Movember Special Release

Movember Special Release

Most people ignore it until it touches them or someone around them…

During this month of Movember, the team at PrimeAdvisory are taking on the challenge to raise awareness and support for prostate cancer.  In Australia, prostate cancer is the most commonly diagnosed cancer in men.

This challenge is one that is close to our hearts, as our team member Mark Greenwood was diagnosed with prostate cancer last year after a simple blood test.  16 months later after surgery, and a period of recovery the signs look good for Mark with all test results showing “clear”.

Sharing his experience, Mark exclaims, “I want to promote awareness of this insidious disease, it’s one of those things that is not dramatic but will slowly kill you. I understand that most people ignore it until it touches them or someone around them.”

When reflecting how this experience has changed Mark’s outlook on life he says, “Everything like this does change you in some way or another. There are so many things going on in the world and we are all busy, that it’s easy to ignore these things until maybe it’s too late.  I understand that a lot of guys my age do not even think about it.  My best mate even asked me how I found out I had it, and he is over 50 and never had a PSA test. Every male should be having this test over the age of 45.”

So how do you know if you have prostate cancer and are you at risk?

Your risk of developing prostate cancer develops from the age of 45-50 you should really begin having a simple routine PSA (Prostate Specific Antigen) blood test,  coinciding with regular check-ups with your GP.  Mark suggest, “You should see your GP annually and just get the test done. It’s a simple blood test, but you also need to create a history of readings to establish a base line.”

Early detection is key!   If detected early you have a 98% chance of survival beyond 5 years however if detected late you have a 26% chance of survival beyond 5 years.

To help raise awareness for this important cause, we are looking to raise $16,000 for the 16 months Mark has been clear!  That’s why we need you to get involved and help us by generously donating much needed funds to fight this disease.

We are calling this our 16/16 Challenge!

DONATE NOW

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Important Budget 2019-20 Pre-Election Announcements That Are Now Law

Important Budget 2019-20 Pre-Election Announcements That Are Now Law

The Federal Budget announced a series of measures, some of which were legislated before the election was called.

Extension and increase to the instant asset write-off

The popular instant asset write-off for small business has been extended and increased. The new laws:

  • increase the threshold below which small business entities can access an immediate deduction for depreciating assets and certain related expenditure (instant asset write-off) from $25,000 to $30,000; and
  • enables businesses with aggregated turnover of $10 million or more but less than $50 million to access instant asset write-off for depreciating assets and certain related expenditure costing less than $30,000.

Assets will need to be used or installed ready for use from Budget night until by 30 June 2020 to qualify for the higher threshold. Anything previously purchased does not qualify for the higher rate but may qualify for the $20,000 or $25,000 threshold. Similarly, anything purchased but not installed ready for use by 30 June 2020 will not qualify.

The instant asset write-off only applies to certain depreciable assets.  There are some assets, like horticultural plants, capital works (building construction costs etc.), assets leased to another party on a depreciating asset lease, etc., that don’t qualify.

For assets costing $30,000 or more

For small businesses (aggregated turnover under $10m), assets costing $30,000 or more can be allocated to a pool and depreciated at a rate of 15% in the first year and 30% for each year thereafter. If the closing balance of the pool, adjusted for current year depreciation deductions (i.e., these are added back), is less than $30,000 at the end of the income year, then the remaining pool balance can be written off as well.

The ‘lock out’ laws for the simplified depreciation rules (these prevent small businesses from re-entering the simplified depreciation regime for five years if they opt-out) will continue to be suspended until 30 June 2020.

Pooling is not available for medium sized businesses which means that the normal depreciation rules based on the effective life of the asset will apply to assets that don’t qualify for an immediate deduction.

The amendments apply from 7.30 pm legal time in the Australian Capital Territory on 2 April 2019 until 30 June 2020

One-off energy assistance payments

A one-off energy assistance payment of $75 for singles and $62.50 for each eligible member of a couple, will be made to predominantly pension and social welfare recipients who were residing in Australia on 2 April 2019.  The payments are expected to be completed by 30 June 2019.

Medicare levy and surcharge income threshold increase

The Medicare levy low income thresholds for singles, families, and seniors and pensioners will increase from the 2018-19 income year, meaning more people will be excluded from paying the levy.

Please contact us if you have any questions about these changes to legislation and how they may affect you.

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Good News For Small Business With Instant Asset Write-Off Scheme To Be Extended

Good News For Small Business With Instant Asset Write-Off Scheme To Be Extended

Recently that the Prime Minister, Scott Morrison announced an intended extension of the instant asset write-off scheme is being extended through to 30 June 2020 and an increase in  the current threshold of $20,000 increased to $25,000.

What is the Instant Asset Write-Off Scheme?

Initially, the Instant Asset Write-Off allowed for businesses with an annual turnover of less than $10 million to write-off business assets worth up to or less than $20,000, bought and used or installed ready for use.  This applied irrespective of whether the asset was purchased new or second-hand. This would then allow for business owners to claim a deduction for that asset in the same financial income year as the asset was purchased.

What does The Extension Mean?

In the words of “Sco-Mo” himself, it means that “Businesses can go out and invest today, whether it’s a vehicle, a piece of plant or equipment, all of it up to $30,000 and immediately write-down the asset”.

 

The legislation is expected to be passed through parliament in February 2012.

 

 

 

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Key Considerations For Grandparents Funding Private School Fees

Key Considerations For Grandparents Funding Private School Fees

As we roll into a new school year, it’s not uncommon for grandparents to contribute to their grandchildren’s private school education.

If you are supporting your family by helping fund a grandchild’s private education, before the first term’s school fees are due it’s important to receive professional advice on the best way to contribute towards private school fees. At PrimeWealth your advisor can offer specific guidance based on your unique circumstances, however here’s a quick checklist of the key considerations:

Do the maths

Make sure that you have accounted for all your living expenses allowing you to live comfortably without the need to draw on any retirement savings in a way that is unsustainable.

Plan ahead

This will avoid selling investments at a time that may not be optimal, it’s important to ensure that ample funds are accessible when you need them, including a buffer.

Understand the impact on Asset testing

If you are maintaining control of the funds set aside for fees, these will be considered as an asset by Centrelink and could impact any Age pension entitlements.

Understand the gifting rule

If you are transferring funds to one of your children or grandchildren, be aware that the Department of Human Services gifting rule currently allows for a gift up to $10,000 in one financial year and a maximum of $30,000 over five financial years without your pension entitlements being affected.

Taxation

Get advice on the best structure for investing any funds set aside for school fees. “Education Savings” products can be internally taxed at a corporate tax rate which could be more than holding an investment directly.

Estate Planning

If you are no longer around to manage any funds for education purposes, ensure that you have considered this in your estate planning.

Control

Ensuring you maintain control of funds until they are required means you keep the funds in any circumstance that you may not have prepared for such as a child not attending private school or university.

 

Please contact PrimeWealth for further support and advice, taking into account your unique circumstances and financial goals.

 

 

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20 Financial Questions You Should Answer This New Year

20 Financial Questions You Should Answer This New Year

As we kick off another New Year, many of us are thinking about how this year might look different from the last and how we might ensure we are healthier and happier overall.

It’s also a time where we often reflect on what matters to us and whether we can prioritise those things in life.  Being able to do so is inevitably linked to our financial situation and how well our finances and financial management is structured to enable us to live life according to what we value purposely.

What we do know in our work dealing with hundreds of clients supporting them to achieve what they want out of life is what questions need to be answered to get you on track.

The Important Income Questions

–    Is your income and employment secure and does it meet your living costs?  Is it well-structured and tax efficient?

–    Are your education costs covered?

–    Is any surplus income invested efficiently for wealth creation?

 

The Important Investment Questions

–    Do you have clear goals for where you want to be wealth-wise in the next five years?

–    Do you have a tax-efficient investment structure?

–    Do you know if your current investments are achieving your goals?

 

The Important Debt Questions

–    Are your overall debt levels appropriate for where you are at in life?

–    Do you have the right mix of personal and investment debt?

–    Do you have a plan to eliminate personal debt in the shortest possible time?

 

The Important Risk Questions

–    Does insurance cover you for any possible circumstances?

–    Are you getting the best possible rate for insurances?

–    Are you covered appropriately?

–    Would your family be able to live comfortably if you were no longer able to provide for them?

 

The Important Retirement Questions

–    Are you clear on what you want your retirement to look like?

–    Do you know how much you need to live on to have the retirement you want?

–    Do you know if you are on track to have the income you need when you retire?

–    Do you know if your tax is structured effectively for retirement?

 

The Important Estate Questions

–    Is your Will up to date and does it reflect your current wishes

–    Have you arranged for someone to make financial decisions on your behalf if you’re unable to do so?

–    Is any relevant documentation regarding your estate easy to find and is your family aware of any medical and lifestyle wishes?

 

Take the first step in getting an accurate understanding of your financial position and how well it supports what you want in life with our complimentary online financial health check

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