BMG Financial Planning and Accounting Albury Wodonga

May 2018

EOFY planning tips: 3, 2, 1… Lift-off! | Income protection insurance | Couple’s finances: Being in tune with one another | Child care reform: The child care subsidy | What reality are you creating for yourself?

In this newsletter, we begin by discussing several end of financial year planning tips you may wish to consider prior to 30 June. Our animation illustrates the importance of having an appropriate Plan B in place if you are unable to work for a period due to a sickness or injury. Communication, mutual understanding and teamwork are important parts of every relationship, especially regarding managing your personal finances as a couple – we look at this in terms of beliefs on money and money personality. The new Child Care Subsidy will start 2 July 2018, so we explore this in detail. Lastly, we leave you with a TED Talk by Isaac Lidsky; although his talk may be confronting at times, he does prompt us to consider several important questions, for example, “What reality are you creating for yourself?”

EOFY planning tips: 3, 2, 1… Lift-off!

The end of the financial year is nearly upon us. Where has the year gone? In this article, we discuss several end of financial year planning tips that you may wish to consider prior to 30 June – they may help in terms of minimising your tax liabilities and making the most of the money you earn.

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Income protection insurance

Imagine being unable to work for a period due to a sickness or injury. How would you and your family cope financially and plan for the future? We illustrate the importance of Income Protection insurance with regards to protecting a vital resource – your income earning capacity.

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Couple’s finances: Being in tune with one another

When managing your personal finances as a couple, it’s important to recognise and address any differences you may have regarding your beliefs on money and money personality. We discuss ways to help you in this space through the fostering of communication, mutual understanding and teamwork.

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Child care reform: The child care subsidy

From 2 July 2018, the Child Care Benefit and Child Care Rebate will be replaced with a new financial assistance payment for eligible families, the Child Care Subsidy. In this article, we explore the Child Care Subsidy in more detail regarding eligibility, payments and transitioning/claiming.

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What reality are you creating for yourself?

Beliefs on money are protective or liberating ideas, thoughts, or opinions that you hold about money. In this TED Talk, an inspirational individual, Isaac Lidsky, challenges us to let go of excuses, assumptions and fears, and accept the awesome responsibility of being the creators of our own reality.

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