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#EveryoneNeedsaPlan: Financial Hardship Options
Posted by Dean McKinnon
on 20 June 2024
Recent research conducted by ASIC estimates more than 5 million Australians struggled to make loan repayments in the last 12 months, but many don’t ask for help.
Asking for help with financial hardship is the first step
ASIC MoneySmart has some tips for how to ask for help if you're experiencing financial difficulty
Step one is to contact your lender and let them know that you’re experiencing financial hardship
Your lender must consider your request for assist...
| Posted in:Mortgages and Finance | 0 Comments |
#EveryoneNeedsaPlan: Increased Cost for Comfortable Retirement
Posted by Dean McKinnon
on 14 June 2024
A “comfortable retirement” has a different meaning depending on your lifestyle but as a guide the Association of Superannuation Funds of Australia (“ASFA”) provides some benchmarks which may be helpful.
Each Financial Year Quarter ASFA produce a report including expenses likely to be incurred in retirement
The March 2024 Quarter costs for a “comfortable retirement” increased 0.70% to $72,663 for couples and $51,630 for singles
The ASFA website has some...
| Posted in:RetirementFinancial Planning | 0 Comments |
#EveryoneNeedsaPlan: ATO Tax Time Toolkit for Investors
Posted by Dean McKinnon
on 24 May 2024
If you are an investor, it is advisable to prepare well in advance for the completion and lodgement of your Tax Return.
The ATO has sophisticated data-matching capabilities with a broad scope
Data relating to investment properties, shares, crypto assets, etc., are now available to the ATO
The ATO will likely know if you have received income or made gains on the sale of an investment asset
The ATO will “pre-fill” the Tax Return and automatically include details they have...
| Posted in:Tax | 0 Comments |
#EveryoneNeedsaPlan: ATO 3 Key Areas of Focus for 2024 FY Tax Returns
Posted by Dean McKinnon
on 17 May 2024
Generally, each year the ATO provide a list of the key areas they will be focusing on when assessing income and expenses included in an individual's Tax Return.
Claimed Work Expenses - the ATO will be looking at:
If the claimed expenses were incurred by the taxpayer or reimbursed by the employer
If the expense is directly related to the earning of the taxpayers income
If a receipt for the expense is available
Rental Property Expenses - specifically, if the expense cl...
| Posted in:Tax | 0 Comments |
#EveryoneNeedsaPlan: Employer SG Contributions Increased to 11.5% from 1 July 2024
Posted by Dean McKinnon
on 10 May 2024
The employer superannuation contribution rate increases from 1 July 2024 to 11.50%
The 2024 FY rate was 11.00%
The contribution rate is calculated on an employee's Ordinary Time Earnings (basically all earned income and allowances but not Overtime)
The contribution is payable on income up to the Maximum Super Contribution Base - ~$249,000 annually in the 2024 FY
If you need assistance with your employer super contribution (employee or employer) contact us - your initial c...
| Posted in:Superannuation | 0 Comments |
