Finance

'Renovesting' the trend in 2018

Australia’s property market is set for single-digit growth, apartment oversupply and ‘renovesting’ in 2018, according to some property and economic commentators.

Graham Cooke of comparison website finder.com.au said interest rates were expected to change little until the second half of 2018, after the Reserve Bank of Australia (RBA) this Tuesday left the official cash rate on hold at 1.5 per cent at its final meeting of the year.

ATO warns SMSF trustees about tax avoidance schemes

The Australian Taxation Office (ATO) is warning self-managed superannuation fund (SMSF) trustees and retirees about the risks of illegal tax avoidance schemes.  

ATO Deputy Commissioner James O’Halloran said the ATO knew most people did the right thing and worked hard to save for their retirement.

“If a taxpayer becomes involved in any illegal arrangement, even by accident, they may incur severe penalties, jeopardise their retirement savings, and risk losing their rights as a trustee to manage their own fund,” Mr O’Halloran warned today.

Australians struggle under credit card burden

Australians considering a credit card balance transfer have an average of $12,067 of debt.

Figures from the Reserve Bank of Australia (RBA) put the average credit card debt in Australia at $3,069.

But a survey by comparison site finder.com.au revealed those considering a balance transfer were struggling under a debt burden almost four times this amount.

The site examined data from 9,500 users trying to shift debt to a zero per cent balance transfer credit card and uncovered the average balance on their existing cards.

New housing laws provide better protection for Qld seniors

New laws passed by the Queensland Government last night will deliver greater certainty and security for seniors signing up for retirement villages and other types of accommodation, according to National Seniors Australia.

National Seniors Research Director Professor John McCallum said today the new laws would strengthen protections for older Queenslanders, who were often confused and unclear about the contract terms and conditions associated with retirement villages and residential parks.

CBA abolishes reverse mortgage fee

National Seniors Australia has welcomed the Commonwealth Bank’s announcement earlier this week that it is removing monthly account fees for thousands of seniors who unlock the equity in their home after retirement.

Commonwealth Bank customers who have the Equity Unlock for Seniors (EQFS) loan will have their monthly account fee of $12 removed, effective immediately.

Boost your financial knowledge at a NSW seminar

It’s still not too late for National Seniors members who live in Sydney to register for two seminars aimed at helping boost their knowledge about how to better fund their retirement.

The Sydney seminars are on Monday, 30 October. Another seminar will also be held in Albury on Wednesday, 8 November.

National Seniors Financial Information Desk Senior Officer Basil La Brooy will be presenting information aimed at helping people understand their own situation and resources.

Win tickets to self-managed super fund event

National Seniors has 30 tickets to the Self-Managed Super Fund in Focus event to be held in Sydney on 30 October.

Hosted by the Self-Managed Super Fund Association, the event will be held between 9am and 4pm at the Aerial UTS Function Centre, UTS Building 10, Level 7, 235 Jones St, Ultimo.

The event is designed for SMSF trustees to ensure they are up to date with their obligations.

It will help trustees to: 

Learn how to better fund your retirement

New South Wales members of National Seniors can ramp up their financial knowledge at two seminars in Sydney on Monday, 30 October, and one in Albury on 8 November.

National Seniors Financial Information Desk senior officer Basil La Brooy will be presenting information aimed at helping people understand their own situation and resources.

Topics include opportunities for those who will be fully self-funded in retirement, Government Income Support (GIS) and equity release products.

A Q&A session will follow the presentations.

Learn how to better fund your retirement

New South Wales members of National Seniors can ramp up their financial knowledge at two seminars in Sydney on Monday, 30 October, and one in Albury on 8 November.

National Seniors Financial Information Desk senior officer Basil La Brooy will be presenting information aimed at helping people understand their own situation and resources.

Topics include opportunities for those who will be fully self-funded in retirement, Government Income Support (GIS) and equity release products.

A Q&A session will follow the presentations.

'Pet sitting' could put money in your pocket

If you would like your ‘fur baby’ to receive in-home care while you are away on holidays – or would like to make some extra cash yourself - help may be only a few clicks away.

Petcloud is like Airbnb for pets, connecting owners and sitters around Australia.

Pet sitters can set their own rates of pay, but prices start at $25 for a sitter to come to the pet owner’s home for care for the pet for a day, or $50 to care for the pet in their own home overnight.

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