News

Read the latest Australian Finance, Banking and Business news, updates and reports.

  • 10 Australian women share their number one money tip

    A smart saving strategy is just one element of achieving financial security – you also need a deliberate plan to manage and make the most of what you have. Here, 10 money-savvy women share one tip that’s helped them get their finances into a healthier state. 1. Don’t put all your eggs in one basket Millionaires know that diversification is the key to building wealth – they typically have multiple income streams. If you’re serious about securing your financial future, it makes sense to follow their lead. There are plenty of options – think property, shares, bonds, superannuation, your own business…

  • Tax and super: How super contributions and withdrawals are taxed

    How much tax you pay on your super contributions and withdrawals depends on: your total super amount your age the type of contribution or withdrawal you make If you inherit someone's super after they die, the person's super fund pays you a super death benefit. You may have to pay tax on some of this benefit. Because everyone's situation is different, it's always best to get advice about tax matters. Contact the Australian Taxation Office (ATO) or call us on |PHONE|.  How super contributions are taxed Money paid into your super account by your employer is taxed at 15%. So are salary-sacrificed…

  • Contents insurance: Protect the things you value in your home

    Contents insurance covers your household items and personal belongings if they're damaged, lost or stolen. This can include your furniture, clothes, computer, fridge, television, tools and jewellery. If you own your home, you can bundle your contents insurance with your home insurance. This is usually cheaper than having separate policies. Getting the right contents insurance When choosing contents insurance, think about the value of your belongings. Ask yourself what you could afford to replace or lose if something went wrong. If you’re struggling to pay your home insurance premiums or excess, contact your insurer straight away. Explain your situation and tell…

  • Transition to retirement: Access your super while you keep working

    A 'transition to retirement' (TTR) strategy lets you access some of your super and keep working. Setting this up can be complicated, so contact your super fund or financial adviser for advice. How transition to retirement works If you're aged 55 to 60 and still working, you can use a TTR strategy to: supplement your income if you reduce your work hours, or boost your super and save on tax while you keep working full time Starting a TTR pension You can start a TTR pension by transferring some of your super to an account-based pension. You need to keep some…

  • Estate planning and superannuation

    Many of us spend a great deal of time planning for our retirement but understandably, often do not put the same degree of effort into planning for our deaths. It is not always a pleasant topic to think about, nor is it a commonly understood process. It is however a way of caring for your loved ones even after you pass, and one that will ensure your assets go where you want them to. Good planning can also help your heirs minimise trouble when administering your estate—and may even reduce taxes and costs. For most people, estate planning involves simply…

  • Low interest: Australia’s $1 trillion cash pool

    The Reserve Bank's decision this month to cut the official interest rate to a record low 0.1 per cent was another wake-up call for Australians heavily reliant on income from savings, especially many retirees. A look at the latest domestic monthly banking statistics shows that at the end of October Australian households collectively had $1.1 trillion deposited in savings account products. Household deposits have been increasing steadily over time.   The four largest banks – ANZ, Commonwealth Bank, NAB and Westpac – hold more than $800 billion of total household cash. The bulk of these accounts are paying no interest…

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