Supplementary in Ascot Vale, Victoria, Australia | Education

Supplementary

Locality: Ascot Vale, Victoria, Australia

Phone: +61 3 9111 5150

Address: 89 Union Road 3032 Ascot Vale, VIC, Australia

Website: twitter.com/suppaccounting

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25.01.2022 Do we remember office etiquette? #workingfromhome #WFH #lockdown #office #worklife #remotework

25.01.2022 This week, Paul Harrison is speaking Loren and Christine of The Laurel Hotel The oldest establishment in Moonee Valley dating back to 1883. A remarkable piece of history where locals gather. Come down and enjoy the warmer days and listen to what you’ve got to look forward to!

24.01.2022 RMIT University researchers (including me) are undertaking research into the effects of COVID-19 on women’s employment and work-family arrangements. We are inte...rested in interviewing women who: have been employed in casual or part-time work during 2020, and have pre-school and/or primary-school aged children, and live in a couple household. Details attached, thanks! See more

22.01.2022 Accommodation is Open & the ring of steel being dismantled. 9 cases of zero for metropolitan Melbourne. It has been a tough year for us at our family run motel... in Essendon. We have scratched our heads, hugged our loved ones & watched Metro Melbourne turn into a ghost town! We know our reputation has been tarnished , even our beloved Grand Final moved to Queensland , city streets have been deserted & Spring racing grand stands remained empty but we are getting back to business. Please remember us when you are ready to visit Melbourne again & reunite with family. We have freshly painted rooms & Covid19 cleaning procedures in place with contactless check in. Drive in park your car outside individually a/con motel rooms. Please support our family business & from our family to yours stay safe & May we all smile again!! Ph direct for bookings 93741255 See more

20.01.2022 Free parking this Christmas - Simply download and print the voucher from the following link and display in your vehicle for free parking within the City of Melb...ourne from 1 December 2020 to 3 January 2021. Voucher to Print: https://www.melbourne.vic.gov.au//christmas-parking-vouche Read more >> https://www.melbourne.vic.gov.au//free-parking-december.as

11.01.2022 Shout out to the wives and mums that still think this is a good present, it is. Thank you. - Nick

08.01.2022 Monday Money Talk with Noel Whittaker Last week Treasury released the latest review of the Australian Retirement Income system. What made this one unusual is t...hat it made no recommendations - It just provided information. But don’t hold your breath, without doubt it will go the way of all the other inquiries. Remember the Henry tax review, which was commissioned by the Rudd government in 2008, and published in 2010. The report contained 138 recommendations, most of which have been ignored. In 2014 we had the 320 page Murray report which made 44 recommendations, most of which never saw the light of day. In 2015 CEDA published a comprehensive paper The Super Challenge of Retirement Income Policy which pointed out that constant tinkering around retirement income policies makes it difficult for those planning for retirement to make informed decisions about how best to fund their retirement. Of course, if you’re in government you need to be seen to be doing something. In December 2016 Treasury released a discussion paper titled Development of the Framework for Comprehensive Income Products for Retirement (CIPR’s) which required fund managers to develop products which would give retirees security in the later years of their life. The May 2018 budget took the process a step further when they announced a retirement income covenant that would require Trustees of superannuation funds to offer CIPRs. As of today, they are still a work in progress. Just last Thursday Reserve Bank Governor Phillip Lowe urged the Morrison government to move faster on reform, and pointed out that the Productivity Commission’s Shifting The Dial report has been languishing in the government is too hard basket for over three years. A key finding of the latest Retirement Income enquiry was that the present retirement income system, which revolves around the three pillars of age pension, compulsory superannuation, and voluntary savings was serving retirees well. Consequently, there was no urgent need to increase compulsory employer superannuation. Predictably, reaction by the many stakeholders in our retirement system were mixed as they all fought to defend their own positions. The Association of Superannuation Funds of Australia (ASFA) strongly disagreed with the inference that raising the employer superannuation to 12% was not of great importance. CEO Martin Fahey claimed for many Australians the increase to 12% is essential to offset the financial loss from super withdrawn under the Covid 19 early release scheme The big debate now is between more employer super, or more money in the pay packet. Valid arguments can be made for both positions, but in my view, most workers spend every dollar they earn, and would be far better off trading smaller pay rises today, for $800,000 or more in their superannuation when they retire. That would give every retiree the equivalent of a big Lotto win. The main problem with the review is the assumption that our present pension system can continue at its present generous level. Let’s face it, we have a major structural demographic problem. Our fastest growing group is the over 65’s, who demand more and more in welfare as they age, yet thanks to a wide range of offsets they pay little or no income tax. Australia, like every other developed nation is in debt to the hilt thanks to Covid. The big question is where will the money to pay all this welfare come from. Raising the GST to 15% with no exceptions is the obvious answer how to sell that to parliament is the big question. Noel Whittaker is the author of Retirement Made Simple and numerous other books on personal finance. [email protected]

06.01.2022 Monday Money Talk with Noel Whittaker Treasury’s recent Retirement Income Review observed that retirees with large superannuation balances receive too much in t...ax concessions. It noted that 11,000 people currently have over $5 million in super, and claimed that people with incomes in the 99th percentile receive more tax concessions both during their working lives and in retirement than any other group. The obvious inference is that superannuation concessions should be wound back for those with large balances. But rule changes already made mean that within two decades there will be very few big balances. Cast your mind back to 30 June 2017, when the Turnbull government introduced the Transfer Balance Cap. This restricted the amount that could be transferred to superannuation’s tax-free pension mode to $1.6 million. Earnings on the balance of a fund were to be taxed a flat 15%. The ability to make contributions was also slashed. A fund member whose balance exceeds $1.6 million can no longer make a non-concessional contribution. For members with lower balances, the annual contributions cap was dropped by 33% from $150,000 to $100,000 a year. Furthermore, the limit on concessional contributions was reduced from $35,000 a year to $25,000. Undoubtedly some self-managed funds had the good fortune to invest in shares like Magellan, Fortescue and CSL, which would have given their balances a mighty boost. But keep in mind that these are usually long-term holdings, and the value increases are only paper gains until the shares are liquidated. Until then, CGT on these would contribute virtually nothing to Australia’s tax income, irrespective of what tax bracket the owner was in. Most members of large super funds are aged at least 70, which means they are likely to die in the next 20 years. And a person with a large balance cannot pass the entire balance to their family within superannuation mode. If their partner is nominated as a reversionary beneficiary, the widow or widower may receive up to $1.6 million, and the rest of the deceased member’s account must be cashed out and paid to the beneficiary. It has left the superannuation system. If the inheriting partner already has a balance of $1.6 million in pension mode, to receive $1.6 million from the deceased they would need to commute their existing pension balance back to accumulation mode, to make space for the money being transferred in. Suppose in three more years the surviving partner dies if leaving money to a non-dependant, the estate may well be liable to pay tax of 17% on the taxable component of the surviving partner’s account. Alternatively, if they had taken advice, their attorney would have withdrawn the money from the fund tax-free and deposited it in their bank account. In both situations the entire balance has left the superannuation system once both members are deceased. I fail to see how the review can make the comment that tax concessions go disproportionally to the wealthy. If a person earning $400,000 a year was under the $1.6 million cap and wished to contribute $100,000 to super from after-tax dollars, they would have to use gross income of $189,000 to make an after-tax contribution of $100,000. If they wanted to boost their balance further with a $25,000 concessional contribution, they would pay $7500 in contributions tax, leaving just $17,500 as a net contribution. The pre-tax cost to a high-income earner of contributing a net $117,500 into super would be $214,000. That’s hardly the stuff that tax rorts are made of. When the Turnbull tax changes became law the industry gave a huge sigh of relief, in the expectation that finally superannuation rules were settled, and no more changes were in the pipeline. Now more than ever Australia needs a superannuation system that gives certainty. We don’t need any more changes. Noel Whittaker is the author of Retirement Made Simple and numerous other books on personal finance. [email protected]

05.01.2022 Therapeutic watching this

05.01.2022 None of us are invincible. Brett Ratten shares how important it is to tackle your feelings.