Wealth Management services

Rod Edwards
National Head of Financial Services

Early release of Superannuation - short term gain for long term pain?

The Stanford Marshmallow experiment - a widely published psychological experiment, place a child in a room with a single marshmallow, promising them that they will get another marshmallow if they do not eat the first one for an unknown amount of time (usually between 10 and 15 minutes).

Using the Australian Stock Market as a crystal ball

It is late April and the Australian stock market is trading at around 5300 points or around 19% higher than recent lows, and around 22% below the market top in February.

Accessing Superannuation: The practicalities

One of the early announcements from the Government in response to COVID-19 was to allow certain individuals limited access to their superannuation. This was a welcome announcement for many in the early days, but the details of how this could be accessed and when it would be available remained unclear.

The “Proportionality Principle” for landlords and commercial tenants

In an announcement on 7 April 2020, Scott Morrison provided detail concerning the mandatory code of practice for landlords and commercial tenants in response to COVID-19.

Market update: The idea of ‘doublethink’ in today’s stock market

It is early April, and the Australian stock market is about 14% higher than recent lows experienced less than two weeks ago. In my first address, I discussed the importance of holding cash reserves, maintaining your investment time horizon, and investing for a range of outcomes.

Self-managed superannuation funds (SMSFs) and related party rent relief

Economic relief continues to roll out for those impacted by COVID-19, with the ATO confirming over the weekend that they will not take compliance action for SMSFs that offer rent reductions to related party lessees.

Market perspectives and the three golden rules in the face of COVID-19

It is late March 2020, and the market has certainly been on a roller coaster ride, down by over 25% from the peak.

Self-Managed Superannuation Funds and loan relief

With the financial impacts of the COVID-19 pandemic increasing, many are looking for loan relief in an attempt to manage cashflow.

Agreed Value Income Protection policies will be banned by APRA

1 April Deadline – Agreed Value Income Protection policies will be banned by APRA! Following a recent review of the life insurance market, APRA have announced proposed changes to income protection policies.

Income relief – Coronavirus Supplement

Coronavirus supplement

Superannuation-related stimulus measures

The second government stimulus package has included some measures specifically aimed at superannuation.

The power of a small investment into superannuation

You’ve recently graduated as a medical professional after years of hard work and endless hours hitting the books. As tempting as it is to use your well-earned income on a feature-packed credit card and a new BMW, have you considered the power of a small investment into your superannuation?

Downsizer Contributions impact on the Age Pension

By making downsizer contributions, it’s important to be aware of the impact this may have on your Centrelink entitlements such as the age pension or for self-funded retirees, the benefits under the Commonwealth Seniors Health Card (CSHC).

Understanding the new and improved downsizer contributions rules

A variety of factors come into play when determining if you should downsize the family home.

Superannuation Legislation for High Income Earners

The Government has passed superannuation legislation for high income earners (with income exceeding $263,157 per annum) which allows employees with more than one job to choose not to have the 9.5% superannuation guarantee paid by all their employers.

Superannuation Guarantee Amnesty - A case of deja vu

On Wednesday 18 September 2019, the Assistant Treasurer, Mr. Michael Sukkar, introduced an unexpected but welcome Bill to the House of Representatives.

Who needs insurance more - Raj or Wonder Woman?

Coming from different walks of life, when it comes to lifestyle protection, would Big Bang Theory’s Raj or Wonder Woman need insurance more?

Hayne Royal Commissioner’s Assessment of the Superannuation Industry

The Australian superannuation and wealth management sector has been in the spotlight over the past year as a result of the Hayne Royal Commission. The role of the Trustee and the suitability of the vertical integration model within the sole purpose test has been challenged.

Protecting your superannuation package

The Government's 'Protecting Your Super' package - announced in the 2018-19 Budget - is a comprehensive package of regulatory reforms designed to protect Australians' superannuation savings from undue erosion by fees and insurance premiums.

Your ticket to financial freedom - spouse contribution splitting

An often overlooked but valuable means of growing overall retirement savings is to pass some of your superannuation to your spouse, i.e. spouse contribution splitting.

It will pay to be lazy with Bill Shorten's franking credit changes

The financial system in Australia has always been based on some simple fundamental principles. An underlying ethos of the more you work, the more you earn, the more tax you should pay. As much as we may despise paying tax, we all accept this as fair.

Not super to keep on meddling

No wonder people aren’t engaged with their superannuation and don’t pay attention. For young people like myself there are most likely going to be another 100 rule changes before we can access our superannuation and here comes another set of proposed changes.

Banking Royal Commission: The impact on superannuation

Since its release, commentary on the Royal Commission’s Final Report has focused on the impact this will have on the Australian financial services sector and the big banks.

Banking Royal Commission: next steps for financial industry

The interim report from the Banking Royal Commission (BRC) into misconduct in the banking, superannuation and financial services industry has some hard lessons for those in the financial services industry, including accountants and financial advisors.

Reducing financial pressures in the face of critical illness

We are taught from a very young age to plan for success, yet no one teaches us to plan for failure or the unexpected. Nowadays it is even worse, we don’t even let our kids fail, they all get a medal in the school carnival.

The Banking Royal Commission (BRC)

An analysis of the Banking Royal Commission (BRC), what has arisen so far and lessons for organisations.

The Banking Royal Commission (BRC) - What is it about?

The Banking Royal Commission (BRC) is a twelve-month $75 million enquiry into the banks and the broader financial services industry. The BRC is investigating the conduct of banks, insurers, financial service providers and superannuation funds (not including self-managed superannuation funds).

Where did things go wrong?

Outcomes thus far reflect instances of failures of leadership, governance and accountability, as well as complacency about governance and culture, and a lack of management non-financial risks.

Lessons for all organisations from the Banking Royal Commission

There are many lessons to learn, arising from the Banking Royal Commission, particularly as it pertains to transparency, efficiency and a focus on culture. How can we be sure that we are pursuing best practices and responsible conduct with our own customers, staff, colleagues and other stakeholders?

RSM finalists in ifa Excellence Awards 2018

Seven ways to kick-start your retirement planning

Time stands still for no one, especially if your eyes are on the retirement prize and yet you’re wondering, “how am I going to get there?”

A super recontribution could optimise inheritance for your kids

Aside from your home, the most valuable asset you are likely to own, and potentially be able to pass on to your next generation, is your superannuation. The challenge is that once your kids leave home, their financial dependence on you, at least according to the law, pretty much ends.

Super members and trustees - are you ready for 30 June 2018?

With the new financial year almost upon us, are you ready for it? Self-managed superannuation fund (SMSF) trustees have some critical reporting dates coming up. The first of these occurs on 30 June 2018 and thereafter quarterly reporting kicks in.

Consolidating super - don't blow up your insurance!

There’s growing concern around the fees associated with managing super, with many failing to see the wood from the trees when it comes to the difference between fund management fees and insurance premiums.

De facto relationships and your super

It’s a fact that many people are living in longer-term de facto relationships than in the past. Longer engagements, second marriages and older couples forming relationships in their golden years are all contributing to this trend.

Avoiding a Will dispute

One of the most difficult issues facing parents is how to treat their non-farming children fairly, whilst at the same time leaving the valuable farm to the farming child or children.

Why young Australians need to engage with super earlier

It’s common that many young Australians consider super and retirement as something they will deal with when they get older, with some delaying their interest and engagement for their ’50 something-year-old’ self to deal with.

An illness to your partner could also cost you a career

The personal financial demands on you and other Australians are not getting any easier. With continued record growth in the property market alone, Australians are having to live with the maintenance of some of the highest levels of household debt in the world.

Investment and broader financial planning implications

thinkBIG 2018 Superannuation whitepaper: discussing the real impact of the overhaul to the superannuation system - what now?

Are your parents your insurance policy?

Many Australians cringe at the thought of insurances, let alone considering what the actual personal risk is that the insurance covers. Who really wants to think about the impact an accident, illness or, worse, death is going to have on you and your family?

The Gift of Insurance

While many people intend to leave assets to their kids when they pass on, there is an increasing trend for parents to assist their adult children whilst they are still alive. An example of an early inheritance can be in the form of a deposit to assist with the purchase of real estate.

The Yin Yang of cash and its effect on income for investors

The Yin Yang, a symbol of two opposite yet complimentary energies is a concept that plays a significant role in the lives of millions of Australians who are reliant on cash for income in retirement.

The 3 Myths we are sold about the benefits of low-interest rates for Australians.

We all love the thought of low-interest rates generally because for us consumers it effectively lowers the cost of our monthly loan repayments. But what if what you gained on the front end, you were losing on the backend?

Could there be more to life insurance than death?

Every day you work hard to create the best possible lifestyle for you and your loved ones. This includes many sacrifices to ensure that you can achieve your financial goals like paying down debt, holidays aboard, children’s education and a comfortable retirement.

Rethinking the value of Transition to Retirement (TTR) pensions

A Transition to Retirement (TTR) Pension still offers a number of benefits to you as an investor preparing for retirement. Despite the changes to the tax free earning status of a TTR, you shouldn’t be too hasty in discounting this option as it can form a central part of a bigger retirement accumulation strategy.

Fundamentals of Financial Success | Pillar 6 – Planning your estates

Throughout the Six Fundamentals of a Strong Financial Plan series, we've discussed some of the fears that you may face in making a decision regarding your financial plan and how the barrage of attention-grabbing headlines and world events distract you.

Invest regularly and ease your stress of market volatility

If you’re an investor considering entering the market with your hard-earned savings you may feel a little uneasy about placing a large lump sum into the market all at once. Especially when you think it could experience an extended period of market volatility.

ATO's final position on SMSF pension reporting requirements

With the introduction of the new $1.6m Transfer Balance Cap or limit on pensions, from 1 July 2017, the ATO and self-managed superannuation fund (SMSF) industry have been in discussions about the reporting requirements to the ATO.

Fundamentals of Financial Success | Pillar 5 – Structure your wealth

During this series we've discussed some of the fears that people have in making financial plans and decisions due to media grabbing headlines and world events and why implementing the fundamentals a financial plan can set you up for success. In previous parts of this series, we covered the first four key pillars.

Save for your property and have your avo' too..

Millennials want it all but aren’t willing to give up some indulgences in life, or so social media tells us.

Fundamentals of Financial Success | Pillar 4 – Engage with your Super

As discussed in part one to three of the series The Six Fundamentals of a Strong Financial Plan, it's important to remember that there are always going to be events that are happening locally or internationally that will impact financial markets.

Fundamentals of Financial Success | Pillar 3 – Inefficient debt

As discussed in part one and two of the series The Six Fundamentals of a Strong Financial Plan, it's important to remember that there are always going to be events that are happening locally or internationally that will impact financial markets.

Fundamentals of Financial Success | Pillar 2 – Personal risk

As discussed in part one of the series The Six Fundamentals of a Strong Financial Plan, it's important to remember that there are always going to be events that are happening locally or internationally that will impact financial markets.

Donations really do pay dividends

You may think that rarely does a financial advisor suggest to clients to give away some of their hard earned wealth as a donation. The good news is there are real financial rewards and benefits in doing so, not to mention the feel-good factor and social benefits which arise.

Fundamentals of Financial Success | Pillar 1 – Manage your cash flow

With all the noise in the media and the constant barrage of headline-grabbing news around recent superannuation changes, it’s easy to feel overwhelmed and even confused about how all this will affect your personal financial success.

Home improvements for Centrelink Benefit, is it worth It?

With the changes to the Centrelink Asset test that took place in January 2017, you may be asking whether investing in home improvements to lower your assets is a viable strategy.

Farm Succession - How to Generate Income When Retiring From Your Farm

One question I am often asked by my farming clients when considering farm succession is...

Downsizer contributions

The 2017 federal budget was a quiet one for superannuation with no substantial reforms or tinkering with the system. One reform announced was the ability for amounts to be contributed to superannuation over and above the current limits where individuals are downsizing their primary residence.

Superannuation contribution opportunities and traps

The first issue to be aware of is the reduction in super contribution limits that start from 1 July 2017.

Choosing capital gains tax relief

A key component of the Fairer Super reforms is the ability for superannuation funds impacted by the reforms to revalue their assets to their current market value for taxation purposes.

Transfer balance cap reporting

The introduction of the $1.6m cap on pension accounts will result in additional reporting requirements to the ATO by SMSF trustees. All SMSF’s that are paying retirement pensions to their members will be required to report these to the ATO, even if the total balance of the members pension is less than $1.6m.

Self Employed - Boost Your GESB Super with PAYG from the WA State Government

If you are a former employee of the WA State Government and now earn your living through your own business, you’ve probably been enjoying some of the pay-offs of the contributions rules afforded to you as a result of being a member of the GESB West State Super Fund.

Impending Superannuation Changes

On the eve of the new financial year let’s take a look back on some of the key Superannuation Changes that will begin to affect people from 1st of July 2017. In some cases, you’ll need to take action well before then.

Aged Pension | Tip #3: Centrelink Benefits of Prepaying Your Funeral

More than 430,000 Australians have suffered a partial or total loss to their Centrelink Aged Pension due to the changes to the Asset Test that took place in January 2017.

5 superannuation tips to check before June 30

With 30 June fast approaching now is the time for you to take action on the superannuation reforms and other general end of financial year issues with these five superannuation tips. Are you ready?

Last Chance to Sell Down Chunky Investments for Retirement Using GESB West State

Do the latest changes to Super present the last opportunity for former WA State Government employees, to capitalise on their West State Super before retiring?

How much money do I need to start a self-managed super fund (SMSF)?

The decision to take control of your superannuation is not a simple one, with many factors to take into account, such as the minimum balance required.

Aged Pension | Tip #2: Could Gifting improve your Centrelink Aged Pension?

In January 2017 changes to the Centrelink Aged Pension Asset Test caused more than 430,000 Australians to lose or suffer a reduction in the Aged Pension.

GESB West State Super - actions for self-employed members

Are you a self-employed GESB West State Super member? You may be entitled to unique benefits, but act now before they disappear after the 30 June deadline.

GESB West State Super - what changes are coming?

Super Changes affecting GESB West State members are coming from 1 July 2017. Find out from one of RSM's GESB superannuation specialists what to do before the 30 June deadline.

How to crystallise your tax free benefits in GESB West State before it’s too late!

It’s been argued that superannuation could be considered to be your number one investment asset heading into retirement. After your residential home, which for most is a lifestyle asset rather than investment, we are all looking towards superannuation savings or Centrelink to fund our retirement.

Aged Pension I Tip #1: Simple strategies that could increase your income

As of 1 January 2017 more than 430,000 Australians lost, or suffered a substantial cut to, their Aged Pension Benefit from Centrelink as a result of the change to the Aged Pension Asset Test.

Last chance for self-employed to maximise super contributions to GESB

If you’re a doctor, engineer or teacher who has previously worked for the West Australian State Government, you may be aware of the changes to superannuation that will significantly impact one of the best retirement strategies available to you since John Howard’s $1m boom.

Concerned about super changes and wonder if you can still retire early?

With all the changes to superannuation and Centrelink that have taken place it’s understandable that Australians are concerned about being able to access their retirement nest egg when they want to. Recently I read the following question in a financial publication that really intrigued me:

Market Update with William Keenan from Lonsec

Identifying new stock market opportunities in 2017 Whether you are a beginner investor, learning the basics of investing in the stock market or a long-term stockholder, investing in financial stock markets can be worthwhile, but are often hard to predict, especially in our current financial climate.

5 tips to reduce your mortgage debt

30 years is a long time to have a mortgage - It's over half a person's working life. Wouldn't it be nice to be debt-free? It obviously won't happen overnight, but there are a number things you can do yourself to reduce your mortgage!

How the upcoming superannuation changes will impact you

Superannuation changes, which take effect on 1 July could have a massive impact on workers, particularly the wealthy, and many may end up paying more tax. The news is not all bad for Australians, and there are some opportunities to make smart financial decisions now that will put you in the driver's seat for your retirement.

‘Soldiers of misfortune’ and their post-war battles

Instead of ticker tape parades, too many service veterans are returning home to a life of poverty, broken marriage, welfare dependency, homelessness and potential bankruptcy, says Rod Edwards director at RSM Financial Services Australia (RSM).

Choosing a Corporate or Individual Trustee

When establishing an SMSF the members have a critical decision to make. Do they set it up as individual trustees or as a company appointed as a corporate trustee, with the members being directors of the company? We explore what to remember when making this decision.

Are you SuperStream compliant?

The SuperStream standard is part of the government’s Super Reform package. It will provide a consistent, reliable electronic method of transacting linked data and payments for superannuation.

2016 Self-managed superannuation fund audit requirements

Superannuation: Year-end planning and pensions

Superannuation is not an investment

2016 Federal Budget - the good and the bad for superannuation

Superannuation: year-end contribution planning

Budget 2016 - Summary of tax rates and thresholds for individuals

Resident taxpayers The current 2015/16 tax rates (including the 2% temporary budget deficit levy, but excluding the 2% Medicare levy) are: 2015/16 Income Year

Budget 2016 for Individuals

Key announcements There are very few Budget measures impacting on personal income taxes for individual taxpayers and families. The key change for individuals is an increase to the threshold at which the 37% marginal tax rate for individuals commences.

Tips to find the best financial adviser to suit your needs

Need some help in considering how to find the right financial adviser? Trust -

Super funds are not collectables: how multiple funds might be costing you more.

ATO clamps down on trustee behaviour

End of financial year - four months to go

The season has changed to autumn and it is four short months to the end of the financial year. The press is constantly talking about tax reform, what is in, what is out, what is being considered.

Tax-free super under age 60?

There has been some media coverage recently about a tax savings strategy for those aged 56 to 59. We’re taking a cautious approach.

Tips to improve your cash flow

The start of the new year provides small businesses with the perfect opportunity to improve their credit management and cash flow conversion cycle. Here are some tips for improving your credit management and cash flow in 2016:

Registering a new SMSF? What you need to consider

What we see wrong in self-managed superannuation funds

SMSF’s are required to comply with a myriad of legislation and regulations. From time to time we come across some common issues with funds, which if left unattended could result in significant issues in the future.

Increased life expectancy

Australians are staying active and living longer than previous generations, almost 25 years longer. That should be great news. 25 more years to spend with our children and enjoy our grandchildren, to finally travel to Italy and test our high school Italian or to start working on that project we’ve never quite found the time to get around to.

Real costs of retail insurance cover

Not all insurance covers are perceived in the same light The majority of Australians hold some form of insurance whether it be home and contents, motor vehicle or private health cover. However when it comes to insuring themselves for death, sickness, disability or loss of income, people are reluctant to outlay their hard earned cash.

Maximising superannuation when selling the farm

In my experience a lot of farm owners, when asked what they think of superannuation, will remark ‘my farm is my super fund’. However what happens when the farm is sold?

Managing change at board and executive level

RSM recently held a lunch featuring a panel including Paula Dwyer, Professor Judith Sloan and Fiona McGauchie with Catherine Walter as MC to discuss how to manage change at board and executive level. This is a synopsis of the event.

Preservation age and building retirement savings

Commonly people see their retirement as the time to access their superannuation balances. However, when you can access your super benefits actually depends on your preservation age, which currently stands at age 55. This will be changing with regulations pushing the preservation age up to 60 for people born after 1st of July 1964.

Group insurance cover and occupation ratings

The majority of superannuation funds have an insurance component, which comes in the form of Life, Total and Permanent Disability or Income Protection Cover. These covers are most commonly ‘Group’ covers which, as the name suggests, cover a group of people communally either with the same employer, in the same profession or with the same superannuation fund.

Clarify death taxes

We know that if superannuation passes to our spouse or children under 18 on our death, there is no tax to pay. On the other hand, some or all of our superannuation benefits will be taxed at either 15% or 17% when it passes to an independent adult child.

What increasing life expectancy means to you

On average Australians are living longer. The majority of us see this in a positive light as it allows for further life experiences and more time with friends and family. Increasing life expectancy does however come with additional financial concerns, which continue to increase as the gap between retirement age and life expectancy grows.

Super is so much more

Yes, we have had our self-managed superannuation fund for a number of years. Our accountant looks after the tax each year, we sign a few papers, pay a few invoices and generally everything is pretty straight forward.

Tips and traps with super

You have worked hard and accumulated a decent amount in your self-managed superannuation fund. Besides holding a cash component to pay the bills and your minimum annual pension, you have also built up other assets for your retirement.

Reduce tax on your super

Investing your hard earned monies into superannuation can have one serious sting in the tail. Put simply, your non-dependent children will pay 17% on the taxable portion of your superannuation benefits when you die. The aim with any tax impost is to reduce it as much as possible, whilst complying with the laws of the day.

How to combat super death tax

Many years ago we had death taxes, otherwise known as probate duty. This tax was imposed by both State and Federal governments with gift duties thrown in just to make sure you did not die with no assets and avoid paying probate duty. Because farmers are asset rich and income poor, death duties were seen to be very unfair.

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