The Rich Life Vol 78
February 9, 2024
As February kicks off and with the summer holidays behind us, many of us are settling back into our regular routines and it’s time to turn our focus to the year ahead. Cooling inflation and a strong economy with relatively low unemployment has sent investors back to Australian shares, with the S&P/ASX 200 hitting an…
Tax changes – what it will mean to me
February 9, 2024
Prime Minister Anthony Albanese has announced proposed changes to address ongoing cost of living pressures with all 13.6 million Australian taxpayers receiving a tax cut from 1 July 2024, compared to the tax they paid in 2023-24.i Now is the time to assess what it means to your hip pocket and what implications it may…
Tax and the super after-life
November 1, 2023
Many people assume there is no tax payable on super benefits received after someone passes away, but that’s not always the case. Whether or not tax is paid on a super death benefit depends on the beneficiary’s relationship with the deceased. Although some beneficiaries receive their money tax-free, others can find themselves paying significant amounts…
The Rich Life Vol 75
November 1, 2023
It’s November, and all eyes will be looking towards the “race that stops a nation” and the Reserve Bank who meet on the same day. As the days get longer as we head towards summer the countdown for the approaching holiday season begins. Investors are keeping a close eye on oil price movements over fears…
The Rich Life Vol 74
October 2, 2023
The warmer weather and spring rains are a welcome break from the colder months. And, while outside activities become more tempting, don’t forget to find a moment or two to review your finances to make sure you’re up-to-date and on-track. Household wealth has increased for the third quarter in a row. It rose by 2.6%…
How a super recontribution strategy could improve your tax position
October 2, 2023
Withdrawing part of your superannuation fund balance then paying it back into the account, known as a recontribution strategy, may sound a little strange but it could deliver a number of benefits including reducing tax and helping to manage super balances between you and your spouse. Your super is made up of tax-free and taxable components….
The Rich Life Vol 72
August 1, 2023
Welcome to our August newsletter and, with winter winding up and tax returns on the way for some, there may be sunnier days ahead. While the price of most goods and services continues to rise, the good news is the rate of increase is continuing to slow and the markets are beginning to breathe a…
Trusts and the new super tax rules
August 1, 2023
Ensuring you’ve structured your finances tax-effectively is always a concern, but with new tax rules for super on the horizon, many people with large balances are considering alternative vehicles to save for retirement. Unsurprisingly, this has sparked a renewed interest in an old favourite – trusts. Trusts have always been popular in Australia, with the…
Will these super changes affect you?
July 4, 2023
As our superannuation balances grow larger, it makes more sense than ever to keep track of the many rules changes that have recently happened or are coming up soon. Australians are investing more in super – almost $151 billion dollars in the year ending March 2023, an increase of 11.3 per cent.i Those extra contributions,…
The Rich Life Vol 70
June 1, 2023
Welcome to our June newsletter, as the winter sets in and the end of the financial year approaches, it’s a good chance to spend some time tidying up and reviewing your finances. Concerns that the Reserve Bank may lift interest rates this month, along with the drama over the US debt ceiling and the worry…
Tax Alert June 2023
June 1, 2023
Budget incentives and crackdowns on unpaid tax debts and rental deductions Although this year’s Federal Budget was short on big changes when it came to tax, there still have still been some important developments in this area. Here are some of the latest developments in the world of tax. Small business tax incentives and write-offs…
Federal Budget 2023-24: Focus on tax
May 10, 2023
Tax measures were less central to this year’s Federal Budget than they have been in recent years. While there were some new tax measures, the Budget this year was more about the first surplus in 15 years and various spending measures. After highlighting the gloomy outlook for the global economy, Treasurer Jim Chalmers emphasised Australia’s…
The Rich Life Vol 63
October 27, 2022
Welcome to our November newsletter. While the race that stops a nation is always a highlight of early November, on the economic front the Labor government’s first Budget, handed down in late October, has been a talking point. Treasurer Jim Chalmers’ first Budget was delivered against a backdrop of continuing turmoil on the global economic…
Federal Budget 2022-23: From a tax perspective
October 27, 2022
Quiet on the tax front, for now For once, tax measures took a back seat in a Federal Budget, with the second version for this year being billed as a “solid and sensible Budget suited to the times”. The October 2022 Budget resisted the recent trend to continually tinker with our tax system, but it…
Get your SMSF ready for 30 June
June 1, 2022
With the end of the financial year (EOFY) just around the corner, it’s important to ensure your SMSF meets its compliance obligations. The rules around SMSFs are strict and if you don’t do things the right way, your fund could end up paying extra tax. Here’s some key tasks trustees need to complete prior to…
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