Financial Planning 4 Life Blog

  Comments here are more of a generic view on a subject of interest. It is not advice but should you want to know how to apply it to your situation, Ask Steve 07 552 99119.

The Power of One?

The power of One
Have you ever thought just how powerful you are?
I feel we are surrounded by so much criticism and negativity that we have been programmed to dumb down our own power. […]

By |September 11th, 2017|Categories: Steve Legg - The Person||0 Comments|

A different approach to financial advice

There are thousands of advisers in Australia and elsewhere who practice the profession of financial advice. In my experience, most have a similar approach where fact finding is the first step to […]

Who is Steve Legg really?

Have you experienced the freedom of riding a motorbike? Exhilaration of acceleration… sensation of speed and gravity – when braking hard. It is one step closer to the line between enjoyment and getting […]

By |August 25th, 2017|Categories: Steve Legg - The Person||0 Comments|

Helping people

Helping people – is it important?
I see many people being helped by government to stay alive through the dole system. Yet is that really helpful?
I think it has a place but what I […]

By |August 25th, 2017|Categories: Steve Legg - The Person||0 Comments|

Superannuation just got more complex

Here we are at the start of a new financial year and once more, superannuation has become more complex.

At the heart of the changes, which came into effect on 1st July 2017, are more […]

Superannuation Changes – advice required!

Superannuation Changes 1st July 2017 The changes are far reaching and further limit contributions for everyone as well as impose a limit on the amount of Pension assets you can have.   It has […]

Superannuation Changes 1st July 2017 The changes are far reaching and further limit contributions for everyone as well as impose a limit on the amount of Pension assets you can have.   It has a bearing on Estate Planning and your Retirement St Strategy.  Taxation is impacted.  In short, now more than ever, professional advice is required to make the most of superannuation as a long term retirement income vehicle. For example, we are limited to a maximum contribution of $100,000 per year for after tax or Non-Concessional contributions and $25,000pa in taxable or Concessional contributions.   We can have no more than $1.6m of assets supporting a complying Pension.  Once overall superannuation account balances reach $1.6m we can no longer make Non-Concessional contributions. So, when we look more closely at this, we find that problems may well arise when a member of a super fund dies and their pension is Reversionary to their spouse.  if the total pension assets (combination of own and death benefit) becomes greater than $1.6m then action must be taken to move money out of pension phase or out of superannuation all together. (the latter can be a good option for some, using a different tax structure) The taxation components of superannuation come in to play as well in order that death benefit recipients are not taxed too highly.   Again, advice is required and proper structuring of superannuation needs to occur. Overall, the changes are there to limit the amount of money in a 0% tax environment and to limit the amount in a tax advantaged (15%) environment.   Government has decided that it cannot afford to be generous to its citizens any more and needs more tax revenue. So, seek advice from a well qualified adviser.  And if you have an SMSF, there are rules specific to them now which mean you need an SMSF Specialist Adviser (Ask Steve!) to get the most out of your situation.