Aftermath of tax time
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth October 2024 By now you should’ve lodged your tax return as the October 31 deadline has passed – unless you’re lodging under a tax agent lodgement program. What’s next? You’ll receive a notice of assessment from the ATO – if you haven’t already. In addition, the ATO…
Super death benefits – don’t forget the kids
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth October 2024 Unlike the days of old, the current superannuation system is cleverly designed to prevent the creation of ‘family dynasties’ with super. At the front end, the contribution caps and total superannuation balance (TSB) test restricting certain contributions, limit how much can go into it.…
Reversionary vs Non-Reversionary Pensions
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth August 2024 To revert, or not to revert, that is the question When the time comes to access your super, starting a pension – after paying off the mortgage, funding renovations, replacing the car, taking a holiday, whatever – is one of the smartest things…
ATO updates advice fee deduction rules
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth. 30 September 2024 After considering feedback from the financial planning industry and major accounting bodies, the Australian Taxation Office (ATO) has finally released Taxation Determination (TD) 2024/7. The ATO’s updated guidance on how individuals can claim deductions for financial advice fees, finalises an issue that’s…
Managing sharemarket volatility
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth August 2024 At time of writing, fears of recession in the US sparked global panic selling with leading share indices tumbling. Wall Street suffered its worst day in nearly two years before surging days later to its best day in two years. The Australian share market…
Planning for 2024-25
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth July 2024 The new financial year is under way, so it’s a good time to get your ’financial house’ in order for 2024-25 as good financial planning is a year-round consideration, not just a 30 June event. With the stage 3 tax cuts in play, you’ll…
Do you have an interest in an employee share scheme that vested this year?
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth June 2024 If you received shares that vested under a tax-deferred employee share scheme (ESS) this financial year, you may need to include the value of those shares in your 2024 tax return. Take Wilma who participated in the Pterodactyl Airlines Employee Share Plan (PAESP). In…
The Federal Budget was super for super’s sake – calm!
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth June 2024 In recent years, federal budgets have been getting leaner with announcements of new measures impacting superannuation, and this year’s budget was no different. In fact, this one takes the cake for being the leanest yet, but that’s good news for a system that’s seen…
Investing in unusual assets
By Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth May 2024 Careful when investing your super in more unusual assets Frederick Flintstone runs a diamond retail and wholesale business, specialising in pink diamonds. Having expertise in this field, Fred wishes to invest in diamonds via his SMSF. He proposes to acquire the diamonds from his…
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