Welcome to our spring Wealth Management update
|
|
- Virgil Williamson
- 8 years ago
- Views:
Transcription
1 Wealth Management Serious about Success Welcome to our spring Wealth Management update This edition covers the following topics: Model portfolio summary Reverse mortgages are they worth it? Coalition policy commitments potential changes to superannuation & taxation Legislated superannuation changes September 2013 Model portfolio summary The model Australian share portfolio returns are as follows: Model Equity Portfolio Historical Return Summary Period Portfolio Return % ASX 200 Accum Index Out / (Under) Performance FY ending 30 June % 22.75% 4.86% FY ending 30 June % 6.71% 7.72% FY ending 30 June % 13.15% 5.83% FY ending 30 June % 11.73% 3.00% FY ending 30 June % 20.14% 13.10% Cumulative since 1 July % 15.61% 24.21% The model portfolio continued to perform well over the year ending 30 June 2013, returning 27.61%. Key outperformers included Ramsay Healthcare, CSL, News Corporation, Crown and Seek. The major underperformer was Newcrest Mining.
2 Wealth Management Spring update 2013 Changes to the model portfolio Key changes made to the model portfolio for FY14 are as follows: Newcrest Mining was removed as at 30 June as the potential for the gold price to fall further has increased with the continued improvement in the US economy and the likely winding back of the controversial Quantitative Easing policy. Newcrest was replaced with Dulux Group (DLX). DLX owns a suite of well know home improvement and construction products (including Dulux, Cabots, Feast Watson, British Paints, Selleys & Parchem). Since being spun off from Orica, DLX has performed strongly. Its recent acquisition of Alesco at a relatively cheap price should provide further operating leverage. Housing activity is likely to benefit from materially lower interest rates and this, coupled with DLX s strong brands, should provide modest growth over the short to medium term. The resource holdings of BHP and RIO have been marginally reduced to reflect rising global supply and a slowdown in the rate of growth from China. Reverse mortgages are they worth it? For many seniors who have only modest retirement savings, their home is their most valuable asset. They are often asset rich but cashflow poor. Reverse mortgages are relatively new products that were introduced to allow seniors (generally at least age 62 or above) to access the equity in their home to help fund their living expenses. How do they work? A homeowner can borrow against the equity in their home to take funds as either a lump sum, regular income stream or a combination of both. The loan is secured by a registered mortgage over the borrower s home. The amount that can be lent is determined by the age of the youngest borrower and the value of the property. Interest is charged at standard commercial rates but, unlike a normal loan, the borrower does not have to repay the loan but instead lets the interest capitalise (accrue and compound over time). Typically on death the house is sold, the accumulated loan (which may have grown substantially) is repaid to the bank and any surplus paid to the beneficiary (often the Estate). Many reverse mortgages are limited in recourse which simply means that if the value of the loan eventually exceeds the value of the property realised on sale, then the lender wears the loss. In addition, the lender cannot force the borrower from the property once the debt exceeds the value of the property. How much can you borrow? The amount that can be lent is determined by the age of the youngest borrower and the value of the property. Typical lending parameters are as follows: Age Loan to value 15% 20% 30% 35% 40% 45% 50% Example Property value 700, , , , , , ,000 Amount borrowed 105, , , , , , ,000 Example John is 72 and Joanne is 70. They live on the Age Pension and have almost exhausted the savings they had built up prior to retirement seven (7) years ago. The Age Pension is not sufficient to cover their living expenses and so they are exploring the option of a reverse mortgage to provide them with sufficient cashflow throughout their retirement. The bank they visited engaged an independent valuer who assessed the property as being worth $700,000. Based on the youngest age, the maximum amount they can borrow is $140,000. 2
3 Serious about Success Outcomes a) Impact on amount borrowed Joanne has the longest statistical life expectancy of years. As they do not pay any interest on the loan, after 17 years the balance outstanding on the loan has grown to $458,603 (assuming an average interest rate of 7.00%p.a. over the term). Yr Principal $ Interest $ 0 140, ,121 10, ,973 10, ,610 11, ,088 12, ,468 13, ,815 14, ,199 15, ,696 16, ,385 17, ,353 18, ,692 20, ,501 21, ,887 23, ,963 25, ,853 26, ,686 28, ,603 30, ,756 33, ,305 35,549 b) How much income can the $140,000 generate and how long will it last if drawn down? Assuming they invested the $140,000 lump sum at 5%p.a., then this would allow them to drawdown an extra $1,005 p.a. over years (Joanne s statistical life expectancy) before the money would run-out. Yr Pension Balance Income generated Pension Payments Capital Reduction 0 140, ,828 6,883 12,054 5, ,392 6,618 12,054 5, ,678 6,340 12,054 5, ,671 6,047 12,054 6, ,357 5,740 12,054 6, ,720 5,417 12,054 6, ,743 5,078 12,054 6, ,409 4,721 12,054 7, ,701 4,345 12,054 7, ,597 3,951 12,054 8, ,080 3,536 12,054 8, ,126 3,101 12,054 8, ,714 2,643 12,054 9, ,821 2,161 12,054 9, ,422 1,655 12,054 10, ,490 1,123 12,054 10, , ,054 11, ,054 4, ,423 38, ,298 40, ,127 43, ,125 46, ,520 50, ,559 54,038 3
4 Wealth Management Spring update 2013 c) Impact on Age Pension The $140,000 lump sum is subject to the Age Pension deeming rates but the total deemed annual income of $4,439 is below the annual income free threshold of $7,176 (combined) so this strategy won t end up impacting upon their pension. d) Impact on Cashflow Status quo With reverse mortgage Age pension $31,688 $31,688 Other income (lump sum drawdown) $nil $12,054 e) Impact on Net Assets Year 17 $31,688 $43,742 Status quo With reverse mortgage House value $700,000 $700,000 Lump sum cash left over $nil $5,000 Loan owed to bank $nil $458,603 Net assets $700,000 $246,397 Conclusion In most instances reverse mortgages should be viewed as a strategy of last resort. This is because interest compounds rapidly if not repaid, and can eventually erode the value of the equity in your family home. Further you are effectively borrowing at the mortgage rate (say 7%p.a. over the long term) to generate an after tax return that will usually be lower than that (unless the borrower is prepared to take a moderately high level of investment risk, which more often than not, they can ill afford to do). A reverse mortgage can also potentially have adverse Centrelink consequences for Age Pension recipients. Alternatives to reverse mortgages There are three (3) main alternatives to reverse mortgages as follows: Selling the family home and buying a cheaper one (Downsizing). The surplus proceeds can then be invested and the income and capital can be drawn down over time. This usually provides the best outcomes where this is possible but the surplus cash amount may still be subject to Centrelink s assets and income test. Selling the family home and renting. This can significantly improve cashflow but can have more adverse Centrelink consequences than downsizing. This is because the sale proceeds can be subject to Centrelink s Income and Assets Test and hence potentially lead to a more significant reduction in the Age Pension. Selling a percentage of the family home to a third party and paying a percentage of rent to that third party. This can be a valid strategy for both the homeowner and the investor when done on commercial terms. Again though, this will have Centrelink consequences as the sale proceeds will potentially be subject to the Income and Assets Test. 4
5 Serious about Success Example: Downsizing the Family Home John and Joanne decide to downsize the family home instead so that they don t have to take out a reverse mortgage on their home. Sources of Funds Sale of Family Home $700,000 Use of Funds Purchase New Family Home $450,000 Purchase/selling costs, say $30,000 Purchase Investment portfolio $220,000 $700,000 a) Impact on Age Pension The $220,000 lump sum is subject to the Age Pension deeming rates but the total deemed annual income of $7,639 is just above the annual income free threshold of $7,176 (combined) so this only reduces the Age Pension by around $9 per fortnight. b) Impact on Cashflow Status quo Downsizing Age pension $31,688 $31,457 Other income (lump sum drawdown) $nil $18,942 $31,688 $50,399 c) Impact on Net Assets Year 17 Status quo Downsizing House value $700,000 $700,000 Investment portfolio $nil $7,857 Loan owed to bank $nil $0 Net assets $700,000 $457,857 d) Conclusion This strategy is superior to the reverse mortgage option as it provides greater cashflow to meet living expenses and minimises the depletion of capital over time. Martin Fowler Partner Moore Stephens Sydney T +61 (0) mjfowler@moorestephens.com.au 5
6 Wealth Management Spring update 2013 Coalition policy commitments potential changes to superannuation and taxation Superannuation 1. Superannuation Guarantee Contributions Current Superannuation Guarantee rate of 9.25% will remain frozen until FY2016. This means the planned SG increase to 12% will be delayed by a further two years to FY Concessional Contribution Caps The level of contribution caps will be reviewed when the Budget position returns to surplus. 3. Superannuation Incentives for Low Income Earners The current Low Income Superannuation Contribution of up to $500 provided to low income earners will be removed. 4. Superannuation Co-contributions The thresholds and level of payment under the current Super Co-contributions scheme will be reviewed when the Budget position returns to surplus. 5. Minimum Pension Payments Review of the minimum pension payment levels will be conducted in view of current financial market conditions to ensure that they are adequate and appropriate. 6. Implement Process For Excess Contributions Breaches Develop a process to address breaches of the contribution caps that result from unintentional mistakes made by the member, employer or superannuation fund. 7. Streamline Small Business Super Reporting Small businesses can report super payments to a superannuation clearing house, to be established, via the Australian Taxation Office. Currently, the super payments are submitted to Medicare, which manages the government s clearing house. Taxation 1. Abolish Carbon Tax & Minerals Resource Rent Tax (MRRT) The MRRT and carbon tax to be abolished but the current income tax cuts and the current Social Security pension and benefit payment increases (that compensate for the increased cost of living resulting from the carbon tax) will be retained. 2. Company Tax Reduction The current company tax rate of 30% is to be reduced by 1.5% to 28.5% from 1/07/ Fringe Benefit Tax on Car Benefit Labor s proposal to remove the statutory formula method for calculating the FBT value of employer provided car benefit will be reversed. Dorothy Yip Technical Services Moore Stephens Sydney T +61 (0) dyip@moorestephens.com.au 6
7 Serious about Success Legislated superannuation changes since our winter newsletter Recently legislated Since our Winter 2013 Newsletter, proposed superannuation changes that have since been legislated include (but not limited to): Concessional contribution caps Concessional contributions include contributions for which the individual or an employer is allowed a tax deduction. This includes the 9% compulsory SG payments, salary sacrifice contributions and personal contributions for which an individual is entitled to claim a tax deduction (usually where less than 10% of an individual s assessable income plus reportable fringe benefits for the income year came from being an employee). The concessional contribution caps are as follows: Age FY12/13 FY13/14 FY14/15 Under 50 $25,000 $25,000 $25,000** $25,000 $25,000 $35, $25,000 $35,000 $35,000 **subject to indexation Reduction to super tax concession for higher income earners From 1 July 2012, a reduction to the concession on super contributions will apply for those with an income of $300,000 or more per annum. Currently, concessional contributions are taxed at 15%. For affected clients, concessional contributions will be taxed at 30%. This has now been legislated to apply retrospectively from 1 July Owen Nix Paraplanner Moore Stephens Sydney +61 (0) onix@moorestephens.com.au Not yet legislated Budget proposals that are yet to be legislated include: Taxable pension income above $100,000 p.a. One budget proposal was to tax superannuation pension income at a rate of 15% once earnings had exceeded $100,000 per annum, per member. No legislation has been passed and this change had a proposed start date of 1 July Deeming account based pension for Centrelink s income test Currently, account based pensions are assessed under Centrelink s Income Test as the amount of income received per annum over the deductible amount. The deductible amount is the value of the pension at commencement, divided by the life expectancy at the point of commencement. Essentially the income that is assessed is seen as being the amount in excess of the return of capital over the life of the pension. The budget proposal was to assess account based pensions in the same manner as other financial assets such as shares, cash and term deposits and have the value of the asset subject to deeming rates. No legislation has been passed and this change was proposed to commence from 1 July
8 Contact us For more information please do not hesitate to contact one of the following members of our Wealth Management team: Charlie Viola Director Martin Fowler Director Haris Argeetes Manager James Totonjian Adviser Moore Stephens Sydney Level 15, 135 King Street Sydney NSW 2000 T +61 (0) F +61 (0) sydney@moorestephens.com.au The information provided is not personal advice. It does not take into account the investment objectives, financial situations or needs of any particular investor and should not be relied upon as advice. While the information is provided in good faith and believed to be accurate and reliable at the date of preparation, we will not be held liable for any losses arising from reliance thereon. We recommend investors consult their personal financial adviser to discuss suitability and application to their individual circumstances. Articles represent the opinion of the authors and may not necessarily be representative of the views of Moore Stephens generally. Liability limited by a scheme approved under Professional Standards Legislation. * Moore Stephens Queensland and Moore Stephens Gold Coast are separate and independent firms. Moore Stephens is a network of independent firms which are independent members of Moore Stephens International Limited members in principal cities throughout the world.
Understanding Superannuation
Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation
More information2014 Federal Budget Analysis
For adviser use only. Not for public distribution. 2014 Federal Budget Analysis In one of the more highly anticipated Federal Budgets, the Government announced major changes that should be discussed with
More informationSmart strategies for maximising retirement income
Smart strategies for maximising retirement income 2010 Why you need to create a life-long income Australia has one of the highest life expectancies in the world and the average retirement length has increased
More informationSmart strategies for your super
Smart strategies for your super 2010 Make your super count Superannuation is still one of the best ways to accumulate wealth and save for your retirement. The main reason, of course, is the favourable
More informationCLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf.
CLIENT FACT SHEET July 2010 Understanding superannuation and superannuation contributions Superannuation is an investment vehicle designed to assist Australians in saving for their retirement. The Government
More informationEnd of financial year planning tips May 2014
End of financial year planning tips May 2014 With the end of the financial year fast approaching, it is a good time to review financial planning strategies with a view to optimising your outcomes. This
More informationYear-end Tax Planning Guide - 30 June 2013 BUSINESSES
Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES
More informationContributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund.
Tax and super Issue Date: 1 July 2015 SUP E R ANNUATION The information in this document forms part of the Product Information Booklets for GESB Super and West State Super, each dated 1 July 2015. You
More informationSmart strategies for maximising retirement income 2012/13
Smart strategies for maximising retirement income 2012/13 Why you need to create a life long income Australia has one of the highest life expectancies in the world and the average retirement length has
More informationChanges announced in last year s Budget have removed some of the
The Australian Journal of Financial Planning 71 Reverse mortgages and pension planning By Benedict Davies Technical Services Manager, Over Fifty Group Changes announced in last year s Budget have removed
More informationSmart End of Financial Year Strategies
Level 7,34 Charles St Parramatta Parramatt NSW 2150 PO Box 103 Parramatta NSW 2124 Phone: 02 9687 1966 Fax: 02 9635 3564 Web: www.carnegie.com.au Build Guide Protect Manage Wealth Smart End of Financial
More informationAustChoice Super general reference guide (ACH.02)
AustChoice Super general reference guide (ACH.02) Issued: 28 May 2015 This guide contains important information not included in the AustChoice Super PDS. We recommend you read this entire guide. The information
More informationUnderstanding gearing Version 5.0
Understanding gearing Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to gearing. This document has
More informationUnderstanding retirement income Version 5.0
Understanding retirement income Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to understanding retirement.
More informationSimplifying Statements of Advice. Retirement strategy example SOA
Simplifying Statements of Advice Retirement strategy example 10 February 2009 Development of FPA example Statements of Advice () Financial planners, politicians, and regulators alike share the common goals
More informationBuilding and protecting your wealth the tax effective way
Building and protecting your wealth the tax effective way Strategies guide 2014/2015 The lead up to End of Financial Year (EOFY) provides a good opportunity to review your wealth creation plans. At this
More informationIT S MORTGAGE REVERSE A SIGN OF THE TIMES
IT S A SIGN OF THE TIMES REVERSE MORTGAGE UNLOCK THE EQUITY IN YOUR HOME If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us.
More informationMaking the Most of Your Super
Making the Most of Your Super For many people, super is one of the best ways to accumulate wealth. The Government provides tax benefits to encourage people to fund their own retirement. With more Australians
More informationIs your. potential? Right Strategy.
Is your SMSF working to its full potential? Right Strategy. Right Time. While managing your own super provides investment flexibility and control, the biggest challenge is ensuring the decisions you make
More informationTax Rates & Thresholds Handy Guide
Tax Rates & Thresholds Handy Guide 2014/15 Income Year Issued August 2014 Taxation of Superannuation Benefits Superannuation benefits from a taxed source Age of recipient Lump Sum Income stream 60 and
More informationPlanning for retirement
Planning for retirement 1 Disclaimer This presentation contains general advice current as at April 2016 and has been prepared without taking account of your objectives, financial situation or needs. Before
More informationSALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES
SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES Superannuation Introducing Salary Packaging Salary packaging has been made available to all staff of the University through the Enterprise Agreement process.
More informationSome proven financial advice strategies
Some proven financial advice strategies There are numerous key financial advice strategies that may put you on the road to achieving your financial goals Debt Management Debt consolidation can lower repayments
More informationThe Flexible Benefits Super Fund
The Flexible Benefits Super Fund Investing for Retirement Towers Watson 2014 Disclaimer The information in this presentation is general advice only. It is not personal advice. This presentation is not
More informationSmart strategies for using debt 2012/13
Smart strategies for using debt 2012/13 Appreciating the value of debt William Shakespeare wrote, Neither a borrower nor a lender be, but the fact is debt can be a very useful tool when used properly.
More informationTaxpayers Australia Inc
Taxpayers Australia Inc Superannuation Australia (A wholly owned subsidiary of Taxpayers Australia Inc) Glossary of superannuation terms These terms are commonly used in the superannuation sector. Account-based
More informationTax planning reminders for 30 June 2012
Tax planning reminders for 30 June 2012 Keep your receipts!... 1 Government Co-contributions... 1 Personal deductible contributions... 3 Split super with your spouse... 3 Employer Superannuation Contributions...
More informationSUPERANNUATION. Home Insurance. Super fundamentals. Foundations for your future
SUPERANNUATION Home Insurance Super fundamentals Foundations for your future As one of your most important financial investments, it s worth understanding how superannuation works. For many Australians,
More informationSuperannuation. A Financial Planning Technical Guide
Superannuation A Financial Planning Technical Guide 2 Superannuation Contents Superannuation overview 4 Superannuation contributions 4 Superannuation taxation 7 Preservation 9 Beneficiary nomination 9
More informationUnderstanding debt management
Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published
More informationContents. Introduction. Introduction 1. Top five Budget proposals 2. Taxation 7. Social security and aged care 10.
Contents Introduction 1 Top five Budget proposals 2 Taxation 7 Social security and aged care 10 Other measures 15 Introduction After weeks of speculation, the Federal Treasurer Joe Hockey handed down the
More informationGeneral reference guide
General reference guide (TPS.01) Issued: 1 July 2015 The Portfolio Service Super Essentials The Portfolio Service Superannuation Plan The Portfolio Service Retirement Income Plan This guide contains important
More informationEquity Release Guide. Helping you make the right decision. nationwide service all lenders available personal visits. www.therightequityrelease.co.
Equity Release Guide 0800 612 5749 www.therightequityrelease.co.uk Helping you make the right decision nationwide service all lenders available personal visits 1 Welcome to The Right Equity Release Who
More informationReverse Mortgages Policy
Reverse Mortgages Policy March 2014 Version Date 2 November 2012 3 March 2014 Document owner Professional Standards Professional Standards Approved by RI Compliance Committee Date of approval 22/11/2012
More informationProposed Information Statement Reverse Mortgage. Things you should know about your reverse mortgage
Page 1 of 7 Proposed Information Statement Reverse Mortgage Things you should know about your reverse mortgage This statement is provided to you because reverse mortgages operate differently to other credit
More informationIT S MORTGAGE REVERSE A SIGN OF THE TIMES
IT S A SIGN OF THE TIMES REVERSE MORTGAGE UNLOCK THE EQUITY IN YOUR HOME If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us.
More informationTelstra Super Personal Plus
01/ 17 NOVEMBER 2015 PRODUCT DISCLOSURE STATEMENT Telstra Super Personal Plus Making the most of your future Contents 01 About Telstra Super and Telstra Super Personal Plus 02 02 How super works 02 03
More informationHow To Save For Retirement
Booklet 1 Getting the best out of your superannuation savings MAStech Smart technical solutions made simple Contents Introduction 01 Introduction 03 Saving through super 08 How a super fund works 09 How
More informationReverse Mortgages. An investment research policy for using reverse mortgages
Reverse Mortgages An investment research policy for using reverse mortgages Table of contents Table of contents... 2 At a glance... 3 Introduction... 4 What is a reverse mortgage?... 4 Advantages and disadvantages...
More informationTAKING CONTROL OF YOUR PENSION PLAN. The value of pension contributions
TAKING CONTROL OF YOUR PENSION PLAN If you add together all the money you have in pension arrangements, the total may well dwarf every other investment you ever make. Despite this, many people are happy
More informationYear-end Tax Planning Guide - 30 June 2014 BUSINESSES
Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES
More informationReverse Mortgage. That s what we re here for. Financial freedom to do the things you ve always wanted. Here for good.
Reverse Mortgage Financial freedom to do the things you ve always wanted That s what we re here for. Here for good. Contents 2 The freedom of a Reverse Mortgage 3 Product overview 4 About Reverse Mortgages
More informationMake sure your SMSF is.
Make sure your SMSF is. Super decisions You know first-hand that one of the biggest advantages of managing your own super is that you make the decisions. It s one of the main reasons you have an SMSF or
More informationTax deductible superannuation contributions
Tax deductible superannuation contributions TB 35 TECHNICAL SERVICES ISSUED ON 29 OCTOBER 2014 ADVISER USE ONLY VERSION 1.1 Summary Employers and certain individuals can claim a tax deduction for contributions
More informationSmart strategies for reducing aged care costs 2012/13
Smart strategies for reducing aged care costs 2012/13 Get the care you need at a lower cost Aged care costs can be very high and could increase as our population ages. The accommodation bond alone averages
More informationSalary Packaging. Information Kit. Catholic Schools Office Diocese of Lismore
Salary Packaging Information Kit Catholic Schools Office Diocese of Lismore 13 TABLE OF CONTENTS SALARY PACKAGING... 1 HOW IT WORKS... 1 SALARY PACKAGING AND THE OPERATION OF INCOME TAX LEGISLATION...
More informationIT S LIFETIME LOAN A SIGN OF THE TIMES AUSTRALIAN SENIORS FINANCE. The Home Equity Release Specialist
IT S A SIGN OF THE TIMES LIFETIME LOAN AUSTRALIAN SENIORS FINANCE The Home Equity Release Specialist UNLOCK THE IN YOUR EQUITY HOME If you want the financial freedom to spend your retirement how you choose,
More informationThe benefits of insuring through super. Macquarie Life
The benefits of insuring through super Macquarie Life While your clients are accumulating wealth, they also need to ensure adequate insurance cover is in place so they and their families are looked after
More informationSmart strategies for using debt
Smart strategies for using debt 2010 Appreciating the value of debt William Shakespeare wrote, Neither a borrower nor a lender be, but the fact is debt can be a very useful tool when used properly. Using
More informationLump Sum My Retirement
Lump Sum My Retirement General advice warning The schemes administered by Super SA are exempt public sector schemes and therefore we are not required to hold an Australian Financial Services licence to
More informationPRIVATE WEALTH. Client Questionnaire and Risk Profile
PRIVATE WEALTH Questionnaire and Risk Profile Important Notice to The Australian Corporations Act (2001) requires that an Adviser making personal advice recommendations must have reasonable grounds for
More informationSuper Saver Induction Booklet
VISION SUPER YOUR INDUSTRY SUPER FUND Super Saver Induction Booklet December 2013 99 Low fees and great value for money 99 Automatic Income Protection and Death & Disability cover 99 No commissions or
More informationEnd of Year Superannuation Fund Circular To all Super Fund Trustees
21 June 2013 End of Year Superannuation Fund Circular To all Super Fund Trustees Maximise year end opportunities and minimise risks The end of the financial year will be here before you know it. In this
More informationTHE TAX INSTITUTE. Tax Rates Table 2013-14
THE TAX INSTITUTE Tax Rates Table 2013-14 taxinstitute.com.au Individual income tax rates Residents 2012-13 2013-14 Taxable income Marginal rate Tax on this income $0 $18,200 Nil Nil $18,201 $37,000 19%
More informationRetirement incomes. Aisur. Submission to the Tax White Paper Task Force. July 2015
Retirement incomes Submission to the Tax White Paper Task Force July 2015 Executive summary 2015 1 Background The Australian retirement income system comprises three pillars: a publicly funded means tested
More informationFederal Budget May 2014
Federal Budget May 2014 On 13 May 2014, the Abbott Government delivered its first Federal Budget. The announcements in this Update are proposals unless stated otherwise. These proposals need to successfully
More informationUsing debt effectively Smart strategies for 2015 2016
Using debt effectively Smart strategies for 2015 2016 William Shakespeare wrote, Neither a borrower nor a lender be, but the fact is debt can be a very useful tool when used properly. Contents The value
More informationWestpac Personal Superannuation Fund.
Westpac Personal Superannuation Fund. Annual Report for the year ended 30 June 1 Features at a glance. 2 Investment Overview. 4 Investment Options. 5 Investment Option profiles. 10 Performance. 12 Fees
More informationReverse Mortgages A Source of Funds for Retirement?
Reverse Mortgages A Source of Funds for Retirement? Many people make it a goal of their financial lives to invest in a home. It is a great accomplishment when that last mortgage payment is made. Can a
More informationSelf-Managed Super Fund Basics and Buying Property with your SMSF Money
RETIRE WITH MORE Self-Managed Super Fund Basics and Buying Property with your SMSF Money YOUR GUIDE TO BUYING PROPERTY WITH YOUR SMSF MONEY $$$ Unit 1, 3 Robinson Place Rockingham WA 6168 admin@integratax.com.au
More informationCORPORATE NEWSLETTER
CORPORATE NEWSLETTER Summer 2014 Page 2 Corporate Newsletter - Summer 2014 CORPORATE NEWSLETTER - SUMMER 2014 Dear Reader, Welcome to our quarterly newsletter which will provide updates and reminders of
More informationYour Super Guide. Product Disclosure Statement 15 December 2014 Nestlé Super Insured Accumulation category. Contents. Important Information
Australia Group Superannuation Fund Your Super Guide Product Disclosure Statement 15 December 2014 Nestlé Super Insured Accumulation category Contents 1 About Nestlé Super p2 2 How super works p2 3 Benefits
More informationCurrent as at 1 July 2014 Adviser use only. Technical guide: Challenger Lifetime and Term Annuities
Current as at 1 July 2014 Adviser use only Technical guide: Challenger Lifetime and Term Annuities Table of contents Introduction 1 Challenger Lifetime Annuities 2 Product features 3 Centrelink treatment
More informationSuper taxes, caps, payments, thresholds and rebates
Fact Sheet Super taxes, caps, payments, thresholds and rebates This fact sheet provides a useful one-stop reference guide to the tax rates, caps, thresholds and rebates that apply or are related to superannuation
More informationFEDERAL BUDGET 2009 SUMMARY
FEDERAL BUDGET 2009 SUMMARY 13 May 2009 As widely expected, last nightʼs Federal Budget contained a number of proposals that will affect clients. Importantly, the proposals will require passage of legislation
More informationSMSF Facts Sheet. July 2015
SMSF Facts Sheet July 2015 Key Superannuation Rates and Thresholds - 2015/16 Contributions The tables below contain the amounts of concessional and non-concessional contributions you may make to your superannuation
More informationTopics. AMA Private Health Insurance Comparison 2016 Budget Breakdown Top Ten Tax Tips for 2016. AMA Private Health Insurance Comparison
Prime Time Advisory News Update May 2016 Newsletter Topics AMA Private Health Insurance Comparison 2016 Budget Breakdown Top Ten Tax Tips for 2016 AMA Private Health Insurance Comparison Recent price increases
More informationSuperannuation What you can do before & after 30 June 2014. SuperStream
NEWS Winter 2014 P (03) 9585 1988 F (03) 9585 1437 E info@griffithsacc.com W griffithsacc.com Page 2 Federal Budget Emerging tax & superannuation issues Page 3 Superannuation What you can do before & after
More informationFinancial advice makes a difference
Bridges Financial advice makes a difference Financial advice makes a difference Advice from a Bridges financial planner will help you have confidence in the decisions you make. Financial advice makes a
More informationProduct Disclosure Statement
AMP Retirement Savings Account Product Disclosure Statement Contents 1. About AMP Retirement Savings Account 2. How super works 3. Benefits of investing with AMP Retirement Savings Account 4. Risks of
More informationThe 10% test strategies, tips and traps!
The 10% test strategies, tips and traps! Overview Making personal superannuation contributions continues to be a tax effective way for some individuals to save for their retirement. In order to benefit,
More informationNewsletter. Tax Planning 2014 Edition
Newsletter Tax Planning 2014 Edition FEATURED IN THIS ISSUE Employee Superannuation Payments Concessional Contributions Cap Non-Concessional Contributions Cap Small Business Concessions Reversed Write
More informationTAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014
TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014 PERSONAL TAX PERSONAL INCOME TAX RATES 2013-2014 & 2012-2013 Taxable Income $0 - $18,200 Nil Tax Payable $18,201 - $37,000 19% of excess over $18,200 $37,001
More informationSmart strategies for protecting business owners 2012/13
Smart strategies for protecting business owners 2012/13 What are the risks? Many business owners don t hesitate to insure physical assets such as motor vehicles, plant and equipment. However, they often
More informationTHE SMSF ESSENTIALS GUIDE. The ultimate starter guide to setting up, running and effectively using a Self Managed Superannaution Fund
THE SMSF ESSENTIALS GUIDE The ultimate starter guide to setting up, running and effectively using a Self Managed Superannaution Fund DISCLAIMER The purpose of this e-book is to provide information and
More informationChadwick s. Equity Release
c Independent Chadwick s Financial Advisers Equity Release Contents Chadwick s IFA Page 4 Equity Release Page 5 Lifetime Mortgages Page 6 Home Reversion Schemes Page 7 Considerations Pages 8&9 Safe Guards
More informationEquity release. A guide for those considering unlocking the value in their home
Equity release A guide for those considering unlocking the value in their home Purpose Equity release is a big decision that will affect the rest of your life. It will mean giving up full control over
More informationEquity Release Guide. www.seniorissues.co.uk
Equity Release Guide www.seniorissues.co.uk For more information or to speak to one of our trained advisers please telephone our Senior Issues Team on 0845 855 4411 The Caesar & Howie Group 7/3/2008 EQUITY
More information2014/15 Key Superannuation Rates and Thresholds
2014/15 Key Superannuation Rates and Thresholds These are the key rates and thresholds that apply in relation to superannuation contributions and benefits, superannuation guarantee and co-contributions.
More informationTRANSITION TO RETIREMENT STRATEGY IN A WIDER CONTEXT
TRANSITION TO RETIREMENT STRATEGY IN A WIDER CONTEXT The use of a transition to retirement pension after preservation age, whilst still working, has gained wide acceptance as a core superannuation strategy.
More informationFinancial planning strategies insurance bonds
Financial planning strategies insurance bonds Produced by IOOF Technical Advice Solutions Adviser use only not for distribution to clients This brochure has been issued by IOOF Investment Management Limited,
More informationInsurance and estate planning. A Financial Planning Technical Guide
Insurance and estate planning A Financial Planning Technical Guide 2 Insurance and estate planning Introduction 4 General insurance 4 Private health insurance 4 Personal insurance 5 Business insurance
More informationA DIFFERENT KIND OF WEALTH MANAGEMENT FIRM. www.jaswealth.com.au. Superannuation 101. Everything you always wanted to know but were too afraid to ask
A DIFFERENT KIND OF WEALTH MANAGEMENT FIRM www.jaswealth.com.au Superannuation 101 Everything you always wanted to know but were too afraid to ask What is Superannuation? Superannuation 101 Contents What
More informationUnderstanding business insurance
Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published
More informationUnderstanding Tax Version 1.0 Preparation Date: 1st July 2013
Understanding Tax Version 1.0 Preparation Date: 1st July 2013 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation
More informationA research study issued by the ASX and Russell Investments. Investing Report FULL REPORT / JUNE 2012
A research study issued by the ASX and Russell Investments Long-Term Investing Report FULL REPORT / JUNE 2012 Helping everybody invest intelligently by offering a deeper insight into investment markets
More informationCAVENDISH EQUITY RELEASE. The Essential Guide. Equity Release TRUSTED & IMPARTIAL ADVICE SINCE 1985
CAVENDISH Equity Release TRUSTED & IMPARTIAL ADVICE SINCE 1985 EQUITY RELEASE The Essential Guide INDEX Welcome to Cavendish Equity Release 3 How can Equity Release be used? 4 Why is specialist advice
More informationUnderstanding Business Insurance
Version 4.0 Preparation Date: 2 November 2009 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to business insurance.
More informationWARNING. Disclaimer - This e-booklet contains general information only
WARNING Disclaimer - This e-booklet contains general information only This information has been prepared as a general guideline, and is not intended to be an exhaustive or a complete analysis of the topics
More information1. Anyone who wants to understand how FOS assesses a consumer's loss.
The FOS Approach The FOS Approach to responsible lending How we work out a consumer's loss Introduction When a consumer (an individual or small business owner) cannot make their loan repayments, they sometimes
More informationBardi Management Group Pty Limited
Bardi Management Group Pty Limited Suite 5, 57 Bells Line of Road (Cnr Grose Vale Road) North Richmond, NSW 2754 PO Box 129 North Richmond, NSW 2754 Telephone (02) 4571 3599 Fax (02) 4571 2548 Index The
More informationEnd of Year Income and Tax Planning Individuals - June 2013
The tips below will assist you in your end of year income and tax planning strategies. These tips are not meant to be exhaustive nor applicable to each and every individual taxpayer. Further you should
More informationApril 2014. Various issues affecting 2013 income tax returns IN THIS ISSUE. Do you still need to do your tax return for 2013?
April 2014 IN THIS ISSUE Do you still need to do your tax return? Various issues affecting 2013 returns Ensure the IT5 and IT6 income tests labels are completed correctly Think about what you might need
More informationRECENT INCOME TAX CHANGES
RECENT INCOME TAX CHANGES Increased Medicare Levy Low Income Thresholds The Medicare Levy low-income thresholds for families and dependent child-student component of the threshold have been changed to
More informationFinancial Planning 101
Hughes Forbes Financial Services AFSL 323719 Financial Planning 101 P R E S E N T E D BY F A B I A N P O S T I G L I O N I M a y 2 0 1 2 Disclaimer 2 This material is not intended to constitute personal
More informationFEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY
Wealth Management Federal Budget 2009 FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY The Government has delivered what it says is one of the most difficult Budgets since the great depression, with many winners
More informationSUMMARY OF RATES AND THRESHOLDS 2015/16
SUMMARY OF RATES AND THRESHOLDS 2015/16 CONTENTS Superannuation rates and thresholds Concessional contributions Non-concessional contributions Capital Gains Tax (CGT) cap amount Untaxed plan cap amount
More informationReliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super
Taxation Supplement 14 March 2014 Contents Tax on contributions 2 Tax on rollovers 3 Tax on investment earnings 3 Tax on super benefits 3 Spouse tax offset 7 Tax deductions for the self-employed 7 Low
More informationActuaries Institute Submission
29 May 2015 Tax White Paper Task Force The Treasury Langton Crescent PARKES ACT 2600 Email: bettertax@treasury.gov.au Dear Sir/Madam Actuaries Institute Submission The Actuaries Institute welcomes the
More information