Are your adult children ready for the wealth transfer?
The inheritance wave is building but most people are unprepared for the ride Transfers of accumulated wealth from one generation to the next are part and parcel of everyday life. But the next 20 to 30 years will see the biggest intergenerational wealth handover in history. According to estimates made by the Productivity Commission in […]
Records for rental properties and holiday homes
How long to keep rental records You need to keep records for 5 years. Depending on your situation, that is 5 years from the date: you lodge your tax return of your last claim for the decline in value of an asset it is certain that no capital gains tax event can occur after you acquire, sell […]
Insurance payouts after a disaster
When to include insurance payouts from disaster events in your tax return for businesses, or assets that produce income. When recovering from disaster events, check if you need to report and pay tax on insurance payouts: damaged or destroyed personal items or assets are not taxed businesses or income-producing assets may be taxed. The following […]
Volunteering in retirement: finding purpose, structure, and joy
Retirement might be just around the corner, or maybe you’ve recently crossed that exciting threshold. You’ve worked hard for decades, and now ready to trade in the alarm clock for leisurely mornings and to-do lists that are actually fun. But as you move into the next phase of your life; a thought might cross your […]
Two ways to invest your mortgage rate cut
Why investing extra money from a rate cut can be a better long-term option. Millions of Australians holding variable rate mortgages are about to receive a monthly household cash infusion, thanks to the Reserve Bank’s 0.25% cash rate cut on 20 May. Based on an outstanding mortgage balance of $600,000 with 25 years remaining on […]
Getting EOFY ready as a property investor
In the lead up to the end of the financial year (EOFY), it’s a great opportunity for property investors to pause, prepare their records, and make sure they’re making the most of what they can claim. Tax time might not be the most exciting part of investing, but a little preparation now can make a […]
Why it’s never too early to start teaching your children about money
Here’s how you can help your children build financial literacy Australia is one of the wealthiest countries in the world, yet many Australians struggle with financial literacy. Vanguard’s 2024 How Australia Retires report found that only one-third of Australians were very confident or extremely confident in making financial decisions. While most Australians (56%) were very […]
Protecting your superannuation after death
You work hard to build your superannuation. It’s an income source in retirement, there to help fund the life you and your family want to live when you stop working. You need to tell your super fund who should receive your super and any life insurance when you die. Without it, your fund may decide […]
How to financially ease into retirement
Deciding when to retire is a big decision and even more difficult if you are concerned about your retirement income. The average age of Australia’s 4.2 million retirees is 56.9 years but many people leave it a little later to finish work with most intending to retire at just over 65 years.i If you’re not […]
What are family trusts?
Many of us associate trust funds with their depictions in popular culture – tools used by the mega-rich to distribute enormous family incomes among “trust-fund babies”. Recently, they even went viral as the centrepiece of a TikTok audio by user @girl_on_couch, who was famously “looking for a man in finance. With a trust fund. 6’5. […]
