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Showing posts from 2018

Let's Meet and Discuss your Super

A common misconception about income protection insurance is that it’s only for high-earners, but this isn’t the case. In reality, no one can afford to be without this safety net, regardless of the amount of income you earn.

The only things certain in life are death and taxes—or so the famous saying goes. Thankfully, income protection insurance can add a positive guarantee to that list by safeguarding your quality of life, should an unexpected setback strike. 

You can’t predict the future, but you can plan for it Nobody wants to consider an accident or illness impacting their health suddenly, but it’s a very real possibility. As well as changing your lifestyle, an unexpected illness could mean you need to take extended leave from work.

It’s estimated that over 400,000 Australians suffer a heart attack sometime in their lives.i Then there’s over 800,000 people of working age with disability, who were not working in 2015 alone.ii It’s tempting to think that if you lead a healthy lifestyle …

Bye Bye Email Appointment setting.

Say goodbye to the text and email back and forth tag game to find the perfect meeting time.

Your job, your lifestyle, your family circumstance can change quickly.Your super should reflect all your life changes as quickly as you do.
In the new year, make it your resolution to have a check up on your latest super statement + insurances.  
Just tap the Calendly link to book your 1 - hour mining super review with me.
Need a return Uber ex Brisbane CBD? It’s on me.  Just let me know when you make your online Calendly appointment.
The wet season in Queensland normally means December through to February is particularly slow.  
That being the case, why not set aside an hour during your next hitch break to review your latest super statement?  Make a Calendly appointment with me for an online chat, a phone conversation or face to face appointment at our Hamilton Office for a coffee (I make a pretty mean latte)...
During our catch up, we can have a look at your superannuation returns for the year and …

Unlocking the Mystery of your Super Statement

Superannuation statements. Boring, right? But if, like many people, you toss your annual super statement in a drawer or hit delete, you could be depriving yourself of many thousands of dollars just when you need it. It’s worth the small effort to take a closer look at your superannuation statement. If everything is in order, you’ll get a warm glow from watching your nest egg grow. Conversely, a quick check of your statement may reveal some of the common problems that occur with super; and the sooner these are fixed the quicker your savings can increase. What to look for The layouts of statements vary between super funds, but there is standard information that must be provided. Some items may appear in summary form, with a detailed breakdown shown elsewhere. Here are the key things to look for: ·Contributions or funds in. This will cover employer and personal contributions, government contributions and rebates, plus any rollovers. If you’re an employee earning more than $450 per month, yo…

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Are You Entitled to Long Service Leave in the Mining Industry?

I often get asked about eligibility for long-service leave.
There seems to be a little bit of confusion surrounding this topic. 
Traditionally, long service leave applies to an employee who has been with the same employer for several years (typically 8-10).
Depending on the industry, an amount of leave is available after that time.  For example, some industries provide 1.3 weeks of long service leave for each completed year of service.After 10 years they are eligible for 13 weeks.
Of course, if you leave that employer prior to the 10 years, it’s unlikely any accrued amount will be paid out and in most cases, it’s not transferable to the next employer.
In the Coal Mining Industry, things are a little different.  In 1992, the Australian Government introduced the Coal Mining Industry (Long Service Leave) Administration Act.
It’s a complicated piece of legislation.However, the idea is to allow eligible employees to transport their accrued long-service leave from one employer to the next. 

Life Insurance for Every Life Stage

One of the biggest misconceptions around life insurance is that it's solely designed to provide a payout if you die. But life insurance is relevant at all stages of life. From your fancy-free 20s through your working life and into retirement, you will have different goals and priorities worth protecting.  Here we look at the types of cover you should consider at each age and stage.  20-30 years.  Partying, travelling, studying, working – for many, the first decade of adulthood means plenty of fun and not a whole lot of responsibility. As a result, you're more likely to test your limits on the sports field, on the slopes, or in the sea.  At this age it may not seem like you've got a lot to lose, but what about the loans you've taken out? That credit card bill you've racked up? The career you've been building? The mortgage you've just taken out with your fiancĂ©?  Life Insurance protects the future you're building, your partner and your family, who could face l…

What determines the cost of an insurance policy?

There are a number of factors that determine the cost of an insurance policy. A cheap life insurance or income protection insurance policy doesn’t necessarily mean it’s an inferior one, and by the same token, the most expensive policy may not be the best to suit your needs. The price of an insurance policy is generally a reflection of how the underwriter views the risk of you claiming on that policy. As each insurer will attribute their own measure of risk to each element of your lifestyle, personal habits and work situation, your overall risk profile can fluctuate between one insurer and another.  Assessing risk. One insurer can decide you are a greater risk than others, which directly impacts the cost of your policy.  The underwriter determines your overall risk by examining a number of factors, such as your age, gender, medical history, current health status, whether you are a smoker or non-smoker, your occupation, and your recreational activities.  Once you understand how many element…
You've paid off your mortgage!  Now what?
Paid off your mortgage?  Woo-hoo! Break out the champagne and celebrate the freedom you must now feel! But once the dizzy excitement has passed, what will you do next?

Discharge or not?
The first question is should you discharge your mortgage? You might be able to keep the loan facility open, with a zero balance, and retain the option to redraw on the loan account if you wish. This can be a handy way of meeting unforeseen expenses in the future, or opening up investment opportunities.

If you decide to close your loan account check first if there are any costs involved. For example, you may lose an associated credit card. Or you may be up for substantial break fees if you’ve paid off a fixed rate mortgage early.

One of the traditional delights of closing out a mortgage has been receiving your title deed. However, with many states moving to digital land titles settlement processes this will become an increasingly rare pleasure. If you do happen t…

How is Tax Collected from Your Super Fund?

Feeling short changed?

If you hold an Industry super fund, it is likely it is being taxed at fund level.  This basically means that all members share the tax deductions equally regardless of their investment.
Each time your employer pays into your super fund, contributions tax of 15% is deducted and withheld by the fund.  This is then paid to the tax office at a later date.  Until then it is retained by the fund - it doesn’t sit in your account and earn anything. 
Your fund may have access to some deductions which can reduce the 15% down.  Quite often any money the fund saves is retained by the fund.  Either way, the process is not transparent.
The Flip Side: Retail Funds.
The funds recommended by Hindsight Wealth are retail funds and are taxed at member level.  This means that any deductions are applied to your account rather than shared across all members.  
Even more importantly is the way in which the tax is collected.  Now this is critical! When your employer pays into your fund, the …

In a Relationship?

All personal relationships have their ups and downs and we work hard at our relationships to bring out the best in ourselves and others. How is your relationship with your super? Have you taken the time to get to know your super balance and how it tracks? How do you feel about your super? Does it make you feel happy or challenged when you think about fees, your balance and how your super fund communicates with you? Just like any relationship in life, we need to pay attention, be in the moment, understand what works and what doesn't and have good two way communication so everyone feels valued and understood. A review of your relationship with your superannuation and insurances is always a good idea.   Perhaps you are getting married or are in a relationship? Starting a life together is an exciting time. Where are you going to live?  Do you plan on travelling?  How about a family or the kids education?  These are just a few of the things that couples and families plan for.  For the most p…

Does Superannuation Get Taxed?

Many of you may have noticed on your post June 2018 superannuation statement that an amount has been deducted for tax.  Many people believe that they pay no tax in their super. Unfortunately, this isn’t true. Each year your employer pays 9.5% of your salary into your nominated super fund in order to meet their Superannuation Guarantee obligations. For every dollar that your employer pays into your fund, 15% of it is taken as contributions tax. It’s worse if you earn over $300k per year when the tax paid jumps up to 30%. If you’re a savvy investor, you’ll have your super invested in funds that earn income throughout the year. Be it interest, rent, dividends etc. These earnings don’t escape tax. They are in fact also taxed at 15%. Of course these tax rates are well below most people’s personal tax rates. So having your money in super does mean you’re paying a lower rate. The trade - off for this is that you can’t access your money until you reach preservation age. What does all this mean? No…