Category: FP – Super – Accumulation

Are you prepared for the changes to the Age Pension assets test?

Are you prepared for the changes to the Age Pension assets test? How the assets test will work in 2017 could increase your Age Pension entitlements, or take some or all of them away. With revisions to the Age Pension assets test just around the corner, it’s important to understand how the changes could impact you, particularly with part-pension thresholds somewhat tighter than initially projected. These thresholds are the value of assets you can own …

Blog / FP - Financial Planning / FP - Pensions / FP - Retirement / FP - Saving / FP - Super - Accumulation   / / / / / /

Super changes from July 2017

Super changes from July 2017 How will they impact you? We cover some of the factors to be aware of given changes have just passed in parliament and are due to become superannuation law. Earlier this year, the Federal Budget announcement included a proposal to introduce changes to super bigger than the likes of anything we’ve seen in almost a decade. Then, in September the government announced some significant adjustments to its proposal. The revised …

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Sending more to the tax office than you should?

Sending more to the tax office than you should? Can you keep more money for yourself and work towards being better off from 2017? As the year-end fast approaches, it’s a good time to think about how you can start working towards being better off. Before the end-of-year holidays start shifting into full swing and before you know it you’re splurging your hard-earned money, take a moment to think about whether you can give yourself …

Blog / FP - Financial Planning / FP - Saving / FP - Super - Accumulation / FP - Taxation   / / / / / / / / / / / / / / / /

Government pulls back on proposed changes to super

Government pulls back on proposed changes to super The government has made significant changes to several of its plans around super reform. The government has announced changes to three key 2016 Federal Budget proposals—the most significant being that it would not go forward with its proposal to introduce a $500,000 lifetime cap on non-concessional (after-tax) super contributions. In a nutshell the new proposals include: From 1 July 2017, the existing annual cap of $180,000 on …

Blog / E - Australian Budget / FP - Super - Accumulation   / / / / / / / / /

Changes to the Age Pension assets test

  Changes to the Age Pension assets test The government’s recent changes to the Age Pension could affect your ability to plan for a comfortable retirement. Recent reports[1] suggest that more than 300,000 Age Pensioners will have at least part of their pension cut, with just under 100,000 of these people losing all Age Pension entitlements, taking effect from January 2017.  The Age Pension and assets test explained The Age Pension provides income support and …

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What happens to my super when I die?

What happens to my super when I die? As uncomfortable as it can be to think about, no one lives forever. And because you’ve worked hard to earn your super money, you’ll want to make sure that when the time comes, your remaining super goes to your loved ones. Like many people, you may not know that your super money isn’t covered in your will. Or how to make sure your money goes to the …

Blog / FP - Estate Planning / FP - Super - Accumulation   / / / / / /

The virtue of (salary) sacrifice

The virtue of (salary) sacrifice When you make a sacrifice, you’re usually giving something up with the expectation of future gain. Salary sacrificing into your super is no different—you’re giving up ready access to your money in your take-home pay. But in return you’re boosting your retirement savings and saving on tax. You can pay extra cash into your super from your pre-tax salary at the concessional 15% rate of tax1 —up to a limit …

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Government pulls back on proposed changes to super

Government pulls back on proposed changes to super The government has announced changes to three key 2016 Federal Budget proposals—the most significant being that it would not go forward with its proposal to introduce a $500,000 lifetime cap on non-concessional (after-tax) super contributions. In a nutshell the new proposals include: From 1 July 2017, the existing annual cap of $180,000 on after-tax super contributions will be reduced to an annual cap of $100,000. The proposed …

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Thinking about managing your own super?

Thinking about managing your own super? If you’re wondering what’s involved in self managed super and whether it’s a good option for you, here are some things to consider. There’s a lot to consider when it comes to managing a self managed super fund (SMSF). Setting up a compliant fund and managing your investments takes time and can give you the freedom to have more control over your future. Of course acting as a trustee …

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Is your growing family stretching your budget?

Is your growing family stretching your budget? Here are seven tips to help you stay on top of your finances as your family grows. Growing your family can be one of life’s greatest joys, but if you already have one or two children, you’ll understand that raising kids can be costly. To cope financially with having more kids you’ll need to balance your income with the increasing expenses. Take a long-term view When you understand …

Blog / FP - Budgeting / FP - Managing Money / FP - Money Management / FP - Saving / FP - Super - Accumulation   / / / / / /