Don’t wait until your 60s to see a Financial Adviser

Ask most people in their 30’s who their financial planner is, and the typical response might be huh? Most younger people have the perception that financial advisers are for older people with plenty of money to invest.

Whilst it’s true that people nearing or in retirement will benefit from sound advice. so will younger people. With the benefit of having time on their side, and with some help from an adviser, a 30-something can easily create a wealth formation plan that can provide a substantial payoff in the future.

Read More

Save on Tax by Thinking About Your Super in a New Way

Now that it’s time to put in your tax return for 2018-19, you’re probably looking at all the usual deductions to claim: bodycorp, rates, water, training, uniforms. However, one of the most overlooked deductions you can make is on after-tax super contributions. Not only does it reduce your tax burden in the present, it sets you up for a more comfortable life in the future.

Read More

Claim your Superannuation Contributions on Tax

You can make personal super contributions to your superannuation fund and claim it in your income tax return as an income tax deduction.

How does it work?
The best way to explain it is by an example. Steven is employed as an IT Consultant. During the 2017-2018 financial year, he earns a salary of $78,000.00. Steven makes a personal super contribution of $3,000.00 to his superannuation fund.
Read More

Get Every Possible Deduction This Tax Year

As tax time approaches, make sure you’re ready to claim all the deductions you’re entitled to. These include the following:

Travel. You can claim for expenses relating to travel you do for work, but not usually the trip to get to and from work.

Clothing, laundry and dry cleaning.  You can claim on the cost of purchasing and cleaning uniforms and other work related clothing. It needs to be clothing specific to your work (such as safety clothing or a shirt with a logo on it) and not just general black pants or a white shirt that matches a work dress code.

Read More

What’s All The Fuss About Franking Credits?

If you’ve been watching the news lately, you might have heard that the change in franking credit rules is going to break open the earth and swallow our retirees whole.

Or if you’re listening to the other side of politics, it won’t. So who’s right? Who’s wrong? What’s a franking credit? Let’s start with that. A franking credit is used by the Government to avoid you paying tax twice on dividends from shares. Say you invest in a company like Google. Hang on, this article is about paying tax :). Say you invest in a company like John’s Global Meat Pies. John’s Global Meat Pies pays you $700 in dividends after paying $300 in tax on that amount ($1000 in total).

Read More

Why The Independents Will Always Outshine The Banks

The recent banking royal commission has highlighted some appalling behaviour on the part of the big banks.

Unfortunately, the recommendations don’t tackle some of the key structural issues that lead to their poor behaviour in the first place. For instance, a lack of separation between their banking and ‘financial product sales’ businesses, which turned ordinary banking customer service clerks into salespeople. Many bank boards also don’t have a mandatory employee representative who can raise issues of malpractice and do something about it from the top down. As a result, the banks have always chased profit at the expense of many individual costumers and as the heat dies down from the royal commission, that same tendency will re-emerge. We’ve had a serious enquiry into banking every 10 to 15 years within the sector since the deregulation of the 1980s because we never fully resolve these issues.

Read More