A WORD FROM JAMES

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13 September 2019

Welcome to our spring newsletter. In this issue Caitlin looks at deeming rates and how the interest rate changes has effected this and Tom covers the basics of credit scores.

The financial year is complete and tax statements are starting to be released by MLC and other fund managers. We will forward these directly to your accountant and send you a copy as well. We expect all statements to be released by the end of October. Please contact us if you have any queries. For those of you who claim franking credits directly through our office we will be in touch when these are ready to sign.

The re-elected Liberal government has been in place for over 100 days now. Parliament has passed the $158bn income tax plan which will see tax cuts for the majority of Australians between now and 2025. In the short term that means increasing the low and middle income tax offset and in the longer term changes to the tax brackets. Similar to the recent interest rate reductions, the government hopes this will result in increased spending and a permanent boost to the economy.

The banking royal commission report was handed to government on 4th February 2019. Although this seems like a long time ago and the government has yet to implement the recommendations, we expect to see this start happening very soon. The Liberal Coalition (along with Labor) committed before the election to implementing the vast majority of the recommendations. Many of the large financial institutions, including MLC, are already making internal changes in anticipation of the recommendations.

It remains to be seen how these changes will impact Ambleside and other financial planning businesses. We are already seeing more back office compliance and documentation requirements and I expect there will be changes to the way we communicate and obtain your agreement to charge fees. As I have said before I believe the Royal Commission and these changes are good news for both consumers and the future of financial services.

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