Your tax return is an invaluable summary of your current financial situation.
Not only can you review how much money you have earned, and how much tax you have paid, but you can also plan ahead for financial year 2023-2024 to ensure you are not paying tax unnecessarily. Here’s the main three ways your retirement savings are taxed.
Sharing money with your loved ones has to be one of life’s greatest joys. But being penalised for doing so seems a bit unfair. We’ve recently received many questions about gifting and loans. Maybe its associated with rising cost of living and general housing affordability? So how do you stand if you want to share your kids’ inheritance while you are still hale and hearty?
The most important thing to understand is that it matters how you manage this – and that your Age Pension entitlement could change depending upon whether you decide to give or loan money.
Deeming rates are no longer such a hot topic of conversation amongst retirees. And there’s a good reason for that.
Going back a couple of years, they were a constant source of frustration. This frustration has largely evaporated. That’s because, during the height of economic uncertainty in the early days of the Covid pandemic, the then-Morrison Government took the decision to freeze deeming rates until 30 June 2023, to give retirees some sense of stability. This ‘freeze’ was subsequently extended by the Albanese Government until 30 June 2024.
Before the freeze, many retirees described deeming rates as punitive. This is because interest rates were at all-time lows, and with many retirees invested in cash, they were earning little to no interest on their savings. But Centrelink was ‘deeming a higher rate than they actually earned.