Category: General

What is an agreement to make Mutual Wills?

An Agreement to Make Mutual Wills is an agreement between 2 parties (usually a husband and wife, but can be a same sex couple or a de facto couple) to make Wills in an agreed form. Usually, they provide that the parties may not act such that those Wills don’t get given effect to,...

The power of financial role models

Role models are important in many stages of life. Be it school years, on the sporting field or in your career, having a positive role model, someone to compare yourself to and measure your progress against, can be a powerful and positive influence. But what about your financial position? Do...

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...

Granny flat rights

A “granny flat right” or a “granny flat interest” is where you pay for the right to live in a specific home for life. It must be a private residence and your principal home. You can have a granny flat interest in any kind of dwelling, not just those typically...

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....

Budgeting 101 – working out your income and expenditure

Working out a realistic budget is a great way to take control of your finances. Although it may seem like a chore, it’s the crux of sound – and sustainable – financial management. In this article we look at how to ‘do the numbers. A budget shows you how much...

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)...

Your super and tax: what’s new in 2018?

Super and tax rules are always changing – providing fresh opportunities to help maximise your retirement savings. Here are two new ways you may be able to help boost your super, as well as your tax return. Good news for employees Before 1 July 2017, you could only claim a...

McKillop FP newsletter – February 2018

McKillop Financial Planning‘s February 2018 newsletter – CLICK HERE Articles on: ThreeSixty Research Market Update – February 2018 How to add thousands to your super in just 10 minutes Superannuation and moving overseas Do you have a Shareholders Agreement?...

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...

McKillop FP newsletter – January 2018

McKillop Financial Planning’s January 2018 newsletter – CLICK HERE  Articles on: Setting up for retirement success ThreeSixty Research Market Update: January 2018 Your rights when it comes to direct debits Technology: an adversary in the fight for 2% inflation  ...

If only I had a second chance

No matter our age, most of us would probably look back on some aspects of our lives and say to ourselves: “If only I could do that again; if only I had a second chance“. This, of course, tends to occur quite frequently in regards to our investing and saving....

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”...

Salary sacrifice super contributions

As the year draws to a close, it’s worth checking whether you are making the most of your ability to make regular salary-sacrificed super contributions. If your salary-sacrificing contributions are lagging, think about stepping up your contributions for the remaining nine months of the financial year. Your ability to step...

Technology: An adversary in the fight for 2% inflation

It’s been a generation since inflation last ravaged Australia, with costs for ordinary consumer goods rising on a seemingly daily basis. Indeed, in the wake of the global financial crisis, inflation in many countries has been lower than policymakers would like. Low inflation, it turns out, can be a problem...

McKillop FP newsletter – September 2017

McKillop Financial Planning‘s September newsletter CLICK HERE  Articles on: superannuation for young people, global shares as part of your investment portfolio, the $1 million #retirement myth and an MLC August economic update  ...

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...

Do you have an estate plan?

Do you even have an estate plan? Don’t know what one is? There are at least 3 documents you should consider as part of your personal estate planning: A will; A power of attorney; and Appointing an enduring guardian. A WILL A Will is a legal document that details who will take care of...

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...

Do you have customers that owe you money?

WHAT OPTIONS ARE THERE TO CHASE DEBTS? Where a customer has not complied with the terms on which goods or services have been provided, in that they have failed to make payment as and when required and despite repeated requests, it can often be of assistance for a demand letter...

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...

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...

Death Benefit Nominations for your super

Did you know that on your death, your superannuation balance will not dealt with in accordance with your wishes unless you have a valid beneficiary death benefit nomination in place. That’s right, your Will probably doesn’t have any effect as regards your super. The trustees of most super funds have...

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....

May 2017 Reserve Bank Decision – rates on hold (again)

At today’s Monetary Policy Meeting of the Reserve Bank Board, the RBA decided to leave the cash rate steady at 1.5%. The cash rate target has been at an historic low of 1.5% since 3 August 2016. Read the Governor’s statement here and the Board’s minutes here (minutes available from 16 May...

What is Critical Illness Insurance?

Critical illness insurance can pay you an agreed lump sum on the diagnosis of a specified serious illness (such as cancer, multiple sclerosis, Parkinson’s disease, heart attack, loss of sight and many other conditions). The benefit is paid by the insurer on diagnosis of the defined ailment and even if...

TPD – what does it mean?

TPD stands for Total and Permanent Disability insurance. TPD insurance can provide you with a lump sum of money should a disability resulting from injury or sickness prevent you from being able to work again. Regardless of whether the disability is caused by sickness or accident, provided the disablement is...

Have you just been served?

COURT PAPERS JUST DELIVERED TO YOUR OFFICE? If you have received a Statement of Claim, Summons, Originating Process or Writ, be aware that you must act very quickly. Replying to the person, entity or firm that issued the Court/Tribunal papers is not enough. Formal steps to file an Appearance, Defence, Notice...

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...

Why you need Income Protection Insurance

INCOME PROTECTION INSURANCE – WHAT IS IT? Income protection insurance (also known as salary continuance insurance) ensures that you receive regular income if you are unable to work because of an illness or an injury. It is a contract between you and an insurer, pursuant to which the insurer promises to...

Avoiding dramas at the office Christmas party

Now is the time of year for many businesses to have their annual Christmas parties. Before dusting off your Santa hat, consider your responsibilities in protecting your staff and your business. Businesses should be aware of the risks that can arise when holding an office party, whether at Christmas or...