The federal election is done and dusted, and the Coalition Government has been given another three years in power. How will this outcome affect Australians’ finances? What will change – and what won’t – when it comes to policies affecting people’s money? Can we expect any surprises?
The Coalition Government staying in power will largely mean consistency and continuity. Policies that are positive for people’s finances and could have been withdrawn had there been a change in government will now stay.
What are some of these policies, and who can – or should – take advantage of them?
The Coalition Government removed the 10 per cent income test effective 1 July 2017, encouraging more people to make personal contributions to their super. Those aged between 65 and 74 still need to meet the work test requirement to be eligible. To pass this test, they have to show that they’ve been gainfully employed for at least 40 hours over 30 consecutive days during the financial year in which they plan to make the contribution.
Work test exemption for older members
Related to the previous policy, from members aged between 65 and 74 will be able to make personal contributions in the first financial year in which they no longer satisfy the work test requirement. To be eligible, members must have a super balance of less than $300,000.
Carry-forward concessional contributions
From 1 July 2019, members can make catch-up concessional contributions if their total super balance is under $500,000 as of the previous 30 June. This scheme was originally meant to encourage individuals with ‘broken workforce patterns’ to build up their super by giving them access to their unused cap for the previous five years.
Non-concessional contribution cap
Members can continue to make non-concessional contributions of up to $100,000 a year, unless they have a total super balance of at least $1.6 million.
Concessional contribution threshold
Concessional contributions that are not excess contributions continue to attract an additional 15 per cent tax if the member’s income plus contributions exceeds $250,000.
Australians can expect to continue to enjoy the first round of personal income tax cuts that started in July 2018. This would help them set aside more capital for investment.
The tax cuts provide a for individuals earning up to $37,000. The offset increases to $530 for those earning $48,000 or more, and phases out from $90,000. The 32.5 per cent tax threshold has also been raised to $90,000.
These temporary tax concessions will end on 30 June 2022. From 1 July 2022, Australians can expect:
For more than 20 years, Sam has been a financial planner helping individuals and families achieve their financial planning goals, by providing advice on Investment Planning; Insurance Planning; Tax Planning; Retirement Planning; and Estate Planning. Working with a network of highly skilled professionals in Sydney he is dedicated to providing high-quality advice and integrated wealth management solutions that simplify and enhance the quality of his clients' lives.
Sam established his own firm in 1997 and has overseen its steady development and growth. Attention to detail, good listening skills and great empathy are symbols of his appreciation by his clients. He has built long-term relationships with his growing client base and aims to provide excellent customer service.
Sam began his financial planning career in 1993 after completing a Bachelor of Science degree in 1991. Since this time he has accumulated many professional qualifications such as:
Sam has volunteered with the Cancer Council of NSW and can be seen almost every year volunteering or participating in the 7 bridges walk.
Away from the business, he enjoys spending weekends with his son. He is also a football (soccer) tragic and is a massive Chelsea FC fan.
Having worked for national financial planning companies in the past, George has extensive experience in the provision of advice in risk insurance, investments and retirement planning and is focused on forming long-term relationships with his clients.
George has been awarded a Masters of Commerce (Financial Planning) and a Bachelor of Commerce through University of Western Sydney as well as having the Diploma of Financial Services (Financial Planning).
Jane Lim is a friendly character with a bubbly personality. She has the unique ability of making complex information sound simple and easy to digest.
Jane entered the financial services industry in 2006, and worked with big blue-chip financial companies such as Count Financial Limited and AMP Financial Planning Pty Ltd.
She holds a Master's degree in Applied Finance through Macquarie University, and she is a member of the Million Dollar Round Table.
Being a self-confessed "tennis nut", Jane spends many weeknights in the tennis court, and is a frequent member of Sydney's Eastern Suburbs Tennis Competition.
Being a highly motivated professional, Jane is always eager to help her clients on a wide range of financial planning needs.
Mortgage Broker/Financial Planner
Paul has been a financial planner for over 15 years helping individuals and families successfully achieve their financial planning goals. He is very focused on building successful long-term harmonious relationships with his clients.
He provides a holistic approach on various aspects of financial advice encompassing areas such as Investment Planning; Insurance Planning; Tax Planning; Retirement Planning and has extensive experience and knowledge in these fields.
Paul's professional qualifications are:
Away from his professional life, he enjoys spending his time with his family doing various activities such as coaching his son and taking him to games. He is a very avid sports fan and a cricket enthusiast.
Client Services Manager
Christian joined Capitalwise as Client Services Manager, with backgrounds in both customer service and administration.
Christian is passionate in providing excellent customer service by being attentive to client’s need as well as being able to circumnavigate challenges.
He holds a Master's degree in Commerce specialising in Marketing through the University of New South Wales.
Volunteering is one of his delights in life, where he had spent time being involved with the Centre for Volunteering, St Vincent de Paul's Society, and Sculpture by the Sea in a variety of positions.
Jenny is a University of New South Wales graduate who joined the team as an Administration Assistant. She is keen to put her customer service and organisational skills to use, making sure day to day operations run as smoothly as possible.
Outside of work, Jenny focuses her efforts on karate and ice hockey. She can often be found coaching and practicing karate at her alma mater. The rest of her time is spent at one of Sydney’s many ice rinks playing, practicing, or officiating ice hockey.
B Econ (Hons) Cert IV FS (MB) Dip. FS (FP) AFB MeSAFAA
Max has over 20 years experience in the finance and lending industry of which over 15 years has been in financial advice. Max attained a Bachelor of Economics honours degree at The University of Sussex in 2004, after which he settled in Australia with his family.
Max has never stopped studying as he is always looking at ways he can better assist his clients and has studied many courses in financial advice, lending and technical analysis as he continues to try and stay ahead of his competitors in terms of the knowledge he can share with his clients.
Max has worked for several large and successful organisations before starting his own business in 2014. He has gained valuable experience from the likes of Lloyds Bank, American Express, HSBC, General Electric, Commonwealth Bank and Westpac. He draws on this vast experience to benefit his clients whilst bringing a much more personal touch than you would get from one of these larger organisations.
Max’s philosophy is to always put his clients first, which is what makes him so successful and popular with his clients, having built a thriving business primarily through referrals from very happy clients.
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