What a busy year it has been! From shifting economic landscapes to the latest in retirement and wealth accumulation, we’ve been right there with you, bringing the insights and guidance you need.
Our goal is always to keep you informed and empowered, offering the latest financial tips, strategies, and updates to help you navigate your financial journey with confidence.
In case you missed them – here are our top five standout blogs of 2024:
1. Asset threshold changes are here – are you now eligible for the aged pension?
In September, increases were made to the Age Pension asset threshold limits as a result of CPI, allowing individuals to hold slightly more assets before their pension payments would be affected.
These changes occur up to three times a year which is important to note because if you were previously deemed not eligible or were previously eligible for a part-pension only, your situation could have changed, as could the payment you are eligible for.
2. Victoria’s New Probate Fees Now in Effect
The Victorian Government announced changes to probate fees that came into effect on 18 November 2024.
These changes have seen fees increase on a sliding scale based on the value of the deceased estate. Victorians claiming estates worth up to $250,000 have had their probate fees waived, but those handling assets of more than $2 million are paying thousands of dollars extra under changes announced by the Allan government.
3. Proposed $3M Super Cap – what are the implications & update
As part of the 23-24 Federal Budget, the government announced a proposal to introduce a limit on tax concessions received by members in their superannuation funds.
The proposed Division 296 tax (otherwise known as the Better Targeted Superannuation Concessions Bill) was set to introduce a new 15% tax on earnings from superannuation account balances exceeding $3 million, starting from July 1, 2025. This is in addition to the current 15% tax on superannuation earnings in the accumulation phase.
Where is this bill currently at?
In the final sitting week of Parliament for the year, Federal Labor attempted a guillotine motion, to fast-track the adoption of multiple bills including the Better Targeted Superannuation Concessions Bill, but it ultimately excluded the bill from the final agenda.
The $3m super tax has officially been shelved for this year and is likely to be discussed in early 2025 unless an election is called first.
4. Key Strategies to Boost Your Super 24-25
When it comes to managing your money, one smart move stands out: making the most of your superannuation. Super is one of the most tax effective investment vehicles.
As access to your super is restricted until later in life, it also gains the powerful effect of compounding interest. Your contributions and overall nest egg will keep earning interest over time, which will then be reinvested.
There were some significant changes to superannuation rules from 1 July 2024, that will most definitely impact your retirement planning process. This blog breaks down 4 practical approaches that can help you make your super work harder.
Dive in and explore these strategies to help prepare you to make confident choices and take control of your financial future.
5. Personal Tax Cuts – Stage 3
Back in April, the Federal Parliament passed legislation to formalise the third and final stage of personal tax cuts. Tax cuts in earlier years had given tax relief to lower income tax earners and the third stage was originally planned to give tax cuts to higher income earning Australians.
The final version of the stage 3 tax cuts included benefits for middle income earners with the benefit to higher income earners downgraded to less than previously proposed in the original stage 3 announcements. The change in tax rates apply to income earned from 1 July 2024 onwards.
Learn more about these changes and what tax considerations you should consider.
Contact Us Today
If you have any questions about the topics covered in this article, please do not hesitate to reach out to us.
Whether you’re planning for the future, managing day-to-day finances, or exploring new ways to grow your wealth, we’re here to ensure you stay on track every step of the way. Contact us for an initial obligation-free chat to learn more.
Email us at team@tagfinancial.com.au or give us a call on 03 9886 0800.
Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2024. Please do not reproduce without the expressed written consent of the author.