Articles
Changes passed to Centrelink impact of renting the former home
Residents who move into residential aged care from 1 January 2017 and rent their former home will receive less generous Centrelink/DVA assessments due to changes now passed into law. The Omnibus Bill which received Royal Assent on 16 September 2016, saw the changes first announced in the 2015 MYEFO passed as law. The rental income…
Navigating the first year of retirement
While the prospect of retirement is exciting for most, the changes it brings can be a shock. In this article, we share tips that can help you, or a family member approaching or already in their first year of retirement, adjust to your new freedom and financial position. Even if you’ve carefully mapped out a retirement plan,…
Family advice
Is everyone in your family getting the financial advice they should? Australian families are changing and so are their financial needs. It’s no secret that Australia’s population is growing older — around 15% of Australians are now aged 65 or over, while the proportion of younger people is slowly declining.[1] And by 2020, the median…
Economic Challenges of an ageing population
As the Baby Boomers continue to move into retirement, a national discussion about the economic challenges of our ageing population intensifies. With fewer working Australians for each retiree, momentum is building in government and business circles to more adequately address the issue. When the Age Pension was introduced in Australia in 1909, average life expectancy…
Happy New Financial Year
As you prepare for the new financial year, use these simple tips to help you make sure your finances are on the right track for the year ahead.
Centrelink Asset Thresholds are Changing
If you are over, or close to, 65 years of age, it is important that you and your Financial Adviser have a plan in place in preparation for any impact the changes the Government has introduced to the age pension assets test might have on your financial situation. If you haven’t already, contact your Financial…
Protect your family
As the famous world heavyweight champion boxer, Joe Louis once said, ‘Every fighter’s got a plan – until they get hit.” In a similar manner, many people’s best laid financial plans do not hold up well when misfortune strikes. A smart boxer will keep his hands up to protect his head, which happens to be…
How much tax will your children pay when they inherit your superannuation?
It is well known that superannuation withdrawals are tax free once you reach 60 years of age. What is not well known by retirees, is how your superannuation is taxed when it reaches your end beneficiaries. You may notice on your annual superannuation reporting, there is a taxable component and a tax free component even…
Do you know how much it costs you to live?
Broadly speaking our finances can be broken down in to four categories; assets, liabilities, incomes and expenses. Most clients we see are able to rattle off the first three at the drop of a hat, but often falter when it comes to expenses. If you were going to buy shares in a company, but they…
How safe is your RAD?
Every day, Australians are moving homes to upgrade their accommodation, to relocate for work or family reasons or to try a different lifestyle. The move usually means selling an existing home or borrowing to buy a new home, or perhaps renting a new home. The same concept applies if you can no longer live independently…
Granny flat rights… and wrongs
For some families trying to support ageing parents a granny flat can seem like the perfect solution – parents living safely with children close by to provide help if needed. But what can seem like a simple solution can have significant legal and financial consequences. Firstly it’s important to understand that a granny flat…
Can you still rent the former home?
The rules for renting your former home became less favourable from 1 January 2016 but this does not mean you have to sell your former home to fund a move into aged care. You will just need to do the numbers more carefully. The new rules If you moved into residential care before 1 January…