Profile Blog - Category ‘Financial Planning’

The Australian Taxation Office (ATO) has issued a renewed warning to Australians about the potential ramifications of illegal early release of super.

         

 

Specific medical conditions or severe financial hardship are two of the very limited circumstances where early release is legal.

In the new warning, the ATO has urged individuals to “beware of people promoting early release of super schemes”.

“They might tell you they can help you withdraw your super to pay off credit card debt, buy a house or car, or go on a holiday,” it said.

The warning comes not long after a man was sentenced to three years in jail after orchestrating the illegal early release of superannuation for 25 people in the community. 

An SMSF adviser was also banned from providing financial services last year after he was found to have been enabling people to use their superannuation savings to buy property. 

Illegal schemes will cost you a lot more than the super you withdraw, the ATO has flagged, with severe fees and penalties for those people that do the wrong thing.

Not only this, promoters of such schemes that encourage the early release of super will also face prosecution, with the ATO asking anyone who has been approached to participate in such a scheme to contact the office directly.

 

 

Grace Ormsby
03 February 2020
smsfadviser.com

 

Small businesses will be the hardest hit by the ramifications of Covid-19.  The following is more information to help small business owners better understand some of the business support that's now available.

Late last week there was an article added to this site about the Federal Governments stimulus package.

Then 4 Fact Sheets became available to help understand the stimulus package.  Plus more information can be found here .

  1. Cash flow assistance for business
  2. Stimulus payments to households to support growth
  3. Assistance for severely affected regions
  4. Delivering support for business investment
     

This latest update provides more detail on how the stimulus package operates.  For example, Cash flow payment for employers.  'Eligible businesses will automatically receive payments of 50 per cent of their Business Activity Statements or Instalment Activity Statement from 28 April 2020, with refunds to be paid within 14 days.'  Read more detail here.

 

ATO
Treasury
Small Business WA

 

 

The Retirement Income Review questioned if consumers understand the end purpose of the retirement system and if more needs to be done to make it clearer.

The Retirement Income Review (RIR) has questioned whether the purpose and objective of the retirement income system is well understood by the Australian populace and is seeking evidence as to the level of understanding across the wider community.
Read more

Watch as the world population changes every second of the day or see where everyone is.

 

 

Knowing exactly what’s happening with the World’s population can be both intriguing and a bit scary at the same time. Just getting one’s head around the rate of increase and where all these people live is a daunting task. But given the issues facing the world today learning a bit more about all its peoples is worth knowing.

Click here to view the interactive information contained in the image below but also click here to see how all these people fit across all the countries of the world.

 

 

 

 

 

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