Posted in Financial Planning

The federal government is proposing legislation that, if passed, will increase the Paid Parental Leave ('Leave') to 26 weeks by 2026: The proposal is to increase the current 20 weeks Leave (for children born or adopted after 1 July, 2023) by 2 week increments each Financial Year for the next 3 Years There is an eligibility criteria to receive the payment, including: Income Test | Work Test | Residency Rules Incorporating Leave payments into your Financial Plan may be critica...

For anyone that has a Higher Education Loan Program (HELP) debt it is important to understand the HELP Repayment Incomes and Rates for the 2023 FY to effectively budget for any repayments that fall due.

The minimum repayment percentage is based on the persons gross income.  The higher the gross income, the higher the repayment percentage.

The person needs to be earning more than $48,361 in the 2023 FY before repayments are required.  The repayment percentage minimum 1.0% and the m...

It is increasingly difficult to save enough money for your first home purchase but there are some ways the government can help, such as First Home Super Saver ('FHSS') scheme.

The FHSS scheme allows you to save for your deposit within your superannuation investment account.  There are several key benefits to using your super as the saving structure but the ability to withdraw personal Concessional Contributions may provide a significant tax planning advantage.

Personal Concessi...

If you are aged 65 to 67 you may be able to contribute an additional $200,000 to your super from 1 July 2020. The federal government is currently in the process of making changes to super contribution laws and from 1 July 2020 the "Work Test" requirements for super contributions are likely to be amended. Effectively this will mean from 1 July 2020 if you are aged between 65 and 66 you will be able to make voluntary contributions to your super (concessional and non-concessional...

CHRISTMAS IN JULY? Maybe, but it is time to start planning for the Festive Season without breaking the bank. We have some tips on how to avoid the budget going into the 'red' and still enjoy your Christmas and New Year Festivities: Make a Plan - the key to a successful Christmas is to make sure you plan your expenditure. Separate Your Cash and Credit Cards - you should separate your cash and credit card expense budgets. Always using a credit card or cash card ...