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1 July 2020: Change in the new financial year

Change has the potential to impact our financial situation, goals and objectives. When this occurs, it’s important to assess the relevance and potential impact—then plan and act accordingly.

A new financial year can mean change—thresholds and rates can increase (or decrease), and legislation can take effect.

Below is a summary of the most notable changes occurring from 1 July 2020 across superannuation, employment, social security and taxation. For a full write up of all changes, please see the original article posted on The Wealth Mentoring Group’s Financial Knowledge Centre on 14 July 2020. Continue reading “1 July 2020: Change in the new financial year”

The COVID-19 pandemic has undoubtedly changed the world as we know it. And, while this event is first and foremost a public health issue, other clear and significant issues have also emerged for many of us, be they economic, financial, physical, mental and/or emotional.

While there appears to be some light at the end of the tunnel, and restrictions are gradually being wound back, uncertainty and caution remain—which is an understandable human response.

What we have experienced, and continue to work through, is something truly unique in terms of its overall size, reach and impact. The world grounded to an almost halt, and we were placed in unfamiliar and surreal territory.

What we do know, these changes have affected us on many levels, both temporarily and in some cases permanently. Our strengths and weaknesses, our opportunities and threats, and our values and priorities have been tested. And, with this, some things may revert back to normal, and others may not.

Although there have been many negatives from this event, perhaps one positive has been the opportunity to pause and reflect. By doing so, we have gained insights and learnt lessons about ourselves, which can be used to move forward in a positive direction.

Continue reading “Financial needs and wants in a post-COVID-19 world”

There are different types of Powers of Attorney you can nominate, but the two main ones are a Medical Power of Attorney (also known as a guardianship) and an Enduring Power of Attorney. A Medical Power of Attorney gives another person authority to make decisions about your medical treatment if you’re not physically or mentally able to choose for yourself. An Enduring Power of Attorney (PoA), gives someone the legal authority to manage your financial affairs when you’re unable to do so.

Why would I need a Power of Attorney?

Having a PoA organised is important in case you lose capacity make decisions about your finances through medical reasons, such as age, injury or illness. It can also be worthwhile to organise a PoA if you plan on living or travelling overseas for an extended period of time. Continue reading “What is a Power of Attorney?”

Self-managed superannuation funds (SMSFs) continue to be popular amongst many investors but ASIC has warned the individuals need to be aware of the potential downside to establishing an SMSF that may be inappropriate for their circumstances.

ASIC Commissioner Danielle Press said:

‘SMSFs may be an attractive option for investors wanting more control over their superannuation investment strategy, but it requires real skill, care and diligence to manage your own superannuation. SMSFs are not for everyone simply because not everyone can meet the significant time, costs, risks and obligations associated with establishing and running one.’

Continue reading “SMSFs: Are they for you?”

It’s a new financial year, which means changes in rates and thresholds, as well as changes in legislation. This article focuses on the stay of play from 1 July 2019, with particular emphasis on three key personal finance areas: employment, social security, and superannuation.

1 July 2019: New financial year, new state of play

You can arm yourself with the most up-to-date financial knowledge, by accessing more interesting articles, facts and calculators, through our Financial Knowledge Centre!

 

 

 

There have been many unofficial catchphrases making the rounds with regards to the 2019-20 Federal Budget such as Pre-Election Budget, Back in Black, Budgeting for a Miracle, and Pre-Poll Cash Splash.

This being said, the 2019-20 Federal Budget is being officially referred to by the Government as a ‘Stronger Economy, Better Future for Australians’.

With this in mind, the Federal Budget priorities, and subsequent proposed measures, primarily focus on delivering in the following areas:

• a better tax system
• investing in economic and community infrastructure
• delivering skills for today and tomorrow
• guaranteeing essential services
• restoring trust in the financial system

Below we have provided you with an article that covers the main proposed measures that may be relevant to you and your personal finance, as well as three videos that may be of interest if you want to know more.

Please contact us if you wish to discuss any aspect of this year’s Federal Budget or how it may affect you.

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2019 Budget: The ‘Back in Black, Pre-Election’ Proposed Measures

Treasurer Josh Frydenberg delivered the 2019-20 Federal Budget on 2 April 2019. We provide you with a summary of the main proposed measures that may be relevant to you and your personal finances.

Read More

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2019 Budget: Guardian Australia and the Political Context

Guardian Australia’s political editor Katharine Murphy highlights the political context of the 2019-20 Federal Budget, given the Government’s wish to hand it down before the next election.

Launch Video

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2019 Budget: ABC and Key Numbers Explained

As a result of the proposed measures that have come out of Treasurer Josh Frydenberg’s 2019-20 Federal Budget, ABC’s national affairs correspondent Greg Jennett explains the key numbers.

Launch Video

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2019 Budget: PwC and the ‘Prudence Prevails’ Budget

PwC’s chief economist Jeremy Thorpe discusses his thoughts on the 2019-20 Federal Budget, “Prudence prevails in this budget, but with challenges around low wage growth there’s a lot more to do.”

Launch Video