Do you have a plan for who will receive your super if something happens to you? For many Australians, superannuation is their greatest asset outside the family home. But do you have a plan for who will receive your super if something happens to you? The laws around super death benefits are complex, with strict…
If you are trying to get ahead financially, whether you are coming up with a deposit for your first home, focussed on paying down a mortgage, or working towards any other financial goals, budgeting and being able to save is critical, but as well as minimising your spending, a great way to get ahead is…
The inheritance wave is building but most people are unprepared for the ride Transfers of accumulated wealth from one generation to the next are part and parcel of everyday life. But the next 20 to 30 years will see the biggest intergenerational wealth handover in history. According to estimates made by the Productivity Commission in…
How long to keep rental records You need to keep records for 5 years. Depending on your situation, that is 5 years from the date: you lodge your tax return of your last claim for the decline in value of an asset it is certain that no capital gains tax event can occur after you acquire, sell…
When to include insurance payouts from disaster events in your tax return for businesses, or assets that produce income. When recovering from disaster events, check if you need to report and pay tax on insurance payouts: damaged or destroyed personal items or assets are not taxed businesses or income-producing assets may be taxed. The following…
Retirement might be just around the corner, or maybe you’ve recently crossed that exciting threshold. You’ve worked hard for decades, and now ready to trade in the alarm clock for leisurely mornings and to-do lists that are actually fun. But as you move into the next phase of your life; a thought might cross your…
Why investing extra money from a rate cut can be a better long-term option. Millions of Australians holding variable rate mortgages are about to receive a monthly household cash infusion, thanks to the Reserve Bank’s 0.25% cash rate cut on 20 May. Based on an outstanding mortgage balance of $600,000 with 25 years remaining on…
Deciding when to retire is a big decision and even more difficult if you are concerned about your retirement income. The average age of Australia’s 4.2 million retirees is 56.9 years but many people leave it a little later to finish work with most intending to retire at just over 65 years.i If you’re not…
Staying the course is sage advice for long-term investors anxious about market volatility — and for good reason By looking at how markets have performed over time, we can put current events into context and appreciate the benefits of a long-term and well diversified investing strategy. The following three charts highlight the importance of staying…
You work hard to build your superannuation. It’s an income source in retirement, there to help fund the life you and your family want to live when you stop working. You need to tell your super fund who should receive your super and any life insurance when you die. Without it, your fund may decide…