End of Financial Year Checklist 2023

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.

The $3 Million Super Proposal

It is well understood that the purpose of superannuation is to have money put aside to utilise in the retirement years. Superannuation provides ongoing tax advantages and an income post employment – an incentive to lower the overall reliance on the Government Age Pension. But with the substantial and favourable tax concessions in view, and media
speculation surrounding the upcoming Federal Budget, the Albanese Government has recently proposed some changes to how high super balances will be taxed.

Monthly Musings

Good afternoon,

The Entrust “Monthly Musings” for October has arrived.

In this edition we will:

  • provide our update on the markets for October,
  • introduce a brand new episode of our short video series “3 Minute Tech” that focuses on “How to Reduce the Tax when your Adult Children Inherit your Super”,
  • deliver a new paper in Focal Point looking at “Off-Market Buybacks”, 
  • showcase a great video insight into one of our team, Private Wealth Adviser, Michael Vrankovich, and
  • suggest another book that might be worth a read.

As always, we hope you enjoy.

Minimum Pension Payments

As part of the government’s response to COVID-19, legislation was passed to allow a 50% temporary reduction to the minimum pension drawdown requirements. This was designed to assist retirees navigating volatile markets who do not wish to sell their investment assets while the value of those assets is reduced. As we move closer to the end of the 2021/22 financial year, superannuation pension members have the opportunity to assess whether it is appropriate to make use of the relief. We explore some of the considerations below.

Monthly Musings

Good morning!
Welcome to the January edition of our Monthly Musings.
In this latest update we will:

  • provide our market update for January,
  • release the next episode of 3 Minute Tech “Investing for Children – Part B”,
  • deliver a paper in “Focal Point” where we highlight how individuals can boost their superannuation balance with the use of non-concessional contributions, 
  • provide a short video insight into one of our fantastic Associate Advisers, Katrina Ryan, and
  • suggest a good podcast to listen to and an interesting book to read.

As always, we hope you enjoy.

Monthly Musings

Good afternoon!
Welcome to the December edition of our Monthly Musings.
In this latest update we will:

  • provide our market update for December,
  • release the latest episode of 3 Minute Tech on “Investing for Children”,
  • deliver a paper on Estate Planning in Focal Point. With Australians set to pass on record amounts of wealth over the coming decades, we highlight what is typically involved in conducting an estate planning process,
  • provide a short video insight into one of our experienced Private Wealth Advisers, Phil George, and,
  • suggest a good podcast to listen to and an interesting book to read.

As always, we hope you enjoy.

Non-concessional Contributions

As we move through the second half of the financial year, attention often turns to reviewing the merits of additional contributions into superannuation. When it comes to building a superannuation fund, most people acknowledge that their regular employer contributions do a large portion of the work. Non-concessional contributions can also provide significant opportunities. The important rules associated with these types of contributions are highlighted below.

Planning for Your Estate

Having a will and effective estate plans in place is one of the most important things you can implement for yourself and your family. However, many people give little consideration to structuring their estate plans in a proper manner. This may be for a variety of reasons, including being busy with other matters, finding it overly complicated or not willing to engage in professional advice. For those looking at tidying up this aspect of their situation early in 2022, we explore what’s involved in conducting an estate planning process.

Self-managed Super Funds (SMSF)

As a result of changes in legislation, self-managed super funds (SMSFs) are now able to have up to six members. Previously, the maximum number of members was limited to four. This may increase the popularity of the concept of the ‘family super fund’ – where parents allow their adult children to become members of the fund. However, whilst this may seem like an attractive strategy, it is not without its complications.

First Home Super Saver Scheme

With housing affordability presenting challenges in many parts around the country, the First Home Super Saver (FHSS) scheme allows eligible individuals to utilise superannuation to save some of the money required for a home deposit. The premise of the Government initiative is to assist buyers to accelerate their savings within the concessional environment of super. We outline some of the important rules and considerations.