McKillop FP Blog

Investment decision-making: avoid shortcuts

How do you go about choosing a restaurant, a new car or, or even a dishwasher? Chances are you begin by looking online at consumer ratings and asking friends for their opinions. Understandably, we look for shortcuts when making decisions and a common shortcut is to assume that past performance...

Director duties

There are numerous and important legal responsibilities imposed on directors of companies under the Corporations Act 2001 and other laws, including the general law. Of these director duties, some of the most significant are contained in Chapter 2D of the Corporations Act: to exercise the degree of care and diligence that a reasonable person might be...

2017-2018 financial year in review

A good year for investors despite rising trade tensions The year to 30 June 2018 was generally a good one for investors. Global economic conditions strengthened as the year unfolded. This underpinned corporate earnings, especially in the US where the economy was resilient and substantial corporate tax cuts became law....

June 2018 Economic Update

Which key events have been driving markets? Watch this video of Senior Economist Bob Cunneen in discussion with Portfolio Specialist, Sinead Rafferty. Market update Inflation continues to creep higher and is close to or at 2% in major developed markets, although core measures of inflation remain below target. Despite slower-than-expected...

Downsizer contributions to superannuation

From 1 July 2018, the Australian Government will allow “downsizer contributions” into superannuation as part of a package of reforms aimed at reducing pressure on housing affordability in Australia. This measure applies where the exchange of contracts for the sale of your home (which is your principal place of residence)...

Women get frank about finance

More than half of Australian women feel in control of their finances, but many are concerned about their savings and are missing out on valuable opportunities to boost their superannuation, according to new research released by MLC. The all-female study revealed just 57% of women across the country feel in...

February Economic Update

DISCLAIMER Content contained in this document is general information only and is not advice, financial planning, legal or otherwise. This document was sourced from MLC Limited by Integrated Planning Systems Pty Limited ABN 21 051 429 184 trading as McKillop Financial Planning, an Authorised Representative of GWM Adviser Services Limited...

McKillopFP newsletter – December 2017

McKillop Financial Planning’s December 2017 newsletter – CLICK HERE. Articles on: – If only I had a second chance – How to develop a “dynamic” approach to retirement spending – How to make better investment decisions – The power of extra salary sacrificed contributions to superannuation – With our heads firmly in the “The Cloud”...

Payment surcharge changes

If your business charges customers a surcharge on transactions, be aware that from 1 September 2017, all businesses that impose payment surcharges on card transactions need to comply with the the Competition and Consumer Amendment (Payment Surcharges) Act 2016 which bans ‘excessive’ payment surcharges. The new laws cover surcharges on typical card payment...

Claiming tax deductions for super contributions

Do you make personal superannuation contributions and want to claim them as a tax deduction? Following the close of the 2017 financial year, it is important to ensure that if you wish to claim a tax deduction for personal superannuation contributions made in the 2017 financial year, you lodge a Notice...

ASIC holds $1.1 billion in unclaimed super money

‘Unclaimed money’ is money from dormant bank accounts, unclaimed life insurance policy payouts and money from shares and other investments that people have not been collected from companies. Unclaimed money is transferred to the Commonwealth after it’s been unclaimed usually for 7 years. People may find they have unclaimed money...

Make the most of this financial year’s super caps

Building your retirement nest egg? Make your contributions before the end of the financial year and you could potentially save more. Changes to super laws mean that from 1 July 2017, the amount of money you can contribute to your super is being reduced. So it makes sense to take...

Tax deductions for super contributions

Do you make personal superannuation contributions and want to claim them as a tax deduction? As we draw to the close of the 2017 financial year, it is important to ensure that if you wish to claim a tax deduction for personal superannuation contributions made in the 2016 financial year, you do...

Buy/Sell Deeds explained

WHY HAVE A BUY/SELL DEED? A Buy/Sell Deed is an agreement between the owners of a company or unit trust that upon the death or permanent disablement of a director or key person associated with a shareholder/unitholder, that shareholder/unitholder must transfer its shares to the remaining shareholders in exchange for...

May 2017 Economic & Market Update

May 2017 Economic & Market Update In this update, Bob Cunneen, MLC Senior Economist talks to Jason Hazell, MLC Head of Investment Communications, about key events driving markets during April 2017. They discuss: Australian shares delivering a solid monthly performance US and European share markets making strong gains in April...

2017 Federal Budget Summary

Click here to view our budget summary as at 9 May 2017 Key measures from last night’s budget include: Individuals aged 65 or older will be able to make non-concessional (after-tax) super contributions of up to $300,000 from 1 July 2018, using proceeds from the sale of the family home....

Justice of the Peace

A Justice of the Peace (JP) can perform certain functions like witnessing Statutory Declarations or Affidavits and certifying copies of documents. The NSW Department of Attorney General & Justice has updated the Justice of the Peace Handbook for JPs in NSW. The handbook contains guidance for JPs, tips to avoid common...

Starting a new business

Before starting a new business, the first thing that you need to consider is the structure of the entity to operate the business. There are numerous options to choose from, such as: sole trader; partnership; company; and unit trust. This is when it can pay to get good accounting/taxation, financial planning and...

Wills with testamentary trusts – why you need one

WHAT IS A TESTAMENTARY TRUST? A Testamentary Trust is simply a trust established by a person’s Will.  As opposed to more “simple” Wills, where beneficiaries receive the benefit of any gift personally, with a Testamentary Trust, the beneficiaries receive the benefit of the gift but rather than having it legally owned by them...

Proposed reforms to superannuation

Proposed reforms to superannuation Here is a useful infographic summarizing the key proposals for super reform – changes to before-tax contribution caps, changes to concessional contributions tax and concessional contribution caps and pension limits… Note that the proposals are not law yet and they vary from those proposed in the...

One of the most important but often overlooked insurances for business

ONE OF THE MOST IMPORTANT BUT OFTEN OVERLOOKED INSURANCES FOR BUSINESS Running a successful business comes down to good planning. Questions often posed by business owners include… “Is my business profitable?”, “Do I have enough business in the pipeline?” and “Are debtors under control?” When things are sailing along smoothly,...

Pre-retirees are topping up their superannuation

PRE-RETIREES ARE TOPPING UP THEIR SUPERANNUATION Almost one-third of Australians topped up their super in the last 12 months, contributing additional funds over and above employer contributions, according to MLC’s Australia Today report (August 2016). It’s a positive sign that Australians are taking proactive steps to plan for a comfortable retirement lifestyle,...