The UK took the world by surprise last week when its citizens voted to leave the European Union (EU). This unprecedented move has left everyone wondering what’s next. Whilst no one really has a clue, and many Australian financial institutions are downplaying the impact, there is good reason to be concerned. (more…)
The Hon Scott Morrison MP handed down his first Federal Budget on the 3rd of May 2016. There were modest changes to income tax rates and Centrelink rules but significant, and largely negative, changes to superannuation.
Of most concern is that a number of the superannuation changes are retrospective and hence impact existing and established retirement plans. Normally changes apply from the date of announcement, and any existing arrangements are allowed to continue under the rules which were applicable when they started.
Please note, all the announcements still need to pass through Parliament; until then they can be viewed as merely a statement of intent. In addition, the devil is always in the detail, and the details aren’t yet fully known. (more…)
Before you part with your money, it pays to look into the details; or have someone do it for you. Platinum Asset Management (PTM) is a widely respected fund manager and is listed on the ASX. It has recently been announced that they are starting a Listed Investment Company (LIC) called Platinum Asia Investments. In my eyes it just doesn’t add up. (more…)
Yesterday I received this letter from the Minister for Finance, Mathias Cormann. It is in response to some feedback I provided to the government earlier in the year.
I recall attending a Financial Planning Association function a number of years ago and it had been arranged to have two sessions; one with Federal Liberal representatives and one with Labor and Greens representatives. Despite the date being set by the Labor representatives not one of them turned up; they all gave apologies. There were six Liberals in the first session and only Scott Ludlam, from the Greens, in the second session. Credit to Scott for turning up – it’s this reason I was happy to see him get re-elected. (more…)