Through no fault of their own, younger Australians are finding the housing market hard to enter. At the same time, their parents and grandparents are doing very well if they own a home. There is no point in waiting for an inheritance: the average age for receiving one of them is mid-50s. So, how can older Australians help their younger relatives get into their own home – and live near enough to visit often?
Estate planning can be one of the most rewarding parts of financial planning. After all, who does not want to make sure that their loved ones are looked after as well as possible? Happily, the best estate planning is often the best personal financial planning as well.
One of the hardest things about running your own business is changing your mindset from what works for employees to what works for employers. Employees are usually paid for their time, and so they use time to measure how much work they get done. For the person owning the business, time is the wrong metric.
If you run a small business, or if you are thinking about doing so, then that business needs to be the foundation of all of your financial planning. After all, get the business right and you make all the other parts of your financial plan – your investing, your debt management, your super, your insurances – much more likely to succeed. This article gives you a little illustration of the powerful impact that effective business planning can have.
Until now, salary sacrifice has been one of the only ways that an employee can make an extra tax-advantaged contribution into their super fund. But that changed on 1 July 2017. Now, almost everyone can make additional contributions without their employer even knowing – which might come in handy next time you ask for a pay rise!
Recent changes to the assets test have increased the rate at which the aged pension is reduced when assets exceed a certain level. This has led to what some people describe as a superannuation sweetspot. Hitting this sweet spot can make a big difference to your retirement, so read on and contact us if you would like to discuss how you can hit your own sweetspot.
As the financial year draws to an end, our thoughts turn to the next one. Superannuation will look quite different in 2017/2018, and so we want to start the new financial year with a summary of the various rules that apply to your super. Please feel free to download our ‘Super summary’ and send it to anyone you think would benefit from it.
Compared to previous years, the 2017 Budget was a bit of an anti-climax. In previous years, there have been a number of big-ticket changes - such as the big changes to superannuation that we have been discussing in recent articles. But this year there have simply been a whole lot of small changes, some of which will be of benefit and others will represent a small loss.