Author: Jeffrey Liu

Question: Is it permissible for an overseas property to be part of a Self-Managed Super Fund (SMSF) if it is not rented out but is intended as an investment for future superannuation income? Answer To address this question, we must consider the regulations and guidelines concerning property ownership within an SMSF. It is also essential to reflect on the motivations behind acquiring property as an investment, particularly overseas property, and whether this aligns with the fund’s overall investment strategy. Ownership of Property in SMSFs Self-Managed Super Funds are permitted to own both domestic and overseas properties. In fact, property is…

Starting an insurance claim can seem daunting, but understanding the process can make it much more manageable. Whether you’re dealing with home, car, health, or travel insurance, knowing the steps to take can help you navigate the claims process smoothly. Here’s a comprehensive guide on how to start your insurance claim in Australia. 1. Understand Your Policy Before initiating a claim, it’s essential to review your insurance policy. 2. Gather Necessary Documentation Collecting the right documentation is crucial for a successful claim. 3. Contact Your Insurance Provider Once you have your documentation in order, it’s time to contact your insurance…

Life insurance is vital to securing financial stability for families. Choosing between group life insurance, where an employer or super fund trustee insures a group of employees or members, and individual retail life insurance, which is generally purchased through a life insurance advisor, can be confusing. Understanding the difference helps you make an informed choice that suits your financial protection goals. What is the main difference between group and retail life insurance? Group life insurance is usually provided by superannuation funds or employers and often comes with lower or limited coverage. In contrast, retail life insurance is acquired directly from…

The dreaded increase is here – health insurance premiums are set to rise in April. With health funds proposing an average hike of 6%, this year’s increase could be one of the largest yet. So, how can you respond to the upcoming health insurance price hike? You have two choices: If neither of these options is pursued, then you are effectively accepting the increase. Should You Cancel Your Health Insurance? Cancelling your health insurance might seem like a good way to save in the short term, but it can quickly become a costly mistake if you experience an accident or…

1.Minimize tax liabilities for individuals earning over $97,000 annually: To avoid the Medicare Levy Surcharge (MLS) if your income exceeds the relevant threshold, obtain an eligible private hospital insurance policy for the full tax year. Although private health insurance isn’t tax deductible, it can still influence your tax situation. Firstly, the private health insurance rebate is accessible to those with an eligible Medicare card who meet specific income thresholds and have a hospital, extras, or combined health insurance policy. This rebate can be claimed annually through your tax return, or you can opt to receive it as a premium discount. Moreover, if…

Property owners in Australia have access to various types of insurance products tailored to meet their specific needs. Among these, Holiday House Protection and Landlord Insurance are two distinct types of cover designed for different purposes. Understanding the differences between these insurance options is essential to ensure your property is adequately protected. What Is Holiday House Protection? Holiday House Protection is a type of insurance designed specifically for properties used as holiday homes or short-term rental accommodations. These properties are typically rented out through platforms like Airbnb, Stayz, or Booking.com, or are occasionally used by their owners for personal leisure. Key Features…

The devastating wildfires in Los Angeles (LA) highlight the destructive power of natural disasters, leaving many homeowners grappling with the emotional and financial toll. While LA might seem far from Australia, the similarities between the two regions—both prone to intense fire seasons—make the lessons from these events highly relevant to Australian homeowners. Comprehensive home insurance is not just a safety net for homeowners; it is an essential tool to protect against the financial devastation caused by bushfires, which are becoming increasingly common in Australia. Lessons from LA Fires for Australian Homeowners 1. The Rising Threat of Bushfires Both LA and Australia…

An increasing number of Australians under 50 are being diagnosed with cancer, as reported by the Australian Institute of Health and Welfare. Although survival rates for common cancers in individuals in their 30s and 40s have increased, the cost of treatment can reach thousands. The AIHW cancer report additionally discovered:  The insurance giant Zurich has released a 2024 report detailing the costs of care for prevalent cancers, including out-of-pocket and lifetime recovery expenses. For bowel cancer – which is one of the top five most commonly diagnosed cancers in Australia* – the average out-of-pocket cost in the first 12 months…

A terminal illness can lead to severe financial and emotional consequences for you and your family. Typically, a terminal illness benefit is automatically included in your life insurance policy. It provides an early payout of your life insurance benefit to you or your beneficiaries if you are diagnosed with a terminal illness and have a life expectancy of 12 to 24 months. What qualifies as a terminal illness? A terminal illness is typically defined as a medical condition diagnosed by a specialist that is expected to lead to your death within the next 12 to 24 months (depending on your…

We understand that life evolves as we age. You might be retired, less active, and more susceptible to illness or injury. The most beneficial action you can take for yourself is to secure your financial future by selecting the appropriate life insurance for your present stage of life. Do you still need life insurance if you’re a senior? Securing a suitable life insurance policy during your senior years is essential, as it not only assists your loved ones with final expenses but also potentially provides your family with a financial cushion after your passing. It is advisable to review and…