Category: Tax planning

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...

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...

Tax deductions for personal super contributions

Do you make personal superannuation contributions and wish to claim them as a tax deduction? If you wish to claim a tax deduction for personal superannuation contributions made in the 2017 financial year, you need to lodge a Notice of Intent to Claim Tax Deduction form with the relevant superannuation fund/s prior...

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...

Smart super strategies for this EOFY

Want to help boost your retirement savings while potentially saving on tax? Here are five smart super strategies to consider before the end of the financial year. 1.   Add to your super – and claim a tax deduction This financial year, there are new rules about who can claim a...

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...

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...

McKillop FP newsletter – October 2017

McKillop Financial Planning‘s October 2017 newsletter – CLICK HERE Articles on: • Salary sacrificing superannuation • Should you downsize? • Why grey mortgage debt is rising • Life’s financial turning points: good and not so good • How jury service works  ...

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...

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...

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....

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...

Recent changes to Superannuation laws

The Federal Government has been making significant changes to the way in which superannuation is dealt with. Many of the changes come into effect on 1 July 2017 and significant advantages may be available for those to take advantage of the current rules. This is a complex area and one in...

So what actually is Probate?

WHAT IS PROBATE? Probate is the process of proving that a document is a deceased person’s last Will. The named executor is responsible for obtaining Probate (if it is required) and in administering the deceased person’s estate as required by the Will. If the named executor is unwilling or unable...

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...