Andrew from Vista Financial

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About Andrew from Vista Financial

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  1. From Jay Weatherill's Facebook page: Of the $70 billion allocated for infrastructure in the Federal Budget, SA will receive no new funding. No new projects. No new roads. Disappointingly, our state has been completely ignored in favour of the eastern states and WA.
  2. First home savers, downsizers and small business are the winners in Treasurer Scott Morrison’s second Budget – while taxpayers face an increase in the Medicare levy. Note: These changes are proposals only and may or may not be made law Superannuation Contributions from downsizing the home Date of effect: 1 July 2018 Individuals aged 65 or older will be able to make non-concessional (after tax) super contributions of up to $300,000, using proceeds from the sale of the family home. This limit will: apply on a per person basis be in addition to the ordinary non-concessional contribution cap, and be available where the home has been owned for at least 10 years. Unlike other non-concessional contributions, it will not be necessary to meet a work test or have a ‘total super balance’ under $1.6 million. The amount contributed will not be exempt from the assets test used to assess eligibility for the Age Pension. First home super saver scheme Date of effect: From 1 July 2017 First home buyers will be able to save for a deposit by making voluntary concessional and non-concessional super contributions. Contributions will be limited to $15,000 per year (up to a total of $30,000) and will count towards the relevant contribution cap. Withdrawals can be made from 1 July 2018. Concessional contributions plus assumed earnings withdrawn will be taxed at the person’s marginal tax rate, less a 30% tax offset. The Government has provided an online estimator to help individuals calculate the potential benefit of the scheme. SMSF borrowings Date of effect: When law is passed Broadly, when new limited recourse borrowing arrangements are established, the loan balance will be included in an individual’s ‘total super balance’. The total super balance is used to determine a person’s ability to: make non-concessional contributions qualify for a Government co-contribution or a spouse contribution tax offset, and make catch-up concessional contributions above the annual caps from 1 July 2018, where certain conditions are met. Also, repayments made from the SMSFs accumulation balance will count towards the member’s transfer balance cap, if the borrowing supports a pension account. The transfer balance cap limits the total lifetime transfers a person can make to retirement phase pensions. Taxation Medicare levy increase Date of effect: 1 July 2019 The Medicare levy will increase from 2% to 2.5% pa to fully fund the National Disability Insurance Scheme. This increase will flow to a range of other taxes such as Fringe Benefits Tax. Small business accelerated depreciation Date of effect: 1 July 2017 The ability for small businesses with an annual turnover of $10 million or less to claim an immediate deduction for eligible assets costing less than $20,000 each will be extended for 12 months. HELP thresholds and rates Date of effect: 1 July 2018 The annual income threshold at which Higher Education Loan Program (HELP) repayments commence will be reduced to $42,000 (currently $54,869). Also, the repayment rate will start at 1% and increase progressively to 10%. Social Security Pensioner Concession Card Date of effect: From 1 July 2017 Individuals who lost entitlement to the Pensioner Concession Card as a result of the 1 January 2017 assets test changes will be reissued with the card. Energy Assistance Payment Date of effect: 20 June 2017 Eligible pensioners will be entitled to a one-off Energy Assistance Payment of $75 for singles and $125 per couple. Eligible recipients include Australian residents who qualify for the Age Pension, Disability Support Pension and Service Pension. Residency requirements for pensioners Date of effect: 1 July 2018 To be eligible for the Age Pension and Disability Support Pension (DSP), claimants will need to have 15 years of continuous Australian residence unless they have either: 10 years continuous Australian residence, with 5 years of this being during their working life, or 10 years continuous Australian residence, without having received an activity tested income support payment for a cumulative period of 5 years. Existing exemptions will continue to apply for DSP applicants who acquire their disability in Australia. Family Tax Benefit – Part A Date of effect: 1 July 2018 A single taper rate of 30 cents in the dollar will apply to income that exceeds the Higher Income Free Area ($94,316 in 2016/17). Currently, two tests are applied and the higher payment determines the entitlement. Family Tax Benefit – Part A and B Date of effect: 1 July 2017 The payment rates will not be indexed for two years. Indexation will resume on 1 July 2019. Liquid Assets Waiting Period Date of effect: 20 September 2018 The maximum Liquid Assets Waiting Period (LAWP) will increase from 13 to 26 weeks. The LAWP is a period an individual will be ineligible to receive Government income support. The new maximum period will apply to: singles without dependents with liquid assets of more than $18,000, or couples, or singles with dependents, with liquid assets of more than $36,000. Liquid assets are readily available assets such as bank accounts, terms deposits, shares and managed funds. Important information The Federal Budget Analysis prepared by the MLC Technical team, part of GWM Adviser Services Limited, appears below. The information contained in this Federal Budget Analysis is current as at 9 May 2017 and is prepared by MLC Technical, part of GWM Adviser Services Limited ABN 96 002 071749, registered office 150-153 Miller Street North Sydney NSW 2060, a member of the National Australia Bank Group of Companies. Any advice in this Federal Budget Analysis has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on any advice, consider whether it is appropriate to your objectives, financial situation and needs. Any tax estimates provided in this publication are intended as a guide only and are based on our general understanding of taxation laws. They are not intended to be a substitute for specialised taxation advice or a complete assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent. Past performance is not a reliable indicator of future performance. Before acquiring a financial product, you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.
  3. Hi.

    I was given your name by Jim Carroll he said you may be able to help my wife and I obtain a mortgage.

    The only problem we have is that my wife was given a 2 year contract with the SA Government but it came with a 12 month probationary period.

    When I went to the ANZ they said nothing could happen while she was still on probation.

    I was kind of lead to believe you may be able to assist us with this matter and would be great if you could.


    A few numbers if this helps.

    My wife earns 48,000 I earn 33,000 we have approx 40,000 deposit and would be looking to borrow around 300,000.

    We have a house in the UK that is rented out and has around $140,000 in equity left.

    I would be grateful of any reply or assistance.



    Trev and Vicki.

  4. until
    The Seminar is a free event and it covers off the complex area of UK Pension Transfers to Australia. After attending this event it should help you understand the complexities involved and whether you wish to consider transferring your UK Pension. There have been some major changes lately to the UK Pension system and it is really a good idea to understand what these changes mean to you and the implications of transferring a pension to Australia or not. I will also touch on the UK State Pension and what happens to it once someone moves to Australia. My initial thoughts are to hold this around mid August, I run these on a Saturday mid-morning and the venue is in Kent Town. The Seminar usually runs from between 45 - 60 mins depending on how many questions are asked and we also provide sandwiches and drinks. If you feel that this would be of interest to you and you would like to come along then please let me know.
  5. Hello Andrew

    I am after an IFA and your name has been recommended. Please contact me on Sooner rather than later would be good. Thanks.

  6. Hi Adam & Elaine


    Just to let you know that I have PM'd you re your mortgage queries.



  7. Hi Andrew

    Wonder if you could advise us (everyone seems to recommend you for financial advice, so hope you don't mind). We have been here about a month on a 475 regional sponsored visa, and have every intention of staying and making it permanent. We Have seen a house that we like and would love to buy it. I start work next week at a good job ($100k) and it is doing the same thing I was doing in the UK (software development manager), we have around $130k deposit to put down as deposit and the house is around $380k...Would it be possible for us to get a mortgage? and if so, where would be the best place to go?


    Elaine & Adam

  8. Hi Andrew

    Just to say thanks very much for the pensions seminar last week. We are in the process of applying for PR and will be contacting you again when we know that we are successful in staying over here. I know you mentioned the pitfall of not transferring whilst awaiting for PR but because of our ages we are unsure if we will be successful.


  9. Not had chance to get round tonight!!!!

    I believe there might not be any electric on?

    You have to arrange connection so we have been told.

  10. Hey KT welcome to the site

  11. Hey jak and Derek


    By my calculations you have been here a year today. Happy anniversary!!!


    Andy & Stacey

  12. hurt ankle yest....hurts to stand! decided not to spend day standing at work! good day?

  13. Hi Julie.


    Sorry, I was just rushing out the door when your notification came through.


    Not sure if you saw the post regarding the Pension Seminar? So around mid to end of April is the next one.


    Do you have a Super opened already?

  14. Hi Andrew, got your latest email, just wondering about something else are you doing anymore pension superannuation seminars, I've just started a Job and haven't got a clue what to do with superannuation whether to go cash? shares? etc I'm not earning a great deal but would like what I pay in to do the best it can.