MEDICAL TREATMENT DECISION MAKER
Medical decision making laws changed on the 12 March 2018 when the Medical Treatment Planning and Decisions Act 2016 commenced. A person can now appoint a medical treatment decision maker with authority to make medical treatment decisions.
WORRY, WELLBEING AND WHY MORE OF US WORK LATER IN LIFE
Ill health, job loss and family reasons mean one in two Australians will retire earlier than they anticipated. This is a now a well-established trend in MLC’s Wealth Behaviour Survey. But many more are staying in the workforce longer than previous generations.
ELECTION RESULTS - TAX AND SUPER CHANGES
Now that the 2019 Federal Election results have been announced, Caitlin discusses the tax and super changes that are set to take place.
ESTATE PLANNING: WHAT YOUR WILL DOESN’T COVER
Most of us think of estate planning as simply writing a will. However, ensuring your assets are distributed according to your exact wishes after you pass away can be more complicated than that. Having an up-to-date will is an essential part of the estate-planning process.
GUIDE TO HOME CARE PACKAGES
Australia’s population is aging, with the number of people aged 65 and over in Australia projected to more than double, to 8.8 million, over the next 40 years. As the aging population grows, the demand for cared accommodation will increase.
LABORS PROPOSED ELECTION POLICIES
An important term to understand when reading the proposed polices is ‘grandfathering’. This is a term used when to describe what happens when a new legislation or policy is introduced.
EIGHT WAYS TO BOOST YOUR FITNESS IN RETIREMENT
It’s time to put physical fitness at the top of your priority list and start enjoying the next phase of your life. If you’ve said goodbye to full-time work and hello to retirement, it’s time to put physical fitness at the top of your priority list and start enjoying the next phase of your life. What’s your fitness regime?
STEPS TO CONSIDER BEFORE ENTERING AGED CARE
Early planning can take away a lot of the stress and uncertainty that can arise when considering aged care at home or a residential aged care facility.
WHAT IS A POWER OF ATTORNEY?
There are different types of Powers of Attorney you can nominate, but the two main ones are a Medical Power of Attorney (also known as a guardianship) and an Enduring Power of Attorney. As you might expect, a Medical Power of Attorney gives another person authority to make decisions about your medical treatment if you’re not physically or mentally able to choose for yourself.
KEYS TO DE-STRESSING A MORTGAGE
“Don't sail out farther than you can row back.” This Danish saying is sound advice for anyone thinking of borrowing to buy a home. According to a paper form the Centre of Policy Development and University of Canberra, Australians have a tendency to be over-confident in our ability to repay loans. We also underestimate the likelihood of things potentially going wrong in our lives.
UPSIZE YOUR SUPER WITH DOWNSIZER CONTRIBUTIONS
People aged 65 or over may be eligible to make additional super contributions of up to $300,000 per person from the proceeds of the sale of their home from 1 July 2018.These are known as ‘downsizer contributions’ and they can be made on top of the existing contribution caps, without having to meet certain contribution rules and restrictions.
SIX NEW OPPORTUNITIES FOR FY 2018/19
New rules have recently created potential opportunities to consider for the 2018/19 financial year. From 1 July this year, eligible first home buyers can withdraw voluntary contributions made after 1 July 2017 to their superannuation fund to purchase a first home under the First Home Super Saver Scheme (FHSSS).
PLAN AHEAD FOR THE AGED CARE YOU WANT
Early planning can take away a lot of the stress and uncertainty that can arise when considering aged care at home or a residential aged care facility. The first option that probably comes to mind is a residential aged care facility. These facilities provide accommodation and care depending on your personal needs.
SUPER STRATEGIES MAKE TAX DEDUCTIBLE SUPER CONTRIBUTIONS
By making a personal super contribution and claiming the amount as a tax deduction, you may be able to pay less tax and invest more in super. If you make a personal super contribution, you may be able to claim the contribution as a tax deduction and reduce your assessable income.
TOP UP YOUR INCOME WHEN CUTTING BACK WORK
If you plan to scale back your working hours, starting a transition to retirement pension could help you to replace your reduced income. To use this strategy, you need to invest some of your super in a transition to retirement (TTR) pension. The key benefit of doing this is you can receive an income from the TTR pension to replace the income you’ll forgo when reducing your working hours.
SACRIFICE PRE-TAX SALARY INTO SUPER
Contributing some of your pre-tax salary, wages or a bonus into super could help you to reduce your tax and invest more for your retirement. With this strategy, known as salary sacrifice, you need to arrange for your employer to contribute some of your pre‑tax salary, wages or bonus directly into your super fund. Learn more
CONVERT BUSINESS CAPITAL INTO TAX-FREE RETIREMENT BENEFITS
If you’re selling your business to retire, taking advantage of the CGT small business concessions could enable you to manage tax and get more money into super. To use this strategy, you need to sell ‘active business assets’ and meet a range of other conditions. Active assets are assets that are held or used in the course of carrying on your business or a business of someone else connected with you.
A FEW INTERESTING FACTS ABOUT RETIREMENT
Given the financial demands of everyday life, planning your retirement may be a relatively low priority. You may also think that you have plenty of time to plan. But before you put off planning for your retirement any longer, here are some key facts you should consider.
YOUR SUPER AND TAX - WHAT'S NEW IN 2018?
Super and tax rules are always changing – providing fresh opportunities to help maximise your retirement savings. Here are two new ways you may be able to help boost your super, as well as your tax return.
TOP UP YOUR SUPER WITH HELP FROM THE GOVERNMENT
If your income is under a certain threshold, then making personal after-tax super contributions could enable you to qualify for a Government co-contribution and take advantage of the low tax rate payable in super on investment earnings.
BOOST YOUR SPOUSE'S SUPER AND REDUCE YOUR TAX
Making an after-tax contribution into your spouse’s super could benefit you both – by increasing your spouse’s super and potentially reducing your tax.
MOVING INTO RESIDENTIAL AGED CARE 101
Moving into residential aged care can be at times overwhelming and quite daunting. Unfortunately, one of the common triggers prompting a move into care can be brought on by a sudden fall, stroke, or some other unexpected event.