Estate planning ensures your assets are managed and distributed according to your wishes after death, supporting loved ones and securing your legacy. Core elements include wills, which outline asset distribution, guardianship for minors, and may include trusts or life interests for tailored control. Trusts can protect assets, offer tax benefits, and follow specific wishes, while powers of attorney appoint someone to make decisions if you’re incapacitated. Probate validates the will, ensuring debts and taxes are paid first. Key considerations include tax implications for superannuation and cross-border assets, as well as protection strategies like family trusts and insurance. Seeking professional advice is essential to create a legally sound, tax-efficient plan.
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As the U.S. presidential election nears, investors are closely watching the race, though substantial policy changes hinge on Congressional control. Each candidate’s goals may be tempered by a divided Congress, as passing laws requires cooperation. Different election outcomes could influence markets: a “Red Wave” could boost profits for banks, aerospace, and oil sectors through deregulation, while a “Blue Wave” might drive clean energy and domestic manufacturing. Although elections often heighten investor anxiety, historical data shows markets trend upward in the long term, regardless of party. Focusing on long-term goals, rather than short-term political shifts, is crucial for investors.
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With interest rates expected to fall in 2024, home prices could rise as a result. Several major banks predict rate cuts, possibly starting by Christmas. Historically, rate cuts have pushed property prices higher, and experts suggest that just one cut could increase home values by 0.6%, adding $5,000 on average. Sydney, Melbourne, and Brisbane may see notable increases, though some markets like Perth might respond differently. While lower rates can boost borrowing power, they could also drive up competition and home prices, making now a potentially good time to buy, especially with an increased supply of housing available.
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The Australian government's Payday Super reform, starting in July 2026, will require employers to align Superannuation Guarantee (SG) payments with employee wages instead of quarterly payments. This reform, part of the Securing Australians’ Superannuation Package, aims to address unpaid and underpaid super contributions, benefiting 8.9 million workers by boosting their retirement savings and improving transparency. Employers must submit SG contributions within seven days of payday, with penalties for non-compliance. The reform simplifies payroll processes and strengthens superannuation management, alongside other government efforts to enhance the system, such as raising the SG rate and criminalising super theft. The ATO will enforce compliance.
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Receiving a large sum of money, such as an inheritance, can significantly alter your financial situation, presenting both opportunities and challenges. To make the most of this windfall, it’s important to take thoughtful steps. First, take time to process emotionally and avoid immediate spending. Secure the funds in a safe account, understand any tax implications, and assess your financial situation, including outstanding debts. Meeting with a financial adviser can help set clear goals, such as emergency funds or retirement planning. Be mindful of lifestyle inflation, communicate with family, and make informed decisions for long-term financial well-being.
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Remember the first time you stepped into a gym? It’s unlikely you swaggered your way over to the free weights rack and started busting out squats. Well, it turns out buying your first home can be just as daunting, with 91% of first-home buyers turning to a mortgage broker for guidance.
When it comes to financial decisions, they don’t come much bigger than buying a home. So, it’s no wonder that plenty of first-home buyers feel a mix of nerves and excitement. It’s also understandable that more than one-in-two first-home buyers feel the need for support throughout the home-buying process. And for nine out of ten first-home buyers, that valuable support comes from a mortgage broker, according to a recent report by lenders’ mortgage insurance (LMI) provider, Helia.
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Financial planning is a structured process designed to help you reach your financial goals, whether it's saving for retirement, purchasing a home, or building wealth. At its core, it’s about understanding where you are today and charting a clear path toward where you want to be. In this guide, we’ll explore the key steps involved, ensuring that you’re equipped to make informed decisions and confidently work toward a secure financial future.
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The ASX ended flat over the fortnight, with major stocks down slightly (-0.05%), while the All-Ordinaries rose 0.44%, driven by small caps. The materials sector had its best week since 2015, up 9.3%, boosted by China’s stimulus push. Iron ore miners like Fortescue and BHP surged over 12%. Despite global rate cuts, the RBA held Australia's cash rate at 4.35%, citing persistent inflation, aiming for a 2-3% target by 2025. Globally, markets stayed flat except for massive rallies in China and Hong Kong, up 21% due to a major Chinese stimulus package worth ¥7.5 trillion.
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In today's fast-paced business environment, managing the financial health of your company is more than just tracking expenses and balancing the books. At Salt Financial Group, we understand that an accountant’s role can extend far beyond traditional accounting functions. When combined with regular business coaching, an accountant becomes a strategic partner, offering invaluable insights to help steer your company towards growth and success.
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