Category: Latest News

September update of latest COVID-19 initiatives.

  With the ending of a number of the original COVID-19 relief and stimulus initiatives, August and the beginning of September has seen the release of new plans to move into the post-September period. Links to these updates and changes are listed below.  

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Pandemic spurs a rise in investment scams

In the current low interest rate environment, an investment product offering low-risk, high returns may sound very tempting.  

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Estate planning and investments

  It's a question most of us ask eventually: what happens to our investments when we die?  

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Excess TBC issues surfacing with reduced pension account values

The ATO has expressed concern that some trustees with diminished pension account values may be putting themselves at risk of exceeding their transfer balance cap by commuting their pension and then topping it back up.  

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Early release of Super extended to Dec 31

  Superannuation fund members facing financial hardship have been given an extended window to access retirement savings under the early release scheme.  

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The Bond Market.

  2020, a year that will be marked in history by a pandemic that had devastating effects on global health and economic activity to individuals and nations across the world.  

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Treasury underestimates early super by $15bn

  The government now expects around $42 billion to be removed from the super system as a result of the early release scheme, having revised up its initial estimates of $27 billion at the start of the scheme.  

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JobKeeper – Latest Update

  The Government has decided to extend a lower JobKeeper for a further six months (13 fortnights) from 28 September this year, with eligibility based on actual rather than projected turnover declines.  

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SMSF sector grows, new fund numbers drop

  Overall growth of SMSF sector has continued despite a drop in the number of new funds in the December quarter 2019, the latest ATO statistical report shows.  

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New laws prompt review of SMSF estate plans

  In light of recent laws passed this month, many clients will need to review their estate planning to ensure their will adequately explains how superannuation and insurance payments should be dealt with.  

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Ways to outsmart your cognitive biases

  As markets continue to be wax and wane due to ongoing coronavirus fears and subdued employment and economic recovery numbers, it seems timely to remind ourselves of the types of behavioural and emotional biases that could lead to potentially risky investment behaviour, and how you can avoid them.  

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COVID-19 cuts risk pension pain

  The Federal Government recently announced the mandatory minimum drawdown rates for retirees with account-based pensions would be temporarily halved in both the 2019-20 and 2020-21 financial years.  

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New financial year to bring new rules for super

  As the 2019–20 financial year draws to a close, a technical expert has highlighted some of the new rules commencing for super funds for the 2020–21 financial year.  

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Extra Tools & Resources for our clients.

  Over time we have supplied our clients with a growing collection of tools and resources to help in areas such as COVID-19 relief updates, articles on tax changes and updates, articles to help understand economic changes, calculators for all financial needs, and videos to help you and your family learn more about financial matters.  We hope you enjoy these 'extras' and if you have any question then simply ask. *  

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‘But how will we pay for this?’

  It's a natural question about global policymakers' multitrillion-dollar efforts to prop up economies and markets against the monumental threat of the COVID-19 pandemic. And the question has understandably taken a back seat to confronting immediate health and welfare challenges.  

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SMSFs urged to review leases before granting rent relief

  SMSF clients planning to provide rent reductions to tenants should review the lease agreement to ensure the provision of rent relief won’t result in a breach of the lease, says an industry lawyer.  

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COVID-19 resources -Update July 2020

  Several new links have been added to the many already in this article, links that date back to the beginning of the COVID-19 pandemic.  If you have any questions, or require further assistance, please send us an email or phone.  

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‘HomeBuilder’ grants now available.

A 16-year study by Vanguard Investments that found a financial adviser effectively adds around 3% to the value of a client’s portfolio over time.  This is on top of normal investment returns.  

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Covid-19 resources

A 16-year study by Vanguard Investments that found a financial adviser effectively adds around 3% to the value of a client’s portfolio over time.  This is on top of normal investment returns.  

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A super catch-up plan

It's a number that can only be described as mindboggling: $400 million a day.

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The value of financial advice

A 16-year study by Vanguard Investments that found a financial adviser effectively adds around 3% to the value of a client’s portfolio over time.  This is on top of normal investment returns.  

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Related-party property development concerns — Part 1

In the first article of a four-part series on SMSFs and property development, I focus on related-party leases and how to keep them compliant.

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Do your investment goals stack up?

There's an old saying, to only focus on the things in life that you can control.

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SMSF liquidity lessons learnt from the pandemic

Sometimes it is true that you don't know what you've got.  ​Till it's gone.  Music aficionados will recognise that line from Joni Mitchell's 1970s hit Big Yellow Taxi.

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Court decides on taxable capital gains distributions

The Federal Court has determined whether trusts that distribute capital gains to non-resident beneficiaries are taxable and will need to be included in their assessable income.

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Retirement income framework deferred due to COVID-19

The government’s introduction of the Retirement Income Covenant scheduled to start on 1 July has been deferred to allow continued consultation and legislative drafting to take place following the coronavirus crisis.

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Covid-19 resources

Multiple sources of help and explanation the relief packages and programs our Governments have recently. All relate to Covid-19 so that you don't have to hunt for information or miss out.  Your accountant can help with any question you have.

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How to stay the course in retirement

In the past few weeks, we have seen economies be brought to a standstill by COVID-19, unprecedented social measures announced by governments around the world, and a new, unusual rhythm of living that many of us are still settling into.

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Our Website, your resources

Coronavirus resources have been added to the many others we supply our clients.  Resources such as many latest news articles, educational videos (updated recently), client portals, calculators, and stock prices.  You have 24/7 access to all these tools and resources.  Any question, simply ask. *

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Consumer satisfaction up for SMSFs, down for industry funds

New data from Roy Morgan has shown self-managed superannuation and public sector funds both increased their customer satisfaction rates in March, despite significant market upheaval, but their industry and retail counterparts were not so lucky.

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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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