Work expenses – what can you claim on tax? With the ATO keeping a close eye on deductions, make sure you’re across what you can and can’t claim. If you’re claiming back some of the money you’ve spent as part of your job this year, it’s a good idea to ensure you’ve kept the appropriate records that may be required ahead of lodging your tax return. The Australian Taxation Office (ATO) said recently Aussies needed …
Watch out for tax scams The end of the financial year will likely bring the usual wave of scams. Here’s what to look for. The Federal Budget is behind us, and amid the celebrations over tax cuts (around $500 annually for low to middle income earners if proposals are legislated), now is the time to be mindful of scammers pretending to be from government bodies – especially the Australian Taxation Office (ATO). In some cases, scam victims …
Now’s the time for tax planning With less than ten weeks remaining to the end of the financial year, now is the time to start some serious tax planning. Getting ready for tax time should go well beyond bundling receipts into a shoe box for your accountant. The run up to 30 June is a critical time for investors to take a good look at their investment portfolio. Your goals and needs may have shifted …
Investment bonds – a possible alternative to superannuation Because many people can no longer put as much money into super, an investment bond may provide another way to save for retirement. On 1 July last year, the amount of money many Australians could put into superannuation was reduced as a result of the introduction of more restrictive contribution caps. Consequently, some people were left asking the question – I have money or I expect to …
Is this your year to retire? If you’ve got retirement in your sights this year, we’ve got the ultimate checklist to help you retire in style. Discover how to prepare for this exciting new chapter in your life, safe in the knowledge that your finances will be taking care of you. 1. Explore your goals and make plans Enjoying retirement to the full isn’t just a matter of money. It’s just as important to have …
What are “returns”? You’ve heard people brag about the great “returns” they may be earning, but there is more than meets the eye when it comes to talking about returns. Just as the word suggests, returns are what comes back to you from your investments or savings. So if you’ve put money in the bank, your returns will include the interest you’ve earned over and above the money you invested. Total returns If you have successfully …
Why it pays to contribute to your partner’s super If your other half is a stay-at-home parent, working part-time or out of work, adding to their super could benefit you both financially. If your spouse (husband, wife, de facto or same-sex partner) is a low-income earner or not working at the moment, chances are they’re accumulating little or no super at all to fund their retirement. The good news is, if you want to help …
Investing for kids – ways to save for their future Whether you’re thinking about childcare, education or beyond, saving even a bit now could make a big difference later. It’s natural to want the best for the children in your life, whether you’re their parent, step-parent, carer, aunty, uncle, grandparent or even godparent. And, while money won’t be the be all and end all when it comes to raising happy little humans, you’d probably agree …
Retirement lifestyles: What comfortable looks like What do you need to live comfortably in retirement? This will be different for everyone but it’s useful to think about whether you’ll have enough super for a modest or comfortable retirement. It’s important for you to decide what a comfortable lifestyle looks like for you. Here’s a guide from the Association of Superannuation Funds Australia (ASFA) Retirement Standard on what you might need. Lifestyle in today’s dollars A modest …
Understanding different types of retirement pensions We explain the difference between the government’s Age Pension, a transition to retirement pension, and an account-based pension. If you’ve heard the term ‘pension’ being thrown around, you may have picked up that there are many types of pensions available in Australia. We explain the difference between three commonly used pensions, including the government’s Age Pension, a transition to retirement pension, and an account-based (or allocated) pension, so you’re …
