The Future of Financial Advice (FOFA) reforms, originally proposed by the government on 26 April 2010, were made law last week. The reforms take effect from 1 July 2012 but there will be a one year transition period before all financial planners must abide by them (i.e. from 1 July 2013). Furthermore, the reforms were […]
Whether a superannuation fund will make an anti-detriment payment (ADP) or not is seldom considered when weighing up the pros and cons of a given fund. But it should be. It is not compulsory for a super fund to make an ADP, which is payable upon death. Some funds will make an ADP only if […]
It’s tax time again and there are a number of strategies you can consider to reduce your tax liability for 2011/12 and boost your tax refund. 1. Prepay your Private Health Insurance The Government recently announced it would be restricting eligibility for the 30% private health insurance rebate from 1 July 2012. As a result, […]
For most people, superannuation will become a key asset in planning for retirement and achieving financial security. The reason for this is twofold: 1) Employer contributions into super are usually compulsory and as such, the power of compounding returns over your working life results in a significant pool of funds upon retirement, and 2) Superannuation […]
