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Do you ever have times in life where your stomach ‘knots’ and you really can’t understand why? I know I do!! In those situations, I find myself ‘processing’ the feelings/emotions with someone to work through and understand what’s going on. I often see this with clients, particularly those who are looking at retirement. It’s an anxiety/concern/uncertainty that has probably never surfaced before, as most of us only retire once.
Treasurer Jim Chalmers has proposed that from 1 July 2025, taxation on earnings from superannuation balances above $3 million will double to 30%. The new policy is expected to raise about $2 billion a year. As always, the devil is in the detail. Initially framed as a simple increase to the existing 15% tax on super fund earnings, the Treasury Consultation Paper makes it clear that this is unequivocally a new tax and will be levied against individuals in a similar way to Div. 293 tax levied on super contributions for higher income earners.
The COVID-19 pandemic has brought about significant changes in the commercial office and retail property landscape, with work-from-home and home shopping becoming the new norm across the globe. The occupancy rates of commercial properties in central business districts have been heavily impacted, with cities like Melbourne and Sydney reporting occupancies rates of 47% and 61% respectively (as of February 2023, according to Property Council members). This, combined with the sudden rise in interest rates has led to a significant increase in debt servicing costs for these properties. As a result, the valuations of large CBD offices and other commercial properties are expected to decrease in value.
Join us as we celebrate 30 years on radio with FiveAA Thursday 29th March at 3pm. Our advisers now join the fabulous Jade Robran every second Thursday at 3pm to shine a spotlight on financial planning topics and answer your questions. We are now being live-streamed via Facebook and Twitter. Follow the link on the FiveAA homepage.
In a recent announcement, pensioners are set to receive a boost to their payment rates this month to cover higher inflation. This includes an increase to the Age Pension, Disability Support Pension, Carer Payment and JobSeeker. Starting on March 20, 2023, there will be a fortnightly increase of $37.50 for single individuals receiving the age pension, resulting in a new total of $1,064. For couples, the fortnightly increase will be $56.40, with the combined payment amounting to $1,604.60.

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I’ve spent years helping people plan for their futures strategizing, forecasting and fine tuning the numbers. But nothing recalibrates your sense of “the future” quite like becoming a dad.
From 20 September this year, deeming rates will increase for the first time since the Covid-era freeze. This change may affect people whose payments and benefits are determined by the income test. The announcement confirms that rates will gradually return to ‘pre-pandemic settings’ with staged increases to take effect in the future. Increases will be realigned from 1 July to the same time that payments are indexed (expected to be 20 March and 20 September).