October 2020 Newsletter
September 2020 Newsletter
Year End Tax Planning Considerations
The Federal Government 2018/19 Budget was handed down in Canberra on Tuesday night 8th May. We view the Budget this year as relatively benign with only a few items to be aware of.
In this edition, we’ll take you through ways to make your cash assets work harder, a compilation of tax advice from our top advisers, and a snapshot of the importance of life insurance.
The Government has proposed a savings of $925m as a result of pausing indexation of Medicare Scheduled fees. That is the Medicare scheduled fees will be frozen for at least three (3) years.
In this newsletter, we focus on tips for property investors, the key to smart investing, the importance of insurance, the benefits of a good adviser and succession planning.
Property is a popular investment asset that contains a number of significant advantages including income generation, capital growth, resistance to major market downturns and substantial tax deductions.
Self-managed superannuation funds (SMSFs) open up a whole new world of investment opportunities for your retirement savings, including direct property. But what if you simply don't have enough money in super to buy an asset outright?
When most people think about financial planning they tend to focus on the wealth creation side of things, but often forget about the wealth protection.
The age-old debate between property and shares is: which investment option generates higher returns?
Purchasing property with a partner can be an exciting time in life, however, it is important not to overlook what kind of method of ownership you should use.
Some people may think that a financial adviser’s role is to forecast the direction of the share market from month to month and invest clients’ money accordingly. This is not the reality.
An area all small business owners should be considering is the exit or sale of their business. More often than not, this crucial area is left to the last minute and this limits the potential value that has taken decades to build.
The changes to superannuation this year could actually work in your favour. Higher contributions caps and a more relaxed approach taken to accidental breaches of the limits.
The government has proposed a co-payment for GP visits, changes to the PBS and cuts across the health system. But what it takes with one hand, it gives with another by establishing the Medical Research Fund.
Universities will be able to set their own fees from 2016, leading some experts to predict that the cost of medical degree could rise to more than $100,000. What will this mean for students?
In this issue, we look at some of the key economic events of the last quarter of 2013, and what they could mean for investors in 2014
Raising children can be a costly affair. This article looks at some ways to save and invest for your children.
All landlords want good tenants who pay rent on time, keep the place clean and cause little trouble. Things can go wrong, but landlord insurance can help provide peace of mind.
Insurance premiums tend to rise as we get older, and it can sometimes be tempting to let a policy lapse. In this article we explore alternative ways of structuring your life insurance so that it is more affordable when you need it the most.
While the government may not have delivered on last year’s promise to return a modest surplus, this year’s Budget does incorporate many of the changes mooted in the lead-up to Budget Night.
In a move designed to help fund school education reform, the government has restricted the amount individuals can claim for self-education expenses.
In a move which should provide some comfort and stability, the government has left superannuation relatively untouched in this year’s Budget.
Pensioners with high superannuation balances could lose some of their tax-free status, while deferred annuities have benefited from changes to their tax treatment.
The health sector is a winner in this year’s Budget, with new programs rolled out and additional funding for existing schemes
It has been described as an unusual Budget for an election year, but how is it likely to impact the Australian economy?
We all know that saving for retirement is important, but how much do you really need to achieve the lifestyle you want?
If you use a car for work, chances are you also use a log book. Find out how to make sure that your log book meets tax law requirements.
You don’t have to be wealthy to be a philanthropist, but there are some simple ways to ensure that your gifts have the maximum impact.
If you have a rental property, knowing what expenses you can claim can make a big difference to your tax liability.
With the start of a new financial year, there are often a few changes in tax rules and rates to become familiar with.
High-income earners could find themselves paying more because of changes to the net medical expenses tax offset that came into effect this financial year.
Once again, high-income earners have been targeted in the Australian Taxation Office’s compliance program for 2012–13. In this article, we outline what the ATO is looking for and steps you can take to protect yourself during the audit process.
Good estate planning doesn’t stop with a properly drafted legal will. A testamentary trust can be an important tool to protect your estate and your beneficiaries.
There were warnings in the lead up to Tuesday night’s budget release that the federal government would take a tough stance as it sought to achieve a surplus this year.
Changes to the tax-free threshold and tax rates will apply from 1 July 2012. But there will be little benefit to anyone earning over $80,000
A lower concessional contributions cap for those aged 50 and over, and the introduction of a new surcharge on contributions by higher income earners, threatens to reduce the effectiveness of superannuation.
Having adopted the view that it was mainly senior executives who benefited from this allowance, the government has acted to restrict its availability.
In a move that will eliminate the need to save receipts, the government has announced plans to replace the education tax refund with a bonus. But the eligibility criteria will limit the number of families who benefit from the payment.
Health spending is always an area that attracts attention on budget night. And what this budget gives with one hand, it seems to take with another.
With the delivery of a budget surplus, the Reserve Bank of Australia is likely to play a greater role in influencing the economy through monetary policy.
In this newsletter, we focus on ways of smoothing the path over the rough economic terrain we have been experiencing since the start of the global financial crisis in November 2007.
Bricks and mortar – one of the most popular forms of wealth creation today. We look at why so many people, from mum-and-dad investors to large super funds, have become landlords.
The concept of making regular contributions to investments is not new – you’re probably already doing it through your superannuation. But it’s during turbulent economic times the Dollar Cost Averaging (DCA) model can really work for you.
It’s possible to pay your tax liabilities by credit card, but is this a practical option for you?
In this newsletter, we look at some of the reasons for the volatility in the markets and how you should respond. Should you sell the shares you currently hold? Should you maintain your current position and wait until the markets settle? Are there some good buying opportunities for you?
The recent volatility of the world’s share markets has created both threats and opportunities for investors. How does this affect your finances and how should you respond?
Investing in the share market in volatile conditions can be done in three different ways. We examine each method and discuss the ideal conditions for each.
Does the prospect of going on an overseas holiday and doing a self-study training program while you’re there – and claiming a tax deduction for the lot – sound too good to be true? The Australian Tax Office says that it is.
Going overseas to attend a conference and then going on a holiday afterwards seems like a good idea, but is it? Find out more about tax-deductible travel costs.
Its almost time to wish you “Happy New Financial Year” and we trust you find this edition useful in preparing for June 30.
June 30 is fast approaching, so how can you optimise your tax position before the end of the financial year?
A recent court decision has opened the door for recipients of Youth Allowance to claim self-education costs, although this will only apply for the 2011 financial year. Find out if you can claim for self-education expenses and which records you need to keep.
Large penalties apply if you breach the superannuation contribution limits. Find out what the limits are, and how to accurately assess the total contributions to your account.
If you suddenly had to leave your home or business in the midst of a disaster, what should you take with you to enable you to get back on your feet quickly? We offer you advice on how to develop a personal and a business recovery plan.
This is the third year of the Bongiorno Budget Newsletter and our aim once again is to summarise the plethora of announcements that are contained in the Budget.
For the first time in several years, personal tax rates have not changed. However,the flood levy applicable from 1 July 2011 could be seen as a tax increase for many.
Changes to the Low Income Tax Offset and to trust distributions will affect non-working minors.
The new federal budget’s focus on jobs and encouraging full employment includes removing the dependant spouse rebate.
Changes to the excess contributions regime, which will help those who make small errors, are among a raft of superannuation changes announced in the federal budget.
Two federal budget changes affect motor vehicle owners: one benefit has been added and another has been removed.
The ability of Youth Allowance recipients to claim self-education costs has been short-lived.
Changes to the Low Income Tax Offset and the Medicare Levy low-income threshold will put more money in the hands of low income earners.
More and more people are choosing to manage their own superannuation, and in this edition we look at some of the factors to consider before opting for a self-managed super fund.
Around 2000 self-managed superannuation funds (SMSFs) are set up every month. What advantages does an SMSF offer to offset the high management costs?
The government regulates the information that must be contained in a superannuation statement and we explain the components to you.
The rules about claiming business losses have changed, and they will affect higher income earners in particular.
Australian consumer credit regulation changed on 1 January 2011. Find out about the new protections you can expect.
Working out the best combination of income protection policy options for your own circumstances can be challenging and time consuming, and requires some specialised knowledge.
In this edition, we look at stock market indexes as a measure of the movements in a particular segment of the market.
Choosing which Australian shares to invest in can be difficult, but there are some benchmarks that will help.
Each pay period you receive a notice of what you have earned, but what do all the different terms on your payslip mean?
You probably insure your assets, but what about insuring your life and your ability to earn an income? Read more about the different types of personal insurance.
Interest rates are rising, but should you change your mortgage? Read more here about the different types of mortgages available
In this edition, we look at the differences between an offset and redraw loan account. We also illustrate the importance of establishing trauma insurance cover by highlighting a real-life case study our advisers recently assisted with.
Do you know the difference between an offset and a redraw account? If you have investment properties, choosing the right account can help you avoid an undesirable tax position.
Have you wondered which option makes better financial sense—paying down the mortgage or investing elsewhere? Find out the pros and cons of each strategy.
A true story of how trauma insurance helped a Bongiorno client who had suffered from a critical illness and was unable to work. Could this happen to you?
It can be confronting to think about the distribution of your assets after your death but by sorting out three key estate planning issues you can give your loved ones financial peace of mind.
Have you ever wanted to work and travel at the same time? Here are some ideas to get you started!
June 30 is fast approaching, and this edition contains tax-related topics that may require your immediate attention.
The financial year has almost ended. If you haven’t already efficiently structured your financial affairs, NOW is the time to act to reduce your tax payments, boost your retirement savings...and maximise your government entitlements.
The Henry and Cooper Reviews have received enormous media coverage in recent months. These in depth reports on the Australian tax and superannuation systems have widespread implications for individuals, families, and businesses. How will the changes affect you?
Employers need to be aware of significant changes to Australia’s federal workplace relations system under the Rudd government’s Fair Work Act 2009. The new system covers the majority of Australian workplaces, including private sector employers. Is your workplace compliant?
Are you looking to invest in the residential property market? Do you know what to look for when comparing investment properties? Is a house better than a unit? How do regional areas compare with capital cities?
Although many commentators are reporting that the Global Financial Crisis (GFC) is now behind us, the Australia stock market remains volatile and is still trading significantly below the peak reached in October 2007. Bongiorno have developed a tax-efficient investment strategy to help you build wealth in this post-GFC environment.
It’s that time of the year again – the government’s federal budget has taken over newspaper headlines across the country.
As expected, the federal budget confirmed the Australian Government’s response to the Henry Review of the tax system. For a summary of the key recommendations to be implemented in the first phase, please click on the link below.
The health system has been prioritised in the Budget, with plans for extensive spending on primary health. Please click on the link below for a summary of the proposed changes, and how the Government plans to meet these costs.
From 1 July 2011, a new 50% tax discount will apply to the first $1,000 of interest earned by individuals from banks, building societies, and credit unions, as well as bonds, debentures, and annuity products. Click on the link below for more details about this benefit.
The Australian Government plans to allow a standard deduction for work-related expenses and the cost of managing tax affairs from 1 July 2012. This will simplify the process of lodging tax returns for many Australians. Click on the link below for further details.
The federal government has announced an increase in the threshold above which taxpayers may claim the net medical expenses tax offset. It will also index this threshold to inflation. Click on the link below for more information.
We all enjoyed lower interest rates during 2009, but what lies ahead as the Australian economy recovers? If you have a home or business loan, or depend on income from investments to fund your lifestyle or retirement, click on the link below to see how rising interest rates will affect you during 2010.
Are you aware that the superannuation rules have changed again? New legislation has made it more difficult to save for retirement, and you need to be careful that you are making the right level of contributions this financial year. If you salary sacrifice into super, or have contributions paid by an employer, please click on the link below to find out how to keep your super affairs in order.
The famous banker J.P. Morgan once claimed that the only certainty about the stock market is that “it will fluctuate”. The recent Global Financial Crisis (GFC) is a testament to Morgan’s prediction, but what can we learn from the worst market downturn since the Great Depression?
How would you or your family members manage financially if you became sick or injured, or died? Could they enjoy the same lifestyle? Could your children attend the same schools? Or would their emotional shock be compounded by financial distress?
It’s good to know what’s on the horizon, so each quarter we will summarise important upcoming dates relevant to your financial and tax affairs.
EVENTS
NEWSLETTER
Share Market Update, Service Trust Issue and Budget 2020
Spring Update Spring 2020 Financial Update
Year End Tax Planning Considerations
JobKeeper Payments for the month of April – closing 31 May 2020
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AUDIO SEGMENTS
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