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Lifestyle

Don’t Just Sit There!

Posted on September 14, 2021September 16, 2021 by TFC Financial
Don't just sit there
14
Sep

Do you have a twelve-a-day habit? We’re talking seated hours, not cigarettes… what are the consequences on your health of a sedentary lifestyle?

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Posted in Lifestyle  |  Tagged health, lifestyle, sitting
Superannuation

Frequently Asked Questions About Superannuation

Posted on September 8, 2021September 14, 2021 by TFC Financial
Superannuation FAQs
08
Sep

If the ins and outs of superannuation leave you confused, the answers to these frequently asked questions will help you understand the basics.

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Posted in Superannuation  |  Tagged #contribution, #super, #taxbenefits, Financial Advice, Superannuation
Financial Future

Why Financial Advice May Be Your Best Investment

Posted on September 1, 2021September 13, 2021 by TFC Financial
01
Sep

Seeking professional financial advice provides you with a clear path to achieve your financial goals, and that is an investment worth making.

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Posted in Financial Future  |  Tagged Best Investment, Financial Advice, Financial Planning
Superannuation

The Work Test and Work Test Exemption Explained

Posted on August 25, 2021September 13, 2021 by TFC Financial
The Work Test Explained
25
Aug

If you’re an older Aussie looking to make super contributions, you may have noticed more rules begin to apply as the years go on.

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Posted in Superannuation  |  Tagged Super, Superannuation, Work Test
Superannuation

Salary sacrificing into super – how it works

Posted on August 18, 2021August 19, 2021 by TFC Financial
Salary sacrificing into super involves reducing your take-home pay to put more money away for your retirement. See what you need to know. Salary sacrificing into super is where you choose to have some of your before-tax income paid into your super account by your employer. This is on top of what your employer might pay you under the super guarantee, which is no less than 10% of your earnings, if you’re eligible. Making salary sacrifice contributions does involve a reduction in your take-home pay, but it also means you could increase your retirement savings while also potentially reducing what you pay in tax. If you’re thinking about setting up a salary sacrifice arrangement, here are some things to consider. What can I contribute? You decide how much you want to contribute (as long as you don’t exceed super cap limits) and whether it’s a one-off payment, or something you can afford to do regularly. How much I can contribute? You can’t contribute more than $27,500 per year under the concessional super contributions cap or penalties will apply. It’s also important to note that contributions made into your super as part of a salary sacrifice arrangement are not the only contributions that count toward this cap. Other contributions that count toward your concessional contributions cap typically include: Compulsory contributions your employer pays under the super guarantee, including contributions from any other jobs you may have held in the same financial year. Contributions you make using after-tax dollars which you choose to claim a tax deduction for. What are the potential tax benefits? If you choose to reduce your before-tax income by salary sacrificing into super, a potential benefit is you may be able to reduce what you pay in income tax for the financial year. That’s because contributions made via a salary sacrifice arrangement are only taxed at 15% if you earn under $250,000 a year, or 30% if you earn $250,000 or more a year, with most people generally paying more tax on their income than they do on salary sacrifice contributions. There could also be further tax benefits as investment earnings made inside the super environment also benefit from an equivalent tax saving, which could make a difference when you do eventually withdraw your super savings and retire. How do I set up a salary sacrifice arrangement? If salary sacrificing into super is right for you, here’s a quick checklist for how you could set this up. Make sure your employer offers salary sacrifice You will need to confirm with your payroll team at work that your employer offers this type of arrangement. If not, you may be able to achieve broadly the same benefits by claiming a tax deduction on contributions you may choose to make using after-tax dollars, but you’ll need to consider whether this is right for you. Decide how much you want to salary sacrifice, how often and when You might want to salary sacrifice on an ongoing basis, or as a one-off. Also, you can’t salary sacrifice income that you’ve already received, such as a bonus or leave entitlements, so you’ll need to act well before this money is paid into your regular bank account if you want to salary sacrifice it. Notify your employer and get any agreement in writing If you can salary sacrifice (and you know how much, how often and when you want to do it), contact your payroll team at work to find out what information they need. Ask them to confirm in writing when your contributions will start being paid, so you can check that the contributions are being received into your super account. Make sure you don't exceed the concessional contributions cap If you do exceed the cap, additional tax and penalties may apply. Remember, the cap applies to all concessional contributions, whether they’re made into one or more super accounts. It’s also worth noting that in addition to your annual cap, you may also be able to contribute unused cap amounts accrued since 1 July 2018, if you’re eligible. This broadly applies to people whose total super balance was less than $500,000 on 30 June of the previous financial year. Everyone's different, so if you’re thinking about setting up a salary sacrifice arrangement, consider your circumstances and whether it’s the right thing for you.
18
Aug

Salary sacrificing into super involves reducing your take-home pay to put more money away for your retirement. See what you need to know.

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Posted in Superannuation  |  Tagged Salary Sacrifice, Super, Superannuation
Financial Future

Financial Advice… it’s not the same for everyone

Posted on August 11, 2021August 18, 2021 by TFC Financial
Diverse Group of People
11
Aug

Financial Advice… it’s not the same for everyone. Sure, investment planning is an important part of financial planning, but underpinning the whole process of creating wealth in the first place is having a good financial strategy.

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Posted in Financial Future  |  Tagged Financial Advice, Financial Planning
Creating Wealth

How to Create Realistic Goals… and Stick to Them

Posted on August 4, 2021August 18, 2021 by TFC Financial
Realistic Goals
04
Aug

When it comes to the big things in life we all have our goals. Getting promoted at work. Educating the kids through school. Saving for a comfortable retirement.

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Posted in Creating Wealth  |  Tagged realistic goals
Financial Future

Give Your Child a Head Start in Life

Posted on July 28, 2021August 18, 2021 by TFC Financial
a financial head start
28
Jul

When it comes to helping your adult kids here are some of the opportunities parents have when it comes to helping them financially – including tax issues.

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Posted in Financial Future  |  Tagged Financial Education, Financial info for your kids, Head Start, Home Ownership, Tax Breaks
Superannuation

I’ve already accessed my super, can I go back to work?

Posted on July 21, 2021July 21, 2021 by TFC Financial
going back to work
21
Jul

When you access your super at retirement, depending on your age and personal circumstances, your super fund may ask you to sign a declaration stating you intend to never return to work again.

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Posted in Superannuation  |  Tagged #super, go back to work, preservation age, retire
Financial Future

The 6 steps you need to help you feel more positive about your financial wellbeing

Posted on July 14, 2021August 6, 2021 by TFC Financial
6 steps to help you feel more positive about your finances
14
Jul

Managing your money doesn’t have to be stressful. By breaking down your goals and establishing good habits you can work towards financial wellbeing.

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Posted in Financial Future  |  Tagged #positivity, 6Steps, financial wellbeing, managing money
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Educational Articles

At TFC Financial, we are committed to ongoing education – of ourselves as professionals & of our clients as engaged partners in their financial wellbeing. We encourage you to read our most recent articles to keep up to date.

Latest Posts
  • 14
    Sep
    Don’t Just Sit There!
  • 08
    Sep
    Frequently Asked Questions About Superannuation
  • 01
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    Why Financial Advice May Be Your Best Investment
  • 25
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    The Work Test and Work Test Exemption Explained
  • 18
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    Salary sacrificing into super – how it works
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IMPORTANT INFORMATION: Toowoomba Financial Centre Pty Ltd ABN 88 073 088 070, trading as TFC Financial is a corporate authorised representative of Australian Financial Services Licensee 234665, Charter Financial Planning Limited ABN 35 002 976 This website contains general advice only. You need to consider with your financial planner, your investment objectives, financial situation and your particular needs prior to making any strategy or products decision. Your privacy is important to us and Australian Financial Services Licensee, which is part of AMP. You may request access to your personal information at any time by calling us on (07) 4639 1399 or contacting AMP on 1300 157 173. Information collected will be subject to AMP's Privacy Policy. You can also contact us or AMP if you do not wish to receive information about products, services or offers available from us or AMP from time to time.
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