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Pre-EOFY 2017 Superannuation Checklist

Transition to Retirement

With 30 June fast approaching, time is running out to make any last super contributions before a raft of important rule changes from 1 July 2017. Concessional contributions From 1 July 2017, the concessional (deductible) contributions cap is reducing to $25,000 for everyone. Previously, it was $35,000 for people 49 years and older at the end […] Read More >

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Federal Budget 2017 Summary – How it Affects You

This year’s Federal Budget was not as controversial as previous years, however there are still changes which may affect you and your family. Additional super contributions from proceeds of downsizing your home From 1 July 2018, individuals aged 65 and over will be able to make an after-tax super contribution of up to $300,000 ($600,000 […] Read More >

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What does everyone want in a farm succession plan?

Sheep on Eyre Peninsula

Any good farm succession plan starts with recognising there is a need to address how and when the business is passed on to the next generation.  Other considerations which complicate this process are providing an income for several generations whilst wanting to provide an inheritance to off-farm children. No two succession plans are the same […] Read More >

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Improper use of your super fund can result in a big fine or even a prison sentence

Using Superannuation to buy investment property

Bob Budrieka has again been quoted as a subject matter expert in a recent Daily Telegraph article highlighting how improper use of your super fund can result in a big fine or even a prison sentence. Large penalties for misuse of SMSF Anthony Kean reports that “SELF-managed super funds are being illegally used to pay household bills, lend […] Read More >

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Farm succession planning: A small price to pay for a valuable asset

Farm Succession Planning

Cognitive dissonance is the uncomfortable feeling we get when we hold two conflicting thoughts at the same time.  An example is knowing you should do something but avoid it.  One way to make this feeling go away is to apply mental gymnastics in order to justify a making the bad decision.  We all do it, […] Read More >

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Will you be impacted by the reforms to Superannuation?

Superannuation-reform-July-2017

From 1 July 2017 there will be some key changes to superannuation which may affect you.  In particular, those who are planning to make contributions or draw an income stream should review their strategies and seek professional advice. We have outlined some of the important changes below: Reduced age-based concessional contribution cap The age-based concessional […] Read More >

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Family Trusts: The Pros and Cons

Probably the most popular business structure used by farmers are family trusts.  In this article, we’ll discuss why they’re used, as well as their advantages and disadvantages. Trusts are interesting entities because nobody actually owns the assets of the trust.  They are held in trust and administered by the trustees of the trust who have […] Read More >

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How do you see your retirement?

Super | Every bit counts

Is $1 Million enough Super ? In a recent review meeting, our client raised the topic of how much money might be needed for a comfortable retirement.  He bandied the figure of $1m as perhaps being the ideal amount of capital required.  This seems to be a common belief and it’s easy to understand why […] Read More >

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Dont throw assets away for Jan 1 Centrelink changes

RETIREES worried about tougher new age pension rules are trying to lower their Centrelink-assessable assets through buying funeral bonds and other strategies. In a recent article published in news.com.au by Anthony Keane, several Financial experts including David Koch and Planning for Prosperity’s own Bob Budreika were interviewed on the impact of the impending Centre-link entitlements and […] Read More >

Posted in Financial Advice, Financial Stategy, News | Tagged | Leave a comment

The impact of 1/1/17 Centrelink changes for those in Aged Care

centre link changes

Much has been written about the effects of the changes to the asset test assessment from Jan 1st 2017 for those receiving the Aged Pension.  There is another section of the retired community that hasn’t had the same publicity:  those people in Aged Care.  Their situation is quite different because they have existing agreements with […] Read More >

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