Deeming is a simple set of social security rules used to assess income from financial assets. Under these rules, financial assets are assumed to earn a certain amount of income, regardless of how much they actually earn.
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In times like these, it is not uncommon for a parent to want to extend financial support to their children, such as gifting a lump sum of money.
If you give away an asset to anyone, Centrelink may apply the ‘deprivation' or ‘gifting' rules and it's important to be aware of the implications. These rules however, do not apply if assets are transferred between members of a couple.
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Money tips for the year ahead... |
Each year many of us make a New Year’s resolution to spend less and save more for our future, but without a plan our good intentions may not amount to much.
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First Home Saver Accounts can help you or your kids buy their first home |
First Home Saver Accounts (FHSAs) are the first of
their kind in Australia and use a combination of
Government contributions and low taxes to provide
a simple, tax effective vehicle to help individuals
save for their first home in which to live in —
whether it’s buying an existing house or building a
new house.
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Financial advice can make a difference at any age |
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Let us introduce Matt and Michelle — small business owners in their early to mid 40s. Having almost paid off their mortgage, Matt and Michelle’s accountant suggested they see a financial planner for some guidance on what to do with
their surplus funds.
Rather than the extra funds just sitting in a bank account, their financial planner developed a strategy for them, taking into account their goals and objectives but also their risk profile…. Five years on, they were paying 40%
less in tax, the value of their super had almost tripled and, thanks to an investment portfolio, they had something for a deposit on an investment property.
If you have family or friends that might benefit from the value of financial advice, why not refer them to Berry Financial Services. |
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