Blog
Welcome to our Personal Finance Blog
Money bewilders most of us. How to spend it, save it, invest it, and how to best protect the person who makes it.
These questions we all face daily — a puzzle we all attempt to understand and solve just about every day. Yet despite money's centrality to our lives and businesses, it's something we all grapple with, and mostly in private.
- Money is the 'Lord Voldemort' of topics; feared by most and mentioned by a few. It's oddly uncomfortable to discuss socially and rarely even with our partners, parents, and children.
Perhaps that's because managing our money and life's risks inevitably involves the fusion of both the emotional and practical aspects of our decision-making processes. The most difficult of questions are those with both economic and emotional answers.
Our educational Personal Finance Blog is for people who want to grow and remain wealthy. And while the journey toward wealth is clearly marked, you still have to be looking in the right direction.
At Sapience, we're all about The How.
Clarity from the High Court of Australia on SMSF Binding Death Benefit Nominations (BDBN) (at last)
The High Court has ruled that a binding death benefit nomination (BDBN) in a Self Managed Super Fund (SMSF) does not need to comply with Reg 6.17A of the SIS Regs – which provides, among other things, that a BDBN lapses after three years and requires two independent witnesses.
Anyone over 55 will be able to make downsizer super contributions if tax amendments introduced to Parliament last week are passed
The reduced age limit, proposed by the Coalition during the election, will widen eligibility for the scheme by a decade in a matter of months, with a reduction to 60 only in place from July.
Changes to the amount of compulsory super business owners now have to pay
From 1 July 2022, the employees who are eligible for super will change.
- From 1 July 2022 you'll need to pay super guarantee contributions to an employee's super fund regardless of how much they are paid.
Implications for Employers:
What is a Stapled Super Fund?
- From 1 November 2021, employees starting a new job will have the super fund used at their former employer 'Stapled' to them ie: it will follow them around to their next employer.
Government Director ID requirements now law
- The government has introduced legislation requiring all existing Company Directors (including Directors of SMSF Corporate Trustees) to apply for a director identification number (Director ID) by 30 November 2022.
What you need to know today:
Significant changes are being imposed by the government regulator Australia Prudential Regulation Authority (APRA) for all new Income Protection insurance policies
- From April 2020 Life Insurance companies can no longer offer new Agreed Value Income Protection policies. This is just one of many new changes being imposed by the government regulator APRA.
Implications for existing Sapience clients:
