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This video explains clearly why Conservatives can't support a tax that the govt claims will affect only the ultra-wealthy, but actually will zing seniors, small business owners, farmers, doctors, tech entrepreneurs, investors, builders and many other average Canadians who earn their living or have saved for retirement with investments on which the tax is about to escalate sharply. Many, many Canadians lack pension plans because of how they make their living (such as doctors and farmers). They prepare for retirement by investing (e.g. real estate, stocks & bonds, building up their own small company). They don't qualify for the $250,000 exemption as these are considered "business" investments. The revenue upon sale will be taxed on 67% of the entire capital gain, digging deeply into planned retirement income. These folks did their retirement planning on the basis of the rules in place, which are now being retroactively changed. The new rule will also discourage entrepreneurs, such as tech innovators, who earn their living by building - and then selling - their start-up companies. They can work anywhere in the world. Canada is now encouraging them to look for friendlier fields. It's worth your 15 minutes to understand this issue and how it will impact many more people than the government claims. https://lnkd.in/dwPK7XMH #calgarycentre #yyc #cdnpoli #capitalgainstax

I’m told holiday #humblebrags are not for this platform, but when the 2024 #FederalBudget is handed down in the middle of mine, I couldn’t resist. In many ways this Budget is the campaign starting gun for the next Federal election (due in no more than 12 months time). A typical Labor budget in many ways, and in case there aren’t enough filling up your feed, here are my key takeaways: ✔️Easing #costofliving pressure. With headline measures including: a tax cut for every taxpayer; and $300 energy bill rebates for all households, the Government is painting this budget as one ‘for every Australian, not just some.’ In practice these measures will put money in the pockets of every voter - something I’m sure we’ll be repeatedly reminded of over the coming 12 months. ✔️A future #madeinAustralia. With Government funding already announced for the solar, quantum computing and hydrogen sectors, the Budget includes funding incentives and direct funding for key industries, largely in clean energy, to build and maintain these industries on Australian shores. This is an effort to safeguard against global supply chain disruptions that are impacted by increasing fluctuations in geopolitics. ✔️A play for the base. Whether it be raising #rent assistance, the 29 new #Medicare urgent care clinics, HECS loan indexation, wage increases for essential workers, or extending super to paid parental leave, headline measures are targeted to Labor’s electoral base, or key voting cohorts that will be up for grabs at the election. So what? With the election now in (somewhat distant) view, businesses, industries and other stakeholders seeking the ear of key Government and political decision makers, should be planning their strategy to harness the forthcoming election. The longer the lead time and the broader the approach on strategy the more effective it will be. Pictured: me, walking the #NakesendoWay contemplating the Budget’s 1% reduction to the national sweet potatoes levy. #publicpolicy #publicaffairs #strategiccommunications #Governmentrelations #budget2024

Winter Fuel and then… So, after the winter fuel payment was officially withdrawn, consider the impact of the scrapping of the Social Care Reforms. These were set to come into force in October 2025 and it would limit the amount an individual had to pay for their care costs to £86,000. This was to be funded via a separate levy on National Insurance set at 1.25%. The change means that life savings will be used up in an extended care period. In a nut shell, for each £100,000 paid for care by your Mum or Dad, is the equivalent of 500 years worth of Winter Fuel payments. It is really worth grappleing with this problem early and you can combine these discussions with Inheritance Tax Planning. Speak with your friendly neighbourhood Chartered Financial Planner/Adviser (with CF8 qualification)

“No other pension system in the world taxes unrealised capital gains, and it’s not the way the Australian tax system works either. A very good reason NOT to rely on your super as you are only a beneficiary of a trust & being inside super rules then Big G can change the rules as they do. Super is Not super & it was originally an insurance policy if all goes south. It still is equivalent to a spare tyre on your car & who wants to use it?? For too many its flat anyway.!! Hence our theme after 37 Years of financial advising that your optimal strategy is your own business , replacing your income, as that may provide a more secure & permanent income stream now & later & may have taxx benefits in the meantime. 😭 https://lnkd.in/gxqc7KZS It means #financialwellness for #boomers who need & want self respect & self reliance for longer 😘 and of course you need to be weller for longer to enjoy the benefits of the compound interest curve as that is where the real financial rewards are maximised. PM today for your summary of The Cashflow Quadrant to help you thru your tomorrows. 💡 #startsomethingwell #financialwellness #wellness

Taxable vs. Non-Taxable Income 💼 Not all income is taxed equally. Understanding what counts as taxable income and what doesn’t can help you plan better and make informed financial decisions. Let's break it down: Taxable Income: Employment Income: Salaries, wages, and bonuses. 💵 Investment Returns: Dividends, rental income, and interest. 📈 Business Profits: Earnings from self-employment or partnerships. 💼 Capital Gains: Profits from selling assets like property or shares. 🏠 Non-Taxable Income: Gifts and Inheritances: Money received as a gift or inheritance. 🎁 Government Payments: Certain pensions and allowances, like the disability support pension. 👵 Lottery Winnings: These are generally not taxed in Australia. 🎉 Understanding these distinctions helps in accurate tax planning and reporting, ensuring you comply with Australian tax laws and make the most of potential tax benefits. #TaxableIncome #NonTaxableIncome #FinancialPlanning #TaxSeason #AustraliaTaxes #IncomeTax #TaxTips #Compliance 🧾💡📊

One thing Aussies hate more than a sunburnt Pom on Bondi is tax! So if you're an Aussie living overseas and planning to head back home, it’s worth thinking about how you can do it in a tax-smart way. One solution that’s been a game-changer for many is the 10-Year Portfolio Bond. It’s a tax-efficient investment that lets you grow your money tax-free while you’re offshore. Plus, when you move back, you can use it to generate income — without being clobbered by the taxman. Here’s the Lowdown: ✅ Tax-Free Growth: Your investments grow tax-free while you're living abroad. ✅ Tax-Friendly Income in Australia: After 10 years, withdrawals can be tax-free back in Oz. ✅ Flexibility: You’re in control — withdraw when it suits you, keeping things flexible to meet your needs. Repatriating assets can often mean a headache with tax, especially with capital gains. With a 10-Year Portfolio Bond, you could sidestep a lot of that hassle, making your transition back a lot smoother. If you're considering moving back and want to chat about how to set this up and make your return as seamless (and tax-free!) as possible, feel free to reach out. https://lnkd.in/dvCbVuNH #AussieExpats #TaxFreeIncome #PortfolioBond #WealthPlanning #TaxEfficiency #ExpatsAustralia #ReturningToAustralia #FinancialPlanning

Curious about retiring overseas? From taxes to health care access, here are the financial considerations you should think about first:

As consumers navigate a “higher-for-longer” interest rate environment, Mozo's latest report sheds light on the state of Aussie savings, uncovering shocking insights and urging savers to rescue their savings, and compare rates to get the best return possible. "69% of Aussies have never switched savings accounts, despite earning less interest than those who do,” says Rachel Wastell, Mozo's personal finance expert. “It's like we've all got Stockholm Savings Syndrome. Aussies are not switching savings accounts because it’s too much effort, or they are switching but for convenience, not higher rates.” The report draws on extensive analysis of 232 savings products and reveals millions of Aussies could be missing out on higher rates due to laziness and loyalty.

🎉 Happy New Financial Year! 🎉 A pinch and a punch for the first day of the month and the new financial year! There are lots of changes kicking off today. Here’s a quick recap: 🔸 Tax Cuts: If you’re one of the 13.6 million Australians who pays tax, you’ll notice a bump in your paycheck. 🔸 Minimum Wage Increases: Over 20% of Australian workers will benefit from an increase in minimum and award wages. 🔸 Social Services Payments: People on certain government payments will see a slight increase as July indexation takes effect. 🔸 Superannuation Payments: Your employer will be contributing more to your nest egg this year as compulsory superannuation payments increase. 🔸 Energy Relief Credits: A $300 energy rebate will help ease the burden of rising energy costs. For more details, check out the full article below: https://lnkd.in/g_FF6-pd #NewFinancialYear #TaxCuts #MinimumWageIncrease #SocialServices #Superannuation #EnergyRelief

Ever felt like your paycheck disappears too quickly because of paying too much tax? You're not alone. But there's a way to keep more of your hard-earned money. Understanding tax strategies can help you save more. Here's how government employees can reduce their personal income tax: 1️⃣. Utilize Allowances: Make sure you're claiming all eligible allowances to reduce your taxable income. 2️⃣. Maximize Retirement Contributions: Contribute to your retirement fund to benefit from tax deductions. 3️⃣. Claim Work-Related Expenses: Keep track of any work-related expenses that can be claimed as deductions. 4️⃣. Invest in Tax-Free Savings: Use tax-free savings accounts to grow your wealth without additional tax burdens. Here's how to start: 1️⃣. Review Your Payslip: Understand the deductions and allowances listed on your payslip. 2️⃣. Consult a Tax Professional: Get personalized advice to optimize your tax strategy. 3️⃣. Stay Informed: Keep up with changes in tax laws that may affect your deductions and credits. Take control of your taxes and boost your financial health! #EmployeeTax #GovernmentEmployees #SARS #SouthAfrica