If I was 25 again I would… Pay more attention to my Super
I would take mental ownership of it rather than thinking it’s just something for old people to worry about.
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Three-Minute Financial Check-up
While the standard of living is constantly improving in Australia, economic disruptions, stagnant wage growth and continually increasing house prices are putting more and more people under financial stress.
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2022: The year ahead
2021 was to be the year we returned to a post-COVID normal however the pandemic has fundamentally changed the way many of us operate in our personal and work lives.
Here is some of what we can expect in 2022:
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Preparing for the Director ID regime
Directors are now required to register for a unique identification number that they will keep for life.
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What happens to your superannuation when you die?
Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.
Unwinding COVID-19 Relief
COVID-19 support will roll back as states and territories reach vaccination targets.
The National Plan, the road map out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, it withdraws the steady stream of Commonwealth financial support to individuals and business impacted by COVID-19 lockdowns and border closures. We look at the impact and the support that remains in place.
Divorce, Superannuation and the Gender Divide
New legislation will help prevent superannuation assets from being hidden during divorce proceedings.
From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.
What lockdown support is available in Queensland for Businesses?
The Queensland Government has announced a $5,000 Business Support Grant for those impacted by the lockdown from Saturday, 31 July 2021.
Your business does not have to be in the local government areas locked down but impacted by it.
What lockdown support is available in Queensland for individuals?
Support is available if you are impacted by the Queensland lockdowns. There are two payments accessible to individuals: the COVID-19 Disaster Payment; and, the Pandemic Leave Disaster Payment.
How to apply for support
You can apply for the COVID-19 Disaster Payment or the top-up income support payment through your MyGov account if you have created and linked a Centrelink account. Apply for the Pandemic Leave Payment by phoning Services Australia on 180 22 66.
What will you do with your tax refund?
Thousands of Australians receive tax refunds every year. Some refunds won’t even cover the cost of a pizza to celebrate, however many are quite substantial. If you’re one of the lucky ones, what will you do with your tax windfall?
If you go out and spend it, all you’re doing is giving part of it back to the government in the form of GST. Sure it’s nice to splurge once in a while but there are other places you can stash your cash and reap a longer term benefit. Read More