A new financial year is here, and with it comes a wave of changes worth getting across early.
June rounded out the financial year on a mixed note. Headline inflation eased, but underlying inflation climbed to its highest level in almost two years, keeping the prospect of rates staying higher for longer firmly on the table. At home, building approvals stayed soft and consumer confidence slipped back into pessimistic territory. Share markets were choppy, with the ASX trading in a narrow band while global markets posted strong gains despite lingering policy and geopolitical risks. The Australian dollar finished the month at a three-month low.
With a raft of new rules now in effect from 1 July, it’s a good time to think about what they mean for you.
In this issue, we cover…
- Superannuation: more relevant than ever: A range of super changes took effect on 1 July, from higher contribution caps and Payday Super to the new Division 296 tax and a lifted Transfer Balance Cap. With tighter rules around trusts elsewhere, super remains one of the most tax-effective ways to build long-term wealth.
- Perspective, not policy, drives long-term investment success: The Budget’s proposed changes to negative gearing and capital gains tax have kept headlines busy, but for long-term investors it’s rarely a single policy that shapes outcomes. Staying disciplined, diversified, and focused on your goals matters far more than reacting to the noise.
- Refresh your digital defences in the new financial year: Tax time is peak season for scams and identity theft. A few straightforward steps, like stronger passwords, multi-factor authentication, and a quick account audit, can go a long way to protecting your finances heading into the new year.
As always, if you have any questions, don’t hesitate to get in touch.