Wealth Creation Blogs Worth Sharing.

The harsh reality of working in Australia’s resource industry is that it can be highly volatile. One minute you’re enjoying working in your dream job, the next minute you’re left scratching your head as to why you’re no longer required.  I’ve spoken with many people in our industry who have been impacted by this personally and whilst the majority saw it coming, it’s still a difficult situation to deal with. So, what can be done?   There are perhaps some things you can do in relation to your superannuation and insurance.  With any change in circumstance whether it be employment, starting a family, buying a house, you should review your superannuation and insurance needs.  For example, you’ve may have just left the mining industry, or have taken on a new role in the industry or with your current employer, it’s imperative that you review your personal insurances.  Chances are your salary has changed and from th...

I was in the field recently as SSE for a small exploration program. Our morning toolbox talk and risk assessment served as a reminder of just how many hazards we face when working in the resources industry.   It really can be dangerous at times. Of course, we put systems and controls in place to mitigate these risks, but the reality is, some risk still remains. Protect your most important asset – your income.   Your ability to earn an income is your most important asset because your lifestyle depends on it. However, if you had to stop work tomorrow because of an accident or illness, would you be able to continue to pay your bills and afford the lifestyle you currently enjoy? What are the chances?   More than 60% of Australians will be disabled for more than one month during their working life and more than 25% will be disabled for more than 3 months.   Income Protection cover available through Hindsight Wealth. Income ...

I frequently get asked the question “When can I access my super?” After all, it’s your money, you’ve worked hard for it, and no doubt you want to get your hands on it when you can.  Put simply, to access your superannuation, you need to meet a condition of release. For most people, this will be triggered when you retire and meet preservation age as per the below table: So for those of you who are thinking “that’s ages away, why worry about it now” you should use the extra time you have up your sleeve to your advantage.  Even a small change in the annual return on your superannuation can have a huge difference when you retire. For those of you who are a little more advanced through your working life and are approaching preservation age, it’s important you don’t wait until the last minute to plan how you will access your super.  You need to be smart about it to ensure you access your superannuation in a way that is tax effective and will last you t...

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...

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 ...