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At Chesterfields Financial Services we care about our client’s knowledge on financial concepts and their general financial wellbeing. we like to give them a safe place to learning more about money. As a demonstration of this, our clients have access to our Financial Knowledge Centre. You can read more about the Financial Knowledge Centre here.

Please see below a selection of some of the most recent articles which might be of interest to you. If you are not a client and would like to know more about our Financial Knowledge Centre, please contact us.

Vanessa Stoykov: 3 things you need to get a life plan that works

Vanessa Stoykov is a renowned Australian money educator. In this special financial education piece, Vanessa discusses the concept of life planning and money—and being the author of your own story.

Update: ‘Your Future, Your Super’ legislation

Super is, without a doubt, complex and ever-changing. In this article, we share an important change to super following the recent passing of the ‘Your Future, Your Super’ legislation.

Personal finances: Taking stock & making changes

A new financial year can be an opportune time to take stock of your overall personal finances and make changes if needed. In this article, we provide a list of questions that may help you with this.

1 July 2021: New rates, thresholds, & legislation

The commencement of a new financial year can see rates and thresholds increase (or decrease) and legislation take effect. In this article, we provide important information on changes from 1 July 2021.

Contribution eligibility: Age & work test conditions

Accumulating wealth in super takes, among other things, contributions. However, there are limits to this. In this article, we cover contribution eligibility conditions—maximum age and the work test.

A snapshot overview of personal insurances

Personal insurances can be a key consideration when it comes to wealth accumulation and related health (and financial) risk management strategies. In this article, we summarise the main insurances.

The rise of paid subscription services

An estimated collective total of $3.9 billion per year is spent on avoidable paid subscription services by Australian households. In this article, we explore spending and paid subscription services.

11 key tax facts about superannuation

From a wealth accumulation and cash flow generation perspective, super is widely considered one of the most tax-effective investment structures. In this article, we cover 11 key tax facts about super.

Financial wellbeing: Financial literacy quiz

When it comes to achieving financial wellbeing, financial literacy plays a key role. In this article, we have put together a quiz to test your knowledge across various areas of your personal finances.

EOFY planning for the 2020-21 financial year

With 30 June coming up, please consider putting aside time to review your personal finances—and take action, prior to this date, if appropriate. In this article, we provide EOFY planning tips.

2021 Budget: The ‘Securing Australia’s Recovery’ proposed measures

Treasurer Josh Frydenberg delivered the 2021-22 Federal Budget on 11 May 2021. We provide an overview of several key proposed policy measures that may be relevant to you.

Update: COVID-19 economic response measures

The JobKeeper Payment program, which began on 1 March 2020, has now ended (on 28 March 2021). In this article, we provide a status update on several of the other COVID-19 economic response measures.

Building super together: Spouse contributions

According to ASFA, the lump sum savings required at retirement for a comfortable lifestyle is $640,000 for a couple. In this article, we cover building super savings together via spouse contributions.

Jargon buster: Property investing edition

In the finance industry, there can be a considerable amount of jargon. In this article, we help you to understand some of the commonly used jargon in the residential property investing environment.

Age Pension entitlement: Eligibility tests

The Age Pension remains is a key source of income for many older Australians in retirement. In this article, we discuss the Age Pension and the eligibility tests that need to be met to qualify for it.

TPD insurance: Ownership structures

When establishing an insurance policy, it’s important to choose an appropriate ownership structure. In this article, we cover total and permanent disability (TPD) insurance and ownership structures.

Update: Indexation of contributions caps

The contributions caps limit the amount that can be contributed to super. In this article, we provide details on the future indexation of the contributions caps (concessional and non-concessional).

Update: Indexation of the transfer balance cap

The transfer balance cap limits the amount of super benefits that can be transferred to retirement phase. In this article, we provide information on the future indexation of the transfer balance cap.

Individual taxation: Tax offsets (or rebates)

The income you receive will often be assessable for income tax purposes. However, there will also be instances where the tax payable may be reduced. In this article, we discuss several tax offsets.

Personal insurances: Insurance premium styles

A number of variables influence the insurance premiums payable on a personal insurance policy. In this article, we cover one such variable, insurance premium style and the options available.

Personal finance-related New Year’s resolutions

The making of a resolution can often be sparked post-reflection by our need or want to seek positive change in an area of our life. In this article, we discuss personal finance-related resolutions.

Investment portfolios and concentration risk

Diversification is a key risk management strategy used when constructing an appropriate investment portfolio. In this article, we provide information on investment portfolios and concentration risk.

Borrowers: Home loan refinancing (or switching)

There are over 100 lenders in Australia offering a combined total of nearly 4,000 different home loan products. In this article, we provide a general overview of home loan refinancing (or switching).

Retirement Income Review report: Key findings

Australia’s retirement income system consists of a three-pillar approach. In this article, we highlight the key findings from the Government’s recently released Retirement Income Review final report.

Legislative update: Taxation & social security

The Parliament recently debated many important pieces of proposed legislation. In this article, we provide a summary of the main aspects of these now legislated taxation and social security Bills.

Underwriting guidelines: Pursuits & pastimes

Many, but not all, pursuits and pastimes are often accepted at standard rates in a formal insurance application. In this article, we provide information on these and other pursuits and pastimes.

Taxation update: Personal Income Tax Plan

In the 2020-21 Federal Budget, proposed changes to individual taxation were announced. In this article, we provide an overview of these now legislated changes and what they may mean for you.

Super re-contribution strategy explained

Super benefits may comprise of two components: a tax-free and taxable (taxed element) component. In this article, we discuss a re-contribution strategy—one way to increase the tax-free component.

Key home loan repayment considerations

A home loan will most likely be the largest, and most time/cashflow-consuming, debt that you’ll pay off in your lifetime. In this article, we provide information on home loan repayment considerations.

The different types of powers of attorney

A power of attorney is a legal document that gives someone the authority to manage your affairs on your behalf. In this article, we provide an overview of the different types of powers of attorney.

The Pharmaceutical Benefits Scheme (PBS)

As at 30 June 2019, there were 900 different medicines in 5,455 brands listed on the Pharmaceutical Benefits Scheme (PBS). In this article, we discuss the PBS, as well as the Pharmaceutical Allowance.

Home improvements and overcapitalisation

In 2016, roughly 8.4 million (62%) of Australia’s 13.6 million home-owners did some kind of home improvement. In this article, we provide information on home improvements and overcapitalisation.

2020 Budget: The ‘COVID-19 Recovery' proposed measures

Treasurer Josh Frydenberg delivered the 2020-21 Federal Budget on 6 October 2020. We provide you with an overview of the main proposed measures that may be relevant to you and your personal finances.

Transition to retirement income streams (TRIS)

A transition to retirement income stream (TRIS), among other things, may help you ease into retirement—reduce your work hours, while maintaining your income level. In this article, we cover TRIS.

Life event: Financial assistance to eligible carers

There may come a time in your life when you provide care and support to a family member, friend or neighbour. In this article, we discuss the Government’s financial assistance to eligible carers.

A collection of financial rules of thumb

The pressure that can come with making a financial decision can lead to no decision being made and no action being taken. In this article, we discuss financial rules of thumb (decision shortcuts).

Self-employed? Don’t leave your business at risk.

What would you do if you became sick or injured and were unable to keep your business running? It’s not something that is often thought about, but it is important to take a moment to consider it.

Make technology work for you

Are you a new technology pioneer, or a proud ‘technophobe’? Wherever you sit on the digital spectrum, the transformative power of technology is undeniable. What’s important is how you harness it.

Top tips when preparing your Will

Preparing a Will can be complicated, especially if you have a complex family structure. Here are some tips to consider when writing a Will

How did interest rates get so low?

We are operating in a world where interest rates are now very low both overseas and here in Australia.

2020 ‘mini-budget’: An economic & fiscal update

The Treasurer delivered a ‘mini-budget’ on 23 July 2020—an economic and fiscal update. In this article, we provide a summary of the update, inclusive of the main personal finance-related points.

Super engaged & well-informed: Annual statements

The receipt and review of your annual super statement can assist you to stay actively engaged with, and well-informed on, your super. In this article, we provide a review checklist to help with this.

Deductions & work-related home office expenses

According to ATO data, for the 2017-18 financial year, 8,950,205 individuals claimed $2,424 on average in work-related expenses. In this article, we discuss work-related home office expenses.

1 July 2020: Change in the new financial year

A new financial year can mean change—thresholds and rates can increase (or decrease), and legislation can take effect. In this article, we provide information on change occurring from 1 July 2020.

Life insurance: Core & supplementary provisions

There can be many benefits to holding life insurance. In this article, we discuss several supplementary provisions held within some life insurance policies that have a focus on enhanced coverage.

4 June 2020: The HomeBuilder grant program

The construction industry (among others) has been adversely impacted by COVID-19. In this article, we provide information on the Government’s recently announced HomeBuilder grant program.

Invalid wills, passing away intestate, and intestacy rules

One of the most important things we can do prior to our passing is to ensure we have a valid will in place. In this article, we provide an overview of various intestacy rules that exist in Australia.

Financial needs and wants in a post-COVID-19 world

Life events can disrupt context cues and create opportunities to make decisions and implement new intentions and goals. In this article, we discuss financial needs and wants in a post-COVID world.

Working during retirement and the Work Bonus scheme

When looking at long-term data, the workforce participation rate of those aged 65 and over has steadily risen over the years. In this article, we discuss working during retirement and the Work Bonus.

EOFY planning tips: Give your finances a boost

With the end of financial year on the horizon, it’s important to review areas of our personal finances, and take action if required, before 30 June. In this article, we discuss EOFY planning tips.

JobKeeper Payment scheme: Legislated, with changes

In two recent articles, we provided overviews of the Government’s economic response to the COVID-19 pandemic. In this article, we provide an updated overview of the now legislated JobKeeper Payment.

The potential long-term impact of accessing super early

To access super, a condition of release must be met. In this article, we list these conditions of release, and also provide information on the potential long-term impact of accessing super early.

COVID-19 economic response: Individuals and households

Economic and financial issues continue to emerge from the COVID-19 pandemic. In this article, we provide information on the Government’s support for individuals and households in this difficult time.

COVID-19 economic response: Businesses

Economic and financial issues continue to emerge from the COVID-19 pandemic. In this article, we provide information on the Government’s support of businesses in this difficult time.

Appropriate measures, adverse events and positive outcomes

When an adverse event does occur, the outcome for those with an appropriate measure in place and those without can be vastly different. In this article, we list various personal finance measures.

Aged care and the informal care space

Older Australians are increasingly choosing to remain living in their own homes for as long as possible. In this article, we provide a summary of the aged care and informal care space.

Household consumption and the Diderot Effect

The purchase of a consumer good or service can prompt the purchase of another consumer good or service, and so on. In this article, we explore household consumption and the Diderot Effect.

Retirement and the transfer balance cap (TBC)

A limit applies to the amount of super benefits you can transfer from accumulation phase to retirement phase to support an account-based pension. In this article, we discuss the transfer balance cap.

Practising self-care: Relaxation, rejuvenation and reflection

For many of us, work forms a major part of our daily lives. In this article, we discuss burnout, work/life balance, and the importance of practising self-care over the festive season (and beyond).

Getting ahead financially: Household financial waste

Getting ahead financially can involve an analysis of your existing financial situation; seeing if adjustments are required in one or more areas. In this article, we discuss household financial waste.

Age Pension entitlements: Gifting and deprivation rules

When transferring wealth before your passing, it’s vital to consider the potential financial impact to you. In this article, we discuss Age Pension entitlements, and the gifting and deprivation rules.

Estate planning crossword: Answers

Estate planning is about planning who gets what assets, at what time and in what manner upon your passing. In this article, we provide the answers to our recent estate planning crossword.

The rise of ‘buy now, receive now, pay later’ services

There continues to be a rise in the uptake by consumers of ‘buy now, receive now, pay later’ services offered by providers (e.g. Afterpay). In this article, we unpack the review of these services.

Investing: The different types of asset classes

When investing for the future, it’s important to understand the different types of asset classes (i.e. cash, fixed interest, property and shares). In this article, we explore asset classes further.

Australia’s three-pillar retirement income system

In retirement, you may find your retirement lifestyle being funded by a variety of different sources. In this article, we provide an overview of Australia’s three-pillar retirement income system.

Estate planning crossword: Questions

Estate planning is about planning who gets what assets, at what time and in what manner upon your passing. In this crossword, we cover the different components relating to the planning of your estate.

1 April 2020: ‘Protecting Your Super Package’ 2.0

A bill, which builds upon the previously passed ‘Protecting Your Super Package’, recently passed through parliament. In this article, we explore the combined impact of these pieces of legislation.

Retirees and the Commonwealth Seniors Health Card

As you make your way through your retirement years, you may start to find that your expenditure on healthcare increases. In this article, we take a closer look at the Commonwealth Seniors Health Card.

Your total super balance and wealth accumulation

Did you know that several wealth accumulation strategies can be impacted by your total super balance (TSB)? In this article, we discuss your TSB and these wealth accumulation strategies in detail.

Interest rates: Borrowers, savers and investors (retirees)

An important relationship exists between monetary policy, cash rates and interest rates. In this article, we take a look at what this relationship means for borrowers, savers and investors (retirees).

The prevalence, incidence, risk and cost burden of ill health

‘It’ll be right’ or ‘bulletproof’ is a health mindset held by some of us. In this article, we unpack key findings into the prevalence, incidence, risk and cost burden of ill health in Australia.

The top 10 facts about account based income streams

An account based income stream, can be one of the most tax effective ways to fund your retirement lifestyle. In this article, we discuss the top 10 facts about account based income streams.

Retirement and changes to the Age Pension deeming rates

Retirement income can often come from several sources. In this article, given the low interest rate environment, we discuss retirement in general, and also changes to the Age Pension deeming rates.

Tax refunds: Low and middle income tax offset (LMITO)

With a recently legislated Bill, many of us may have seen or are expecting to see a larger tax refund or smaller debt regarding our 2018-19 tax return. In this article, we explore LMITO, and tax refunds.

Super review checklist: Your annual super statement

As a super fund member, you will be receiving your annual super statement soon. In this article, we provide you with a helpful checklist for reviewing this important document.

Consumer payments behaviour: How do you compare?

Australians tend to spend more on and around their payday (regular income payments), relative to their average level of daily spending. In this article, we explore consumer payments behaviour.

Self-managed super funds (SMSFs): Sector insights

Are you looking for a broad overview of the existing self-managed super fund (SMSF) sector? In this article, we provide you with SMSF insights to help you get up to speed.

1 July 2019: New financial year, new state of play

When it ticks over to a new financial year, often existing rates and thresholds increase, and new legislative instruments take effect. In this article, we discuss the state of play from 1 July 2019.

A healthy retirement: Physical activity and dietary guidelines

Retirement is a time to relax and enjoy the fruits of your labours; but, can relaxing too much be a bad thing? In this article, we explore the physical activity and dietary guidelines for retirees.

Unpacking the First Home Loan Deposit Scheme (FHLDS)

Following the federal election results, the Coalition has been re-elected. In this article, we provide a brief overview of one of their new proposed measures, the First Home Loan Deposit Scheme.

1 July 2019: Protecting Your Superannuation Package

Several changes are coming to superannuation, and action may be required on your part prior to 1 July 2019. In this article, we discuss the recently legislated Protecting Your Superannuation Package.

Australia’s ranking in the Global Retirement Index

The Global Retirement Index assesses and compares the level of retirement wellbeing and security in different countries around the world. In this article, we explore how Australia ranks.

Legislative update (Acts): To be, or not to be… (Part 2)

Many Bills managed to become Acts before the dissolution of parliament. In this article, we look at several of these pertaining to social security, superannuation and taxation.

Legislative update (Bills): To be, or not to be… (Part 1)

Many Bills lapsed following the dissolution of parliament ahead of the federal election. In this article, we look at several of these pertaining to employment, social security and superannuation.

EOFY planning tips: Fine-tuning your personal finances

As we approach the end of financial year (EOFY), this can be an opportune time to do some fine-tuning in areas of your personal finances. In this article, we provide EOFY planning tips.

Needs analysis: Linked personal insurance policies

A needs analysis can be an important initial step in the establishment of an appropriate personal insurance plan. In this article, we explore needs analysis and linked personal insurance policies.

Considering a sea/tree change in retirement?

Nearing or in retirement, for one reason or another, some of us can start to give thought towards a sea/tree change. In this article, we discuss relevant considerations before taking the dive.

Wealth accumulation and the FIRE movement

The FIRE (Financial Independence, Retire Early) movement is a rather controversial social lifestyle movement that’s gaining some traction. In this article, we provide insight into this movement.

2019 Budget: The ‘Back in Black, Pre-Election’ Proposed Measures

Treasurer Josh Frydenberg delivered the 2019-20 Federal Budget on 2 April 2019. We provide you with a summary of the main proposed measures that may be relevant to you and your personal finances.

Personal insurances: Insurance premium variables

Insurance premiums can vary considerably from one person to the next due to the diverse range of variables at play. In this article, we explore several of these variables via a case study.

Household finances: Personal financial statements

Proper, ongoing management accounting is crucial for running a successful, long-term business. This is the same for your personal accounting. In this article, we explore personal financial statements.

Spotlight on investment risk profiles

Whether you are a wealth accumulator or retiree, determining an appropriate investment risk profile is important. In this article, we discuss the process behind this in further detail.

The benefits of practising money mindfulness

A mindful money practice requires you to pay full attention to your money on a moment-by-moment basis. In this article, we explore the benefits of practising this approach in your daily life.

Update: Recent legislative changes

Several proposals regarding small and medium businesses, primary producers and farmers, consumers, aged care and education have recently been legislated. In this article, we unpack these for you.

Your 2019 financial health check

With 2019 here, it’s time to kick-start your personal finances for the year ahead. In this article, we provide you with a financial checklist to help you take stock of your personal circumstances.

An exercise on financial literacy for kids

Financial literacy is an important life skill. In this article, we provide you with a simple exercise that you may find helpful in terms of getting the ball rolling with your children.

Embracing the festive season spirit

The festive season spirit is centred on giving (not receiving), whether material or immaterial. In this article, we list ways to help you (and your children) embrace the spirit of the festive season.

The art of reflection and time management

How you decide to spend your time can affect your ability to achieve your goals and objectives. In this article, we explore the importance of reflection on your current time management.

Reverse mortgages: The Pension Loans Scheme

The saying ‘asset-rich, but income-poor’ can be an accurate description of the financial situation of some retirees. In this article, we look at the Government’s Pension Loans Scheme.

Checklist: How to become more energy-savvy

Being more energy-savvy in your home is not only good for the environment, but also for your hip pocket over the long-term. In this article, we provide a list of ways to become more energy-savvy.

Life event: Helpful tips to save for a home deposit

For first homebuyers especially, saving for a home deposit can often take a considerable amount of time and effort. In this article, we offer some helpful tips.

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