Parcon Group in Waterloo, New South Wales, Australia | Financial planner

Parcon Group

Locality: Waterloo, New South Wales, Australia

Phone: +61 1300 853 265

Address: Level 1, Suite 9 20A Danks Street 2017 Waterloo, NSW, Australia

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

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25.01.2022 WHY ARE SMSFs SO POPULAR? A popular choice for managing superannuation is to take personal control via a self-managed superannuation fund (SMSF). Although membership is limited to a maximum of four people per fund, the Australian Tax Office (ATO) reports there are almost 600,000 SMSFs, representing more than 1.1 million members. It estimates the value of assets held within SMSFs is more than $681 billion! So, what’s the attraction? Below are some key advantages of managing y...Continue reading

25.01.2022 DO YOU KNOW YOUR CREDIT RATING? If you have borrowed money, whether as a loan or even signed a mobile phone contract, you have earned yourself a credit history. Each time you apply for further credit, the lender will run a check on your credit file to determine the level of risk they take on by lending you money. With the increasing incidence of identity fraud, it’s smart to check your file every year. Don’t wait until a loan application is denied to find out if your history... is affecting your future. KNOW YOUR CREDIT HISTORY A credit report includes information on whether or not you have paid your bills; if you have paid them on time; or defaulted on any loans. It also includes your repayment history and credit limits. Based on the information in your file, lenders may choose to increase your interest rate to cover your perceived risk, or may refuse you credit altogether. Visit the website of the Office of the Australian Information Commissioner http://www.oaic.gov.au/ and go the page on Accessing your credit report where you will find details on the various free and paid services available. It’s a good idea to get a copy of your credit history before you apply for finance. Knowing your rating not only improves your chances of getting your application approved quickly, but if you have an excellent history, you may be able to use it to negotiate a better deal. CLEAR UP DISPUTED If you come across one or more entries on your credit report that you believe are unfairly impacting on your rating, whether it’s a disputed phone bill or a card limit being exceeded, contact the credit providers direct to resolve these issues. Be aware that a payment default will remain on your file for five years. A check will also show you if there have been any attempts at identify theft, in which people have tried (successfully or otherwise) to gain credit in your name. The federal government’s website dedicated to monitoring and reporting scams, http://www.scamwatch.gov.au/, reported that 12,800 Australians fell victim to identity theft in 2018. IMPROVE YOUR CREDIT REPORT If your credit report is not as good as you’d hoped there are measures you can take to improve it, including: paying more than the minimum payment (or entire balance) on credit cards and paying the full amount of all bills by the due date; gaining more credit and always making repayments on or before the due date (good credit outweighs bad); consolidating multiple loans and credit cards into one loan with a more manageable interest rate and always meet the repayment schedule. If you would like more guidance on how to reduce debt and improve your credit rating, please talk to us. EMAIL: [email protected] WEBSITE: http://www.parcongroup.com.au/

23.01.2022 SUPERANNUATION AND SPLITTING UP When couples split up, what happens to their superannuation may not rank highly on their list of immediate concerns. But as with most assets of the relationship, arrangements will need to be put in place for how it is treated following separation or divorce. The superannuation splitting laws are very specific in how superannuation is treated when a marriage or de facto relationship breaks down.... ` Step 1: Valuing the superannuation A request is submitted to the superannuation trustee to value the superannuation entitlement before it can be split. The Superannuation Information Kit available from http://ed.gr/bvsvv contains the details and forms needed for the valuation and splitting process. Different methods apply for different types of funds. In most cases, the super fund will engage an accountant to value the fund and may charge a fee to cover the associated costs. Step 2: Decide the method of splitting Once the fund has been valued, the size of the two split amounts must be determined. This will be either by agreement between the two partners to the relationship, or by court order. Reaching an agreement with a former partner enables each member to retain control of their own decisions and can reduce the stress and financial implications of involving the courts. If both parties have reached an agreement, an application for a Consent Form can be lodged with the Family Court. If no agreement can be reached, the case will progress to court for a determination of how much and in what manner the superannuation will be split. The fund trustee needs to be kept informed of proceedings to enable a representative to attend the court hearing and, if required, make an objection under the procedural fairness provision. A sealed copy of the order must be provided to the trustee after the superannuation order is made. Step 3: Splitting superannuation Splitting does not convert superannuation to cash. It remains subject to superannuation laws including preservation and other regulations. One portion is generally rolled over to another account in the same super fund in the name of the non-member spouse, or transferred to another super fund altogether. Depending on the circumstances of the split, you may decide to get professional legal advice to assist with this process. When a relationship breaks down, it’s likely that financial circumstances will change. If this could affect you, talk to us so we can assist you through this time.

21.01.2022 IF YOU THINK YOU'D NEVER FALL FOR A SCAM, READ THIS.... If you are aged over 50, male, highly educated, financially literate and manage your own super, beware. You’re at a higher risk of being the target (and victim) of organised investment fraud. This isn’t necessarily because your demographic is particularly gullible. Rather, it’s because you’re more likely to control higher levels of wealth, perhaps as the trustee of a self-managed super fund (SMSF); you’re accustomed to ...Continue reading

20.01.2022 Your Guide to Refinancing your Home Loan Home loan interest rates are at historical lows. At the same time, you also have the opportunity to look at the features and attributes other lenders are able to offer that may be better suited to your lifestyle. As your lifestyle changes, it is the perfect launch pad to take a few short moments to evaluate your mortgage. Let me make special note that refinancing in a small number of cases doesn’t always make sense for every borrower....Continue reading

17.01.2022 A BUDGET IS YOUR GUIDE TO SUCCESS. A short but important reminder for your small business clients to regularly compare actual results to budgets. When was the last time you reviewed your business budget?... A budget is a living document. It’s the underlying tool that sets the direction of your business your guide to success. Regularly comparing your current Profit & Loss report against your budget helps you focus on areas that need immediate attention. Is revenue on a product or service down? Or expenses too high? Being aware means you can employ strategies to remedy any variations before they’re out of control. If you haven’t done this recently, don’t waste another minute. Take control and guide your business to the success you deserve Contact us @[email protected] visit our website http://www.parcongroup.com.au/

13.01.2022 8 COMMON FINANCIAL MISTAKES PEOPLE MAKE IN THEIR 30'S Climbing the career ladder, perhaps buying a home and starting a family the 30s are an exciting stage of life. However, the decisions made now can make a big difference to future financial wellbeing, and with so much going on it is understandable, even inevitable, that the best decisions won’t always be made. So what are the common financial mistakes that 30-somethings should be alert to? 1. BUYING AN EXPENSIVE CAR New c...Continue reading

12.01.2022 DOES MONEY BRING HAPPINESS? The short answer is ‘yes’, but only up to a point. People in richer countries are, collectively, happier than people in poor countries. Within countries, people with higher incomes are generally happier than people on low incomes. Surprisingly, once basic living needs are met, the amount of happiness gained from each additional dollar of income rapidly declines. WHAT IS HAPPINESS? What is it about money that contributes to happiness? And what does...Continue reading

12.01.2022 WHEN CASH COST MORE. A quick warning that using credit cards for cash will trigger interest immediately. When money is tight and they think there is no other option, some people use their credit cards for cash advances (withdrawing cash), and pay a high price for the privilege. ... Be aware that interest is charged immediately on a cash advance and at a higher rate than on purchases. Even if you have an interest-free card, you will immediately start paying interest as soon as you withdraw cash using your card. If you must take cash off your credit card, repay it within days. If you’re having difficulty managing your debts, DON'T HESITATE TO CONTACT US @[email protected] http://www.parcongroup.com.au/ See more

11.01.2022 IS IT TIME FOR A SUPER REVIEW?? Picture this... when you were 21 years old your well-meaning but financially inept uncle put $1,000 into an ordinary bank account for you with instructions to leave it there and let the bank’s interest turn it into a fortune. You followed his directions only to discover 30 years later the balance of your ‘fortune’ was a paltry $6,023! What went wrong? Well, to put it frankly, you didn’t give it any attention. This is a classic mistake that ma...Continue reading

07.01.2022 IS IT TIME TO UPDATE YOUR WILL? This Fast Financial Fact is a quick reminder to keep an estate plan, particularly the Will, current. Estate planning ensures that when we die, our assets can be passed promptly and tax-effectively to the people we love or the charities we support. As life changes, your Will should be updated to reflect those changes. ... Many events can trigger a need to review your Will, such as: Marriage or entering a de-facto relationship; Divorce; Changes in the family such as births and deaths; Adult children entering or leaving marriages or de-facto arrangements; Death of a person who plays a key part in the estate plan such as the executor. Is it time to update your Will? Don't hesitate to contact us @[email protected] http://www.parcongroup.com.au/ See more

05.01.2022 AM I TOO YOUNG TO MANAGE MY SUPER? Self-Managed Super Funds are among the fastest growing superannuation vehicles in Australia and they’re not just for older investors investment-savvy Millennials are catching on. The Australian Taxation Office (ATO) reports that significant numbers of people below the age of 45 are investing through Self-managed Super Funds (SMSFs). The proportion of SMSF members in that cohort was around 16% over the twelve months to June 2018. Historical...ly, SMSFs were considered the province of only the rich. However, as set-up fees and running costs decrease, younger people are viewing SMSFs as a viable alternative to industry funds or off-the-shelf retail funds. If you’re in this category, read on. SMSFs exist only to provide member retirement benefits. They follow a strict investment strategy designed to meet the needs of those members. Those best suited to running their own super fund are meticulous about record keeping. Regulatory bodies, including the tax office, maintain rigid reporting guidelines so it’s crucial that records are accurate and kept up-to-date. Thinking about hopping on board? Here are a few points to consider: Start with a lump sum substantial enough to make the fund worthwhile. Annual running costs can be around $2,500 so a realistic minimum balance is at least $200,000 with a dedicated growth plan. Regulations stipulate you engage qualified professionals to handle the accounts, tax, audits and all the legal requirements. You will need both time and financial experience. The Australian Securities and Investments Commission (ASIC) recommends you use a qualified financial adviser to help with administration and investment decisions. Regulations require that you consider life insurance as part of the fund’s overall strategy. This includes income protection and total and permanent disability cover for all members of the fund. It is imperative that you seek professional advice because as a trustee or director of the fund, you are personally responsible for all investment decisions. That said, what are some of the benefits? SMSFs offer greater levels of control than retail or industry super funds. A wider range of investments and asset types are available to SMSFs as you have total control over the investment of the fund's assets, subject only to legislation and the fund's investment strategy. SMSFs can borrow to purchase direct shares or property, as long as members adhere to strict legislative controls. Tailoring a portfolio to suit your needs has the potential to yield a greater return compared with industry or retail funds. If you’re still not sure about the best option for your retirement when it still could be 20+ years away, talk to us. email me at [email protected]

03.01.2022 KIDS AND SUPER If you have already started a family or are planning to go there, you already understand the costs associated with kids, particularly solving the dilemma of going back to work or staying at home. Driven mainly by concerns over the household budget, parents doing their sums are weighing the rising costs of childcare against government benefits and tax concessions. Should one of you stay home? Should you both work? Childcare services cost, on average, $105 a d...ay, while a nanny can charge up to $35 an hour. Unfortunately, it’s going to cost you no matter which way you go, but while most people are thinking about their finances here and now, they’re not considering the long term impact on retirement savings. As the costs of childcare increase, one parent staying home while the main income earner goes to work might see them better off in the short term, but what does that do to the stay-at-home parent’s super? According to research undertaken by Canstar, an individual earning an average of $50,000 per annum could expect to lose up to $34,000 in the first year. This figure increases to as much as $95,000 in three years when factoring in inflation, tax and lost investment earnings. Extrapolate that out to ten years and ... well, you get the picture. Considering our aging population, increased pressure on governments to provide infrastructure and better services for the elderly; there will be a much greater expectation that we’ll be funding our own retirements. So what can you do? Is it possible to raise children and retire in style? There is an excellent calculator on ASIC’s MoneySmart website to assist you in determining how a career break will affect your super at retirement. Go to http://www.moneysmart.gov.au/ and search for career break super calculator Before you race off to your nearest animal shelter and adopt a furry-kid instead of having the human version, there are options. Parents opting for the one-stays-at-home approach might consider spouse contributions. Under this scheme, the working spouse contributes to the low- or non-income earning spouse’s complying super fund. Tax concessions may apply. Before starting a family, consider boosting your super with voluntary after-tax contributions staying within the limits of course. While at this stage it’s also a good idea to ask us about alternatives that suit your current needs and future dreams. For more Info send us an email at [email protected] or visit our website @www.parcongroup.com.au See more