RBA Announcement - December 2024
At its latest meeting, the Reserve Bank Board announced it was leaving the cash rate at 4.35 per cent.
The Value of Advice
The Russell Investments’ seventh annual Value of an Adviser Report revealed that Australian financial advisers added approximately 5.7 per cent in value to their clients over the past year.
Transition into Retirement
Research shows that Australians are increasingly working to older ages, which makes a transition to retirement (TTR) strategy a key planning tool if you have reached age 60.
Insuring against loss of income
Protecting income from unexpected illness and injury is particularly important to anyone with a mortgage to service, small business owners and self-employed people with no sick leave available.
Work Test Rules
When making super contributions when over 67 years old, to make the contributions deductible, you will need to satisfy the “Work Test”.
Next move for Interest Rates?
An interest rate cut is widely expected in September in the US but in Australia, many commentators predict a rate rise before cuts.
2024/25 Financial Year Tax Cuts
The Australian Government has made changes to individual income tax rates and thresholds. This will apply to all taxable income you earn from 1 July 2024.
A $4.2 billion budget surplus announced
Treasurer Jim Chalmers presented a Federal Budget with a surplus, but more importantly an economic strategy to help ease cost-of-living pressures.
Developing a Retirement Budget Plan
At FLP, we encourage our clients to live the life they want to live by developing a plan to enjoy their money.
6 year Primary Residence Rule
The 6 year Primary Residence rule allows you to turn your primary place of residence into an investment property for up to six years without having Capital Gains Tax (CGT) implications.
Superannuation Contribution Limits Increase
The concessional and non-concessional contribution caps are set to increase from 1 July 2024. These changes present an opportunity to further enhance your retirement position.
The 50/30/20 Budget
To achieve your financial goals in 2024, we need to know where our money is going. This is why having a budget is so important.
Why time in the market matters
While some argue that volatility could remain muted, others suggest it could increase again in 2024, citing an overheated market and credit market strains.
Sowing the seeds for a happy retirement sooner
The thought of retirement is an enticing one for many of us. Imagine throwing off the shackles of the workforce and being able to do whatever you want, whenever you want.
The Australian Dollar post-pandemic
It has been a wild ride for the Australian dollar since the Covid-19 pandemic struck and that could mean good news or bad news for your investment portfolio.
$109 Trillion Global Stock Market
Global equity markets have nearly tripled in size since 2003, climbing to $109 trillion in total market capitalisation.
Are tax returns still required when retired?
While income stream payments from super for those over age 60 are paid to you tax free, investment income and taxable Centrelink payments are still assessed.
Superannuaton Guarantee (SG) rate increase
The Superannuation Guarantee (SG) rate has increased from 10.5% to 11% as of 1st July 2023.
Three simple steps for financial wellness
If money’s too tight to mention, here’s some small steps that can make a big difference in achieving your financial goals.
Retirement planning: it's not all about the money
Retirement is often a massive life change for the majority of people who experience it. Most of us will have mixed emotions around the end of our working life and the beginning of our 'second half'.
Power Saving Bonus program
With cost of living pressures increasing, the Victorian government recently announced a new round of the Power Saving Bonus program for Victorian households.
How to thrive in a part-time role without being overworked
Many sole traders go into business for themselves in order to gain more flexibility and the chance to work less days per week than the regular nine-to-five. But how do you make sure you actually achieve that much-needed time off? Business coach and author, Belinda Morgan, shares her best advice for maintaining your part-time hours.
Money saving tips for travel
Travelling cheaply needn’t mean you miss out. Find out the best ways to save big on your overseas holiday plans, and make the most of every dollar.
2022 Year in Review
The year began on an optimistic note, as we finally began to emerge from Covid restrictions. Then Russia threw a curve ball that reverberated around the world and suddenly people who had never given a thought to the Reserve Bank were waiting with bated breath for its monthly interest rate announcements.
The challenges of market timing
When markets fall, it's natural to want to take action to prevent further losses. Doing so however can do more harm than good. Here's why timing the market to buy low and sell high is not as easy as it sounds.
How much Super do I need to retire?
Working out how much you need to save for retirement is a question that keeps many pre-retirees awake at night. Recent market volatility and fluctuating superannuation balances have only added to the uncertainty.
World Population
By the end of 2022, the eight billionth human being will enter the world, ushering in a new milestone for humanity.
Six ways to pay off your mortgage faster
Paying off your mortgage early will save you money and take a financial load off your shoulders. Here are some ways to get rid of your mortgage debt faster.
Five investing tips for beginners
Here are five investing tips for those who are just beginning their investment journey.
The $100 Trillion Global Economy
Despite the current economic challenges, the global economy has now surpassed $100 trillion in global economic output.
Time in the Market
With a high level of market volatility currently experienced, it is worth remembering “it’s about time in the market, not timing the market”.
Super Guarantee Increase to 10.5% on 1 July 2022
The Superannuation Guarantee (SG) rate is set to increase from 10% to 10.5% from 1st July 2022.
Changes to the Work Test
The Government announced recently that superannuation rules will no longer require an individual age 67 to 74 to meet the Work Test to be able to contribute to super.
How discipline has paid off for share market investors
Investors worldwide have been rattled by the heightened volatility on share markets over recent weeks.
Sea Change or Tree Change?
Australians are leaving capital cities in droves in a phenomenon being referred to as ‘The Great Relocation’. However, there’s a lot to consider beyond the obvious appeal of waking up to the laughter of kookaburras or enjoying a long walk on the beach.
Kicking financial goals in 2022
After a difficult year of COVID disruptions and uncertainty in 2021, it’s a chance to now refresh and reflect on the year that was and hopefully set some goals for year ahead.
The gift of giving this Christmas
Christmas is a time when we come together to celebrate with our family and friends. And, for those who haven’t been able to see friends and family due to border closures, it will be an even more joyous occasion this year.
Working from home benefits
Recent lockdowns have caused businesses to re-assess how staff conduct their work. Research shows working from home “WFH” brings two-fold benefits.
Changes to Income Protection
Since October 1, there have significant changes made to Income Protection for new policy holders.
Investing lessons from the pandemic
When the COVID-19 pandemic hit financial markets in March 2020, it was a timely reminder of some valuable investment principals.
Go for gold to achieve your goals
The recent Olympic Games was a good reminder to inspire yourself to achieve your own remarkable performances through hard work and determination.
Increase in the Super Guarantee
If you are an employee, the amount your employer contributes to your super fund has just increased to 10 per cent of your pre-tax ordinary time earnings from 1 July, up from 9.5 per cent.
Tax Time Preparation
As the end of the financial year approaches, now is a good time to check some new and not so new ways to reduce tax and boost your savings.
Super Contribution limits to increase
From 1 July 2021, the concessional contribution cap is set to increase from $25,000 p.a. to $27,500 p.a. allowing more funds to be added into your retirement savings.
Changing Travel Destinations
Many Aussies are born with the travel itch, and while the COVID-19 pandemic has put an end to far-reaching destinations for now, it does not your travel adventures have to stop.
Planning for Retirement
Planning your dream retirement can be an exciting time. The chance to travel, time or pursue new hobbies, the possibilities are endless, but what will it cost?
Setting New Year financial goals
New Year is traditionally the season of fresh starts and personal resolutions. Along with diet and exercise, getting ahead financially is often what many aim to do.
Have you lost the art of starting a conversation?
When was the last time you had a lengthy chat to a friend over the phone or, rarer still, a decent face-to-face catch up?
Is food delievery eating into your budget?
The Australian food delivery industry is booming, with the ABS reporting an 18% increase in take-away spending over just three years.
Knowing your Credit Score
Most Australians are only vaguely aware – or completely unaware – of the fact that credit-reporting agencies monitor their financial transactions.
JobKeeper Changes
The new rules to JobKeeper mean that from 28 September, businesses need to show their turnover has fallen by 30 per cent in the September 2020 quarter, compared to the same period last year.
Work test to kick in at age 67
Under changes to the work test, if you are aged 65 or 66 you can now put money into super even if you aren’t working. This gives people flexibility to make voluntary catch-up contributions to your retirement savings.
Instant asset write-off extended
To further support Australian businesses through the fallout resulting from COVID-19, the government has extended the $150,000 instant asset write-off for an additional six months to 31 December 2020.
The Homebuilder program
The Government has announced the new HomeBuilder program to support jobs and boost demand in the residential construction sector at a time when needed.
Health benefits of drinking tea
Tea, especially green tea, is often said to be good for your health. Tea contains substances linked to a lower risk for heart disease, cancer, and diabetes.
Temporary Access to Super
As part of the measures taken by the government to support those impacted by COVID-19 some people will be able to access up to $10,000 of their super funds.
JobSeeker or JobKeeper?
In a rapidly evolving response to the spread of COVID-19, the Federal Government announced in March a new suite of welfare packages to help Australians who've found themselves out of work. Among them are the JobSeeker and JobKeeper payments. Here’s a rundown of how they work:
The benefits of gardening
Whether you’re growing fruit and veggies, flowers or succulents, getting your green thumb on can have a surprising number of health benefits.
The average cost of Christmas
With the cost of Christmas festivities rising from year to year, it can be a jolly expensive time of year.
What is a standard house size?
Despite the average Australian house size at an all time low of 18sqm, Australians are still building big free-standing houses.
How much is the average mortgage?
An average home loan is close to $400,000, which may sound impressive in some parts of the country.
How much should I expect to get back on my taxes?
The ATO refunds billions of dollars each year, so how much should I expect to get back?
When do we become a cashless society?
With tap and go payments how much longer will we be still using cash as a form of payment?
New super changes
From 1 July 2019, inactive super accounts with no contributions or rollovers received over 16 months will lose their insurances benefits.
5 EOY Tax Strategies
With tax time just around the corner, we thought we will briefly outline some useful tax effective end of financial year strategies.
Staying fit and healthy this winter
As we head into the coldest months of the year, it’s important to know how to stay fighting fit this winter.
Research reveals most Australians don't have a Will
MORE than half of Australian adults don’t have a will, even though it could mean their families are left out in the cold in the event of their death.
Does money buy happiness?
How important is money to your overall wellbeing? And what role does money play in achieving happiness; can money actually buy you happiness?
Work-Life Balance
Do you live to work, or work to live? Work is a necessary evil, but if you can get the right balance between work and your life, the journey can be more rewarding for you.
Achieving New Year Resolutions!
Happy New Year ! For many of us a new year is a fresh start and an opportunity to try something new or to recommit to those tasks you put on hold.
5 Savvy Money Tips For Christmas
With Christmas around the corner, we have 5 money tips to share with you in preparation for Christmas.
The cost of raising kids
It’s only natural to want the best for the children in your life, but wanting “the best” for our children can often mean serious implications for the household budget.
The benefits of owning a pet
A research study by Beyondblue outlined some of the benefits of owning a pet for your emotional and psychological wellbeing.
Australia's growing population
The Australian population has edged past 25 million. What could this mean for the future financial wellbeing of everyday Australians?
Living comfortably in retirement
At FLP, we encourage our clients to live the life they want to live by developing a plan to enjoy their money.
New changes to Childcare
The New Childcare subsidy took affect from 2 July 2018, replacing the two previous payments - Child Care Rebate and Child Care Benefit.
New downsizing strategy
Downsizing the family home is often part of the longer-term financial plans for many. New legislation now allows for a new super strategy.
3 Reasons to meditate at work
More and more corporate leaders and employees are finding a few moments to meditate during their work day. Find out why...
10 tips to teach kids before 10
In a recent Radio Eastern Show, we outlined the 10 Money Tips to teach your kids before they turn 10.
Saving tips for first home buyers
Buying a house is exciting and life-changing; saving the deposit is a little less fun. But the more money you put down upfront, the less...
5 Free Fitness apps to help get through this winter
Mid-year is a reflective time of the year, you might be assessing whether you have achieved...
