Income tax | Pre-assessment | Super re-contribution | Loan repayment | Financial behaviour
In this month’s newsletter, we begin with an overview of the recently legislated changes to individual taxation and what these changes may mean for you moving forward. Our animation illustrates personal insurance pre-assessments and the potential benefits associated with completing one. It can sometimes be beneficial to withdraw a portion of your super benefits and then re-contribute it back into super—we explain this strategy further. A home loan will most likely be the largest debt that you pay off in your lifetime—we discuss important considerations regarding this. Lastly, there is a video by Saturday Night Live, where a light-hearted skit is performed on the topic of saving money, and the use of credit for purchases.
Taxation update: Personal Income Tax Plan
In the 2020-21 Federal Budget, proposed changes to individual taxation were announced. In this article, we provide an overview of these now legislated changes and what they may mean for you.