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Recent Questions & Answers

Shorten’s Tax Proposal – The “Sleeper”

In last weekend’s Financial Review, there is a list of the Shorten tax proposals.

The “sleeper” is the last one. Remove ability for everyone to make personal tax deductible contributions (to super). This effectively “locks out’ all small business owners who are not running a company, affecting hundreds of thousands of people

How has this pertinent fact been overlooked by all the experts?

 

 


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Labor’s Proposed Changes and Companies Paying Fully Franked Dividends

We have invested for income in our SMSF. Under Labor’s plan to abolish tax credits for franked share dividends we potentially will lose some $22,500 income p.a.

Could this problem be overcome if the banks, Telstra, BHP, Rio and other companies currently paying fully franked dividends move to low or nil franking and boost dividends? Then our income will not change as our higher dividends are tax free in our pension accounts.

Regards

 

 


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Impact of Labor’s Changes to SMSFs in Pension

Labor has just announced their intention to scrap imputation refund credits.

When are you going to have a broadcast discussion on this major impact to SMSF in pension stage? I would like the position clarified/explained on the difference between being a member of a “industry/public” fund versus a pension through SMSF.

From some commentary I’ve seen in the past few days, if you are in pension phase and not in an SMSF there are no tax credits available, rather they are used by that funds tax liability (which seems to me under current legislation a disadvantage to those members?). Is that a hidden and substantial cost to non-SMSF people?

What an opportunity gone begging for tax advisers and financial planners!

 

 


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Firstmac High Livez – Safe or Not?

Good morning,

I watched your show on Sky Business last night on the alternatives to fixed deposit with interest.

Just wondering if you have heard of Firstmac High Livez which gives much higher returns than bank deposits? It is an authorized trustee investment. How safe is it? My alternative is either investing in Firstmac High Livez or in a bank called Australian Bank which I don’t know exist until I see its branch in a major shopping centre. Your opinion is much appreciated.

 


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