Category: Latest News

ATO flags key deadlines for early release of super

  With the end of the year drawing closer, the ATO has outlined some of the cut-off dates and deadlines applying for members wanting to apply for the early release of their super.  

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Behind the dash in new market listings

  There's been an unexpected surge in new listings on the Australian share market over recent months. So, what is driving this IPO boom?  

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Retirement costs rising despite COVID impacts

  The cost of a comfortable retirement in Australia has gone up over the September quarter despite COVID-induced lifestyle changes, new research has revealed.  

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Investing basics for first timers

  The students of 2020 are graduating to the adult world in one of the most uncertain times in recent history amid recession, pandemic and global political tensions. In times like these, knowing the basics of how to get started down the road to prosperity is more important than ever.  

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Government targets fund expenditure, best interests in new super reforms

  Recently released draft exposure legislation will require trustees of super funds, including SMSFs, to exercise their powers in the best financial interests of beneficiaries and require APRA-regulated funds to support their expenditures with evidence.  

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Small SMSFs develop rapidly

  The latest industry research has shown SMSFs with low balances grow to levels allowing them to become cost-efficient very quickly.  

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Comprehensive list of COVID-19 initiatives and packages.

  The response by our Governments to the COVID-19 crisis has been a very good one.  Following is a comprehensive listing of links to important Federal and State initiatives and programs since the pandemic began.  

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Capital preservation front of mind for SMSF returns

  SMSF investors will increasingly be attracted to investments offering capital preservation post-COVID, with volatile markets and lower dividends compromising their ability to meet investment objectives, according to an asset manager.  

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Majority of retirees expected to fall short on retirement savings

  Recent research has revealed that more than half of retirees are projected to fall short of their desired retirement income level by more than 10 per cent, says Russell Investments.  

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What millennials are thinking about investing and retirement

Vanguard surveyed more than 850 millennials in the U.S. currently aged 24 to 39, who make at least US$50,000 per year, as part of a broader study on how people across different generations feel about retirement, investing, and financial advice during market volatility.

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Monitoring super performance critical in light of new measures

While the government has announced plans to increase governance over the performance of super funds, super members will still need to actively monitor the performance of their fund to avoid being stapled to an underperforming one, says a mid-tier firm.

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Most SMSFs are still poorly diversified

  Data only just released by the Australian Tax Office, detailing the asset allocations for all SMSFs in the quarter to the end of June, shows there was still a large investment weighting at that time towards cash and term deposits.  

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Related party purchases must be clean

  Trustees must ensure any purchase from a related party is not a proxy for a loan or financial assistance to avoid breaching their obligations.  

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How your coming tax cut could pay off

  Over the coming weeks, around 12 million working Australians will start receiving extra cash in their pay packets as a result of changes to personal income tax brackets announced by the federal government.  

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Estate planning opportunities highlighted with work test changes

  With the work test changes for over-65s opening up opportunities for recontribution strategies, clients may be able to even up balances and adopt tax strategies for estate planning, particularly once the bring-forward measure is passed, says a technical expert.  

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Lenders are getting tougher on older borrowers

  Australian banks this month started the largest ever customer contact program in the industry's history.  

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How to construct an effective portfolio

  Portfolio construction is always a popular topic among investors, but as markets become more volatile, the practice of carefully piecing together a jigsaw of investments that weathers both good times and bad is particularly relevant.  

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JobKeeper extension – changes implemented

  The legislative instrument implementing the changes to the JobKeeper scheme over the extended period was registered on 15 September 2020.  

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Temporary home office expenses shortcut extended again

  The 80 cents per hour work-from-home deduction method has now been extended for a further three months to the end of the year.  

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Investment preferences of the young

  As a new wave of investors enter the Australian share market, new trends begin to emerge.  

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Budget 2020 – Fact Sheets

  The following links are to Fact Sheets that describe in detail how the Federal Government feels the 2020 Budget will impact you.  

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Budget 2020 – At a Glance, Overview, Outlook

  These three areas cover all you will need to know but the accompanying two articles cover more specific topics and they might help you better understand how the Budget affects you.  

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Budget 2020 – A very comprehensive break down.

  The following 35 links break the 2020 Federal Budget down into bite size bits.  

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How SMSF trustees navigated COVID-19 volatility

  Last week, Vanguard and Investment Trends launched the 2020 SMSF Investor Report. This year's report surveyed over 3000 SMSF trustees on their investment priorities and industry outlook, providing an insight into how trustees navigated through COVID-19 volatility.

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SMSFs urged to act on compliance issues ahead of tougher penalties

  SMSFs with outstanding compliance issues should consider making a voluntary disclosure while the ATO still has a more flexible approach in place and before they implement tougher admin penalties, says a law firm.

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A beginner’s investment guide to long-term wealth

  It's often said that starting out early on one's investing journey will deliver good long-term results.  

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ATO confirms important issue on pension payments

  The ATO has confirmed only payments made to a member after 24 March in excess of the reduced minimum pension can be treated as a lump sum, even where a valid election was previously in place, says the SMSF Association.  

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More than $31bn paid under early super release

  The government’s early super release scheme shows no signs of slowing down, with almost 90,000 release applications received by super funds in the first week of August and more than $700 million in payments made.  

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Your super fund, your choice

  Choice is inherently regarded as a good thing, particularly in these COVID-affected times when some of our basic choices have had to be suspended for the greater community good.  

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Update of Superannuation contribution rules from July 1, 2020.

  The rules around Superannuation contribution change almost every year, so it is important that taxpayers know what these changes mean to them.  

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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.

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