We are not happy with the financial advice we received

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Q.  You mentioned briefly on Sunday 13th July, MFS formerly Octaviar now managed by Wellington.

We are moderate risk investors and have found ourselves through our SMSF having a $50,000-00 holding in the above, not good from what we hear. Lonsec are employed by our financial advisers and supposed to have comprehensive research data to help formulate tailored plans. Read more

Where should I invest $10,000?

Q. I was wondering if you could provide me with some advice on the best options for investing my savings. I’m in my early 20’s with almost $10,000 dollars saved.

At the moment its just sitting in my internet banking account, providing me with little interest. I want to invest it in a long term method and was thinking shares, but I’m not sure how to go about it.

I would love your opinion on how I should go about investing my savings or any other information you could provide me. Read more

Money Matters Interview - Senator Nick Sherry

Last Sunday on the show, we interviewed the federal Minister for Superannuation and Corporate Law Mr Nick Sherry…

Kel, (Our radio show anchor and web guy) has been a little ill since the interviewed aired so apologize for the delay in the posting of the audio.

For those of you that tuned into Money Matters Sunday you’ll notice that there’s an extra 3 minutes of audio on the podcast….I’d like to say it’s bonus content, but it’s just the raw unedited version of the interview….

you can listen to the interview by clicking the play button below or choose the download option and listen to it later…..This is a must listen for anyone concerned about your Superannuation…. Read more

I am 60 and have $100K in super. Should I leave in super or withdraw?

Q. I have approx $100,000 in Superannuation and I want to retire at the end of the financial year this year. I turned 60 at the end of May. Do I have to invest in a particular income stream for it to be tax free or can I withdraw my Super & put it into, say, ING at 7.9% & draw a small income from this & still be tax free? Do I pay tax on the interest the money earns in the account? I would appreciate your advice.

A: Thanks for the question and congratulations on seeking advice and doing your homework.   Far too often we see people making financial decisions without really understanding the impact on their future wealth.

In order to be sure your income will be tax free, it needs to stay within the superannuation environment.   It is common for people to transfer their super to an account based pension (previously called allocated pensions) which is simply the vehicle used when you start drawing an income from superannuation. Read more

Debt Recyling … Good for you!

 

Have you heard the term ‘debt recycling’?

Simply means that you have taken out an investment loan to purchase an asset like shares or property, and then use the income from these investments to repay debt on the family home.

The reason it can be such a powerful strategy to reduce debt is that the interest applied on an investment loan is normally tax deductible, whereas the interest on the loan attached to the family home is not.

Therefore, it makes sense to pay the family home off first as you are paying with after-tax dollars.

Josie’s quick money saving tips

 

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I am a New Zealander working in Australia and wondering if I can claim back my tax

Q. Hi Josie, I was sitting on the tractor working away the other night and I was listening to you on the radio. I am from NZ, currently working here for a while.

I was wondering how I go about claiming tax back? I have also worked here in the past (a couple of years ago) and am wondering if I can claim anything from that work?

Please help as it is hard to find information on this. Your time is very much appreciated.

A. Thanks for the question and what an interesting job?   Questions on taxation of non-residents should really be directed to an accountant as they just love interpreting the Tax Act.   Nevertheless, I have done a little bit of research on the Read more