finance Archives - Jennings Financial Services

A Comprehensive Guide to Retirement Planning in Australia for 2024

An article by Nicole Comendador outlines essential superannuation updates, tax implications, and investment strategies, emphasizing the importance of proactive financial planning for a secure retirement. A Comprehensive Guide to Retirement Planning in Australia for 2024 By Nicole Comendador Retirement planning is a crucial aspect of financial well-being, especially in a country like Australia, where the landscape of superannuation and retirement benefits is continually evolving. As we approach 2024, Australians need to stay informed about the latest changes in laws and adopt effective financial strategies to ensure a comfortable retirement. This guide provides an overview of the essential components of retirement planning in Australia, highlighting recent legal changes and offering strategies for the upcoming year. Understanding superannuation changes Superannuation remains the cornerstone of retirement planning in Australia. Recent changes to superannuation laws aim to enhance the retirement savings of Australians by making the system more efficient and beneficial for individuals. Key changes for 2024: - Contribution caps: Keep an eye [...]

By Paula Saruda|2024-07-15T15:02:04+10:00July 15th, 2024|estate planning, Retirement|0 Comments

NSW COVID-19 SUPPORT PAYMENTS

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 [...]

By Bruce Jennings|2021-08-19T11:29:05+10:00August 19th, 2021|Community Activity, Tips and Other News|0 Comments

End Of Financial Year

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 [...]

By Bruce Jennings|2021-06-09T15:03:13+10:00June 9th, 2021|Community Activity|0 Comments

Helping your Children – Financially

As a parent you probably have great expectations for your child. They will have everything you had and more! You will consider their every need and make the most of every opportunity to help them get ahead, right? Whilst every parent wants their child to be healthy, happy and financially secure, figuring out how to get them there is another thing. Working with a financial adviser can help you understand options available to financially help your children, and teach them how to take control of their financial future once it is time for you to step out of the equation, and them to step up. Introducing these discussions as a family from early on means you can get help for your children that will serve them well into their future. Savings It’s never too early to start a good savings system. If your child gets pocket money for helping out around the family home, birthday money and other small [...]

By Bruce Jennings|2021-04-13T12:20:17+10:00April 13th, 2021|Tips and Other News|0 Comments

Financial Advisor – Worth it?

Is It Worth the Money to Hire a Financial Advisor? Vanguard Study Calculates the True Value of a Financial Advisor Among the most common questions financial advisors hear is, “Why on Earth should I hire you when I can manage my own money? I have a Superannuation Account and if I want to make other investments there’s a ton of information and advice available on the internet.” We totally understand the question. Financial advice typically costs 1 percent of your portfolio per year. So, yes, people want to know if they are getting what they pay for. Vanguard, one of the world’s largest investment companies, has been examining this question for 15 years. Based on research, analysis, and testing, Vanguard has concluded that, yes, there is a quantifiable increase in return from working with a financial advisor. Vanguard calls this advantage the Advisor’s Alpha. When certain best practices are followed, the result can be an Alpha in the 3 percent [...]

By Bruce Jennings|2021-01-18T14:50:41+11:00January 18th, 2021|Tips and Other News|0 Comments

Risks of moving to Cash…

The risks of moving to cash in times of crisis When it comes to investing through a crisis, are investors better off in the market or in cash? A look at 4 scenarios. As markets unravelled early 2020, there were few places for investors to hide. As the coronavirus spread at an alarming rate across the globe, equity markets sold off indiscriminately, causing many panicked investors to sell riskier assets in exchange for cash. Flight to cash Parting ways with equity investments at or near a market bottom isn’t a new trend. Many investors have approached equities with caution since the Global Financial Crisis (GFC) in 2008-09. During times of crisis, many investors who’ve worked their whole lives saving for retirement, start thinking about what happened during past recessions, such as the Global Financial Crisis (GFC). Memories of these prior events, coupled with the barrage of frightening headlines from media outlets, can make it tough to maintain a planned asset [...]

By Bruce Jennings|2020-11-04T11:34:17+11:00November 4th, 2020|Tips and Other News|0 Comments

Australia’s Recession – Don’t Panic

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 [...]

By Bruce Jennings|2020-09-04T10:54:36+10:00September 4th, 2020|Community Activity|0 Comments

End Of Financial Year

The financial year is a 12 month time period that is used for tax purposes. For Australians, the financial year ends on 30 June, with the next financial year beginning on 1 July. From 1 July through to 31 October both individuals and businesses are required to submit a tax return form to the Australian Taxation Office (ATO). The ATO then use this form to determine how much tax is owed to the government, or how much the government needs to reimburse the individual/business if they have paid more tax than was owed. End of financial year checklist Before you get stuck into your tax return this year, make sure that you have considered the following: Credit cards Make good use of your tax return by using to pay off any credit card debt you may have. Rather than using the cash you receive to fund more purchases, use it to pay off your debts and get your financial [...]

By Bruce Jennings|2020-06-18T14:09:53+10:00June 18th, 2020|Tips and Other News|0 Comments

Three realities and three mistakes

If market declines make you nervous, then you’re not alone. Especially now, when COVID-19 and its economic impact are fuelling feelings of uncertainty around the world. But while bear markets can be extraordinarily difficult, they also can be moments of great opportunity. Investors who find the courage and conviction to stick to their long-term plans are often rewarded as markets bounce back. To help put recent markets into perspective, we outline three facts about market recoveries and three mistakes that investors should avoid. Three facts about market recoveries Fact #1: Recoveries have been much longer and stronger than downturns The good news is bear markets have been relatively short compared with recoveries. They can feel like they last forever when we’re in them but in reality, they are much less impactful compared to the long-term power of bull markets. Although every market decline is unique, in the US, the average bear market since 1950 has lasted 14 months. The average [...]

By Bruce Jennings|2020-06-10T14:10:02+10:00June 10th, 2020|Market News, Tips and Other News|0 Comments

GFC vs Coronavirus

GFC vs Coronavirus – The current pandemic is like nothing the world has ever seen before. This time last year we were in a very different place. Many people are now questioning whether we are heading into a period of economic crisis reminiscent of the days of the Global Financial Crisis (GFC). Let’s compare this current Coronavirus crisis to the GFC of 2007/2008. Whilst it is still early days in the current crisis, there are similarities and differences we can make with the GFC. We believe an investor’s response to these crises should be similar, with the adage “time in the market is more important than timing the market” remaining appropriate. This is illustrated in the following chart; As you can see above, even if you had invested just prior to the start of the GFC in late 2007, in the following years you would have reaped the benefits of a strongly rising market, in both Australian and [...]

By Bruce Jennings|2020-04-08T14:59:09+10:00April 8th, 2020|Tips and Other News|0 Comments