Author: prudentia

ATO warns of rise in SMSF identity fraud and investment scams

The ATO has warned SMSF members to be aware of identity fraud and investment scams.

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The importance of SMSF succession planning

Preparing for loss of capacity or death is vital for SMSF members. It's important to ensure your trust deed is watertight.

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Our investment and economic forecasts, April 2023

Our latest forecast changes include expectations for:

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Approaching retirement or already retired?

Here are some changes to legislation that may impact you: —Down sizer eligibility reduced to age 55 —Home proceeds exemption and the age pension —Assistance for working age pensioners Downsizer eligibility to make super contributions reduced to age 55 From 1 January 2023, eligible individuals aged 55 years or older can choose to make a downsizer contribution...

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Devil in the detail on super changes

Proposed changes to superannuation have the potential to reshape the retirement landscape. The objective of super remains the missing ingredient in the mix.  

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Weighing up cash deposits

Cash in a deposit account doesn't necessarily equate to safety. That's why many investors are shifting to fixed interest securities.

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Bank closures, market volatility call for perspective

Amid sudden bank closures, we explain our risk management approach and remind investors to focus on what they can control.

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Australian retirees face accelerating price pressures

Couples now need nearly $70,000 per year to achieve a comfortable retirement, while singles need around $50,000 according to an analysis from the ASFA Retirement Standard.

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Protect your business from cyber threats.

Computer hacking has been around for as long as there have been computers.  Once it used to be computer geeks showing the world how smart they were.  Now it's become very serious with almost any person, company or Government at risk from these criminal activities.

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More women take up SMSF as others look for advice

A new report from AUSIEX shows that in 2022, new SMSF trading accounts were relying more on advice, were increasingly female and favoured a distinct mix of asset classes, securities and sectors.

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How Long Could You Survive Drinking Only ………

Here's how long you'd live consuming only this liquid, and nothing else.

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More SMSF members accessing funds without meeting conditions: ATO

The ATO said it is seeing a rise in behaviours which indicate SMSF members may be accessing their funds before meeting the conditions of release.

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ATO warns SMSF on sole purpose test for property investment

  Property investment by an SMSF will fail the sole purpose test if it provides pre-retirement benefit to someone such as personal use of a fund asset, warned the ATO director of the SMSF Auditors Segment.  

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FAQ – Personal Risk Insurance

Frequently Asked Questions – Personal Risk Insurance Find out about what is personal risk insurance and how it works to protect you and your family when you need it most. Why should I take out life insurance? Life insurance provides financial protection to your loved ones in the event of your unexpected death. It can...

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China’s economic rebound lowers the odds of a global recession

Why markets are optimistic

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No plans to extend NALI compliance relief, says ATO

The ATO says it does not intend to extend PCG 2020/5 for another year and will wait to see what changes the government legislates.

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Draft super objective to ‘protect super from interference’

Superannuation bodies have welcomed the government’s draft objective for superannuation, stating it will provide equity in the system and help protect preservation.

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Three simple steps for financial wellness

If money’s too tight to mention, here’s some small steps that can make a big difference in achieving your financial goals.

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Contribution caps to stay the same for 2023–24 year

Concessional and non-concessional contribution caps are set to stay at $27,500 and $110,000 following the release of the AWOTE figure.

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Why most investors want human advice

Artificial intelligence systems, and their ability to undertake often complex tasks in seconds, are increasingly gaining attention and user traction.

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Comparison: How Long It Takes To Decompose?

Check out how long everyday items take to decompose.

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INFLATION EDGES LOWER WHILE GDP GROWS BUT SLOWS

The latest figures from the ABS reveal economic growth last year and show inflation coming off its peak.

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ONE IN SEVEN SMSF DIRECTORS YET TO APPLY FOR ID

Speaking at the SMSF Association National Conference, ATO deputy commissioner, superannuation and employer obligations Emma Rosenzweig said around 600,000 directors of corporate trustees of SMSFs have now applied for their director ID.

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AUSTRALIAN EQUITIES RETAIN GRIP ON SMSF ASSETS

The largest portion of the SMSF investment pool is held in domestic shares, according to a recent survey.

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Reflections on 2022

As the saying goes, “what a year!” As the world slowly emerged out of Covid lockdowns, two central themes have dominated 2022, inflation and geopolitics. Domestically the annual CPI figure has exceeded 7%. It has been a similar story across most economies globally as a cocktail of years of low interest rates, central bank driven...

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Auditor flags knowledge gaps with loans and financial assistance amongst SMSFs.

  Loans to members and financial assistance continues to be the most commonly reported type of contravention based on ATO statistics.  

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ATO plans publicity campaign for final Work From Home guidance

  More demanding record-keeping requirements in the November draft have been in place since 1 January.  

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An ongoing debate every employer needs to be on top of.

How to work it out: employee or contractor To check if your worker is an employee or contractor, you need to review the whole working arrangement.  Read on ....  

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ATO issues fresh warning on illegal early access schemes

With illegal early access schemes on the rise, the Tax Office has issued a fact sheet warning super members about the promoters of these schemes.

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Beating back inflation, but at what cost?

Joe Davis, Vanguard’s global chief economist, gives a high-level overview of where the economy and markets are likely headed in 2023. Inflation is abating, thanks in part to central banks’ aggressive actions, but it may come at a cost, with recession likely in most developed markets. But it may not be all bad news for the financial markets.

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Heathmont Financial Services Pty Ltd (ABN 68 106 250 104) trading as Heathmont Financial Services is a Corporate Authorised Representative (No. 262098) of Knox Wealth Management Pty Ltd (ABN 74 630 256 227), Australian Financial Services Licence Number (AFSL) 513763.

Julian McGoldrick is an Authorised Representative (No. 262098) of Knox Wealth Management Pty Ltd AFSL 513763.

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