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What is Tax Indexation and What Does It Mean to Me?

A change in income indexation has affected Centrelink payments and entitlement thresholds. The new indexation means you can earn more without impacting your pension amount: 

  • Annual maximum work bonus changed from $7,800 to $11,800 
  • New pensioner now has an upfront credit of $4,000 

This is fantastic news, as it can open doors to additional opportunities and benefits for Australians of all ages. 

For example, with the increased income threshold, you might now qualify for a Healthcare Card (previously unavailable due to mean test), gaining access to concession entitlements such as discounted medical care and prescription and discounts on various services, including public transport, registrations and other utilities such as electric and gas. 

However, knowing that these changes might also affect your tax obligations depends on your individual and household circumstances. Furthermore, the changes could introduce added complexity to your tax and reporting obligations if you have a more complex and sophisticated wealth-building strategy. 

These changes are complex, and can be overwhelming, and that’s where a financial advisor can help. We can help you understand the full impact of the new indexation on your specific situation, clarify any potential tax implications, and devise a strategy to maximise the benefits while minimising any drawbacks.

To book a 30-minute, no-obligation consultation with one of our financial advisors and see how we can help you take advantage of the new indexation changes, please click the link below:

Alternatively, you can request a callback by emailing us on  info@thehopkinsgroup.com.au or call our reception on 1300 726 082 to secure an appointment via our reception staff. 

5 Ways to up your financial literacy and improve your financial wellbeing

5 Ways to up your financial literacy and improve your financial wellbeing

Despite recognising the value of financial advice, many Australians need more knowledge to harness its potential for a brighter future fully. 

This article explores the positive impact financial awareness can have on your financial health and future, highlighting the key takeaways from the CFS report and advocating for a collaborative approach to financial literacy.

The report unveils a crucial insight: over a third of Australians unfamiliar with financial advice cannot articulate its advantages. This lack of knowledge hinders their ability to harness the power of professional guidance. By becoming aware of the benefits, individuals can unlock untapped opportunities to achieve their financial goals.

Imagine a clear path towards your dream home, a comfortable retirement, or a secure education for your children. Financial advice is your personalised roadmap, guiding you through complex decisions and potential pitfalls. It provides:

  • Tailored Strategies:  An advisor understands your unique circumstances and goals, crafting a plan tailored to your needs.
  • Investment Expertise: Navigating the investment landscape can be daunting. Financial advisors have the knowledge and experience to make informed decisions.
  • Risk Management:  Unforeseen events can derail your financial journey. Advisors help you identify and mitigate potential risks, ensuring long-term stability.
  • Peace of Mind: Knowing your finances are in capable hands allows you to focus on other aspects of your life confidently.

The report rightly identifies the potential confusion surrounding “financial advice.” By simplifying the language and emphasising the practical benefits, we can empower individuals to take charge of their financial future. Imagine:

Clear Communication: Advisors explain complex concepts instead of jargon, ensuring you understand every step.

Focus on Outcomes: The conversation revolves around your goals, not financial products, ensuring your advisor prioritises what matters most to you.

Accessible Options: The government’s reforms allowing superannuation to fund financial advice are a positive step towards making professional guidance more affordable and accessible.

The report calls for a collaborative effort between the industry and government to bridge the knowledge gap. By working together, we can create a society where financial awareness is commonplace, and individuals feel empowered to make informed decisions about their financial future.

Becoming more aware of financial advice is not about burdening yourself with complex information. It’s about taking control of your financial destiny and unlocking a world of possibilities. By seeking professional guidance, you invest in your future and pave the way for a brighter tomorrow.

Your Next Step 

Speaking to an actual financial advisor is the best way to know if engaging one is the right call for you. 

To secure a 30min, no-obligation exploration session for you, your family or your friends, please click the link below: https://outlook.office365.com/owa/calendar/TheHopkinsGroup@thehopkinsgroup.com.au/bookings/s/OdPFzcue_0SMyGuMNQXvSg2

Alternatively, you can request a callback by emailing us on  info@thehopkinsgroup.com.au or call our reception on 1300 726 082 to secure an appointment via our reception staff. 

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