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Keep updated, informed and entertained with commentary on industry news, interesting lifestyle pieces, testimonials and engaging factual information in the areas we specialise in.
Wednesday, 01 February 2017
MPA - Young Guns 2017
We are thrilled to announce our Director Nik Preiner as Mortgage Professional Australia’s Top 30 Young Guns of 2017! After a big year and a lot of hard work, Nik’s been marked as part of broking’s new elite.
To make the list is a phenomenal achievement, surpassing hundreds of contenders to secure his spot amongst the top performers under 35. Nik was personally recognised by an industry leader for his skills, outstanding performance, business growth and exceptional customer service.
If you are looking for a bright, energetic broker to manage your lending requirements, please get in touch. The coffee is on us.
Wednesday, 21 December 2016
December 2016 e-newsletter
Wednesday, 14 December 2016
Superannuation Changes - The impact to you and your retirement benefits
The 2016 Federal Budget proposed a number of changes to superannuation. After much consultation, a Federal election, and changes to the original announcement, the legislation has finally passed Parliament.
This means people who are impacted by the changes can now act to ensure the impacts are reduced and / or benefits maximised.
A brief summary of the changes, which come into effect on 1 July 2017 (unless noted otherwise) is outlined below:
Introduction of a transfer balance cap
A $1.6 million cap has been introduced on the amount that can be transferred to super in retirement phase when earnings are tax-free. Additional savings can remain in an accumulation account (where earnings are taxed at 15 per cent) or remain outside super. This comes into effect from 1 July 2017 and will be indexed in following years. Retired people with retirement phase balances below $1.7 million on 30 June 2017 will have 6 months from 1 July 2017 to bring their balances under $1.6 million.
Concessional superannuation contributions cap reduced
The annual concessional contributions cap has been reduced to $25,000 (from $30,000 for those aged under 49 at the end of the previous financial year and $35,000 otherwise). This comes into effect from 1 July 2017.
The threshold at which high-income earners pay Division 293 tax on their concessionally taxed contributions to superannuation has been reduced from $300,000 to $250,000. This comes into effect from 1 July 2017.
Non-concessional contributions cap reduced and criteria introduced
The annual non-concessional contributions cap has been reduced from $180,000 to $100,000. In addition, criteria for an individual to be eligible for the non-concessional contributions cap has been introduced and other minor amendments to the non-concessional contributions rules have been made. These changes come into effect from 1 July 2017.
Low Income Superannuation Tax Offset to replace the Low Income Tax Contribution
The Low Income Superannuation Tax Offset (LISTO) will replace the Low Income Superannuation Contribution from 1 July 2017. The LISTO refunds up to $500 of the tax paid on concessional super contributions for low-income earners with a taxable income of up to $37,000.
Greater deductibility of personal contributions
The requirement that an individual must earn less than 10 per cent of their income from employment to be able to deduct a personal contribution to their super to make it a concessional contribution has been removed. This will apply from the 2017-18 income year.
Allowing ‘catch-up’ concessional contributions
Individuals whose superannuation balance at the end of the previous financial year is less than $500,000 will be able to carry forward unused concessional cap amounts from the previous five years. This applies to working out an individual’s concessional contributions cap from the 2019-20 financial year onwards.
More tax offsets for spouse contributions
This increases the amount of income an individual’s spouse can earn before the individual stops being eligible to a tax offset for contributions made on behalf of their spouse. This will apply from the 2017-18 income year.
Changes to earnings tax exemptions
The earnings tax exemption has been extended to new lifetime products (including deferred products and group-self annuities). The earnings tax exemption for transition to retirement income streams has been removed. An integrity measure that will apply to self-managed super funds and other small funds has been introduced. These changes will apply from the 2017-18 income year.
Abolishing the anti-detriment rule
The anti-detriment provision which allows superannuation funds to claim a tax deduction for a portion of the death benefits paid to eligible dependants will be removed from 1 July 2017.
For further information please read the below article. Click to read in full.
November 2016 e-newsletter
Quarterly market update, what are the key takeaways? Are your children insured? All that and more in our November e-newsletter
Monday, 28 November 2016
9 bad habits of highly inneffective investors
Thursday, 10 November 2016
US Election Commentary
The US has now voted and elected its 45th President, Donald Trump. In the wake of this result, our investment team Atrium Investment Management has provided an update overview of investment markets.
Please click the below to view the commentary following the outcome of the 2016 Presidential Election.
Monday, 14 November 2016
October 2016 e-newsletter
Creating your future, retirement outcomes aside from superannuation & a guideline to guardianship - welcome to our October monthly e-newsletter
We protect our cars and our houses, but why not our Income?
Insurance for something you can’t see or touch, such as your income, may seem strange. But how would you pay your mortgage if you were unable to work due to sickness or injury?
When considering insurance, it’s common for people to pass it off as another added fee involved in owning a car, running a business or protecting a house against damage. Income insurance, on first glance, can seem like another costly precaution that’s unlikely to prove useful.
But when you think about how your income facilitates your lifestyle, it’s often at the top of the list in regards to things that you can’t afford to lose. Cars and houses can be replaced, but losing an income, perhaps for life, could see both lost.
Income protection insurance covers salary loss due to injury or sickness. Unlike workers compensation, it applies to injury or sickness at any place or time. And, unlike government allowances, it pays in accordance to your earning capacity.
If someone is injured under worker’s compensation, for the first few weeks they receive a higher rate, but then it drops. Therefore, people’s standard way of living is sacrificed if they depend on this form of protection.
Income protection policies vary in regards to their terms and conditions, but they usually offer 75 per cent of gross wages for a maximum time period. It’s a form of insurance that is particularly important for people who have regular repayments to make against loans.
The most important reason for income protection is when a person has a strong reliance on an income. When you have someone with ongoing financial responsibilities, like a family or a mortgage, that’s the most important time for income protection.
Having a majority of your current income insured against the possibility of being away from work helps you avoid defaulting on mortgage payments, personal loans or credit cards.
Holding adequate insurance can be the difference between remaining on track to meet any lifestyle or financial goals you have set following illness or accident, or being forced to dramatically change your lifestyle due to an inability to meet your financial obligations.
Most people these days have enough stress In their day to day lives. Income protection gives that little bit of extra peace of mind. It works when you can’t work. Considering how you will pay your mortgage if you were away from work for a period is essential, and we can work with you to help you find the right insurance to help ensure you are suitably protected. Get in touch with the team at The Wealth Connection to discuss your requirements.
The Wealth Connection is a corporate authorised representative of Fitzpatrick’s Dealer Group Pty Ltd (ABN 33 093 667 595 and AFSL 247 429). Your Adviser may offer you services through The Wealth Connection Pty Ltd and The Wealth Connection – Finance Pty Ltd which are each separate businesses. Although the same Adviser may offer you services under the above businesses, each business is solely and separately responsible for the advice they each provide. In particular, Fitzpatrick's is only responsible for the financial planning services provided by The Wealth Connection Pty Ltd.
This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs.