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Superannuation & Retirement

2019 Federal Budget

by Mark Causer

Last night, Treasurer Josh Frydenberg delivered his first budget, announcing that the "budget is back in the black and Australia is back on track" and "for the first time in 12 years, our nation is again paying its own way".

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April 3, 2019

2018 Federal Budget Analysis

by Mark Causer and Brendan Gallagher

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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May 9, 2018

2017 Federal Budget

by Mark Causer & Brendan Gallagher

The Treasurer, Scott Morrison, has now delivered the 2017 Federal Budget.

As with every Budget, from an individual’s perspective, there are perceived winners and losers.

This year, home ownership affordability and related activities to further liquidate the Australian property market takes a lot of the limelight.

Importantly however, these Budget proposals are exactly that, proposals. It is important to remember this, but equally relevant to consider the strategy(ies) that you may now be able to apply to suit your individual circumstances.

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May 10, 2017

In a recent press release the Treasurer, Scott Morrison, released a number of changes to the Government’s three key federal budget proposals.

For some, perhaps the most significant changes to the earlier proposals were that the Government will now NOT be proceeding with the proposed $500,000 lifetime non-concessional contribution (NCC) limit.

Instead they have proposed reducing the existing Non-Concessional Contribution (NCC) limits from 1 July 2017. 

If legislated, this proposal will impact many accumulators and very early pre-retirees.

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September 21, 2016

Federal Treasurer Scott Morrison put forward a number of proposed changes, mainly around contributions to superannuation and taxation, in his budget speech
last night.

Here’s a brief roundup of what the proposals could mean for you. 

Remember, proposals are not set in stone and could change as legislation passes through parliament.

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May 4, 2016

Another July  and another new financial year. Most do not make new Financial Year resolutions like we do at midnight on 31 December, but taking the time to review your options for the next financial year may well be a resolution that pays off in the long run.

In the weeks and months leading to the 30 June, Financial Keys has provided various updates and notifications on the topics of Tax, Superannuation and legislative change. For many of us, there is a lot going on at work, and at home, and we can only hope we have looked after our own finances/affairs as well as our own clients, whatever your vocation.

As some of the dust settles on the May Federal Budget and, for some, July can be a slower month; we thought it would be a good idea to provide a review. Below, we look at a range of areas for you to consider early on in the financial year with regard to your financial affairs. The aforementioned changes are in place, so what now can you do to place yourself in a better financial position?

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July 14, 2014

In July 2013 we reported to you changes to superannuation and in particular, changes to superannuation contribution caps.

The Australian Taxation Office has recently released the latest Superannuation Thresholds which will now apply for the 2014/15 financial year, i.e. starting from 1 July 2014.

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March 10, 2014

Self-Managed Super Funds (“SMSFs”) investing into direct property is nothing new. Although there have been changes to the ways in which SMSFs can use leveraging to now purchase direct property associated with an SMSF, property as an investment inside a superannuation fund has been a popular choice.

The question is, is this a wise investment for an SMSF?  Furthermore, if you are considering leverage, is the SMSF structure the best option or is the SMSF’s preserved capital merely being used to avail the Australian dream of property ownership?    

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December 24, 2013

No one sets out to be made redundant. However, the fact of working life today is that many will face this prospect over their working career. For many there is also the loss of employee benefits such as employer funded insurances and employee share schemes – sometimes these aspects are forgotten in the planning process!

A redundancy payment can provide a financial windfall for some, BUT it can also create complex tax situations for many. It is important that you consider all aspects of a redundancy to enable you to navigate a course which is suited to your situation, BEFORE making any final decisions which cannot be undone.

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August 24, 2013

The events of the last week of the 2013 financial year will no doubt find their way into Australian political history. The Prime Minister elect, returned as Australian Prime Minister this week, executing a stunning party room coup almost three years to the day after being ousted by his former deputy AND less than three months from a general election.

While these events captured the mainstream press, in the background two significant Budget proposals (May 2013) have now been passed and received Royal Assent on 28 June 2013. This change of law requires individuals to review their financial position to take advantage of, or to protect themselves against, the changes.

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July 1, 2013

End of Year Tax Strategies

by Financial Keys

Ensure you review your circumstances prior to the end of the financial year and take advantage of a number of opportunities and tax-effective strategies.

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May 31, 2013

Reforms to Australia’s super system have been announced that will be considered by Parliament after the Federal election in September 2013.

If legislated, the proposals will impact many super fund members before and after retiring. Below is an overview of the key proposals and how they could affect you.

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April 18, 2013

Superannuation Update

by Mark Causer

Super Guarantee Changes

On 2 May 2010, Federal Treasurer Wayne Swan announced an increase in the Superannuation Guarantee (SG) rate from 9.0% to 12.0%. Last year, this became law and will be effective from 1 July 2013.

This measure will significantly increase future retirement incomes for Australian workers through the gradual increase in the superannuation guarantee (SG) rate to 12.0%.

The SG rate will be increased gradually with initial increments of 0.25% on 1 July 2013 and on 1 July 2014. Further increments of 0.5% will apply annually up to 2019-20, when the SG rate will be set at 12.0%.

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March 27, 2013

Aged care begins at home

by Financial Keys

Major changes to aged care are underway and should be in full swing by mid 2014, with the focus on care in the home.

The Federal Government’s Living Longer Living Better reform package is aimed at encouraging older Australians to receive help in the home. Almost $1 billion will be spent over the next five years to increase the number of in-home care places by 40,000 to almost 100,000.1 The reforms are good news for retirees who require care but would prefer to continue living at home. In many cases finding the money to pay the bond for an aged care facility can be a complex task, sometimes involving the sale of the family home.

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February 27, 2013

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