As the Australian government continues to address the mounting challenges in aged care, self-funded retirees will soon face increased financial obligations. A recent article in Herald Sun - (September 13, 2024) titled Stumping Up to Fix Care, highlights how upcoming…
Embarking on a financial journey is a lifelong adventure filled with milestones, challenges, and opportunities. Each stage of life presents unique financial goals, from building a solid foundation in your early years to securing a comfortable retirement. Understanding and setting…
Superannuation (super) is generally accessible when you retire and reach your preservation age, which varies based on your date of birth. Alternatively, you can access it at age 65, even if you're still working. Preservation Age Before 1 July 1960:…
Your personal information, also known as Personally Identifiable Information (PII), is incredibly valuable. Scammers can use this information to access your bank account, sign into your myGov account, steal money, or even commit fraud in your name. It’s crucial to…
Income tax is an unavoidable part of earning money in Australia, and for most people, filing a tax return has become a routine annual task. Perhaps you’ve just landed your first job, recently finished school or university, or you’ve migrated…
As Tax Time 2024 unfolds, millions of Australians are busy lodging their tax returns. It’s essential to ensure you claim all eligible deductions so that you obtain the best result. Professional assistance from the accountants at Roy A McDonald Pty…
The Financial Advice Association Australia (FAAA) have put together a Value of Advice index which measures the impact of financial planning on the lives of clients. View the full report here. Book a complimentary initial consultation to speak to…
Using money or assets from your company or trust for personal purposes can lead to significant tax consequences if not handled properly. It’s essential to ensure that these transactions are accurately accounted for to avoid unintended liabilities. Here’s a breakdown…
When it comes to claiming deductions for body corporate fees and charges, it's important to differentiate between the types of fees and their purposes, as this determines how and when you can claim them. Here’s a breakdown of what you…
Importance of Early Planning: Early Start: Financial advisers emphasize starting retirement planning early to achieve better outcomes. Early planning helps in managing major financial elements like mortgages and retirement savings effectively. Client Benefits: Starting early enables you to take action…