When it comes to refinancing your home loan, “refinancing” simply means taking out a new loan to pay out your current mortgage. There are a whole range of reasons why you may want to change loan providers some of which include: if your circumstances have changed, or you've had your home loan for a few years then refinancing could offer you the chance to take advantage of more flexible features.
Estate planning is much more than having a will – it's about planning for what happens to your assets and affairs after you die, as well as who takes charge of your affairs in the event you lose capacity - your back-up plan. Sadly many Australians don't even have a will.
The tax laws that penalise uncommercial transactions between SMSFs and related parties are set to get tougher, with an SMSF’s expenses to come under the spotlight. Now more than ever, SMSF trustees should be aware of the potential for these penalties to apply and seek advice before entering any related party transactions.
The government’s new measure to allow those with less than $500,000 in superannuation to “catch up” on missed superannuation contributions is a great opportunity for anyone who takes time out of work or otherwise has “lumpy” income that means they have a varying capacity to make contributions from year to year. Individuals who want to fully take advantage of this strategy by making contributions up to their concessional cap plus additional catch-up amounts may need to consider strategies for how to fund those catch-up contributions. Individuals with a total superannuation balance (TSB) below $500,000 are now able to “carry forward” their unused concessional contributions.