Wealth Creation Blogs Worth Sharing.

With a federal election looming, the 2019/2020 Federal Budget aims to deliver tax cuts to low and middle income workers and small businesses, superannuation tweaks for older Australians, and energy assistance payments.   Keep in mind that a fair chunk of the below policies depend on the Coalition government winning re-election in May – although Labor has announced bipartisan support for some.  But here's what this year's Federal Budget essentially means for you.  Tax cuts for low- and middle-income earners.  The government aims to reduce taxes for low to middle income earners through additional targeted offsets that aims to benefit over 10 million Australians.  The big winners  from this year's federal budget are middle income workers earning between $48,000 and $90,000, who will receive an maximum tax cut of up to $1,080 for single earners. For a dual income family where two individuals earn in that range, the tax relief will total $2,160. ...

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)... ...

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 col...

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 y...