Mondy Financial Services

You still have time to save tax in the 2017/18 tax year.

Some of the ways you might be able to save paying too much income tax are as follows:

1. Lump Sums: If you receive an inheritance or sell an investment property and wish to invest your money why not consider putting some of it into superannuation. You may be able to contribute up to $100,000 per year (or $300,000 bringing forward 2 years). This is held within the super environment and therefore does not go against your personal tax return. If you have reached the age of 65 you will be able to draw out the money at any time and pay no tax on withdrawal.

2. Anyone (employees or self-employed) can now put tax deductible contributions into their super fund up to a maximum of $25,000 (including super guaranteed contributions by employers). This effectively means that the amount contributed will only be taxed at 15%. As an example a person selling a property and incurring a Capital Gains Tax liability may be able to reduce their taxable income and therefore reduce their overall tax by utilising this method. 

3. Putting super into a retirement phase – no tax in or out and earnings tax free (up to $1.6M)

4. Spousal Contributions - If your spouse earns less than $40,000 you will receive up to $540 if you make a contribution into their super account. The income thresholds for the spouse contribution tax offset are $37,000 (for lower threshold) and $40,000 (for upper threshold).

Note: This information is general, before acting upon any of these ideas you should seek professional advice to make sure it suits your personal circumstances. If you’d like to discuss tax strategies that could benefit you, why not contact me today on 0431 517 455 or email me at This email address is being protected from spambots. You need JavaScript enabled to view it..

 

 

 

                                            

                                              Ever ridden in a car with worn-out shock absorbers?

                                              Every bump is jarring, every corner stomach-churning

                                     and every red light an excuse to assume the brace position.

                                    Owning an undiversified portfolio can trigger similar reactions.

Some clients have been worried about the current downturn in some investment sectors. Thefollowing article by Joim Parker from Dimensional will help you understand that a diversified portfolio will smooth out some of the bumps and make for a smoother ride.

Remember that you’re investing for the long term so a small bump in the road will seem insignificant a long way down the track.

 

Good financial advice can provide a range of strategies related to Tax, Superannuation, Personal Insurance, Investments and Aged care financial planning that can greatly benefit your financial future.

Tax Planning

Many strategies exist that allow a person to legitimately save tax. We can see whether these are appropriate for you. We can work with your current accountant (if you have one) to ensure you are paying no more tax than necessary.

Superannuation

Superannuation will grow at a greater rate over time if fees are minimised. We can review the fees you're paying and the investment strategy within your super to make sure its appropriate for you.                                                                                                                                                                      

Self Managed Superannuation (SMSF)

This can be a powerful strategy for some people. We can provide an analysis to see whether this is appropriate for you and advise on the setup, administration and investment strategy should you go ahead. A significant benefit for some people is the ability to purchase property through their Super.

Retirement Planning

We may be able to significantly boost your retirement income with good advice prior to retirement. This could include restructuring your superannuation and advice around aged pension if appropriate.

Estate Planning

You can structure your assets to maximise the benefits to your beneficiaries with good estate planning. Anyone with a “more than usual” complexity in their business or personal relationships should look at more than a ‘simple’ will.

Family Protection Planning

We can do a full review of your insurances and in most cases make significant savings by re-structuring this so you are paying less out of your own pocket.

Mortgage and Lending

Our analysis will ensure you are in the best product for your needs.

We are not owned or licensed by an institution (unlike approximately 80% of financial planners), so you know we’re acting in your best interests……. Always!

To make a plan for the future, it’s essential to look at what has and hasn’t worked in the past. Whether you're thinking about diversifying your super portfolio, are interested in trying the property market or are keen to play the stock market - making a plan that best reflects your needs and wants is a step in the right direction. Call Adam to find out how to get started - 0431 517 455


He says it should be evident by now that setting your investment course based on someone's stock picks or expectations for interest rates is not a viable way of building wealth in the long term. So the better option is to stay broadly diversified and, with the help of an advisor, set an asset allocation that matches your own risk appetite, goals and circumstances.


Every parent wants the best for their children but kids often won’t listen to the wisdom of your experience, especially when it comes to money. Don't give up! Here are some of the common beliefs and misconceptions kids have about managing money—and how you could get them to take your advice: http://bit.ly/1Xpyx5D


On 7 May 2015 the federal government announced changes to the Age Pension assets test (and confirmed this proposed policy in the May 2015 Federal Budget), affecting those retirees receiving a PART Age Pension. Click to read how the stricter Age Pension Test will operate: http://bit.ly/1lItRw3


There are so many super funds, and everybody seems to have the best one.

There are so many super funds, and everybody seems to have the best one.

Your choice of Super fund is a critical decision that can significantly impact your lifestyle on retirement – for better or for worse. It’s something not left to chance.

We’ll analyse your current superannuation fund and compare it against multiple funds to select the most appropriate super fund for you. We take into account fund performance, fees and your own appetite for risk to identify the best option for you. We're not owned by a large financial institution so we compare products across the spectrum for the best solution for each client.  

Contact us now to take the first step towards a better financial future.