The following are the latest articles and news from the team at Judge Accountants.
Understanding Insurance Rules Within SMSFsSelf-managed super funds are now the fastest growing part of the superannuation market in Australia, with more than one million of us being members of an SMSF. SMSFs have become a popular way for Australians to build their retirement savings because they generally offer greater control and flexibility of your super … Continued
Debt is one of the fixtures of modern life for most people but if you feel it’s getting out of your control, it’s time to act. The Australian Psychological Society(1) says 35 per cent of Australians have significant levels of distress in their lives. 26 per cent have above-normal levels of anxiety; and 26 per … Continued
From 1 July 2017, a ‘transfer balance cap’ of $1.6 million will be introduced that limits the amount that can be held in the retirement (pension) phase of super. You currently exceed this limit so it’s important that we meet to discuss your options which may include transferring some of your pension money back to … Continued
On 1 July 2017, some rule changes come into effect that may impact your ‘transition to retirement’ (TTR) strategy. The tax rate payable on earnings from investments held in a TTR pension will increase from 0% to a maximum of 15%. Also, the annual cap on concessionally taxed super contributions will reduce to $25,000. It’s … Continued
On 1 July 2017, some rule changes will come into effect that may impact your retirement strategy and possibly the contributions you make into superannuation. The cap on concessional (pre-tax) super contributions will reduce from $30,000 pa or $35,000 pa (depending on age) to $25,000 pa. The cap on non-concessional (after-tax) super contributions will reduce … Continued
The changes to super and tax laws proposed in this year’s federal budget, then revised and adjusted by the government in September, have been passed through Parliament and are mostly due to take effect from July 1, 2017. That means that you have until July to consider if there is any action you should take … Continued
Markets Surprised by Dovish Tone Despite Rate HikeSome 15 months since it first raised interest rates in more than seven years, the US Federal Reserve (Fed) lifted rates for the third time at its March meeting by 25 basis points, raising rates to the 0.75%-1.0% range. Overall the tone of the post-meeting statement and press … Continued
Take Action: Review Your Super with a Judge AdviserTHE Turnbull Government is about to pocket a $220 million revenue windfall by seizing control of an estimated 100,000 super accounts. At the end of the month, super funds will have to transfer to the Australian Taxation Office (ATO) “unclaimed” or “lost” super account balances of up … Continued
Keeping Up with Constant Superannuation Rule ChangesEvery year, it seems, they change the rules – the retirement age, the contributions cap, and so it goes on. We are analysing each of the newly legislated super changes, to ensure that you fully informed, understanding if you are affected and if so, how you are affected. The first … Continued
How to Stay Focused and Adjust Your Super StrategyEvery year, it seems, they change the rules – the retirement age, the contributions cap, and so it goes on. The most recent changes to superannuation include: Introduction of $1.6m cap on income streams with tax penalties if higher amounts are rolled over The division 293 income threshold … Continued
Why Retirees Still Need Professional Financial Advice?There is a tendency, once people retire, and have their lump sum invested or an annuity in place, to think that they won’t really need professional financial advice. What we can tell you from experience, is that the exact opposite is true. We find that we actually spend much … Continued
As another year draws to a close, we reflect on the events and changes we have seen and how life seems to pass by more quickly every year. For those of us approaching or in retirement, it’s a great time to take stock of your situation and make some decisive moves for a more secure … Continued
It’s that time of year when thoughts turn to relaxing with family and friends and perhaps getting away from it all. If you are going away you no doubt take care to lock the doors and windows, organise for mail and garbage bins to be checked and neighbours notified. But have you secured everything? There may … Continued
With the festive season here, you may look forward to enjoying what we can only hope will be a glorious summer of sunshine, friends, family, food and time in the great outdoors. If you are planning long lazy days to recharge your batteries in preparation for the new year, it might also be a good … Continued
At this time of the year, some of us are fortunate enough to be in ‘bonus’ discussions with our employer. If you are gearing up to receive a bonus this year, there is certainly no shortage of possibilities of what to do with it. Save or splurge? Christmas is just around the corner as is … Continued
The commencement of 2017 will see some significant changes to means testing for Social Security pensions (including the Age Pension). Uncertainty around income can be unsettling for those receiving a pension or considering retirement. That’s why it’s important to understand if and how you might be impacted by the new rules so that you can … Continued
Key Fringe Benefits Tax (FBT) ChangesWith the legislative changes for FBT implemented as of 1 April 2016, it is important to get familiar with the new regulations. Some modifications have been made to salary sacrificed meal entertainment and entertainment facility leasing expense benefits, which may affect you. Some of the changes will affect all employers, whereas others … Continued
The success of any business, large or small, depends largely on nurturing an efficient, productive workplace. While improving employee productivity should be always be a priority when the ultimate goal is a sustainable and profitable business, the process is easier said than done. Below are some of the most effective methods of managing a productive, … Continued
New Withholding Tax Rules for Property Purchases Over $2 MillionParliament recently passed legislation amending the taxation law to impose withholding obligations on the purchasers of certain Australian assets – generally property purchased from a non-resident. However, the changes will affect most purchases of property in Australia. The amendments impose a 10% withholding obligation on purchasers … Continued
If you own a holiday home, it is important that it is treated correctly for taxation purposes. Here is a guide to the taxation implications of your holiday home. Holiday homes that are not rented out do not need to be included in your tax return, until you sell it. You must keep records from … Continued
Are You Paying Too Much Tax?It’s heartbreaking to think how much of your salary goes to tax, right? I believe every income earner feels the same. Of course, you would want to keep more of the money that you’ve earned and pay lesser tax as much as possible. But paying taxes is the law. More … Continued
For many people, the decision around when to retire can be one of the most exciting, yet daunting, times of their lives. There are a number of strategies you can employ now, whatever your age, that may help you fulfil your retirement dreams. When should I retire? Unfortunately, there is no easy answer, as the … Continued
The Loss That Changed EverythingMatthew McCabe, Financial Adviser, Judge Financial Planning Over 4 years ago, I lost one of my closest friends. Scott was a diesel mechanic in the mines, on good money and with the world at his feet. He supported his fiancé and her three kids, like they were his own. He was an extraordinary … Continued
Navigating Aged Care with ConfidenceMatthew McCabe, Financial Planner and Retirement Specialist at Judge Financial Planning The emotional and financial upheaval of moving a family member into residential aged care is a daunting experience. If the complexities involved seem overwhelming, then perhaps our professional advice can help. There is a maze of legislation, entitlements and Centrelink … Continued