Scott Morrison has now handed down his third budget. This year, the headline is $140 billion in tax cuts over the next decade, with some more immediate tax relief of up to $1,060 a year for middle-income households and the proposed fundamental reform of the tax system.

As we remind our clients every year, these Budget proposals are exactly that – proposals. They have NO effect until passed into law. Once passed into law, we can examine the impact to you and advise relevant strategy into the future.

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Research shows that an alarming number of Australians don’t have personal insurance cover; and those that do simply don’t have enough. There is a lack of education in this area and often a false sense of security as individuals ‘think’ they are protected by certain means (e.g. private health cover, insurance in super etc.) but in reality, there is a significant gap between the protection they have and the protection they need. Often the realisation of this gap occurs when it’s too late, causing havoc to the individual and their family.

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There are a number of phases in life, and for many your thirties and forties is a period categorised by increased personal and financial responsibility, it’s when LIFE happens.

If you are in this age group (let’s call people in this group the ‘accumulators’), you may find yourself flat out with work and family commitments.  It is during this time that you’re likely to have your largest amount of debt and therefore be at your most vulnerable. In a family situation there is often one bread winner, and the family are heavily reliant on that one income, but also on the unpaid work of the stay at home parent.

With the constant barrage of mortgage repayments, childcare fees, school fees, car insurance, holiday costs, the cost of day to day essentials, who has the time, money or attention to devote to anything else?

Sound familiar?

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