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Why your insurance within super could be at risk from July 1

Anyone holding insurance inside of super must be aware of the upcoming changes to inactive accounts, and to take prompt action if they wish to avoid having insurance they need cancelled. What is changing? From 1 July this year, super funds will be required to cancel insurance cover within accounts if the account is deemed inactive. An inactive account is defined as any super account that: has not received a contribution or rollover for 16 continuous months, and the member has [...]

2019-06-05T01:23:20+00:00May 31st, 2019|Federal Budget, FinSec Post, Insurance, Superannuation|

2019/20 Federal Budget Report

2019/20 Federal Budget Report A Budget for the political times tempered by the economic times, is the underlying theme for Budget 2019. With Scott Morrison to call the election within a matter of days, Treasurer Josh Frydenberg had to pull a rabbit out of the hat last week and we’ll know by election day whether it’s a live one or not. The strategy was simple; reinforce the Government’s superior economic management with cash hand-outs, restoring the surplus and covering essential services [...]

2019-04-10T01:29:11+00:00April 10th, 2019|Federal Budget, FinSec Post|

2018/19 Federal Budget Report

2018/19 Federal Budget Report If you're the kind of person who loathes surprises, preferring to be fully apprised of impending gifts before birthdays, anniversaries or Christmases, then chances are you would have loved the recent Federal Budget. In fact, if this Budget was a surprise birthday party, the guest of honour would have known weeks in advance. No hushed party guests waiting excitedly in the dark before trumpeting a raucous "Happy Birthday'' to the unsuspecting party girl, or guy. No, Treasurer [...]

2018-05-15T07:43:11+00:00May 15th, 2018|Federal Budget, FinSec Post|

The Verdict – A Swan Dive to the Left as Federal Budget Smacks of Political Opportunism

If imitation is the sincerest form of flattery, Wayne Swan should still be feeling quietly chuffed. Since Treasurer Scott Morrison handed down his almost Machiavellian political manifesto masquerading as a federal budget last week, much has been made of its giant leap to the left. Hit the banks with a $6.2bn levy ("nobody likes them anyway"), give more money to schools, introduce a 0.5 percent increase in the Medicare levy to help fund the National Disability Insurance Scheme and throw in [...]

2017-05-17T00:32:28+00:00May 17th, 2017|Federal Budget, FinSec Post|

2017/18 Federal Budget Report

The Budget has dominated the headlines this past week. In short, despite the wailings of the media, it's a 'Storm in a Teacup' budget. Bit of extra spending here, a few more tax increases there, the continued promise of an imminent return to surplus and political opportunism at its core. Many of you will have read the facts and figures by now, and have an understanding of the changes. This summary is not a simple reiteration of these facts. As is [...]

2017-05-17T00:05:51+00:00May 15th, 2017|Federal Budget, FinSec Post|

Morrison’s $500,000 backflip – “mostly” good news for superannuation.

Note: This article was updated 21 September 2016 to include further clarity with regard to transitional rules. The Federal Government has made significant changes to its superannuation package, including dumping plans for their controversial $500,000 lifetime cap proposal. Although the revisions (and the package as a whole) are yet to be legislated, the announcements certainly bring it a step closer to reality. Below we have summarised the changes and what they mean for you. What’s changed? Proposal for a lifetime cap [...]

2016-09-29T00:35:17+00:00September 16th, 2016|Economy, Federal Budget, FinSec Post|

Federal Budget 2016/17 Our Verdict: The Less is More Budget

Scott Morrison's maiden budget speech was the first since Peter Costello's debut 20 years ago that did not include the word 'surplus' an unreported, but perhaps telling, fact. It is no secret that the 2016 Federal Budget made negligible progress on improving Australia's bottom line. Projecting a small surplus way out in 2020/21 it has experts concerned about the future of Australia's AAA credit rating. But, to its credit, this pre-election budget didn't make things worse. Debt accumulation seems to be [...]

2016/17 Federal Budget Report

Excerpt: 2016/17 FEDERAL BUDGET REPORT May 2016 For us, the big story out of Budget 2016 is of course Morrison’s crackdown on high-end super tax concessions. Ten years on from Costello’s tax-free super savings and now, on the other side of the resources boom, Morrison has redefined the purpose of super as a substitute or supplement to the welfare safety net of the aged pension, not a vehicle for wealth accumulation or bequests. Whilst we welcome the fairness measures and in [...]

2019-07-31T00:53:31+00:00May 26th, 2016|Economy, Federal Budget, The Story, The Verdict, The View|

Morrison in the Middle: Changes to Age Pension Eligibility

Nothing has highlighted the unintended consequences of tinkering with retirement income more than last month’s federal budget. The fiscally and politically potent combination of age pensions and superannuation is always complex, however this budget has left many financial analysts scratching their heads. The proposed changes to the Age Pension eligibility criteria, put forward by Minister for Social Services Scott Morrison, will have major ramifications for retirees who had carefully planned for their financial future. While the tighter rules are designed to [...]

2015-06-18T04:47:55+00:00June 17th, 2015|Aged Care, Estate Planning, Federal Budget, FinSec Post|

Less Politics, More Economics – The Verdict Budget 2014/15

THE BUDGET WE HAD TO HAVE! "The Budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed, lest Rome will become bankrupt. People must again learn to work instead of living on public assistance." - Cicero , 55 BC We can't help but think Cicero was on the money (no pun intended) when he proclaimed these words so long ago. [...]

2014-05-29T02:27:39+00:00May 28th, 2014|Federal Budget, FinSec Post, The Verdict|