Financial

Services – Financial Items

Various Financial and Investment Support Items

There is a range of information available for those who wish to consider improving their knowledge on pensions and investing:

Choices Move Your Money Advice Advice from Choice about how to move your money from one bank to another

Choice’s Compare Ditch, and Switch This is Choice pages on comparing interest paid for deposits and also for loans

Selling Small Parcels of Shares, or for those without a Broker and with Issuer Sponsored Stock

Several brokers or companies used to offer facilities to sell shares or small parcels of shares. However they usually required shares to be Issurer Sponsored and not Broker Sponsored (ie HIN). Also they usually required them to be personally held and not in the name of a trust or joint holding. Sales usually had to be at market price. They all seem to currently be suspended

Another and cheaper way is to sign up with a broker such as Commsec or Bell Direct and then get trades at $19.95 or $15. However you will need to setup an account by filling in forms and proving ID, and then transferring your Issuer Sponsored stock to Broker Sponsored meaning you will get a new HIN. It takes time; maybe 1-2 weeks all up. You will also need to provide a bank account to which trades could be settled.

23 Nov 2016 –  Changes to Super may Impact those on CSS & similar DB Pensions. Treasury Fact Sheets If you have a CSS pension of $100,000 pa they will value that at $1.6M (ie times 16 the annual amount as at 30th June 2017) meaning you effectively could not have any other super in a pension phase, although you could still have some super in a taxed accumulation account.  They will also cap the 10% rebate to a pension of $100,000 pa max. So any pension above that amount would be limited to $10,000 pa rebate and be subjected to full personal income tax.  See an article by Daryl Dixon on his take on the changes. In an article in the Financial Review of 22-23 Oct 2016 John Wasiliev went further & explained more aspects of the changes with advice from Nerida Cole of Dixons. Read the article here. John provided some additional material here with links to the Tranche 2 Treasury proposals if you wish to read the source documentation. So where does this Times 16 come from. Daryl Dixon gaves it some thought in his article. It seems to be related to the times 16 used by Treasury to calculate the total cap for super based on multiplying the annual non-concessional limit of $100,000 by 16 to get the $1.6M

Seniors

1 Jan 2014 – The assessment of account-based income streams has changed. See this link to the Dept of Human Services site where they outline the changes. This effects eligibility to the Commonwealth Seniors Health Card, the pension and Aged Care support. Any changes to an Account Based pension will cause your eligibility to be reassessed | Financial Planning Magazines review of the changes  |  SuperGuides Review of the Changes

Applying to Centrelink for Commonwealth Seniors Health Card or Age Pension Online Can’t say this information is perfect but applying for the Seniors Health Card online and having them ring me back did work. So I have put all the information gleaned so far into a simple pdf document with links to relevant pages. Seems like registering for an online access is the way to go once you start with them

Federal Government Seniors Aged Care General Information

About Seniors. Click on their Retirement Planning tab for some financial advice

Some Free Investment Newsletters

So you wish to invest money in the stockmarket or bonds. Check out The Bull and the Business Spectator. (This has become a paid site) Both offer free weekly or daily newsletters delivered by email. Also Peter Switzer offers a newsletter. Want to follow the charts then try Big Charts. Yep it does provide Oz data. You need to enter au: wes to get data for Wesfarmers as an example only. Another newsletter is Morning Money which is published daily by Port Phillip Publishing of Melb and edited by Kris Sayce. Also MacroBusiness SuperBlog has a fee daily email, See below

Useful Blogs and Sites on Finance and Investment Issues

Articles from Money Management on managing money and link to Super Essentials

MacroBusiness Superblog A good blog with a daily email options

Peter Switzer’s site. Quite useful information and also a free newsletter.

Aussie Stock Forums. Useful free forums on sticks and the stock market.

Investment Tools and Software

Investment Tools. Try Investopedia for a range of tools and tutorials. For example here are 7 tools of the trade

InvestmentTools.com has a range of useful data on indices, links, investment calculators, etc.

Free Accounting Software. GNUCash. This is an alternative to MYOB, Quicken, etc. An open source developed accounting package that runs in Windows, Mac OS X and Linux. Its designed to be easy to use, yet powerful and flexible. GnuCash allows you to track bank accounts, stocks, income and expenses. This is the Tutorial and Concepts Guide which provides a useful overview.

Library of SMSF Articles. From All Things Considered (Its a bit dated)

ATO, APRA, ASIC and Centrelink Advice

MONEYSMART for general financial advice. A useful ASIC site

For information on SMSF funds.

For general information on personal superannuation.

For information for tax professionals. Useful for SMSF Trustees.

APRA Superannuation Information. Includes list of super funds.

Aust Government’s Super Fund Lookup. This contains publicly available information about superannuation funds that have an ABN. It includes funds regulated by the Tax Office and the Australian Prudential Regulation Authority (APRA).

ATO’s Ruling on Enduring Power of Attorney for SMSFs, SMSFR 2010/2

Centrelink’s Financial Information Service (FIS)

The FIS is an education and information service available to everyone in the community. FIS helps people to make informed decisions about investment and financial issues for their current and future financial needs. FIS is independent, free and confidential and provides services through seminars, and by phone and appointment. Ted Tregillgas has kindly obtained some pamphlets which give more information on FIS programs between July and December 2010. For more information, click on the Centrelink FIS page.

Centrelink. The aged pension

Is the Income Derived from Solar Panels on Your Roof Taxable?

This article seems to outline the situation well as does this article and this one at Solar Questions. There is no specific tax legislation on this issue. Note this is not tax advice. However, there are some ATO private rulings available that give directions on specific cases. Generally small installations that do not make the owner any significant profits after paying their power bills will probably be tax free. Larger installations, put in for the purpose of making a profit might be a different story. A tax agent and the ATO should be consulted in such cases. GST is only receivable and then remitted to the ATO if you are registered for GST with an ABN and your GST annual turnover exceeds $75,000