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Forman Financial Services

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25.01.2022 What is Special Disability Trusts To watch 8 minute video on - What are Special Disability Trusts

22.01.2022 http://www.formanfinancialservices.com.au//Property-and-my

22.01.2022 The Ato view on TRIS "Conversion" may cause issues To read more http://www.formanfinancialservices.com.au//The-ATO-View-on

21.01.2022 Quarterly reconciliation of aged care fees For existing residents of residential aged care facilities, means tested care fees and/or accommodation contributions are determined through a quarterly fee reconciliation process.

20.01.2022 SUPER TIP Simple explanation of super strategies: Follow the links for Super strategies: http://www.formanfinancialservices.com.au//Super-Tip--Conv... http://www.formanfinancialservices.com.au//Super-Tip--Top- http://www.formanfinancialservices.com.au//Super-Tip--Top- http://www.formanfinancialservices.com.au//Super-Tip--Conv http://www.formanfinancialservices.com.au//Super-Tip--Make http://www.formanfinancialservices.com.au//Super-Tip--Sacr

18.01.2022 SENIOR AUSTRALIANS The Government introduced the following measures to enhance the standard of living older Australians: Increase to the Pension Work Bonus from $250 to $300 per fortnight.... Amendments to the pension means test rules to encourage the take up of lifetime retirement income products. Expansion of the Pensions Loan Scheme to allow more Australians to use the equity in their homes to increase their incomes. For a more comprehensive explanation regarding the Senior Australians Budget announcement please read below.

17.01.2022 ABN Reform will include SMSF An ABN reform may cause another compliance matter for SMSF trustees. https://www.formanfinancialservices.com.au//ABN-Reform-wil

16.01.2022 Carer Allowance Income Test Carer allowance income test will come into effect from 20th September 2018. https://www.formanfinancialservices.com.au//Carer-Allowanc

15.01.2022 A guide to Australian Government payments to 19 September 2018 1 July 2018 to 19 September 2018 - A guide to Australian Government payments covers most of the benefits that can be claimed through Department of Human Services and Centrelink. https://www.formanfinancialservices.com.au//A%20guide%20to

14.01.2022 People that lost their pension concession card at the beginning of January 2017 due to the changes of their asset and income test should have received their card back by the 9th October 2017

13.01.2022 First home super saver scheme http://www.formanfinancialservices.com.au//How%20will%20th

12.01.2022 TAX - What's new and proposed from July 2018

12.01.2022 Why it is important to keep the SMSF Trust deeds updated The deed of the SMSF is a very important document that can be easily overlooked in the day to day running of the SMSF. However one should never under estimate the importance of the wording in the document as it is the foundation of the SMSF. http://www.formanfinancialservices.com.au//Why-it-is-impor

11.01.2022 TAX Personal income tax bracket changes The Government has provided personal income tax relief to lower and middle income earners. A Low and Middle Income Tax Offset will now be available for individuals with incomes of up to $125,333.... The $87,000 income threshold, above which a 37 per cent tax rate applies, will increase to $90,000. The planned increase to Medicare levy from 2% to 2.5% will not go ahead. Other changes A surplus of $2.2 billion is expected in 2019-20, one year ahead of schedule. The Governments planned increase in the Medicare levy from 2 per cent to 2.5 per cent, to fund the National Disability Insurance Scheme, will now not go ahead due to increased tax revenues. For a more comprehensive explanation regarding the Tax Budget announcement please read below.

11.01.2022 http://www.formanfinancialservices.com.au//How-Centrelink-

11.01.2022 Minimum permissible asset requirement When entering a residential aged care facility, residents have the choice of paying some or all of their costs for accommodation as a lump sum. However residential aged care facilities are subject to a minimum permissible asset requirement which limits the amount the facility can accept as a lump sum payment for accommodation.

11.01.2022 Personal Centrelink information can now be disclosed http://www.formanfinancialservices.com.au//Personal-Centre

11.01.2022 Triggering your bring forward non-concession caps http://www.formanfinancialservices.com.au//dbalawyers_com_

10.01.2022 SMSFs and dealing with employee share schemes http://www.formanfinancialservices.com.au//dbalawyers_com_

10.01.2022 What's new and proposed from July 2018 - Financial Planning http://www.formanfinancialservices.com.au//Whats-new-and-p

10.01.2022 Younger People in Aged Care To read more http://www.formanfinancialservices.com.au//Younger-People-

10.01.2022 Some additional aged care fees not permitted The Federal Court handed down a decision on 2 March 2018 disallowing an aged care provider (Regis Aged Care) from levying an asset replacement charge on aged care residents. This is an important decision that may impact a number of aged care residents. http://www.formanfinancialservices.com.au//Some-additonal-

09.01.2022 US Direct Investment Potential Tax Issues To read more http://www.formanfinancialservices.com.au//US-Direct-Inves

09.01.2022 What's new and proposed from July 2018 - SMSF http://www.formanfinancialservices.com.au//Whats-new-and-p

08.01.2022 Proposal to Simplify Superannuation Rollovers Draft regulations released on 17 July 2018 propose to extend SuperStream to SMSF rollovers from 30 November 2019. https://www.formanfinancialservices.com.au//Proposal-to-si

06.01.2022 SUPERANNUATION Three yearly audit cycle for some self managed superannuation funds The Government will change the annual SMSF audit requirement to a three yearly requirement for SMSFs with a history of good record keeping and compliance. The measure will start on 1 July 2019 for SMSF trustees that have a history of three consecutive years of clear audit reports and that have lodged the funds annual returns in a timely manner.... Expanding the SMSF member limit from four to six As already announced, the Federal Government confirmed its decision to expand the number of members allowed in an SMSF from four to six. Expanding the definition of an SMSF to a fund with a maximum of six members will provide greater flexibility in how funds can be structured. Work test exemption The Government will provide more time for Australians aged 65 to 74 to boost their retirement savings, by introducing an exemption from the superannuation work test. This exemption will apply where an individuals total superannuation balance is below $300,000 and will permit voluntary superannuation contributions in the first year that they do not meet the work test requirements. Life insurance cover in super to be opt-in for individuals under 25 years of age The Government will legislate that life insurance cover in superannuation will be opt-in for those individuals under 25 years of age or with account balances under $6000 to ensure that unnecessary fees do not erode smaller balances. Life insurance cover will also cease where no contributions have been made for a period of 13 months. For a more comprehensive explanation regarding the Superannuation Budget announcement please read below.

05.01.2022 http://www.formanfinancialservices.com.au//SMSF-is-require

05.01.2022 Superannuation Contribution Strategy With the end of the financial year fast approaching, it is time to start thinking about income tax deductions. This article looks at the superannuation contribution advantage created as the result of the 1st July 2017 superannuation changes. http://www.formanfinancialservices.com.au//Superannuation-

05.01.2022 How will downsizer contributions work for SMSFs? http://www.formanfinancialservices.com.au//dbalawyers_com_

04.01.2022 A guide to Australian Government payments 2018 1st January to 19 March 2018 - A guide to Australian Government payments covers most of the benefits that can be claimed through Department of Human Services and Centrelink http://www.formanfinancialservices.com.au//a%20quide%20to%

02.01.2022 Market-Linked Pensions http://www.formanfinancialservices.com.au//Market-Linked-P

01.01.2022 Starting a pension in SMSF Starting a pension is a critical component of any member's retirement plans. Getting the process right is, in turn, a critical part of executing those plans. The tax benefits which flow from getting the commencement process right are the glue which holds together all the various components and makes the whole of the member's retirement plans work. The following is a suggested 10 step check list to follow when starting a pension in SMSF. http://www.formanfinancialservices.com.au//Starting-a-pens

01.01.2022 Assessment for income support payments for couples - exceptions to the rule

01.01.2022 Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018 http://www.formanfinancialservices.com.au//Treasury-Laws-A