With 30 June rolling up fast, now is the time to implement end of financial year super strategies that will provide the dual benefits of contributing more to your retirement savings and less to the tax office.
It’s the Australian dream. Retire at 55 and spend the rest of your life on the golf course, cruising the seven seas or enjoying other leisure pursuits. Sound fabulous? Maybe not. Given many of us will very likely see our 100th birthday, will we find enough to do for the next 45 years and more…
There’s been a lot of talk about the intergenerational wealth transfer as Australians, mostly Baby Boomers, retire over the next 20 years leaving significant financial legacies to their X and Y Gen offspring.
We know talking about money with your parents can be difficult. Sensitive and upsetting at best and for some families – taboo. However, it’s among the most important discussions you’ll ever have with them and here we identify THREE conversation starters that may help you to get them talking.
Under the lights of the gala celebration of the EIGHTH annual ifa Excellence Awards held in Sydney recently, it’s difficult to make out the names of the winners. However, for Brisbane-based Stratus Financial Group they are perfectly clear: James Marshall, Holistic Adviser of the Year; and Stratus Financial Group, Holistic Advice Firm of the Year,…
It’s not always easy to talk to the next generation about the responsibilities of money. Nor is it easy to explain the value of qualified advice to a cohort that is accustomed to relying on online information.
According to the Intergenerational Report released earlier this year, $3.5 trillion will transfer from Baby Boomers to younger Australians in the next 20 years. That being so, it’s more important than ever to understand your wealth and how you want it to be managed once you’ve passed away.
The 2021 ifa Excellence Awards finalists have just been announced and Stratus Financial Group is among the top contenders in FOUR categories: The coveted Holistic Advice Firm of the Year category as well as Holistic Adviser of the Year, Paraplanner of the Year categories and the very important, Best Client Outcome category.
If you’re thinking the super rules have changed again, you’d be right. However, this time they’re a change for the better. From 1 July, the Government introduced a raft of new rules and changes to thresholds that will enable you to get more money into your super fund. In this article we consider ‘where to…
The pandemic has certainly caused a roller coaster ride for many of us. While some people have endured significant loss of income, others have accumulated surplus cash. There’s been a lot to take in and as we start a new financial year, it’s got many people thinking “Where to from here, financially speaking?”
It’s hard to believe another end of financial year is almost upon us. While we still have some time up our sleeves before the calendar ticks over to 1 July, now is the time to plan your end of financial year financial planning strategies. Here we discuss a number of superannuation and tax related considerations…
You may be aware that a number of changes to superannuation laws come into effect on 1 July 2021. While the new financial year is still a few months away, it’s important to understand what these changes will bring and how they, in alignment with the current super laws, could present different financial opportunities or…
If you have a home loan, you’ve probably heard the terms home loan redraw and offset account. Perhaps you’re already making use of one or the other of these arrangements to make extra loan repayments that can reduce the interest on your loan while accumulating extra funds that you can access when you need to.…
It’s a conundrum, and the answer is a resounding ‘that depends’. How you use your money depends on your individual circumstances, what’s best for you, your goals and other factors including your tolerance of risk.
The coveted 2020 Independent Financial Adviser (ifa) Holistic Firm of the Year award, is the second for Stratus Financial Group. The highly respected Brisbane-based financial planning firm took the honour in 2019 as well, shoring up their reputation for delivering quality and truly ‘holistic’ financial planning that is underpinned by integrated services and advice borne…
During times of uncertainty such as the current COVID crisis, it’s understandable that people want to be sure their financial strategies are appropriate for the times, and naturally, they look to the performance of their portfolios. Here we outline how the team at Stratus Financial Group addresses the need for financial resilience through lifelong financial…
In this video, James Marshall, Financial Adviser explores FIVE important financial matters expatriates need to consider.
As COVID-19 restrictions begin to ease in Queensland, and Victoria and New South Wales experience a second wave, a new normal is emerging for families, businesses and employees as many come to terms with the financial impacts of lockdown. While the possibility (or reality) of adapting to a life with reduced income may sound like…
Prior to our involvement with his affairs and following his unexpected death, our client had inadvertently created a devastating financial legacy that would take years to sort out and cost his estate hundreds of thousands of dollars to resolve. The situation had arisen in part because he received poor advice concerning a very large contribution…
Prepared for mining and resources executives and employees who have an Executive Share Scheme (ESS) as part of their salary package, this document provides an insight into the nature of ESS. We aim to create an awareness of the inherent complexity involved in managing an ESS, the requirement for constant review and the high probability…
To engage Stratus Financial Group means partnering with people who are fully committed to helping you live your best life. It means working with team members who realise that what you really want from your financial adviser, in addition to advice and the coordination of your financial resources, is a sincere understanding of what is…
For recipients of a past, current or future executive share scheme living in Australia or overseas, this video summarises key considerations as well as why you need specialist advice to make the most of your ESS: Vesting and the crucial decision about what you should do with newly vested shares; The implications of multiple tax…
Most executives in industries that include mining and resources would agree that the opportunity to live and work overseas – whether permanently or temporarily – is an exciting part of their career. Many may not be aware, however, of the implications for their executive share scheme (ESS) of living in different tax jurisdictions. Multi-jurisdictional taxation,…
Many would agree that the impacts of COVID-19 remind us of what is most important in our lives: family, friends, the opportunity to work and the freedom to travel. And while it is understandable that the impact of the pandemic on your financial situation is preoccupying your thoughts at this moment, we encourage you to…
Executives who hold a large proportion of their overall wealth in an executive share scheme (ESS) need to be aware of the potential disadvantages of being in a ‘top heavy’ financial position. For executives whose ESS may account for the majority of their wealth, it is important to understand the risks and implications associated with…
In 2020, more than ever before, and in light of the recently introduced COVID-19 Government superannuation relief measures, we recommend reviewing your superannuation strategy well in advance of the end of the financial year. Certainly, it’s a pertinent time to consider your investment strategy and understand that share market corrections may create market opportunities. And…
The share market is nothing short of a roller coaster ride and investors are holding on tight. When it comes to mining and resources companies some share prices are holding their own so far, but others are well down. So, what does this mean for Executive Share Schemes (ESS)? How would your personal wealth and…
We hope you are doing well during these extraordinary times. We also want you to know that we are well informed and here to help you understand the financial support measures that are available both now, and as new measures emerge. Here we have prepared a quick summary of the key facts.
These are certainly extraordinary times for everyone and we want you to know that we’re here to provide you with support and reassurance. As a firm, we are well established, financially sound (yes, we take our own financial advice) and extremely well placed in terms of technology. May we also assure you that while team…
The Australian Prudential Regulatory Authority (APRA) recently announced a range of measures to income protection that aims to sustain this important insurance. Here I summarise why these changes are SO important, and why high-income earners and self-employed business owners in industries that include mining and resources need to act NOW to benefit from favourable definitions that will soon be removed.…
In this series of articles written for Resources Unearthed, we explore key issues that business owners in mining and resources need to consider when they want out, and importantly, why they’ll need a professional advice team to handle what are typically highly complex and diverse issues across legal, tax, accounting and personal financial planning priorities.…
Failing to keep accurate records of your executive share scheme (ESS) shares could see you paying way too much tax. It is important to understand that as a recipient of shares or options under an executive/employee share scheme, you are responsible for understanding and properly managing the tax implications. Failure to do so can result…
Establishing your tax residency status should be a top priority if you are planning to live and work in the United States.Tax processes in the USA (and other overseas) jurisdictions are highly complex and there will be major financial consequences if you get your tax residency wrong, so you will need specialised advice. Over and…
Feeling exhausted and overwhelmed are natural and normal for anyone who is faced with separation or divorce. We understand, and we’re here to help you through this very challenging time.
We know that mining and resources business owners work long hours, often in complex environments, to build successful businesses. As a consequence, it is common for them to overlook important business issues that can have significant implications on both the business and their own personal wealth.
A symbol of love, renewal, hope and growth, spring is also the season of marriages and births. While these are wonderful events, the fact is they can be costly so it’s wise to be financially prepared.
The Fortnum Foundation raises money for children in need in Australia and Uganda to promote their well-being and provide education and protection.
Stratus Financial Group has been awarded (for the second time), Practice of the Year at the Fortnum Financial Advisers gala awards night held in August this year on the Gold Coast AND now in September, the prestigious ifa Excellence Award for Holistic Advice Firm of the Year.
We all want the best for our family, particularly when it comes to financial security. You can play an active role by encouraging your adult children (or other family members) to become more financially aware, develop goals and plan towards a secure financial future.
If your goals include purchasing your first home, the new First Home Super Saver Scheme (FHSSS) is well worth your consideration. The FHSSS allows individuals to make voluntary superannuation contributions with the ability to withdraw them (plus associated earnings) for the purchase of their first home later. The FHSSS offers tax benefits when using superannuation…
The SIXTH annual ifa Excellence Awards finalists have just been announced and Stratus Financial Group is among the top contenders for the coveted Holistic Advice Firm of the Year category.
Moving to residential aged care, or assisting your parents to do so, is always a challenging and emotional time. In particular, many people are unaware of the complexity of financial options that need to be considered and decided upon in relation to aged care planning.
Building wealth effectively within superannuation is an important consideration for mining and resources personnel, particularly when a change in super legislation may be of benefit. 2018/19 is the first financial year you may be able to boost your superannuation balance by carrying forward unused superannuation concessional contributions cap amounts.
Your life as a mining and resources professional will always be busy but as the end of financial year (EoFY) approaches, it could be highly beneficial for you to stop and take stock of your financial situation, goals and objectives, and do any necessary fine-tuning before June 30. My EoFY planning tips for mining and resources…
‘It’s not the years in your life that count, it’s the life in your years.’Taking control in 2019 means funding your superannuation adequately. Are you a business owner who is not making regular superannuation contributions for yourself? If so, you could be compromising your personal prosperity and depriving yourself of an essential component of happy…
2018/19 is the first financial year you may be able to boost your superannuation balance by carrying forward unused superannuation concessional contributions cap amounts. Part of the Government’s superannuation reforms, this ‘catch-up’ measure offers greater flexibility and it may help you to top up your super savings – significantly!
If you are a business owner or are planning to transition from employee to employer in mining and resources, then this article is for you.
If you would prefer a less stressful life where you have more choices, greater opportunities, clarity about your future and the confidence to live your best life and provide the best for those you love, then it’s time to take CONTROL of your financial situation. In this and future articles, my colleagues and I will show…
If you’re the type of person who likes to be in CONTROL, we can help you make it happen. 5 key benefits of CONTROL Financial control gives you choice, opportunity, clarity, confidence and, most importantly, a LOT less stress so that you may live your best life and provide the best for those you love.
For absent property investors living overseas and investing in property back home in Australia, there is significant risk of paying too much for properties that can fail to live up to their purchase price or longer-term return on investment.
It’s common for business owners to pay everyone else and reinvest profits back into their business before paying themselves a regular wage AND superannuation. It’s important to understand that short changing yourself can have significant consequences for your future prosperity as well as significant CGT implications should you decide to sell your business.
Are you currently living and working in another country or could your job take you overseas in the near future? If you are an executive, professional or business owner in mining and resources who is spending 12 months or more living an expatriate life, this series of articles is for you. Over the next four weeks,…
While it’s common to downsize the family home when you retire, thanks to legislative changes that came into effect on 1 July 2018, downsizing to supersize your retirement savings has taken on a whole new meaning. The ‘downsizer measure’ could enable you to boost your retirement savings by up to $300,000 each using proceeds from…
If you want the best financial outcome for your family and loved ones in the event of your death, you need to plan ahead. Your assets, superannuation and potential insurance benefits could add up to a significant inheritance for your beneficiaries, but without advice, you could leave unwanted tax complications for the ones you love.
A testamentary trust is established when a testator leaves assets to their spouse and/or their children (or other beneficiaries) by way of a trust in their Will, rather than to the beneficiaries in their personal capacities. A Will can establish any number of testamentary trusts.
As you move through different phases of your life, it’s important to revisit your financial strategies including your insurances, super strategies, savings and cash flow, debt management and estate planning needs. Doing so could make an enormous difference to your long-term financial situation. Our 7 steps to financial success can help you stay on track…
When it comes to planning for your financial well being, my rule of thumb is to do what you can as early as you can. However the question is, do you get rid of debt or do you take advantage of super’s tax-efficient savings environment?
It’s 6pm and you’ve got a quick question for your financial adviser but at this time of day, all you can do is email to arrange an appointment. Imagine a scenario where you don’t have to schedule a meeting or wait for your next financial review. Instead, you simply speak your question into a phone…
The Fortnum Foundation raises money for children in need in Australia and overseas, to promote their well-being and provide education and protection.
Introduced on 1 July 2017, the superannuation cap for concessional contributions is now just $25,000. Unlike the previous caps of $30,000 (for those under 50) and $35,000 (for those 50 and over), the new cap applies to everyone, regardless of your age.
Whether you’re just starting out as a professional in mining and resources, or have been well established over the last decade, even the slightest surplus income can make a difference to your overall financial position.
It is estimated that you may need $1 million or more to protect your family in the event of your death, and yet if you are relying on life insurance offered through super, the benefit may be as little as $100,000 to $200,00
How to understand the after-tax value of executive share scheme holdings is a common challenge for the mining and resources executives I meet.
Financial planning that aims to build the current and future wealth and prosperity of the whole family must encompass the needs of everyone: children, parents, and grandparents. When financial planning is considered an intergenerational family obligation that spans all generations – young to old – then the whole family can not only gain wealth but…
When financial planning is considered a whole family obligation that spans all generations and encompasses the needs of everyone: children, parents and grandparents, then the whole family can not only gain wealth, but protect it from unforeseen circumstances.
In this series of articles on How to Protect the Entire Family, we consider what you can do in three key areas – insurance, super, aged care – to help build and protect the wealth of your family across generations. Preparing a Will and an Enduring Power of Attorney are standard estate planning considerations for the end of…
Executive Share Schemes can be extremely complex, but effective management by an experienced professional can help you make the most of this wealth creation opportunity.
Executive share schemes (ESS) can be an effective way to accumulate wealth, however each vesting period gives rise to a number of considerations, each with different consequences. In Australia and in other countries, the shares awarded under an executive share scheme have a taxing point at the time of vesting to an employee. Regardless of…
For many mining and resources professionals, relocation is often a consequence of progressing your career path. Purchasing a property in your new town or city may form part of your personal wealth accumulation strategy.
Many mining and resources executives in executive share schemes (ESS) feel they are paying too much tax, and sometimes they are.
Our advice on superannuation is this: Do what you can, as early as you can, to take advantage of the tax-efficient savings environment that the Australian super system offers.
The team at Stratus Financial Group continue to support our wider community both here and overseas through the Fortnum Foundation. The mission of the Fortnum Foundation is to raise money for children in need by fostering their wellbeing, and providing education and protection for children in Australia and overseas.
Brisbane: Stratus Financial Group has been named “2017 Operational Excellence Award” Winner and Runner-Up “2017 Principal Practice of the Year” at this year’s Fortnum Financial Advisers National Conference held recently in New Zealand.
View / Download this article as PDF When it comes to making the most of superannuation, here’s my advice: Do what you can, as early as you can, to take advantage of the tax-efficient savings environment that the Australian superannuation system offers. Whatever you do (or don’t do) in relation to your super will be…
Not only did we see significant falling commodity prices in 2015, but a World Bank analysis expected 37 out of 46 commodities to drop further in price in 2016 1 . Prices did rise during 2016, but if they slump again, the value of the shares in your Executive Share Scheme (ESS) may drop dramatically. Over the…
You may be aware that a number of significant changes to superannuation legislation became effective on 1 July 2017. These changes will have a range of impacts and you should consider whether or not you need to take action.
View / Download this article as PDF I wonder how many young people know that superannuation is one of the most important financial planning tools we have to help us preserve and make the most of our wealth. I wish I’d made more informed decisions about my super when I was younger.
View / Download this article as PDF We tend to feel pretty invincible when we’re young. We’re optimistic about the future and not ready to consider the ‘what ifs’: stroke, heart attack, melanomas, chronic illnesses or injury and even death. I’m lucky not to have experienced any of these, but I’ve known many people ‘just…
View / Download this article as PDF If you could go back and advise your younger self on money management, what would you say? What do you wish someone had told you? And which good money habits do you wish you’d picked up sooner?
Our recent article, Got your super contributions organised?, outlines changes to concessional and non-concessional super contribution caps. Here we cover how to avoid penalties for exceeding the new super caps and how to make effective use of the funds that you will no longer be able to contribute to super.
While online applications may be convenient and appear cost effective, when it comes to personal risk insurance there is no substitute for advice specific to your circumstances. Unfortunately, it’s usually not until you suffer a personal calamity and need to make a claim that you find that you ticked the wrong box or didn’t adequately…
Most of us take for granted our ability to make daily decisions in a range of important areas: finances, property, health care, nutrition, shelter, clothing, hygiene and safety. The reality is, however, that as you grow older and experience mental decline or perhaps as a result of injury or illness, you may lose that capacity.
Changes to super legislation reduce before-tax and after-tax contribution caps from 1 July 2017. Are you super organised?
