The Manning Community News

Sharing community news and views

Money

IT’S NOT ALL DOOM AND GLOOM

Reports from several businesses that they have had a flood of new activity on the back of Covid 19 stimulus, indicates that Government stimulus initiatives have had some effect but it is industry specific. This is also reflected in the growth in the value of some listed shares, where demand for specific products and services […]

Money

THE CORONAVIRUS PANDEMIC, THE ECONOMY AND INVESTMENT PERSPECTIVES.

I recently read a very well written piece from Dr Shane Oliver, Chief Economist from AMP Capital Management. So upfront, I will be referencing Dr Oliver and I am giving him credit for much of the discussion points that I am about to share with readers. For an economy to suddenly have double the unemployment, […]

Money

ASSISTANCE TO WELFARE RECIPIENTS

The Australian Government has provided a stimulus package amongst other financial assistance to counter the impact on the economy and the wellbeing of Australians due to Covid-19 virus. What has not been publicised, is how current asset test assessment thresholds can increase pension payments or results in those not qualifying for age pension assistance, may […]

Money

Footballers and high impact sport and recreation enthusiasts! Take Note!

Over the past year, we have had five clients who were injured during sport and recreation pursuits who were assisted with claims under income protection and specified injury cover. In the previous two years there were a similar number of footballers both locally and outside of this area, very grateful for the insurance cover that […]

Money

DEATH TAX BY ANOTHER NAME

When I was 14, my grandfather who was 91, transferred his share of the family farm to my uncle and father, who then had to pay gift duty on the value of the gift. They figured that was better than the cost of death duty once my grandfather died.Unfortunately, grandfather, an avid cricket fan,  needed […]

Money

BE READY FOR LOWER INVESTMENT RETURNS

I have been bemused by some opportunistic advertising and media commentary regarding the great returns coming from superannuation the past calendar year and the boost to the average returns over 3, 5 and 10 years. It is now more than 10 years since the GFC so those negative years have been eliminated in the quoted […]

LocalMoneyPolitics

Council Finances – Still a Mess!

Last month we wondered if MidCoast Council had made “ . . . The Dumbest Deal EVER?” We revealed some of the key financial provisions relating to the project entitled ‘The Forster Civic Precinct’, which is not really a ‘Civic Precinct’  but a library within a high rise commercial property development, which will accommodate a small service centre (as […]

Money

Aged Care and Granny Flat Provisions

There are incentives for families to step up and provide care for their loved ones rather than aged care facilities. One of those is the “Granny Flat Provision” The term “Granny Flat” when it comes to provision of accommodation for a Centrelink recipient, is not to be confused with Council’s definition of a “Granny Flat” […]

LocalMoney

Is This the Dumbest Deal EVER?

A Good Deal for the Developer it seems! Is the Forster Civic Precinct project, including the new library, the dumbest deal ever for the MidCoast Council? Riskier and more radical than even the Masters Office Centralisation Proposal?  Many in the community have contacted us and are starting to believe this is so and to question […]

Money

Transition to Retirement Pension Tax Trap

Prior to 1st July 2017, transition to retirement superannuation pensions commonly known as TTR pensions, did not attract tax on fund earnings. However, from July 1st 2017, the fund earnings were taxed at 15% in the same manner as accumulation superannuation. Unless the pension provider is informed, usually by a Statutory Declaration, that the recipient […]

Money

Money matters!

Just what is an Imputation Credit Potential Windfall? I was bemused coming into the last federal election, over claims that only 200,000 pensioners would be impacted throughout Australia if the cash refund of imputation credits was scrapped. To me, it just indicated how many Australian’s are not claiming that refund. What’s this imputation credit refund entitlement […]

Money

Money Matters

Changes for Pensioner Income and Assets Test Means The announcement of a reduction in the deeming rate that is applied to certain investments, may also give a small lift in pension for those not on a full pension due to the income test assessment, however it is the change in assessment for annuities from July […]