http://www.dolfinwise.com.au/financial-planning-articles.html Dolfinwise Financial Planning Publicationen-auCopyright Dolfinwise Financial Planning We are currently in a situation where most of the developed world’s growth prospects are undoubtedly crippled by a critical combination of spiralling national debt levels combined with high unemployment. The US and UK are prime examples of economies where unsustainable spending over a long period of time has brought them to a crunch point in history. National Governments have had to bail out reckless financial systems in both these counties (as well as most of Europe) in order to avoid a complete meltdown of the financial system (GFC mark 1).http://www.dolfinwise.com.au/financialplanningarticles/the-new-reality-portfolio-construction-in-a-post-GFC-world.html http://www.dolfinwise.com.au/financialplanningarticles/the-new-reality-portfolio-construction-in-a-post-GFC-world.html World economic events have progressed rapidly over the last couple of weeks since my last update and I thought it timely to provide some of my thoughts regarding where we are now, having seen a fall in share markets over the last week emanating from fears the Greek debt crisis could spread to the rest of Europe.http://www.dolfinwise.com.au/financialplanningarticles/world-economic-update-25-may-2010.html http://www.dolfinwise.com.au/financialplanningarticles/world-economic-update-25-may-2010.html A regulated superannuation fund can accept contributions (subject to more restrictive fund rules) provided the following conditions are met...http://www.dolfinwise.com.au/financialplanningarticles/superannuation-contribution-eligibility.html http://www.dolfinwise.com.au/financialplanningarticles/superannuation-contribution-eligibility.html The maximum housekeeper tax offset for the 2008/09 financial year was $2,108 if the taxpayer had a dependent child or student and $1,759 if the taxpayer did not have a dependent child or student. The higher tax offset is dependent on the child or student’s income. Eligibility for family tax benefit part B may mean that a taxpayer entitled to a notional offset for a dependent child or student will not be able to claim the housekeeper tax offset.http://www.dolfinwise.com.au/financialplanningarticles/housekeeping-tax-offset.html http://www.dolfinwise.com.au/financialplanningarticles/housekeeping-tax-offset.html The financial planning “profession” grew out of the life insurance industry. This industry consisted for many decades of insurance sales people who professed to be nothing more than that. They were generally tied agents who sold one companies products for commissions. During the 1980’s and early 1990’s many of these agents started to sell investment products along side their traditional risk offering and continued to be paid by product providers for intermediating with clients. Again, as a general rule these sales people did not claim to be other than representatives of the product provider.http://www.dolfinwise.com.au/financialplanningarticles/the-great-commission-debate.html http://www.dolfinwise.com.au/financialplanningarticles/the-great-commission-debate.html Most people are familiar with the concept of personal Wills, but how many would consider the same issues for their business? For many business clients, their own business will be the source of much of their personal wealth, and therefore their rights in that business should be protected.http://www.dolfinwise.com.au/financialplanningarticles/business-succession-planning.html http://www.dolfinwise.com.au/financialplanningarticles/business-succession-planning.html Inflation can be both the investors friend and foe. For the mortgage holder Inflation can help ease the pain of mortgage payments over the long term with the real cost of repayments reducing. For a retiree however the constant increase in the cost of goods over the period of retirement can have an extremely detrimental impact on their standard of living. As a result good retirement planning needs to take into account inflation and ensure the right mix of assets is held in a portfolio to help the portfolio withstand the significant impacts of inflation over the long term. http://www.dolfinwise.com.au/financialplanningarticles/consumer-price-index–cpi-update.htmlhttp://www.dolfinwise.com.au/financialplanningarticles/consumer-price-index–cpi-update.html Super splitting can be a very powerful tool to help couples who have an age difference between them qualify for extra or some social security. Clients with too many assets to qualify for a aged pension and benefits in usual circumstances have gained over $15,000 a year in extra benefits through obtaining advice in this area. Super Splitting can also be used to aid estate planning and for taxation management.http://www.dolfinwise.com.au/financialplanningarticles/contributions-splitting-update.htmlhttp://www.dolfinwise.com.au/financialplanningarticles/contributions-splitting-update.html Non-concessional Contributions can be extremely powerful in reducing investment income tax and boasting social security payments particularly for those aged over 55. They are also they useful way to aid future generations to pay no capital gains tax upon inheriting money. Client selling investment properties, businesses or receiving compensation payouts may wish to take advantage of these rules. There are many traps for the unwary and the penalties are high (up to 46.5% of contributions) for breaching contribution cap limits so anyone considering making these contributions should get professional advice first. http://www.dolfinwise.com.au/financialplanningarticles/non-concessional-contributions-advantages.htmlhttp://www.dolfinwise.com.au/financialplanningarticles/non-concessional-contributions-advantages.html Inflation can be both the investors friend and foe. For the mortgage holder Inflation can help ease the pain of mortgage payments over the long term with the real cost of repayments reducing. For a retiree however the constant increase in the cost of goods over the period of retirement can have an extremely detrimental impact on their standard of living.http://www.dolfinwise.com.au/financialplanningarticles/pension-drawdown-relief-extended.htmlhttp://www.dolfinwise.com.au/financialplanningarticles/pension-drawdown-relief-extended.html These changes are significant for same sex couples and those eligible should review their overall circumstances. Transfer of assets concessions, main residence CGT concessions and Super spouse contribution offsets are significant changes that need careful examination as they may affect future financial outcomes. The government has introduced reforms to remove discrimination to enable same-sex couples and their children to be recognised by Commonwealth law. These changes are part of a whole-of-government reform. The amount of tax people are liable to pay may depend on whether they are (or were) in a relationship, or whether they have dependent children or relatives. http://www.dolfinwise.com.au/financialplanningarticles/same-sex-relationships-recognised.htmlhttp://www.dolfinwise.com.au/financialplanningarticles/same-sex-relationships-recognised.html