Border Financial Advice in Balcatta, Western Australia | Insurance Agent
Border Financial Advice
Locality: Balcatta, Western Australia
Phone: +61 401 476 515
Reviews
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20.01.2022 YOUR INSURANCE COVER MAY BE CANCELLED! From July 2019, legislative changes known as Protecting your Superannuation Package will come into effect. It mainly applies to those of us who have one or more super accounts. This package is intended to ensure that: Members are not paying for insurances they do not know about or do not need Insurance premiums are not inappropriately eroding their retirement savings Insurance through super is typically comprised of: Death Benefit, T...otal and Permanent Disability*, and Income Protection/Salary Continuance. Many super funds (including yours) will be unable to continue to provide insurance cover when an account has been inactive for more than 16 months. Inactive in this case means: The fund has not received an amount (such as a contribution or rollover) to your account in the last 16 months You have not advised the fund in writing that you wish to maintain your insurance cover even though no amounts have been paid into your account for an extended period of time So if you feel the cover you have via super is important to you and your family, Id encourage you to make a contribution to that dormant account via a number of ways. Here are a few: A salary sacrifice arrangement via your employer A personal contribution via cheque, direct debit or BPAY A partial rollover from another fund Redirect employer Superannuation Guarantee Contributions (SGC) to that account Contribution splitting Spouse super contribution NOTE: A lot of contributions are subject to caps, limits and rules, so ensure you are aware of these when making these contributions, or you may pay excess tax! See more
18.01.2022 Money tips for 2020!
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08.01.2022 Interesting article!
06.01.2022 RAAF doing a coast run...perfect day!
05.01.2022 Greetings! Legislation which came into effect 1st July 2019 As usual we have a raft of changes, some of which may be beneficial to you. Here are a few:... Carry-forward super contributions this allows you to catch up with your concessional contributions for previous years. For example, if you received employer Superannuation Guarantee Contributions (SGC) for 18/19 and 19/20 of $10,000 per year ($20,000) you will be able to make a personal contribution of $30,000 (2 x $15,000) and claim a tax deduction for it. This may be particularly useful if you need to reduce your assessable income in the year due to extra income, such as a bonus or a capital gain from selling an asset. Or if you plan to sell an asset in a few years. In order to qualify for this your Total super balance* on 30 June of the prior financial year needs to be less than $500,000. Super work test exemption beneficial to those aged 65-74. For 12 months from the end of the financial year, in which they last met the work test, are now able to make contributions to Super (and then commence a tax free income stream to provide income). However, they need to have a total super balance of less than $300,000 (prior 30 June). Expansion of the Pension Loans Scheme like a reverse mortgage, it allows the age pensioner to supplement their income by drawing down from equity in a property. The debt accumulates at an interest rate of 5.25% and repayments are generally made from the eventual sale proceeds of the property. Pension asset and income testing of lifetime income streams as a result of starting an Innovative super income stream from the 1st of July, some people may now qualify or increase their entitlement to the age pension. If you require further detail, please dont hesitate to ask. Have an awesome financial year!
05.01.2022 Hey! I have a new website! Check it out at www.borderfinancial.com.au Enjoy!
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