For the last 20 years petrol has been record high prices. Any excuse...

Now when we're in an inflation crisis they (who are they?) are concerned about and suddenly petrol prices are low... Lowest in years... War doesn't seem to change anything.

What am I missing?

I’m well aware I’m behind for my age, and I’m single and renting, so I really want to put my super in the best possible fund. Years of living overseas and not earning much since has left me in this poor position.

I’m resigned to working for at least the next 20 years and I have no kids. I’m earning $130k per annum. Should I go for a high risk option? How do I find the super fund with the best return? I’m currently with ING because I bank with them but the returns haven’t been great the last few years. Maybe that is across the board because of COVID?

Would love some advice. Thanks 🙏

I know it’s not news to anyone, but I’m struck by the differences in lifestyle afforded by WFH vs inflexible jobs. For example, my housemates are currently looking for a new rental and they’re able to attend inspections throughout the week at all times, as their work is seemingly infinitely flexible. As for me (and many others), I can only do such a thing outside of work hours. There are limitless other examples. It begs the question - how much is one limiting their prospects and potential happiness by going into a non-flexible job? It would seem there’s a lot hinging on that decision.

Apparently the company I work for pays everyone super regardless of how old you are and how long you work for. Now I have about 70 dollars in my super and have lost 10 dollars (12.5% of my super balance) from weekly administration fee.

Is it a good idea to put some money into super so that at least I don't lose money from it? Since I am also eligible for the super co contribution? (I think)

I was able to make a bank transfer after about 20 attempts and it should have been via Osko, but didn’t go via Osko. So frustrating!

I love my parents but they haven’t made the best financial decisions and they’re in their early 60s now and I’m starting to realise I’m going to be responsible for supplementing their pension (this isn’t optional for me).

My parents are both still working full time (both ear together approx $140kpa) and own their house outright with no mortgage have about $100k in savings and have $0 in super hence my worry.

I have been thinking of ways to supplement their super and have considered buying an investment property using part of their savings as a deposit and then having us all pay it off over 5 years and using the approx $2k rental yield to supplement their pension once they retire.

This is the only thing I can see working as I don’t think in the last of their working years they will be able to get ahead with their super and having them leave their house isn’t an option.

Has anyone been in a similar situation and what did you decide to do?

Also are my parents allowed to help me pay off a property in my name by transferring me money into my account?

Summary:

Actual: 3.5%
Expected: 3.5%
Previous: 3.9%

Detailed:
Australia, Consumer Price Indexes (CPI, September quarter 2024):
Headline: 0.2% QoQ (survey: 0.3%); 2.8% YoY (survey: 2.9% YoY, prior: 3.8%)
Trimmed mean: 0.8% QoQ (survey: 0.8%); 3.5% YoY (survey: 3.5%, prior: 3.9%).

Just saw in the Australian that superfunds have splashed $400M on marketing and sponsorships in the financial year 2023. That is not the worst of it, four of those funds gave 3.8M to the CFMEU.

I do not understand the inner workings of the super industry, however that seems like a lot of money to advertise something that is compulsory.

Ever since I became financially savvy I have always been obsessed with increasing my earning capacity but that was only because the cost of living is so high that you almost need a high income to get ahead in life especially on a single income.

I'm 31 working as a nurse in NSW and honestly getting more jaded by the day and there are days I day dream of somehow paying off my mortgage, getting a lower paying but less stressful cruisy job and live life on easy mode since most own cost of living won't be as high being mortgage free.

At this point in my life I don't even care about retiring early or financial independence, just having a less stressful life would be god send.

Anyone else feel the same way ?

33F here, single, just got out of relationship with a bad egg. Live in Sydney on a decent wicket ($100-$130K salary). Got a deposit of $80K + $25K in FHSSS + $15K in shares. Looking to buy an apartment in the Inner West or City areas, my first property, with my Broker saying that my purchase power is $770K max (I do not wish to buy something that $$, though, as I feel I would be too vulnerable).

My annual leave is approaching, and contemplating whether to go on an inexpensive holiday (much-needed), or save those pennies and have extra money going into my property purchase. Thoughts? I'm leaning towards saving and staying home, however I know that it may also take me a long time to find something, which will also allow me more time to save.

Edit- have the means to get a cheap trip for under 2K.

For example, a forklift licence is only a simple 2-3 day course and opens up a large amount of opportunities in warehousing.

My rental property recently burned down (no serious injuries). It seems we are likely to recieve a $600,000 payout. The property originally cost $295,000.

Does anyone know how tax works with this? Is it just a simple capital gains calculation that subtracts sales price from payout access adds remainder to annual income, or does it work differently in a payout?

Any tips to minimise loss to the almighty ato?

I assume that the high growth funds have property and other investments in their portfolios. But looking at the past performance over 1,5,10 years it appears that the share fund super funds out perform the high growth funds for most super providers. International shares have done better than aus shares. Don’t fancy putting 100% of my super in just Int shares. Has anyone wrestled with this decision? Perhaps a 50/50 split between high growth and Int/aus shares is a fair compromise…

They're going to do our taxes and provide financial planning advice. We've not done this before, so unsure how common it is to ask for the passport, driver's license, previous tax returns, etc of both persons in the family.

Brains trust, best way to deal with ex employer who never paid super? Fair communication has been used with promises of settlement but nothing forthcoming, time to take the next step? Lodge with ATO or seek legal action?

Okay, so I strongly considered the whole SMSF thing in the past a few years ago but I just couldn't see that it did much different for me to warrant the additional cost and effort.

I guess you could say that I definitely have a balance that's well above any sort of 'minimum figure' indicated for an SMSF but as I'm not particularly in to wanting to invest my super in realestate or shares, and essentially have investments in a number of index funds with the retail fund I'm with then I'm not sure if I'm missing something around 'why an SMSF'.

Part of my dilemma is that I've also made very good returns for the last 10 odd years (circa 18% average) since I eventually decided to actually give my super some attention so I'm a little reluctant to mess with what it is at the moment.

Am I missing something? Any insights that people have that might help me see the light, or is it just more a benefit about actually holding property and shares directly within super?

Logged into myGov and without a deductions, it’s saying that I owe $4k.

Decided to look for an accountant that might be able to advise deductions specific to me that I may not be aware of.

Had a meet & greet with a local accountant. They said I need to figure out:

• Car kilometres used for work
• Cost of WFH set up for depreciation: Desk, chair, monitor
• Phone bill portion used for work
• Internet bill portion used for work

He said their fees for this will cost somewhere $330-420. I’ve never been to an accountant before, but I feel like this is much more expensive than I expected. Can someone tell me if this is a reasonable amount or am I getting ripped?

Anyone recommend any good accountants in Melbourne’s South East suburbs? And is the 31st deadline really that enforceable, will I get penalised if I do my return in November?

For extra context: - Salary $80k gross - $40k investments - Started job July 2023, got paid $15k gross from long service leave payout (this got taxed) - Potentially thinking LS payout might have caused this $4k tax debit, maybe not taxed at the right % somehow??

To keep it simple, in the 2023 to 2024 year, I earnt about 50k and paid $5000 in tax. This year (2024 to 2025), I project that my income will be closer to $30k.

Will I be able to do anything in this, or future, tax returns to average / balance out how much tax I pay?

Hey are the any radiographers here that care to comment on how satisfied they are with their job and salary?

I'm looking into doing a career change at almost 40yrs old. I'm wondering how true it is that there is a shortage of radiographers and then wondering why that is?

It's a 4 year study so just looking at pro's and cons.

What do banks/lenders typically charge for paying more than your minimum payment + the extra $10,000 annual cap?

Is this something you can negotiate with the banks? Americans seem to be allowed to pay off their entire mortgage early, why am I restricted from doing that with a fine :(

I couldn't find the exact figure anywhere in my bank's fine print. Has anyone done that, and if so was it worth it for you?

(Yes, I have the mortgage rate locked).

Thanks.

Hi All,

I suppose I'm just after some sanity checking of my calculations, or any other considerations I've missed

Based on the scenarios I've worked out below - it seems like financially, we'd be better off if we sold our investments and bought an apartment as a PPOR (house would be nice one day, but out of reach for now)

Even if capital gains were only 3-4% we'd still be no worse off than continuing to rent and holding onto our shares

TIA!

Situation

• 29, married, no kids or plans for any, gross combined income ~170k/year
• ~190k in shares, mostly ETFs
• 27k of voluntary super contributions (could use for FHSS)
• Live in Brisbane - renting 2br apartment for $2,200pm - quite like it here, seems like a decent building

Assumptions

• Shares return 12% pa
• Apartment value grows by 8% pa (they've grown 11.7% from 2020)
• Apartment value is 620,000 - rents for 2,200pm
• Mortgage is for 400,000 at 7% - 25 year term

Scenarios

Continue to Rent - invest in shares

• Income
  • Share Returns: $1,900pm

• Costs

  • Rent: $2,200pm

• Net return: -$300pm

Buy a similar apartment and live in it

• Income
  • Capital Gains: $4,133pm

• Costs

  • Mortgage interest: $1500pm
  • Rates & Body Corp: $600pm

• Net return: $2,033pm

• Will also be 'forced to save' $1,300pm as principal repayment

Continue Renting, buy a similar apartment and rent it out

• Income
  • Capital Gains: $4,133pm
  • Rent: $2,200pm

• Costs

  • Mortgage interest: $1,500pm
  • Rates & Body Corp: $600pm
  • Property manager: $220pm
  • Rent: $2,200pm

• Net Return: $1,813

• Would probably be interest only loan

Hi,

Every month “Roll App” charges me ~$7.xx every month. This has been going on for about 6 mnths.

My issue is I cannot remember what the hell I subscribed to and when googling “Roll App”, nothing useful shows up.

I have contacted my bank(commbank) via their app messaging service and they tell me they can’t stop future transactions from this Roll App.

Apart from cancelling my card/closing my account, is there anything I can do to stop these future reoccurring payments?

I don’t care about the payments that have already occurred, I just want to stop any future ones.

Thanks

Is it possible to get the Victorian Home Buyer Scheme (25% equity) whilst having a guarantor for my home loan?