Binding Death Benefit Nominations

The total value of the superannuation pool has been growing significantly. With this comes a typical question covered in financial advice circles; ‘How does my superannuation get paid in the event of death’. A common misconception is that a will automatically deals with an individual’s superannuation assets. So how can you ensure that your retirement assets follow a desired outcome?

Monthly Musings

In this “Monthly Musings” for the month of July we will provide our Market and Economic Conditions Update for the month, release a brand new “3 Minute Tech” covering the topic of “Converting your Super into an Income Stream”, present an overview in our Focal Point section on Division 293 Tax, and, feature the latest episode of our “Finding the Front” podcast with special guest Dr Nina Webster, Managing Director and CEO of Dimerix. This is a fascinating insight into the nature of biotechnology companies, their growth path and their challenges. Nina speaks so well and reflects on her journey so far with many insights and takeaways on her experiences and the biotech industry as a whole.

As always, we hope you enjoy.

Division 293 Tax

High income earners will be familiar with the somewhat dreaded ‘Division 293 tax’. However, Division 293 tax does not only apply to those people who derive substantial income from employment or self-employment. The additional tax bill can crop up as a result of taxable income from other sources, including investment income, capital gains and other one-off events or payments (e.g. employment termination payments).

Monthly Musings

In this “Monthly Musings” for the month of June we will observe the market movements for the month, release a brand new “3 Minute Tech” where we take the time out to answer some of the recent questions we have received, present an overview in our Focal Point section on Government Co-Contributions, and feature the latest episode of our “Finding the Front” podcast with Marnie Finlayson, a Managing Director with mining giant Rio Tinto and a Non-Executive Director of Northern Star. This is a fantastic insight into Marnie’s diversified mining career pathway and her insights into leadership. As the recent head of Rio Tinto’s Battery Materials division, she provides some excellent insights into lithium and the opportunity set. 

As always, we hope you enjoy.

Government Co-Contribution

With 2023/24 done and dusted and the new financial year upon us, it is a great time to review and kick start some financials goals.  The new financial year brings income tax cuts under the rollout of the revised Stage 3 plan. In addition, the concessional and non-concessional contribution caps have lifted. However, how can low and middle income earners benefit their superannuation position in juggling the above? The government super co-contribution scheme provides an option. This is explored below.

Deductible Gifts or Donations

The 30^th of June is fast approaching. However, as we have yet to reach the end of the financial year, it’s not too late to think about generating some additional tax deductions for the 2023/24 year. If you expect your marginal tax rate to reduce from July 2024 as a result of the stage 3 tax cuts, bringing forward deductions to the current financial year could provide greater overall benefits.

Monthly Musings

Here is our “Monthly Musings” for the month of April. In this edition we will observe the market movements for the month, showcase a brand new episode of our short video series “3 Minute Tech” where we discuss planning for the upcoming End of Financial Year, and present an overview in our Focal Point section that provides an End of Financial Year Checklist.

As always, we hope you enjoy.

End of Financial Year Checklist

The End of Financial Year (EOFY) is once again fast approaching – providing an opportunity to review your position ahead of the new year to come. Given the inevitable June end rush, as well as processing and cut-off times, we believe it prudent to consider important actions in advance of deadlines. The following is an outline of key planning strategies that may require review. However, this may not cover all of your EOFY planning requirements – where appropriate please consult with your accountant or licenced tax adviser.

Monthly Musing

Here is our “Monthly Musings” for the month of March. In this edition we will observe the market movements for the month, showcase a brand new episode of our short video series “3 Minute Tech” where we discuss “Personal Insurances”, present an update in our Focal Point section surrounding the important superannuation “Minimum Pension Payments”, and provide a great video insight into the Entrust Wealth Management Team.

As always, we hope you enjoy.

Minimum Pension Payments

As part of the government’s response to the financial impacts of COVID-19, a temporary reduction to the minimum pension drawdown requirements were implemented. During the previous four financial years, minimum drawdown rates were halved. This is the first financial year since 2018/19 that minimum pension payments return to their normal calculations.