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With the recent indexation of the general transfer balance cap causing discussion around its complexities, technical experts take a deeper look into what will happen on 1 July.
Diversification, spreading your money across a range of different assets rather than putting it all into one place, is one of the core principles of investment risk management. That's because investment returns from different assets are never consistent.
Director identification numbers may be introduced sooner than expected for SMSFs with corporate trustees, with the government moving quickly with the rollout of systems and processes, according to a technical expert.
Downsizer contributions were the top query received by the BT technical services team in the December quarter, with many retirees looking to downsize for lifestyle and health reasons.
With thousands of Australian expats still hoping to return home following COVID-19, a mid-tier firm has highlighted some important tax implications and considerations, including the foreign pension transfers.
Approaching retirement still remains the top reason for seeking advice from a financial planner, with healthcare costs, outliving their savings and aged care costs some of the biggest concerns, according to a recent research paper.
The students of 2020 are graduating to the adult world in one of the most uncertain times in recent history amid recession, pandemic and global political tensions. In times like these, knowing the basics of how to get started down the road to prosperity is more important than ever.
Recently released draft exposure legislation will require trustees of super funds, including SMSFs, to exercise their powers in the best financial interests of beneficiaries and require APRA-regulated funds to support their expenditures with evidence.
With the end of the year drawing closer, the ATO has outlined some of the cut-off dates and deadlines applying for members wanting to apply for the early release of their super.
While the government has announced plans to increase governance over the performance of super funds, super members will still need to actively monitor the performance of their fund to avoid being stapled to an underperforming one, says a mid-tier firm.
Recent research has revealed that more than half of retirees are projected to fall short of their desired retirement income level by more than 10 per cent, says Russell Investments.
The response by our Governments to the COVID-19 crisis has been a very good one. Following is a comprehensive listing of links to important Federal and State initiatives and programs since the pandemic began.
SMSF investors will increasingly be attracted to investments offering capital preservation post-COVID, with volatile markets and lower dividends compromising their ability to meet investment objectives, according to an asset manager.
Vanguard surveyed more than 850 millennials in the U.S. currently aged 24 to 39, who make at least US$50,000 per year, as part of a broader study on how people across different generations feel about retirement, investing, and financial advice during market volatility.
The 80 cents per hour work-from-home deduction method has now been extended for a further three months to the end of the year.
With the work test changes for over-65s opening up opportunities for recontribution strategies, clients may be able to even up balances and adopt tax strategies for estate planning, particularly once the bring-forward measure is passed, says a technical expert.
With the ending of a number of the original COVID-19 relief and stimulus initiatives, August and the beginning of September has seen the release of new plans to move into the post-September period. Links to these updates and changes are listed below.
The rules around Superannuation contribution change almost every year, so it is important that taxpayers know what these changes mean to them.
SMSFs with outstanding compliance issues should consider making a voluntary disclosure while the ATO still has a more flexible approach in place and before they implement tougher admin penalties, says a law firm.
Last week, Vanguard and Investment Trends launched the 2020 SMSF Investor Report. This year's report surveyed over 3000 SMSF trustees on their investment priorities and industry outlook, providing an insight into how trustees navigated through COVID-19 volatility.
The ATO has expressed concern that some trustees with diminished pension account values may be putting themselves at risk of exceeding their transfer balance cap by commuting their pension and then topping it back up.
It’s a natural question about global policymakers' multitrillion-dollar efforts to prop up economies and markets against the monumental threat of the COVID-19 pandemic. And the question has understandably taken a back seat to confronting immediate health and welfare challenges.
SMSF clients planning to provide rent reductions to tenants should review the lease agreement to ensure the provision of rent relief won’t result in a breach of the lease, says an industry lawyer.
Over time we have supplied our clients with a growing collection of tools and resources to help in areas such as COVID-19 relief updates, articles on tax changes and updates, articles to help understand economic changes, calculators for all financial needs, and videos to help you and your family learn more about financial matters. We hope you enjoy these 'extras' and if you have any question then simply ask.
As markets continue to be wax and wane due to ongoing coronavirus fears and subdued employment and economic recovery numbers, it seems timely to remind ourselves of the types of behavioural and emotional biases that could lead to potentially risky investment behaviour, and how you can avoid them.
The government’s introduction of the Retirement Income Covenant scheduled to start on 1 July has been deferred to allow continued consultation and legislative drafting to take place following the coronavirus crisis.
A range of informative and easy to watch videos on topics important to you gaining a better understanding of your financial future.
What Can A Financial Adviser Do For You
Reducing Your Capital Gains Tax Liability
Why You Need Life Insurance
Home and Contents Insurance
Love and Money
Teaching Kids About Money
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