Superannuation

More than three million Australians are at risk of financial ruin if they attempt to claim on insurance policies in superannuation after July 1 – only to find out they have been switched off under the Protecting Your Super package.
The Government released a big spending Budget last night. With an election likely to be called shortly and held in May, the Government is using this Budget to woo voters. It is important to remember that the Budget announcements are only proposals at this stage. Each one must be passed by Parliament before they are legislated.  Labor will respond with their Budget reply on Thursday night.
In this instalment of the monthly Economic Update courtesy of Kaplan Professional, Industry Super Australia chief economist Stephen Anthony gives us his view about Australia’s national shortage of affordable housing, the ‘infrastructure’ of social cohesion and the provision of an efficient mechanism to deliver equity capital to affordable housing providers.
Though most Australians tend to ignore superannuation until they get close to retirement, your superannuation is an important part of your financial journey for two main reasons:
  1. This will provide the bulk of your retirement income when you retire; and
  2. If you suffer a health issue during your working life, your superannuation usually holds (some) insurance benefit to help you and your family to manage.
The glow of New Year’s fireworks may be a distant memory, but there’s another new year coming up that for many of us is more important. That’s right, the new financial year is fast approaching, and now is the perfect time to get your finances in order. 
Overnight the treasurer Scott Morrison has handed down a pre-election budget with headlined tax savings, commitments to aged care and small business spending incentives. Whilst these are the areas getting most of the media attention, there are some proposed changes that have implications in a number of other areas.
The Royal Commission into Banking and Financial Planning has drawn to a close last week and the findings were critical of the conduct of members throughout the banking and financial planning industries. As we provide our clients with financial and insurance advice we felt it was very important to put together a response to the findings of the commission so that you can feel reassured that you can continue to work confidently with us at Orion Financial Group. 
Self-managed superannuation funds (SMSFs)  are a popular choice for individuals saving for their retirement. There is no doubt that these an appropriate way to hold your superannuation if you want more control over how you invest, how much you pay and the option to hold property investments.  Individuals with a level of satisfaction to be enjoyed from managing your investing arrangements exactly as you want and to be able to directly invest in assets that are not offered by retail fund. However, establishing and running your own SMSF is not all plain sailing and you need to consider the responsibilities of a fund trustee and just how well prepared you are to choose your investment approach.

The billions of dollars pouring into superannuation savings are irresistible to investment scammers so it helps to be aware of what’s out there trying to get at one of your biggest assets.  We’ll say it upfront: if it sounds too good to be true, it...