshold date now behind us, let’s consider what this new world looks like..
Here is a link to a post by Michael O’Hara from his blog on all things financial. It includes links to authoritative websites and information to help clear away some of the webs that have grown around superannuation over the years. Even though the rules that started 1st July this year can be seen to be ‘yet more changes’, they are fairly straight-forward to the bulk of Australians.
To see the full post, click the image below..
If you have any questions, contact your financial planner, and they should be able to help you or direct you to the best source of further information.
You must not make a financial decision based on this post, as you could be one of the people for whom the superannuation rules are not so simple. Please see your planner.
Definitely don’t make a super payment without checking to make sure you are one of the folk for whom everything is simple!
Salary sacrifice contributions must be arranged in advance, with agreements to deal with money not yet accumulating to you – so don’t think you can just get your employer to dump a bucket of money into your super at the end of the financial year to help get you to the maximum!
GESB West State is an older type superannuation fund, with its very own set of rules and regulations and quirks. It’s not a place for the unwary but if properly investigated, it offers incredible benefits for accumulating super – especially in your later working years.
Superannuation is primarily a low-tax vehicle. It’s not the answer to every financial situation – so don’t let anyone convince you that it is!!!!!!
Nothing on this website is to be taken to be personal financial advice. It is general advice on a factual nature. You must not make a financial decision or take action to implement any strategy or product idea on this site without first undertaking suitable investigation into its appropriateness to your personal financial situation and circumstances.
Super rules change. They generally change for the benefit of keeping the overall superannuation system balanced and “fair” but that’s an ongoing job, and protecting existing super member plans and balances means that there will be a huge list of grandfathering dates and limits which can change regularly. Make sure you check that rules are current before taking any action!
While i am suggesting in this post that super rules are simple, it is only true for the majority of Australians. That still leaves many millions of Australians for whom the super rules are definitely NOT simple. So check everything before you take action – the rules of superannuation are usually heavily defined in law, and there’s little room for mistakes and usually no room for fixing accidental errors. See a planner, check with your super fund, ask your Accountant (if they are qualified) or do a lot of personal investigation.
Ready, set, GO! Time to start your end of financial year planning... [image by Jakob Owens from Unsplash]
End of Financial Year planning involves stopping for a moment and considering whether your financial affairs are in order and then taking action to ensure you gain maximum impact for your savings and investment dollars. A continually evolving mix of laws and regulations caused by annual Federal Budget changes adds a zest of uncertainty to the mix.
End of Financial Year
Some people don’t even notice the end of financial year planning strategies and ideas that populate the investment world – but for those seeking to maximise the value of their incomes, expenditure and savings, time spent on end of financial year planning is time well spent. For others, it’s a great time to line up for bargains as retail stores and businesses do their best to maximise their own end of financial year planning!
End of Financial Year Strategies
Everyone will have their own preferences and ideas on maximising the remaining time before the end of financial year arrives on the 30th June (which this year falls on a Thursday, so you will need to check the close-off dates for any end of financial year planning you may have in mind..). There really is no “one-size-fits-all” solution to planning the best outcomes, so it’s a matter of taking stock of your current financial position, your capacity for savings and/or investment, your costs and expenses that relate to taxation and trying to pin all of that together into something closely resembling a plan.
Some of the most effective strategies for end of financial year planning are also the most straight-forward, such as making sure income-earning accounts are in the name of the lowest bracket taxpayer. For couples that usually means holding larger pools of interest or income earning assets in the name of the lowest earner. There naturally are all sorts of caveats to even this basic idea – but that is where professional advice from your Accountant can really help make a difference.
Another commonly overlooked area is share investment franking credits, which many retirees fail to claim as they don’t submit annual tax returns. Again, there are this or that caveats that will make this applicable to you or not, so it’s a matter for good personal research or professional advice.
In our business, our financial planner advisers work with clients’ Accountants to help provide information and feedback on areas that may impact taxation planning.
End of Financial Year Super Strategies
Superannuation can be a ridiculously complex area – but don’t be put off. There is a huge raft of information available for those who want to Do-It-Yourself, with the Australian Taxation Office website being full of pertinent and useful examples and information. It’s a great starting point. As is the MoneySmart website, which is a consumer information website maintained by the industry regulator – the Australian Securities and Investments Commission (“ASIC”).
The 30th June 2017 is very important for superannuation accounts, with a range of thresholds and changes occurring from that date. Every newspaper and financial update in the land will be talking tax and super and dates and thresholds over the coming 2 months so the purpose of this note isn’t to list strategies but simply to prod you to make a time to sit and review your plans and position to make sure you take advantage of the end of financial year strategies and planning that might be of benefit to you.
Make your plan – now!
Some people will have their plans and strategies perfectly set up and arranged to the best that research and quality professional advice can suggest. For everyone else, now is the time to take action and ensure your long term planning and strategies are working to your best advantage today.