Do you have a SMSF? Have you lodged your 2019 SMSF Annual Return? Have you applied for an extension of time? If you have a SMSF and you have neither lodged your 2019 SMSF Annual Return nor successfully applied for an extension of time then your SMSF ATO status may be changed from ‘Registered’ to […]
Do you have parents or grandparents over the age of 65? If so, you need to be aware that over 10% of this category are subject to ‘elder financial abuse’. Elder financial abuse is the improper use of money or assets of an elder person. Commonly it includes such behaviours as using their finances without […]
Many of us have difficulty understanding how we can be financially responsible for a debt or liability through no fault of our own. A common example is where we act as guarantor for someone for, say, a car loan (for example, your son), and your son cannot make the repayments. If the car is repossessed, […]
From my experience as a tax accountant, financial planner and a parent, I have had the opportunity to review many clients’ personal financial balance sheets, tax returns and personal net wealth. Below are five financial planning tips that I believe that we should be teaching our children. But before I delve onto those five tips […]
Do you earn income from overseas investments? The Australian Taxation Office is targeting Australian taxpayers who are not declaring their earnings from overseas investments. Generally speaking, an Australian resident taxpayer is taxed on his or her worldwide income, regardless whether that same income is taxed overseas. Typically foreign income includes income earned on overseas investments, […]
Do you have a Self Managed Superannuation Fund? Are you one of the 17,700 trustees who have received a letter from the ATO questioning the asset diversification of your fund? The ATO has sent a letter to 17,700 trustees of Self-Managed Superannuation Funds (SMSF) questioning whether the assets within the Superannuation fund are too concentrated […]
The Australian Bureau of Statistics (ABS) released the results of their 2017/2018 Income and Housing Survey. This survey measures household wealth by adding up all the assets owned by the household and subtracting all debts. In summary the key finding were: the average household wealth is $1.02 million the average household wealth has increased by […]
Your financial well-being and plans for the future can be impacted by various economic events, so below is a video to assist you to stay up to date with the latest indicators. Australia’s All Ordinaries Index and ASX200 finally broke through their 2007 record highs set before the GFC. While there is speculation on the […]
We all know how to spend but do we know how to save? The following quick quiz will help you determine whether you are comfortable with the success of your saving and investment habits. Do you remember the first full-time salary you earned? If so write it down. Do you know the highest salary you […]
Based on an ABC report, almost 50% of Australian adults have unmet financial advice needs. More Australians need financial planning assistance but they are unsure how to select a prudent financial planner, particularly after the finding of the recent Bank Royal Commission. A good financial planner should be able to help you achieve your financial […]