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October 2016 – The Latest from our BMG Financial Knowledge Centre
You may have heard in the news recently that there has been a few amendments to the superannuation changes that Scott Morrison announced in his Federal Budget back in May, such as the removal of the $500K lifetime non-concessional contribution (NCC) cap, a reduction in the current annual/bring-forward NCC limits from 1 July 2017, and the retention of the work test for those aged over 65. As this is still in the proposal phase of parliament, and more amendments may follow as it continues through the parliamentary process, we will be providing a more detailed update when we are closer to the legislation side of things.
This month we thought we’d kick off by exploring the concept of ‘you reap what you sow’ when it comes to talking to your family about money. That conversation may also relate to your estate plan, so we’ve put together a short animation on things to consider when appointing an Executor. You are not alone if you answer ‘Yes’ to having multiple super accounts, it’s not always a bad thing but understand what it may mean. The race that stops the nation used to be a one-day affair, now sports betting has managed to enter the lives of Australians on a 24/7 basis via TV ads and most devices with an internet connection, consider your odds with our insightful article on the pitfalls of problem gambling. Lastly, a bit of fun with a video by ‘Kid President’ on why it might be time to give yourself a pep talk.