Welcome to the November 2024 Edition of the BFG Report Warning signs: five ways scammers lure investors Lured by too-good-to-be-true investment opportunities or under pressure from fake fraud report calls, more than 600,000 Australians reported a scam in 2023, collectively losing over $2.74 billion. Scammers use advanced technology and social engineering tactics to create completely believable…
Welcome to the August 2024 Edition of the BFG Report Top 5 Estate Planning Mistakes Estate planning doesn’t have to be a complex process. In fact, it’s usually fairly straight forward. However, there are some common pitfalls you should avoid. Not doing it The most common mistake is not creating an Estate Plan.…
Welcome to the May 2024 Edition of the BFG Report The 2024 Federal Budget The 2024 Federal Budget provides cost of living relief through 1 July tax cuts, lower power bills, higher welfare payments and support for small businesses. Note: These changes are proposals only and may or may not be made law. Cost…
Welcome to the November 2023 Edition of the BFG Report Don’t miss out on the Energy Rebates! Hold a Commonwealth Seniors Health Card (CSHC)? Receiving a Family Tax Benefit? Then you may be eligible for energy rebates. While the payments vary from State to State, in NSW CSHC holders may receive up to $700 per…
Welcome to the August 2023 Edition of the BFG Report Child Investments Parents and grandparents may wish to set aside savings for their children or grandchildren for various reasons, such as education or a deposit for a home. Before investing money for a child, it is important to understand who will be responsible for paying…
Welcome to the May 2023 Edition of the BFG Report Federal Budget The 2023 Federal Budget focuses on providing cost of living relief through lower power bills, higher welfare payments and more support for small businesses and housing. Note: These changes are proposals only and may or may not be made law. Cost of living …
Welcome to the February 2023 Edition of the BFG Report Capital Gains Tax Explained Capital gains tax (CGT) is the tax you pay on profits from selling assets, such as property and shares. Assets acquired before 20 September 1985 are exempt from CGT. You report capital gains and capital losses in your income tax return…
Welcome to the October 2022 Edition of the BFG Report Federal Budget Summary Personal taxation No changes to personal income tax including: no changes to the Stage 3 tax cuts which will take effect from 1 July 2024, and no extension of the Low and Middle Income Tax Offset, which ended 30 June 2022.…
Welcome to the June 2022 Edition of the BFG Report First Home Super Saver scheme – how does it work? From 1 July 2022, if you’re a first home buyer you can release up to $50,000 (up from $30,000) from your voluntary super contributions to help you buy your first home. Under the scheme, voluntary concessional and…
Welcome to the March 2022 Edition of the BFG Report Important Super Changes Pass Both Houses The Treasury Laws Amendment (Enhancing Superannuation for Australians and Helping Australian Businesses Invest) Bill 2021 has passed both Houses and awaits Royal Assent. The following measures become effective from 1 July 2022 and will: Extend non-concessional contributions bring forward rule…
Welcome to the 2021 Summer Edition of the BFG Report What happens to your social media when you’re gone? In today’s digital age, over 80% of Australians own a social media account. But what happens to these accounts when we die? Facebook allows users to appoint what is called a ‘Legacy Contact’ under their memorialisation settings during…
Welcome to the 2021 Spring Edition of the BFG Report Staying Cyber Safe This Year With the increased activity online – be it due to working from home, home schooling, or simply because we have found a great availability of engaging and interesting content and streaming services, we are online a lot more and need to consider…
2021 Budget Supplement How will the Federal Budget affect you? During this year’s Federal Budget announcement Treasurer Josh Frydenberg stated, “Australia is back!”. The Budget proposes positive changes to superannuation, an extension of the low- and middle-income tax offsets and a boost to aged care services. Remember, these are subject to the passing of legislation: Superannuation The work test for older Australians From 1 July 2022, if you’re aged 67 to…
Welcome to the 2021 Winter Edition of the BFG Report What really influences interest rates? Interest rates are very important for many Australians, and rightly so – after all, whether it’s the returns on savings accounts or mortgage repayments, the rate of the day can have a significant impact on the household budget for millions of Australians. So what influences…
Welcome to the Autumn 2021 edition of The BFG Report Make a Super Plan for the New Year On 1 July 2021, both the concessional and non-concessional superannuation contribution limits, also known as ‘super contribution caps’, will rise. The concessional cap will increase to $27,500 from 1 July 2021. The non-concessional contribution cap is…
Welcome to the 2020 Summer Edition of the BFG Report Home Help – Looking After Loved Ones When talking about Government aged care services, many people associate it with nursing homes. However, residential aged care or ‘nursing homes’ represent less than 10% of the formal aged care system. The most popular government-subsidised programs are the…
Welcome to the 2020 Spring Edition of the BFG Report Redundancy: a taxing time In the current economic environment, the prospect of redundancy can become an unexpected reality or an unsettling concern for many. Redundancy can occur for any number of reasons. You may decide to leave your employer by accepting a voluntary redundancy, or…
Welcome to the 2020 Winter Edition of the BFG Report Tax Records for Property While most people are up to date with Tax Records for investment properties the same cannot be said with confidence for other properties including, own homes, holiday homes and vacant land. Which Properties Require Tax Records? Where the property was purchased…
BFG Report – Coronavirus March 2020 With our core mission being “assisting clients to make smart decisions about their wealth” your portfolio structure has assumptions that risks, like share prices falling, will occur. We set up your portfolio with other investments like cash (including term deposits) to help reduce the impact of this risk on…
Welcome to the 2020 Autumn Edition of the BFG Report Top Tips When Preparing Your Will Preparing a Will can be complicated, especially if you have a complex family or asset structure. Here are some tips to consider when writing a Will. Make a List of Your Assets and Beneficiaries Your Will should include a…
Welcome to the 2019 Summer Edition of the BFG Report Downsizer Contributions to Super Since 1 July 2018, if you’re age 65 or over and sell your home, you can now contribute up to $300,000 into your super even if you’re currently restricted by other super rules. This is especially beneficial if you have retired…
Welcome to the 2019 Spring Edition of the BFG Report Claiming a deduction on personal super contributions Since 1 July 2017, employees, as well as the self-employed, can claim a tax deduction on personal super contributions. If you are aged between 65 and 74 you can make a contribution to super but you need to…
Welcome to the 2019 Winter Edition of the BFG Report Super Dependants If you have a superannuation fund, you’ve probably been asked to nominate your beneficiary. But, super fund trustees can only pay your super death benefit to eligible dependants or to the legal personal representative (LPR) of your estate. If you haven’t elected a…
Welcome to the 2019 Autumn Edition of the BFG Report What To Look Out For In 2019? As we look towards the next Federal election and beyond, it’s important to understand both the existing Government and the opposition party’s proposed policies relating to superannuation and tax. In relation to some policies, both parties agree on…
Welcome to the 2018 Summer Edition of the BFG Report The Rising Cost of Cyber Crime Last year, more than six million consumers fell victim to identity theft, credit card fraud or had their passwords compromised. This cost the Australian economy more than $2.3 billion, and, at an individual level, cost each victim an average…
Welcome to the 2018 Spring Edition of the BFG Report The Power of An Attorney A power of attorney is a legal document that allows you to nominate someone you trust to make financial decisions on your behalf if you are unable to do so. A popular misconception is that a person’s partner can make…
Suzanne Haddan – Managing Director of BFG Financial Services appears on the ABC Weekend Breakfast with Andrew Geoghegan and Johanna Nicholson to discuss the weeks key business and financial issues.
Suzanne Haddan – Managing Director of BFG Financial Services appears on the ABC Weekend Breakfast with Andrew Geoghegan and Johanna Nicholson to discuss the weeks key business and financial issues.
