Bailey Roberts Group in Wollongong, New South Wales | Investing service

Bailey Roberts Group

Locality: Wollongong, New South Wales

Phone: +61 2 4220 1600

Address: 128 Church Street 2500 Wollongong, NSW, Australia

Website: http://www.baileyroberts.com.au

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• Investing service
• Financial consultant

18.01.2022 Back in 1987 when the Australian Share market crashed. Yes, I have been doing this for a long time; I observed something that made me decide to set up investment options for clients that took them out of the herd. The argument for investing in a group was that it allowed for the employment of mass, giving opportunity, which would give better outcomes. This, at the time seemed a very valid argument. However, the time when you don’t want to be in the herd is when it is stampedi...ng over a cliff. What I observed in 87 was as nervous investors sort to exit managed funds, assets had to be sold up to provide cash for those exiting. Cash is obtained by selling those assets that other investors wanted to buy , and in 1987 the assets that were saleable were the good ones , in other words investors that stayed not only had to deal with the fund selling the good assets but being left with the not so good assets. In today’s Australia we see that industry funds are concerned about the amount of capital that will be required to fund the early release option proposed by the Government. The papers report 360,000 have applied to date, and if the $20,000 per person is applied this runs to many billions of dollars. For our clients forced sale of assets isn’t required as each person’s account is individually managed, decisions to buy or sell are not based on the mass but on individual circumstances. Whilst many investors aren’t able to run self-managed super (SMSF) this is one time that allows SMSF investors to clearly see and understand what is happening and perhaps not be as stressed . See more

12.01.2022 COVID-19 Super Release SMSF & Personal Super Eligibility To apply for early release, you must satisfy one or more of the following requirements: 1. You are unemployed.... 2. You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance. 3. On or after 1 January 2020, either i. you were made redundant ii. your working hours were reduced by 20% or more iii. if you are a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more. Steps to Take Applications for early release of superannuation will be accepted through myGov from 20 April 2020, if you do not have a MyGov account you will need to create one. You can register your interest now and follow the ‘Intention to access coronavirus support instructions.’ You will be notified by SMS when applications open. The ATO will determine your application and notify the superfund if you have been granted early release. To ensure you receive payment as soon as possible, contact the superfund to check they have correct details, including your current bank account details and proof of identity documents. May access $10,000 tax free in 2019-20 financial year and you may make a second application for an additional $10,000 tax free to 24 September 2020. You will not be required to attach evidence to support your application; however, you should retain records and documents to confirm your eligibility. Withdrawing super may affect your income protection insurance or life & TPD insurance cover. SMSFs: apply through MyGov and the ATO will issue a determination advising your eligibility. Once your SMSF receives the determination from you, they will be authorised to make the payment. Rachel the sole trader Rachel is a sole trader with a catering business. At the end of July 2020, Rachel seeks to apply for an early release from her superannuation for the 2020-21 financial year. Due to the economic effects of the coronavirus, Rachel’s turnover for July is $5,000 compared to $10,000 on average per month for the second half of 2019. Rachel therefore determines that her turnover has reduced by more than 20 per cent compared to her average turnover over the last six months of 2019. Rachel self-certifies that she is eligible for early release and applies to have $10,000 released from her superannuation. Sources https://www.ato.gov.au//Withd/Early-access-to-your-super/

11.01.2022 Having some Isolation time? Try watching this to pass a few minutes. https://youtu.be/PHe0bXAIuk0

06.01.2022 Thought this was interesting, taken from an association Blog. I recently had a new client come to me looking for advice after receiving a $180,000 TPD payout in his super. It was a straight forward payout with the doctors readily agreeing that he was TPD according to the policy requirements. Unfortunately, he did not come to me first or even speak to his super fund - before going directly to a large national law firm to assist him with the claim. He went to them as a resul...t of the huge publicity drive that many law firms are now undertaking. As far as I can see, the law firm did nothing that his super fund would not have done for free - with the same result of a payout. The law firm charged $23,000. They also told him not to speak to the super fund or any other adviser. Should the FPA investigate this current drive by law firms - specifically targeting insurance in super - and the apparent taking of unwarranted, exorbitant fees?

01.01.2022 https://www.professionalplanner.com.au//crisis-exposes-in/