The whole team at Jennings Financial Services hope that you and your families are staying safe and healthy during the difficult times with the COVID-19 Lockdown & Pandemic. We are always here to help and discuss any possible financial difficulties or stresses you are experiencing, however if you would like to seek additional information or help, we have listed some of the payments available below and websites to gather further information. COVID-19 disaster payment The payment helps workers who are unable to earn money due to a COVID-19 lockdown or hotspot. Available to eligible people in a Commonwealth-declared COVID-19 hotspot. Pandemic leave disaster payment You may be eligible for financial support if you can't earn money because NSW Health has directed you to self-isolate or quarantine for 14 days or you are caring for someone who has COVID-19. Test and isolate payment A one-off payment of $320 to help meet the cost of wages lost whilst self-isolating at home waiting for COVID-19 test results. The payment is [...]
End of Financial Year - Top 10 Tips for Business' Pay and clean up any super owing before 30 June Businesses must ensure they are paying employees additional superannuation. As superannuation is not tax deductible until it has been paid, it is also important to ensure all superannuation payments owing are completed before 1 July, this is a great way of reducing your income tax bill. Business owners should be aware of the cash flow implications of the change and make plans accordingly. Be aware of relevant tax changes It is critical you are aware of any relevant tax changes which typically come into effect at the start of a new financial year. Start by consulting your financial adviser or running a thorough search of the ATO for news and announcements. This will ensure you are well positioned to either capitalise on a positive change or prepared for an adverse change. Forewarned is forearmed. Get your tax-deductible expenses in [...]
Folks, these are scary times. So I give you the following seven reasons why you do not need to add to your list of worries the fact that Australia has just clocked up its sharpest decline in economic output on record. 1. It’s old news. The national accounts figures released on Wednesday refer to the value of goods and services produced in the months of April, May and June this year, when severe coronavirus restrictions were in place across the nation. It is entirely predictable those restrictions would mean that Australians were able to produce and sell a lot fewer goods and services during that period. 2. The figures are much better than originally feared. Until quite recently, both Treasury and the Reserve Bank had been anticipating a fall in gross domestic product (GDP) in the June quarter of about 10 per cent. It didn’t happen. It was only 7 per cent. That’s good news. 3. We have done much better than other countries. Britain [...]
Recent market falls Share markets fell last week with the Australian market experiencing one of its worst weeks since August 2011 (when people thought the EU would break up). Negative returns in any given period can happen in the share market with this week standing out for its severity. However, we also see historically shares have lost value in approximately 22 weeks out every 52 weeks since 1980. It is not a rare thing to see in the share market. Shares lost money because a rise in Covid-19 (a.k.a. coronavirus) cases outside of China saw investors sell out of shares and look to safer assets such as bonds or gold. This is because efforts to combat the virus will likely see travel, trade and business activity either slow or shut down temporarily. That would see weaker demand for goods and services, so business profits and wages are likelier to struggle in the short term. Major movers in Global Markets [...]
Here are some tips for retiree Australians (and their families and friends) as we kick-off 2020: 1. If you are turning 66 this year, make a diary note to look closely at an age pension application 12 weeks before the actual birthday. This gives time to address any hiccups well in advance of your first payment being due. You should have some idea of whether you are eligible for the age pension, and the payment should form part of spending plans. 2. If you are turning 66 this year, and think you are not eligible for the Centrelink age pension, make sure you know exactly why, so you can get ready to apply if things change. You may even be wrong. 3. If you are turning 66 this year, and you are not eligible for the Centrelink age pension, then apply for the Commonwealth Seniors Health Card. This card is income tested and could save you more than $2,500 a year on healthcare costs. [...]
Australia is in the midst of a bushfire crisis that will affect local communities for years, if not permanently, due to a national crisis of underinsurance. Already more than 1,500 homes have been destroyed – with months still to go in the bushfire season. Compare this to 2009, when Victoria’s “Black Saturday” fires claimed more than 2,000 homes in February, or 1983, when the “Ash Wednesday” fires destroyed about 2,400 homes in Victoria and South Australia, also in February. The 2020 fire season could end up surpassing these tragedies, despite the lessons learned and improvements in preparedness. One lesson not really learned, though, is that home insurance is rarely sufficient to enable recovery. The evidence is many people losing their homes will find themselves unable to rebuild, due to lack of insurance. We know this from interviews with those affected by the October 2013 Blue Mountains bushfires (in which almost 200 homes were destroyed). Despite past disasters, more than 65% of households affected were [...]
Are you in your 40’s? Then this insurance insight video I created is for you!
There is perhaps no greater critic of Australia's financial advice industry than Connect Financial Service Brokers chief executive Paul Tynan. At the same time, there is no greater advocate. Jamie Williamson writes. Having worked in the industry for more than 40 years, Paul Tynan has lived its evolution and is now a staunch, frequently outspoken supporter of what he hopes will be its revolution. A proud country boy, Tynan got into financial services by way of an accounting degree because "it was just what you did in those days." Never one to sugarcoat, Tynan says he realised he "had too much personality and liked talking to people too much" to remain an accountant and joined AMP's corporate superannuation division in 1975. After 10 years in various administrative roles, Tynan became one of AMP's first superannuation consultants, eyeing an opportunity to be a part of something big. "Everyone goes on about how super was started in 1992, but it wasn't. [...]
Please find below the Top 5 investments themes for 2018 We believe it is useful to know this information as it is important to be aware of current trends and investments Some of the topics in this article range from Amazon in the Australian retail market to Chinese economy growth. If you would like further information on Investment Themes, please contact us today ! Top 5 Investment Themes
At Millennium3’s recent Annual Conference in Queenstown New Zealand, Bruce was awarded at the NSW/ACT state finalist for Adviser of the Year. This is a fantastic achievement for Bruce and the team at Jennings Financial Services. It is a testament to the high standards, professionalism and quality advice that he provides his clients. Congratulations Bruce! Picture - Bruce Receiving his award from Millennium3 State Development Manager, Justin Baratta.