Personal Finance

Australian Family Trust Explained

Australian Family Trust Explained

Family trust structure in Australia has become a popular taxation and estate planning tool among many family groups. Why? Because it provides family members with a vehicle to distribute income whilst also passing control of their assets tax effectively and with certainty to the next generation – all while offering excellent tax benefits and asset…
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From empty nest to full house Ways to cope when your adult child moves back home

From empty nest to full house: Ways to cope when your adult child moves back home

Many parents enjoy a new lease on life once their children move out of home. All the effort that was once spent supporting them can now be directed towards hobbies and securing a comfortable retirement. But how would you fare if one (or more) of your children decided to return? These days, it’s not uncommon…
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Why investing in your child’s name can be a bad idea

Why investing in your child’s name can be a bad idea

Investing for your children while they’re young can be a great way to help set them up for future financial success. But before you start pouring money into their account, there are a few tax issues you should know about. Investing in your child’s name can attract high tax ratesWhile you might be considering setting…
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5 ways to slash your Christmas present spend while money is tight

5 ways to slash your Christmas present spend while money is tight

Taking the ‘silly’ out of the present season this year is incredibly financially smart. Without wanting to scare you, Christmas is barely a few days – and potentially another rate rise – away. And another thing: the Reserve Bank’s (RBA) interest rate actions in 2024 will heavily depend on how much we imminently spend. (And not…
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Gift cards How to make the most of them and the traps to avoid

Gift cards: How to make the most of them and the traps to avoid

Digital delivery has transformed the gift card industry, making them easier to buy, easier to give, and harder to misplace. Gift cards have boomed to the point where Aussies now spend an average of $29 million a day on them and they’re our second-most-popular Christmas present. The gift card market is worth $10.7 billion in Australia, and it’s growing…
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Can you still afford to ignore HECS HELP debt

Can you still afford to ignore HECS-HELP debt?

HECS-HELP debt is considered by many to be “good” debt, since the government doesn’t charge interest and repayments only start once when you pass a certain income threshold. But balances are still indexed annually in line with inflation, and this year the indexation rate jumped all the way up to 7.1%. This is a steep increase…
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How much the average Aussie your age has in savings

Surprising amount Aussies have in savings

The amount Aussies have saved has hit a record high, despite pressures from the rising cost of living and interest rate hikes. Ever wondered how much your mate has in their savings account? Well, new data is shedding light on just that. The average Aussie has $40,617 in their savings account, according to new data from Finder. That’s…
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Taxation update Personal Income Tax Plan

6 tax tips to maximise next year’s refund

Start doing the groundwork for your 2023-24 tax return now. Millions of Aussies are in the middle of preparing this year’s tax return, so it might seem a little premature to be planning ahead for the 2023/24 tax year too. But, if you want to get the best possible tax refund next year, you need to start doing the groundwork…
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How does Australias income tax compare around the world

‘Junk insurance’ refunds owed to millions of Aussies

Aussies are being urged to check their old credit card and loan documents for dodgy insurance. Millions of Aussies are owed junk insurance refunds, with billions of dollars still waiting to be claimed. Junk insurance refers to ‘add-on’ insurance policies that provide little or no real coverage to policyholders. One common example is consumer credit insurance,…
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