Most people are aware of self-managed super funds (SMSF), yet less familiar with Family Super Funds (FSF). In this article we explore subtle variations between the two and identify how a FSF can be seen to improve family wealth outcomes.Both Fund structures can have up to six members in total. In the case of a SMSF, these Funds do not require any of the parties to be related by blood or legal arrangement (such as
Read moreHeading into end of financial year tax time is a good time to begin thinking about, and brushing up on, understanding how to determine the tax deductibility of expenses. The ATO allows for a wide variety of expenses to be offset against assessable income as part of your tax return. This applies to not only individuals, but also companies, trusts and even superannuation funds.The ATO publishes a wealth of information on its interpretation of what
Read moreWhile buying a home to live in remains out of reach for many Australians, investors are flooding back into the housing market. Data from the Australian Bureau of Statistics (ABS) shows lending to investors - otherwise known as landlords, has jumped almost 20 per cent in the past year. That is, almost four in 10 people taking out a mortgage now are landlords. The combination of rising house prices, rising population growth (mostly due to migration), rising
Read moreIn Queensland, stepping into the property market can be significantly more accessible for first-time homebuyers, thanks to the First Home Concession on transfer duty. This concession is a boon for eligible buyers, potentially saving them a substantial amount on the costs associated with purchasing a home. Here’s what both real estate agents and first-time buyers need to know about qualifying and applying for this benefit. Eligibility Criteria To avail of the First Home Concession, several
Read morePrime Minister Anthony Albanese has announced changes to address ongoing cost of living pressures with all 13.6 million Australian taxpayers receiving a tax cut from 1 July 2024, compared to the tax they paid in 2023-24. Now is the time to assess what it means to your hip pocket and what implications it may have for end of financial year planning as a result of the new rules, due from 1 July 2024. The Federal Government has
Read moreMore of us have been in paid work this past year than ever before. A big part of that is because more of us have been able to work from home than ever before. The proportion of Australians in paid work climbed above 64% in May last year, and has stayed there since. At the same time, unemployment has hovered around a half-century low of 4%. In April last year, female unemployment fell to what
Read moreWhen you look at the dynamics around sourcing a property for extended family including those that may be elderly or disabled, granny flats often come into play! Their demand is escalating given rising living costs and the accelerating lack of affordable housing for the vulnerable.When you list a property with a granny flat or a home that has the potential to have this added on, please carefully consider the legal framework that surrounds the scenario
Read moreOver one million Australians have embraced increased autonomy over retirement funds by opting for a self-managed super fund (SMSF). An SMSF offers the advantage of diversifying investments across a wider array of asset classes compared to conventional superannuation funds. Prioritising your financial objectives is essential when evaluating investment opportunities. While conservative assets (cash and bonds) offer stable cash flow, growth assets such as property, shares (Australian and global) and commodities contribute to wealth accumulation. Below
Read moreIt seems anyone you speak with is talking about how much they have in a particular “crypto” or how they want to own crypto. What is driving the latest interest in the sector?The best known of the cryptocurrencies is Bitcoin (BTC), so let’s use BTC as a proxy for all crypto as to a large extent, it sets the tone for how the currencies are perceived by traders. BTC reached its all-time high price of
Read moreBuying and selling a home can be confusing for most of us. Here is some basics to help make the process as clear as possible. Save for a Deposit The deposit is the initial cost you will need to pay when buying a home. The first step is to get your finances sorted and do a budget to identify how much you can afford to save for your deposit and work out what you
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