Everyone needs a little help with some aspect of a financial plan. Whether it’s investing, tax planning, estate planning, debt management, or a myriad of other topics, money can be complicated. Asking for help from a professional financial advisor when you need it is certainly a better option than making a costly mistake that you don’t realize is a mistake until it’s too late to do anything about it.

Still, it’s important to go in eyes-wide-open to any engagement with a financial advisor. These 13 smart questions should be a part of what you ask anyone you’re giving access to your money in order to assure you know exactly what you’re getting in exchange for what you’re paying for those services.

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Over 17,000 SMSFs that are heavily invested in one asset class will soon receive a “please explain” from the ATO to check whether they can justify their diversification risk. Diversification is just one of five key matters that all SMSF trustees must regularly review as part of their legally required investment strategy. Know the essential requirements and ensure your fund’s strategy is up to scratch.

You’ve probably heard of the requirement to have an “investment strategy” for your SMSF, but do you really know what’s required?

Making an investment strategy is not only a formal legal requirement, but also a useful prompt for SMSF trustees to define their own retirement goals, carefully consider their investments and seek advice if needed. And having a well-reasoned investment strategy will always work in your favour in an ATO audit situation.

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If you’re a high income-earner with multiple employers, you may be aware of potential traps with compulsory super contributions that can lead to some hefty and unfair penalty taxes – and until now there’s been little anyone can do to avoid the problem. Fortunately, proposed new laws will give high income-earners the opportunity to take proactive steps to overcome any penalties.

Are you a medical professional or company director hired by multiple organisations who make compulsory super guarantee (SG) contributions on your behalf? Or perhaps you’re simply a high-income professional with an extra employment arrangement on the side, like a university teaching gig or consulting arrangement? If you have more than one “employer” for super purposes, you may benefit from changes to how the SG is administered for high income-earners.

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 The labour market showed strength in July following the RBA’s June rate cut, with an increase in 41.1k jobs over the month. The unemployment rate held at 5.2% in July and the participation rate edged up 0.1% to a July record of 66.1%. Although wages grew at a slightly stronger-than-expected rate of 0.6% in the June quarter, the annual growth rate remained flat at 2.3%. Dwelling prices in August delivered further signs of stabilisation for the housing market. 

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Financial wellbeing is defined as when you are able to meet expenses and have some money left over, are in control of your finances, and feeling financially secure, now and in the future.

Some of the main factors that can influence your financial wellbeing are as follows: 1. financial capability (your financial knowledge, attitudes, decisions, and behaviours), 2. financial inclusion (your access to appropriate and affordable financial services and products), 3. social capital (your social network that can provide support in times of financial stress),

4. economic resources (your savings, investments, insurances, emergency funds, cashflow and debt management, and income).

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Rental property deductions have many rules, and the ATO is on the lookout for incorrect claims. Some expenses can be deducted immediately, while others will need to be claimed over time. Stay on top of the rules and avoid ATO headaches this tax time.

Did you know that a random audit by the ATO last year revealed nine out of ten rental property owners made a mistake with their rental deductions? In this first of a two-part series, we share some tips on what you can and can’t claim.

This series assumes you own a 100% rental property (with no private use) that is rented out, or genuinely available to rent, at commercial rates. You’ll generally only be able to claim a portion of your expenses if …

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There are new rules on the way that will require young adults and members with low super balances to actively “opt in” to holding insurance in super. If you’re in either of these categories, or perhaps have adult children in the workforce, now is a good time to ensure you understand the issues around insurance in super, and to consider what steps you, or your children, should be taking to protect future retirement benefits.

You may not spend much time thinking about the insurance in your super fund, but have you considered how much that insurance is costing you and whether it meets your needs?

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There’s nothing as certain as death and taxes, but tax on death is not so clear. The good news is that when an asset passes to a beneficiary, capital gains tax (CGT) generally does not apply. But down the track when the beneficiary decides to sell that asset, there are many forks in the path.

There is enough pain and anguish when someone dies, so fortunately there is, in most cases at least, no duty on assets that form part of the deceased’s estate and are passed to a beneficiary, or their legal personal representative (LPR). But as with life, the rules regarding death and CGT are not meant to be easy, particularly when that asset is a “dwelling”.

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Whilst the recent implementation of the ‘Protecting Your Super Package’ has received a somewhat mixed reception, it has provided some people with a much-needed prompt to review their super details.

Another opportunity to do so occurs with the release of annual super statements. As a super fund member, you will be receiving your annual statement soon, if not already, either electronically or via post mail.

Here is a helpful checklist for reviewing the details contained in this important document.

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