If you receive the Age Pension, recent changes to means testing for retirees could put more money in your pocket. These changes impact the assessment of certain lifetime income streams that began on or after 1 July 2019 (including any that you take up now). Lifetime income streams There are two main types of lifetime…
When you’re just starting out in the workforce, it’s easy to see superannuation as money that’s not quite yours. After all, if you’re focused on funding your lifestyle and saving for short term goals, retirement can seem a lifetime away; and seeing a chunk of your salary disappear into super every pay day can take…
Compulsory super contributions paid by employers went up in July. Here are 8 things you should know, including what it could mean for your take home pay. Super contributions employers are required to make increased from 10.5% to 11% of an eligible employee’s before-tax salary or wages at the start of July. These contributions are…
We all want to make the most of our tax return each year. Did you know, other than claiming the usual work related expenses, certain super contributions may also be tax deductible? If you’re looking at what deductions you might be able to claim this tax time, the good news is you may be able…
Shop around We often shop around to get the best deal when it comes to consumer items but the same should always apply to services we get. It’s a highly competitive world out there and service companies want to get and keep your business. So when getting a new service – whether it be for…
Key points – After the rough ride of 2021-22, 2022-23 turned out to be a good one for investors as shares rebounded thanks to falling inflation and hopes rates are near the top. – Shares are at risk of a pull back as central banks remain hawkish and recession risks are high. However, returns over…
When will you be ready to retire? There are two important ages you need to consider when thinking about retirement – preservation age when you are eligible to start drawing on your super and Age Pension age when you are eligible to receive the Age Pension. Age Pension age This is the age you qualify…
Want to invest but don’t know where to start? Here are five basic steps for investing. Define your goals Taking the first step on your investment journey may feel daunting. However, setting clear goals with achievable targets can be a good place to start in the planning process. ‘I want to retire at 60 with…
Dating and romance scams are very destructive – both financially and emotionally. Don’t let them break your heart or wallet. Stay one step ahead of romance scams with these tips. Unfortunately, romance scams are on the rise. Australians lost $142 million to romance scams in 2021 and they’re one of the top three scams causing…
If you’re over 55 and looking to boost your retirement savings, you may be eligible to make a super contribution of up to $300,000 from the sale proceeds of your primary residence. On 1 January 2023, the age when eligible Australians qualify to make downsizer contributions was reduced from 60 to 55. For those who…