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July 1 Super changes- What you need to know

 

If you haven’t been keeping track of your superannuation accounts and not contributing to benefits, you may lose some valuable benefits from July 1 if your fund has not seen a contribution for at least 16 consecutive months.

There are a number of new superannuation rules starting in a few weeks. Some rules will impact people taking time out of the workforce and also those that are closer to retirement.

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What the Federal budget means for you

With a federal election approaching us shortly, the 2019/2020 Federal Budget aims to deliver tax cuts to low and middle income workers and small businesses, superannuation tweaks for older Australians, and energy assistance payments.

Keep in mind that a number of the below policies depend on the Coalition government winning re-election in May – although Labor has announced bipartisan support for some of the listed me policy recommendations.

But here’s what this year’s Federal Budget essentially means for you and your family.

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How much does Aged Care cost?

Few of us think beyond the opportunity to travel and do all those things we’ve been putting off until we have more time and fewer responsibilities before we even think about moving into Aged Care for ourselves or loved ones. But as the population ages, it’s a possibility that few of us can ignore and based on discussions with clients about themselves or their family members a number do not know how much Aged care will cost them.

Over 3.6 million Australians, or 16 per cent of the population, are currently aged 65 and over.iThis is projected to grow to 22 per cent by 2061, or more than one in five.ii We’re also living longer as the average Australian can expect to live into their 80siii, and many of us will live beyond 90.iv

That means more of us will need some form of aged care late in life. And as pressure grows on aged care service providers to cater for more people, the costs may rise.

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What to do if you feel that you are a victim of Fraud

I have had a number of calls recently from clients regarding suspected fraud and discussions with clients in our regular meetings at our Oran Park office regularly coming up with stories of some type of suspect call or fraudulent activity on their accounts.

In this article we discuss what to do if you feel that you have become a victim or are unsure about activity relating to your Financial situation. 

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A Must Read before lodging your return with the Tax Office this year

Every year we hear from the Tax office about the latest Industries that they will target and things they will be looking for.

The objective of this is to get people thinking about their returns and phase out ‘dodgy’ practices.

So, what is the Tax office(ATO) targeting this year?

They ultimately look at 2 key areas which include: work-related expenses and claims by investment property owners which we will discuss in this article and touch on a relative new area the ATO is focusing on- The Share economy.

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Online Financial scams: Be aware

They say that crime never sleeps, and neither does the internet especially when it comes to Online financial scams, money-related scams, including identity theft, fake financial schemes, and more.

The good news is that improved research and information-sharing between international agencies is already helping us catch up. Now that 2018 is well underway, we’re starting to see a lot of really interesting data come in from regulators and researchers on 2017’s worst online financial scams and identity theft crimes. Their reports are full of insights and tips that could save you from falling victim to a scam in the near future. 

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