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+09:30May 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+09:30April 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+09:30May 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 [...]