Financial Planning Articles

Earn Tax-Free Income

It's not very often that the ATO allows you to earn income without paying tax, but you can earn tax-free income from hobbies. A common example of this type of tax-free income are fees earned from refereeing social sports (e.g. touch football, netball, etc.). We have a client that earns an average of $200 per week during the season fro...

Invalid Wills | Always Check You Have What You Think You Have

We have always believed the key to successful financial planning is completing a detailed data collection. Undergoing a comprehensive audit of your current circmstances will enable us not only to provide an accurate assessment of your ability to achive your financial goals, but it also ensures you actually have what you thought you had. ...

Mortgage Exit Fees Banned

Until recently, the majority of lenders charged an exit fee if you paid out your home loan before the end of the term, which could add up to thousands of dollars. These fees discouraged, or in many cases, financially prevented you from refinancing your uncompetitive loan. As of the 1st July 2011, the federal government has banned these ty...

Avoiding Delays to Family Payments in Death

Obtaining probate for a will essentially means the court is satisfied the will is the last will of the person who died. This process may need to be completed before the organisations holding the estate assets (e.g. bank, super fund) are able to release the assets to the will's executor. In some cases the estate's assets may be fro...

Risks With Consolidating Super

It can be difficult to keep track of all the super funds you may have collected over the years, so eventually you get around to consolidating them into one fund for easier management of your super savings. However this strategy may have significant financial risk, if a comprehensive approach to your financial circumstances and objectives ...

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News

McKinnon Financial Services is constantly updating its knowledge in the following areas and is keen to pass on the knowledge to clients.

Earn Tax-Free Income

Invalid Wills | Always Check You Have What You Think You Have

Mortgage Exit Fees Banned

Avoiding Delays to Family Payments in Death

Risks With Consolidating Super

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