Financial wellbeing is often overlooked as one of the pillars of good health, but it’s every bit as important as your physical, mental and emotional health. Poor financial health has been linked to a range of nasty side effects like stress, depression, anxiety, sleeplessness, relationship break-down, drug and alcohol use to name a few. Yikes!

There is no inheritance tax in Australia, which is quite unusual when compared to many other countries. When the property or other assets are passed to beneficiaries via a will, the recipient will receive the assets either:

No-one wants to pay more tax than they have to. But did you know there are a number of superannuation contribution strategies that will help improve your overall financial wellbeing AND reduce your taxable income?

Nearly half of all Aussies plan on seeking financial advice in the future. If you’re one of them, you might be wondering how it all works. Here’s our comprehensive guide to the financial planning process.

Major global share markets, with the exception of Chinese shares, rose solidly over the last week on optimism regarding the development of a vaccine for the coronavirus, reopening from lockdowns, dovish comments from US Federal Reserve (Fed) Chair Powell and moves towards a common bond in the eurozone, despite escalating US/China tensions seeing some of the gains reversed.

Having a budget helps you to feel in control of your money. You can put aside money for big bills when they arrive, and plan savings to achieve your money goals.

Australia has performed better than many countries in “controlling” coronavirus, it has a stronger economic policy response & its major trading partner is 2-3 mths ahead of the rest of the world into economic recovery.

The blanket coverage of coronavirus and its impact on the economy can lead to a lot of confusion right now. Some reports are hopeful of anti-viral drugs, others say a vaccine is at least a year away. There is talk of curve flattening but still rising cases and deaths. There is news of an easing in lockdowns but also worries about “second waves”.

As these can be complex the ATO will accept an alternative shortcut method of calculating additional running expenses for the period starting 1 March 2020 until at least 30 June 2020. The period may be extended depending on when work patterns return to normal.

The formula is pretty simple. To balance your budget you need to know how much you’re spending and what on. One great way to keep close tabs on your financial health – on a daily basis – is by using one or more apps and tools to help.