Posts by The Muirfield Team
Important Changes To Aged Care From 1 July 2014
The changes mainly relate to the fees and charges applicable to Aged Care, which we have detailed below. The removal of High and Low care has also been implemented with Aged Care Assessment now outlining the need for Home Care or Residential Aged Care…
It’s Time We Talked About Money
At what point should couples start talking about money? At Muirfield Financial Services we’ve not yet developed a definitive answer, but put simply; the earlier the better.
One of the most commonly sought areas of advice from either recently engaged or married couples, is asking how best to manage their joint finances.
It’s been estimated that money issues are the driving force in 90% of divorces, but you CAN live happily ever after, financially speaking, if you work at not letting financial issues come between you and your partner.
Managing Retirement Risks – Part 2
MLC have released a five part series presented by Moshe Milvesky, outlining key retirement risks for pre-retirees and retirees and how to address them. Part 2 looks at longevity risk. Click on the video and have a look. If you have any questions, please do no hesitate to contact our office.
Read MoreMuirfield Budget Update – May 2014
In one of the more highly anticipated Federal Budgets, the Government announced major changes that could warrant a review of your financial plans. Peter Hogan, MLC Senior Technical Manager provides an analysis of the Federal Budget 2014 and discusses 3 key areas – personal taxation, superannuation and social security.
Note: These changes are proposals only and may or may not be made law.
Summary
- A Temporary Budget Repair Levy of 2% will be payable on taxable incomes over $180,000 pa for the next three financial years.
- Changes to HELP debts will increase the amount payable, and payments may need to be made at lower income levels.
- The Dependent Spouse and Mature Age Worker Tax Offsets will be abolished from 1 July 2014.
- People who make non-concessional (after-tax) super contributions from 1 July 2013 that exceed the cap will have the option to withdraw the excess amount plus earnings on the excess.
- The timeframe for increasing the Superannuation Guarantee contribution rate to 12% will be amended.
- The Age Pension age will gradually increase to 70.
- A range of changes to Family Tax Benefit – Part A and B will reduce the number of people who are eligible and, for some, lower the entitlements.
- The Commonwealth Seniors Health Card thresholds will be indexed from 20 September 2014 and the definition of income will be expanded.
Managing Retirement Risks – Part 1
MLC have released a five part series presented by Moshe Milvesky, outlining key retirement risks for pre-retirees and retirees and how to address them. Part 1 is an overview and looks at execution risk. Click on the video and have a look. If you have any questions, please do no hesitate to contact our office
Autumn eNews 2014
During the first quarter of 2014 we have witnessed client investment portfolios retaining the strong gains of 2013.
The sharemarket fell in January, rose in February and marked time in March. Interestingly the $A has shown some recovery from 88c US to now be 92c US. This now makes international travel a bit cheaper than at the end of last year but not as cheap as mid year.
On the Muirfield front we congratulate Joanne Whitworth on her retirement after 16 years of helping you achieve your financial goals. Joanne has had a strong influence on both the direction and tone of Muirfield, its staff and in turn her clients.
We thank Joanne for her positive involvement in our business and from the many cards, flowers, gifts and thankyou emails and notes we can see she has played a very important part in the lives of the many clients with whom she has worked.
Joanne’s retirement has been made easier knowing that the future needs of her clients will be capably met by Tamara Carman and Ngan Bui. Both ladies have been with Muirfield for many years, are highly qualified and in most cases have been working with Joanne’s clients for some time. This makes the transition much easier for all involved.
Thankyou Joanne and enjoy all that retirement has on offer.
In other news we discuss the importance of estate planning, give you an update on the footy tipping competition, present some new videos we have recently developed, outline some of the changes to superannuation which may affect you and Kate Officer is our staff in spotlight.
Click here to read the full 2014 Autumn Newsletter
Centrelink Update
During the month of March, Centrelink have released their bi-annual benefit review. Fortunately, many of the changes have been advantageous for entitlement recipients, most notably an increase in the Age Pension rate.
What does this mean. Quite simply it will mean that you may be entitled to a little more income from Centrelink, and in a few remote cases, applicants who were once denied access to financial assistance may now be eligible to claim a Centrelink Benefit. However, please do not go spending all of your pennies at once, as the increases merely represent an in the cost of living and are therefore slender. As many of you are currently in receipt of a Centrelink benefit, we thought it would be appropriate to share some of the important changes.
From 20 March 2014, the following changes will be in action;
The full Age Pension entitlement will increase by $15.70 per fortnight for singles and $23.8 per fortnight for couples
Single homeowners are now able to have $758,750 in assessable assets before they are no longer eligible for the Age Pension, while couple homeowners are now permitted $1,253,000.
The income free area will increase from $62 per fortnight to $100 per fortnight for those in receipt of Newstart Allowance, Widow Allowance, Partner Allowance or Sickness Allowance.
Remember, you do not need to do anything to claim these increases, it will automatically be added to your benefit.
March 2014 Economic Update
In the latest update, Ben McCaw from MLC Investment Management reviews events in markets during February.
The topics he discusses include:
• how global markets did well despite weaknesses in the markets
• why key developed economies are muddling through
• implications of China’s re-balancing from a focus on investments to consumption
• what the outlook is and the economic scenarios MLC is considering.
Click on the above video to see.
Read MoreLogging off for the last time
Quite often we will send an email to the personal email account of our clients only to receive a bounce-back saying that the email is no longer available or in some cases, no response at all. Nowadays most entities you deal with will have an online presence. As a result we as consumers are frequently prompted to create an online account or register our email with these online organisations.
For many of these accounts, we forget they even exist and they fall into the abyss with nothing more to be heard of them. However it is becoming increasingly more important to take note of these online accounts due to the confidential and important information held in these accounts. This sensitive information needs to be dealt with appropriately should we no longer require them.
More importantly, have you ever considered who’s going to close your personal online accounts after you leave this world? Do you want your Facebook profile to continue or be closed? Are there accounts online that only you know about?
The personal information you have disclosed and stored online to the myriad organisations can vary from your name and email right down to your bank details, home address and personal details. It can even include direct debit subscriptions you may have with a magazine or charity.
As a result the security and eventually the termination of online accounts is becoming a crucial issue we need to address when planning our estate. Although protection is important and we are told not to write down or share our passwords, by securely storing the credentials of all of your online accounts and subscriptions and informing your estate planner, you enable your estate to be finalised more efficiently and easily.
In addition it is always prudent to include provisions in your Will for the treatment of your personal digital files including photos, documents – or maybe your future ‘best seller’ which is in draft mode.
If this has made you realise that you need to update your Will, make an appointment with your estate planner soon. If you don’t have one, ask us for a referral.
Happy browsing fellow surfers!
Read MoreFebruary 2014 Economic Update
In the latest Economic Update Brian Parker from MLC Investment Management reviews how markets faired in January 2014.
The topics he discusses include:
• why share markets across the world fell sharply over the month
• what impact the US Federal Reserve’s “tapering” of quantitative easing has had on emerging markets
• why the Reserve Bank of Australia is likely to keep interest rates on hold, and
• what strategies MLC has included in its diversified portfolios to help manage risk.
Click above to view his video.
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