The idea of entrusting anyone, let alone financial planner, help you with your finances can certainly get the nerves racing. We’ve all heard the horror stories (yes, even us) about people who have lost their life savings due to dodgy advisors or bad advice.
The Australian Tax Office (ATO) confirmed this month that the superannuation thresholds for 2024 will increase. These adjustments equate to nearly a 10% rise in the allowable super contributions. The raised thresholds also benefit low-income earners by increasing the earnings limit for qualifying for the $500 co-contribution payment.
In 2007, The Government amended legislation to allow Self-Managed Super Funds (SMSFs) to borrow for property investment, with the caveat they met certain compliance regulations. Prior to this SMSFs were not allowed to borrow money due to the sole purpose test, a requirement set out by the ATO to ensure all activities of super funds are for the sole purpose of providing retirement benefits.
Having a loved one go into aged care, or needing to go into aged care yourself, is an emotional time for everyone involved. One of the last things you want to be thinking about is how much it is going to cost. While the government provides support through various programs and subsidies, understanding how to navigate the costs associated with aged care can be daunting and often confusing.
Succession planning should be a core part of your business strategy. It’s a fundamental aspect of ensuring the long-term sustainability and growth of any business. Unfortunately for many business owners, they fail to consider it until it’s too late. Understanding the timeline for succession planning is crucial for all business owners.
At one stage or another, you will see some value in having financial flexibility through a ‘pay later’ service (Such as Afterpay, PayPal Pay in 4 etc.).
The decision of transitioning a family member to a residential aged care facility is undoubtedly one of life’s most significant milestones, marked by a mix of emotions and practical considerations. Amidst the emotional weight of this transition, addressing the financial aspects may seem overwhelming
As a business owner, you’ve worked hard to grow your business and wealth—understandably this is something you want to not only hold on to, but continue to grow in the future. However, there is one essential area that is easy to overlook and becomes many business owners final downfall: asset protection.
For many retirees and people approaching retirement, their home makes up a significant portion of their wealth. Many people are under the assumption that the only way to access the equity in their home is to sell and downsize. However, there is another option. A reverse mortgage is a tool homeowners aged 60 and older can utilise to convert a portion of their home equity into cash.
For many retirees and people approaching retirement, their home makes up a significant portion of their wealth. Many people are under the assumption that the only way to access the equity in their home is to sell and downsize. However, there is another option. A reverse mortgage is a tool homeowners aged 60 and older can utilise to convert a portion of their home equity into cash.