Wealth Creation Blogs Worth Sharing.

In the 2018/2019 budget (released in May this year) the government talks about tailoring insurance arrangements.  Basically, every time a person starts a job and opts to use the default, associated industry superannuation fund, they will likely have a group insurance policy (life insurance and/or tpd and/or income protection) automatically opened.  What this means is that for someone that has multiple jobs over their career they can end up with multiple insurance policies and paying multiple premiums from their super funds. So, the governments idea to hold fewer automatic insurance policies, will allow Australians to grow their balances faster and protect low balances from being eroded entirely. Make sense?  For the most part it seems like a good idea. A 20 something single worker with no debt and no family may not need $500,000 in default life insurance cover. It is an unnecessary cost to their superannuation fund. Some super funds have started to pre-empt the gover

If you have made personal super contributions this financial year, you may be eligible to claim these contributions as a tax deduction. If you are eligible to claim on these contributions, you need to submit  the ATO's Notice Of Intent To Claim For Personal Superannuation Contribution Form  with your super fund   and receive acknowledgement from the fund  prior to  lodging this years tax return. That form you need is below.   Just tap on it, Save As, so you can print it out and complete. I would be delighted to assist with lodging your completed ATO form with your super fund or to discuss this opportunity with you.  Tax time is just around the corner - don't delay!  It cannot be claimed retrospectively.

It is not long now till the end of the financial year.  Now is the time to think about what opportunities and strategies are available to improve your financial position. If you’re planning on contributing to super, you may be eligible for a tax deduction for the current financial year provided you do so prior to June 30.  If you hold investments such as a rental property or managed funds and have used investment debt to purchase them, you may choose to pre pay the next 12 month’s interest.  This may allow you to bring forward those deductions and use them this year.  This could prove to be a wise strategy if you don’t have sufficient deductions for the year - particularly if you find yourself in the highest tax bracket.   No one likes paying tax, however if you’re paying tax it means you’re earning money which is a positive thing.  It’s paying “unnecessary” tax that we should avoid.  Don’t let these next weeks left of June simply be about having to endure those an