ITL Financial Planning Blog

ITL Financial Planning prescribes super medicine for two GPs

At ITL Financial Planning, we meet a lot of very successful business owners. People like Alan and Mary Brownell, who have a busy medical practice on Sydney’s north shore…

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Planning your family's financial future after a life-changing accident

Edward Morrison was engaged to be married and a competitive district footballer when he was paralysed in a car accident. At the age of 25 his life changed forever.

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Is your SMSF working for you, or costing you?

Careful planning and attention to detail are things that civil engineer Colin Masterson has always prized in his work. But he suspected a poorly designed self-managed super fund was costing him dearly, and he needed to find a good financial planner.

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Planning at the financial crossroads

‘There are certain points in life when you come to a crossroads,’ says Elizabeth Hutchings, recalling how she and her husband David decided to seek financial planning advice.

In their case, the crossroads arrived when David realised that, after more than 20 years, the time was coming to sell his logistics business but he wasn’t ready to retire.

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Insurance Payouts Minimising Tax and Maximising Quality of Life

Find out how strategic financial planning advice helped Peter invest his payout wisely, minimising his tax and maximising his quality of life for the future.

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Thinking of leaving your financial planner?

If you’re thinking of changing financial planners, you’re not alone. A 2015 survey of Australian financial planners conducted by Business Health showed that 23% of existing clients become disengaged in less than three years; 35% of clients take somewhere between three and seven years to feel the same way; and after seven years, a whopping 42% of clients want a change.

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Are you a self-funded retiree with more than $1.6 million in superannuation?

The biggest changes to super in ten years come into effect on 1 July. Time’s running out to take advantage of this tax-effective window.

The changes affect self-funded retirees as well as those still working towards retirement.

 

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What the 2017 Federal Budget means for you

On 9 May 2017, the Turnbull Government delivered the 2017/18 Federal Budget which focused on health, home and housing. Importantly, there are some key benefits and considerations for self-funded retirees, professional families and successful business owners.

Watch the short video or read our summary of the proposals and how they may impact you.

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Being super smart before the end of financial year

Written by Shereen Churchill (Financial Adviser)

The importance of making the most of the opportunities prior to 30th June this year is more important than ever. This is because in the 2016 Federal Budget, the Government announced proposals to be introduced in July 2017 which will result in the greatest change to the superannuation system in a decade. These proposals have now been finalised and entered into law.

Here are 10 ideas that we will be considering with our clients this end of financial year.

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Big changes to super are coming soon - Are you prepared?

Written by Nick Lloyd

The most significant changes to super in 10 years are about to impact unsuspecting self-funded retirees, SMSF trustees and high income earners because of the haphazard way the changes have been introduced. A whole bunch of changes were announced on budget night in May 2016 but since then, some of these have been removed whilst new ones have since slipped in under the radar. What have you missed?

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Ready to retire?

What does your retirement look like?

Everybody’s idea of the perfect retirement is different, which is why it’s so important to have a financial plan that is tailored to your specific goals.

Regardless of whether you want to spend more time with your family, cruise around the world, potter in your garden or have a complete sea change, we take the time to sit and talk with you, to listen and fully understand the type of future you envisage and what is important to you.

Our process always starts with a conversation, asking the questions that provide clarity around your current situation and future objectives.

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Planning to start a family?

Maybe you’re just thinking about trying to start your own family, but unsure how you’ll cope on one income?

Or perhaps your family is already growing faster than you’d anticipated and suddenly you need a bigger car or maybe even a bigger house?

Wherever you are at on your journey of life we can help you make smart financial choices that will enable you to protect and provide for your family.

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Investing an inheritance

If you’ve received a large sum of money, either as an inheritance or if you’ve been the lucky recipient of a windfall, smart strategies and investment decisions made now can enable you to maximise the return on your good fortune for years to come.

We can work with you to ensure it makes a lasting difference, rather than just being provided with a short-term bonus.

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Coping alone

Dealing with loss of a life partner after death or divorce can be totally overwhelming.

And to make matters even worse, the time when you are feeling the most vulnerable, frightened and alone, is also the time when many crucial financial decisions often have to be made very quickly.

If you haven’t been the spouse who managed the finances in your household, this can be paralyzing. Whether it’s trying to work out what how to keep running your self managed super fund by yourself or even paying a bill online, we can help you get back on your feet.

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Buying your first home

Buying your first home is an incredibly exciting event…but it can also be a very scary decision.

And because Sydney property prices are some of the highest in the world, buying your first home is more than just about providing for your family.

It may well be the biggest financial commitment you’ll ever make!

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Helping with the hard decisions about downsizing

We know that deciding whether to stay or sell is complicated and it can feel overwhelming at times.

And because there’s often a lifetime of memories tied up in your family home, the decision to sell can be emotionally fraught as well as financially confusing.

Whatever your reason for downsizing, at ITL Financial Planning we take into account your financial position as well as your personal objectives so we can help you make the decision that is right for you.

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How much is enough?

Written by Shereen Churchill

One of the most common questions we get asked is how much is enough to retire?

In this article we look at a couple of simple ways for you to 1. estimate your ideal retirement income and 2. estimate the lump sum you may want in retirement to live your best life.

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How am I tracking?

Written by Shereen Churchill

The second most common question we get asked is how am I tracking?

In this article we give you the tools to estimate in a couple of minutes what your retirement income will look like based on your current circumstances and objectives.

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How do I compare?

Written by Shereen Churchill

By far the most common question we receive from clients is “How do I compare to others like me?”

In this article we give you an insight into what our clients save and how much our clients have in super so you can weigh up how you compare.

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5 simple steps to move a parent into a nursing home

Written by Shereen Churchill

You are not alone. Putting a parent into an aged care home can be a painful and traumatic process. Often this can be exasperated by two big factors; your parent(s) emotionally struggling with the idea and you, as the guardian, struggling to find time in the chaos of your own life to research and understand the complexity of the aged care system.

Here we outline our simple 5 steps process and how ITL Financial Planning can help you.

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Impact of 1 January 2017 Asset Test changes

Written by Shereen Churchill (Financial Adviser)

In recent years there have been a number of changes to the social security pension rules. The latest change to soon take affect is the increasing of the Centrelink/DVA Assets Test thresholds and taper rate from 1 January 2017.

In this article we summarise the changes, the impacts and the options that are available to help.

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4 ways to become financially fit

Written by Shereen Churchill (Financial Adviser)

Whether you are managing family life or thinking towards a self-funded retirement, there is a myriad of financial decisions to make.

Without a clear and structured plan and a strong understanding of the rules, regulations and economic environment in which we live; juggling multiple and at times competing financial goals, can be very overwhelming.

Here are 4 ways we can help you become financially fit.

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How Politics impacts Markets

Written by Nick Lloyd (Financial Adviser)

We’re living in a time of political uncertainty. Yet financial markets crave political certainty.

Markets had fairly confidently assumed a coalition victory prior to the weekend…so what now?

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The Great Home Loan Debate – to fix or not to fix?

Written by Shereen Churchill (Financial Adviser)

The Reserve Bank of Australia’s latest rate cut has fired up the debate of fixed versus variable again.

Recent Canstar research has shown that borrowers were better off remaining on a variable rate over the last 20 years. However, the end result was so close it was almost a 50/50 chance.

So which option is right for you?

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Federal Budget Update

Super has been the biggest area shaken up by the 2016 Budget. Small and medium sized business has seen the greatest wins with great focus placed on lowering the company tax rate for them.

Watch the short video or read a summary of the proposals and how they may impact you.

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Being super smart before the end of financial year

Written by Nick Lloyd (Financial Adviser)

We’re big advocates of the benefits of continually reviewing your situation to make sure you’re making the most of the available opportunities each year. The 30th of June (end of financial year) is a key date as it signals the end of a financial year and the beginning of the next. There are contribution rules and penalties for getting things wrong, so we always recommend getting personal financial advice. Here are 10 of our top end of financial year ideas.

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Did you know you are worth over $2,000,000?

Written by Shereen Churchill (Financial Adviser)

You want to provide for and protect your family, so you don’t think twice about insuring your home and your motor vehicles…and you probably also have private health insurance.

But would you believe me if I told you that your greatest asset is actually your ability to earn an income? Think about it…

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Our Tried and Tested Approach to Tailored Portfolio Construction

Written by Nick Lloyd (Financial Adviser)

What is the first thing you do before making any investment?

At ITL Financial Planning we always start with a chat…taking the time to understand your values and goals…and the level of risk you feel comfortable with.

 

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The Importance of an Investment Philosophy

Written by Nick Lloyd (Financial Adviser)

Imagine this.

You set sail alone to a distant destination in an empty boat without sails, a motor, a compass or a rudder.

You drift over the ocean, at the mercy of the prevailing winds, buffeted by huge swells, with no control over where you are going and no idea of when you will sight land again, let alone reach your destination.

 

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Tips and Traps for SMSF's

Written by Nick Lloyd (Financial Adviser)

Let’s face it, there’s no such thing as a DIY super fund as they’re often known. Even if you are a chartered accountant who can do your own set of accounts and tax return, you need an independent auditor to complete the audit. Having your own SMSF means being the trustee and this role comes with a long list of responsibilities (with harsh penalties for getting it wrong). If your fund is deemed “non complying”, the fund can be taxed 49% of the fund’s assets! Most trustees engage financial planning and  accounting professionals to ensure they meet the ATO’s compliance requirements.

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Reduce the home loan or invest?

Written by Shereen Churchill (Financial Adviser)

A common question asked by clients is whether they are better off using surplus funds to pay off their home mortgage or to make an investment.

Whilst there are some general rules which can help with the decision making, they shouldn’t be considered in isolation.

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