Refinancing your home loan to take advantage of a lower interest rate might save you money. Before you switch, make sure the benefits outweigh the costs. Before you decide to switch If you’re thinking about switching home loans, you’re probably focused on getting a better interest rate. But there are other things to consider before … Read more
Look for a good currency exchange rate and check the fees when sending money overseas. A small difference can mean more money gets to your family or friend. Types of overseas money transfers Money transfer company A money transfer company is usually the cheapest way to get money to someone overseas. The company can either … Read more
We spend decades watching our super balances grow but for those thinking about retirement in the next few years, it can be confusing to work out how best to use your super. Here are some of the considerations for the popular options. Easing into retirement You can keep working and receive regular payments from your … Read more
Withdrawing part of your superannuation fund balance then paying it back into the account, known as a recontribution strategy, may sound a little strange but it could deliver a number of benefits including reducing tax and helping to manage super balances between you and your spouse. Your super is made up of tax-free and taxable … Read more
It’s nice to enjoy a break over the summer months. In fact, it’s an Aussie tradition – that mass exodus after Boxing Day that sees us head off for some well-earned rest and relaxation. However, it can be hard to unwind when we have a device in our pocket buzzing away every couple of minutes. … Read more
Have a savings goal and budget It’s much easier to be a good saver if you have a goal in mind. It might be a holiday, a house deposit, or just a rainy day fund. To work out the amount you’ll need, be realistic about what you can afford to save each week, fortnight or … Read more
Christmas is a time for giving and it’s so easy to get caught up in the joys of the festive season and lose track of how much you are spending. Fortunately, there are a few tried and true strategies to manage your money to see you through the silly season into the New Year and … Read more
You can get your super when you retire and reach your ‘preservation age’. This is between 55 and 60, depending on when you were born. Or when you reach age 65, even if you are still working. There are special circumstances where you can access your super early. When you can get your super You … Read more
Aging at home with government-subsidised funding is made possible through the Home Care Packages program. However, a crackdown on what the funds can be used for and a shortage of support workers, can make it challenging to understand the funding available. If you are approved for a Home Care Package you will be assessed at … Read more
Conditions of release of super The conditions of release that must be satisfied for legal superannuation withdrawals. You can withdraw your super when you: turn 65 (even if you haven’t retired) reach preservation age and retire or start a transition to retirement income stream while continuing to work satisfy an early access requirement. Retirement means you have ceased gainful employment either: … Read more
Understanding cash flow Understanding cash flow can be the difference between a solid long-term investment and a costly mistake, writes Michael Sloan. So do your research – and get good advice before you buy. What is negative cash flow? Oftentimes investment properties generate negative cash flow. That means, you must put money in each year … Read more
How much tax you pay on retirement income depends on your age and the type of income stream. For most people, an income stream from superannuation will be tax-free from age 60. How super income streams are taxed Types of super income streams Income from super can be an: account-based pension — a series of regular … Read more
