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Clock is ticking, so start some superannuation strategies now

Clock is ticking, so start some superannuation strategies now | Banking and Financial Services | Scoop.it

SUPER fund members should ignore the distractions of an election campaign and another wave of planned rule changes, and start thinking about an end of financial year boost to their nest egg.


June is a key time for super strategies to maximise the benefits of superannuation and tax laws, which, while constantly changing, still remain the lowest-tax structure for saving money.

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Banking and Financial Services
Keep up-to-date with the latest banking and finance news, insights and information in the Australian Banking and Finance industry from financial advisors, experts and associations on Top4 News.
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The Best Investors Literally Forget About Their Portfolios

The Best Investors Literally Forget About Their Portfolios | Banking and Financial Services | Scoop.it

“Set and forget” investing isn’t sexy, but it works. In fact, lazy investing is so effective, a study from Fidelity found that the best performing investors had either forgotten about their accounts or even crazier — they were dead.

 

Fidelity reportedly conducted an internal study — a performance review of accounts between 2003 and 2013 to find which accounts did the best. I love the way Living Rich Cheaply explained it (emphasis ours):

 

They found that the best performing accounts were from investors who were DEAD! In second place were investors who had FORGOTTEN they had accounts at Fidelity.

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6 investing trends to help smart investors smash the market

6 investing trends to help smart investors smash the market | Banking and Financial Services | Scoop.it

There’s a lot written about various ways to get ahead when it comes to share market investing, although the simplest way to do it is buying quality companies for the long term. You can then sit back, relax, and let time do the heavy lifting to compound your capital gains long into the future.

 

It also pays to remember that markets are forward looking and generating big capital gains is about finding the winners of tomorrow not today.

 

As such I have identified six investing themes and top quality companies to match them that may offer market-thumping long-term returns via their potential to keep winning tomorrow.

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Loan stress warning for banks as lending to investors picks up again

Loan stress warning for banks as lending to investors picks up again | Banking and Financial Services | Scoop.it

INTERNATIONAL agency Moody’s Investors Service has sounded an early warning to Australian banks over their exposure to housing market risks including potential price correction.

 

The warning came after fresh evidence that banks were leaning towards a resurgence in investor loans.

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Car financing deals are often best when you, not the dealership, drives them for yourself

Car financing deals are often best when you, not the dealership, drives them for yourself | Banking and Financial Services | Scoop.it

CAR dealerships across the country are rolling out enticing end-of-financial-year deals in a bid to ramp up their sales quotas.

 

It’s a great time to score a deal on a car, especially if you to drive a vehicle for work and can claim a tax deduction.

 

But take care before signing on the dotted line of any car finance deal because it is easy to pay too much.

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Great home loan deals from competing mortgage lenders

Great home loan deals from competing mortgage lenders | Banking and Financial Services | Scoop.it

Lenders able to woo borrowers because they've stayed within banking watchdog guidelines are offering bigger and better deals.

 

Borrowing rates have slipped under 4 per cent for owner-occupiers, heralding some great fixed term and variable deals.

 

The top three-year fixed rates are 3.69 per cent, which means monthly savings on a $1 million loan of about $350 compared with an average variable rate of 4.29 per cent, says research house Canstar.

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What millennials really think about banks

What millennials really think about banks | Banking and Financial Services | Scoop.it

The millennial generation wants banks to offer personalised and predictive products and allow them to control their data when they buy financial services through mobile apps, says Telstra in a new report on millennials' attitudes towards banking.


"Millennials may be the first generation to live their lives never requiring, nor engaging with, a traditional institution and only ever associating the word 'branch' with a tree," says Telstra's global industry executive for banking, finance and insurance, Rocky Scopelliti, in his Millennials, Mobiles and Money – The Forces Reinventing Financial Services report.

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Financial services employers tightening purse strings

Financial services employers tightening purse strings | Banking and Financial Services | Scoop.it

Over half of Australia's financial services workers can expect a salary increase of no more than three per cent as employers were reluctant to "loosen the purse strings" but it was only a matter of time before employees took matters into their own hands," a recruiter warned.

 

The 2016 Hays Banking Salary Guide showed that while business activity and hiring levels remained high, employers remained conservative in providing salary increases to financial services employees.

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Clock is ticking, so start some superannuation strategies now

Clock is ticking, so start some superannuation strategies now | Banking and Financial Services | Scoop.it

SUPER fund members should ignore the distractions of an election campaign and another wave of planned rule changes, and start thinking about an end of financial year boost to their nest egg.


June is a key time for super strategies to maximise the benefits of superannuation and tax laws, which, while constantly changing, still remain the lowest-tax structure for saving money.

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Superannuation changes ahead for defined benefit members

Superannuation changes ahead for defined benefit members | Banking and Financial Services | Scoop.it

While the fate of the budget's superannuation changes remains unclear, defined benefit fund members face the prospect of major changes to taxation conditions from July 1, 2017. Two proposals are likely to have the biggest impacts affecting current strategies.


The first is the reduction in the maximum annual concessionally taxed contributions cap to $25,000. The second is the proposed removal of the exemption of notional funded and unfunded employer contributions from the penalty excessive contributions tax.

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Lenders offer couches and vouchers to attract home loan customers

Lenders offer couches and vouchers to attract home loan customers | Banking and Financial Services | Scoop.it

Couches, vouchers, trips and gifts are among the incentives on offer from more than a dozen lenders to attract new borrowers and build market share, analysis of the latest offerings reveal.

 

Record low interest rates give lenders little room to move on discounts and means they often have to find other eye-catching sales pitches, like big discounts, small fees and help in furnishing the new property.

 

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Mortgage broker salad days are numbered

Mortgage broker salad days are numbered | Banking and Financial Services | Scoop.it

The salad days when top-performing mortgage brokers could enjoy holidays in exotic places paid out of the commission income earned from writing home loans would appear to be numbered.

 

But there is a much bigger threat to the mortgage broking industry from the Australian Securities and Investments Commission's review of remuneration structures.

 

It could well lead to the end of commissions in an industry that has escaped the crackdown that has occurred in financial planning and life insurance.

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DirectMoney shows there's life in marketplace lending

DirectMoney shows there's life in marketplace lending | Banking and Financial Services | Scoop.it

In a statement yesterday, DirectMoney announced a return of 7.76% p.a. on its personal loan fund after its first full year of operation. As the only listed marketplace lender in Australia, the performance is a good sign for the Australian market.

 

As a marketplace lender, DirectMoney writes unsecured personal loans to either the Loan Fund or institutional and wholesale investors. The first full year of performance for the Loan Fund was completed on 13 May 2016.

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MONEY MATTERS: Positive and negative strategies for new superannuation rules

MONEY MATTERS: Positive and negative strategies for new superannuation rules | Banking and Financial Services | Scoop.it

THE debate about the government’s proposed new superannuation rules has focused on the negative and retrospective impacts, and rightly so.

 

However, there are some major positives in the proposals too.

 

The first is that anyone, working or not, employee or self-employed, will be able to make personal super contributions and claim a tax deduction. This will greatly increase many people’s tax saving options. In June each year many people who need a tax deduction will be able to get one.

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Superannuation strategies for 2017

Superannuation strategies for 2017 | Banking and Financial Services | Scoop.it

Investors have one year to restructure their superannuation strategies before the harsher taxation regime applies from July 1, 2017. The crucial issue for most taxpayers is whether the proposed $25,000 annual cap on tax deductible contributions will allow them to accumulate sufficient funds to provide a comfortable retirement.


Especially when the answer to this question is "no" or "not likely", the key focus will then be on alternative methods. The $25,000 cap has its harshest impact on middle-aged and older taxpayers with relatively small amounts of super currently.

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Superannuation funds tipped for a profitable year

Superannuation funds tipped for a profitable year | Banking and Financial Services | Scoop.it

SUPERANNUATION funds bounced back strongly last month, with the typical fund gaining 2.3 per cent, helping to boost the chances of ending the financial year in profit.

 

For the 11 months to May, the average super fund was up about 4 per cent, according to industry research.

 

However, a market downturn in the first two weeks of June has wiped out almost half that increase.

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Digital drive ramps up finance hiring

Digital drive ramps up finance hiring | Banking and Financial Services | Scoop.it

Finance, insurance, and real estate sector employers expect to increase hiring for the third quarter of 2016 on the back of a drive to ramp up technological capabilities, according to a recruitment company survey.

 

The ‘Manpower Employment Outlook Survey Q3 2016' showed 18 per cent of employers across the three sectors intended to increase headcount between July and September.

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SMSFs need protection from robo predators

SMSFs need protection from robo predators | Banking and Financial Services | Scoop.it

The Australian Securities and Investments Commission has collected submissions to its digital financial product advice consultation paper and is mulling over the responses. Proper regulation of the burgeoning digital advice industry can't come soon enough.

 

Sadly, self-managed superannuation fund trustees, or potential trustees, could find themselves at particular risk in the brave new robo world.

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The missing link in superannuation policy

The missing link in superannuation policy | Banking and Financial Services | Scoop.it

The federal government's superannuation tax changes are mostly pretty modest. They steal much of Labor's policy while making sensible improvements and tying down loose ends.

 

Yet they are by no means comprehensive reforms to the retirement-income system. Nor has Labor presented such a package. This is surprising, because such a package could be very attractive to most people while further improving long-term financial sustainability.

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Investing overseas: what are you waiting for?

Investing overseas: what are you waiting for? | Banking and Financial Services | Scoop.it

The tyranny of distance is a phrase familiar to many Australians.

 

While plenty of us traditionally lament the lengthy journey along the kangaroo leg to holiday destinations in the northern hemisphere, perhaps a bigger issue is that local investors tend to isolate their portfolios from the rest of the world.

 

Now, with the local economy and markets experiencing long-term stresses from the state of the banking sector to stretched valuations in domestic property markets, that isolation looks to be coming to the end as investors look beyond our shores for opportunity.

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Beyond innovation: Ensuring a flawless digital performance for financial services

Beyond innovation: Ensuring a flawless digital performance for financial services | Banking and Financial Services | Scoop.it

Fintech investment in the Asia-Pacific has experienced momentous growth, ballooning from around US$880 million in 2014 to almost US$3.5 billion in the first nine months of 2015, according to a recent report from Accenture.

 

Customer expectations are behind much of this investment. Consumers are no longer distinguishing between online and offline worlds—they expect their financial digital experiences to be as seamless as all of their digital interactions and they are short on patience in this area. In fact, AppDynamics’ recent App Attention Span study found that 86 per cent of those surveyed had deleted or uninstalled at least one mobile app due to performance issues. Companies that fail to deliver flawless mobile experiences are at serious risk of losing customers and revenue.

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Are you a victim of financial abuse?

Are you a victim of financial abuse? | Banking and Financial Services | Scoop.it

As the world's population ages, the elderly are more frequently the targets of abuse.


According to research, about 1 in 20 older Australians will experience some form of elder abuse, and the most common is financial abuse.


Financial abuse can occur when someone the victim trusts pressures them into either providing funds, agreeing to act as a guarantor for a loan or relinquishing control of finances and investments. Unfortunately, it is often perpetrated by family members, friends or carers, who take advantage of the diminished confidence many older Australians have regarding business and financial matters.

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Banks told to look at climate risks in mortgages

Banks told to look at climate risks in mortgages | Banking and Financial Services | Scoop.it

Banks are being urged to consider climate change risks in their mortgage lending decisions and investigate whether they may be holding loans against billions of dollars worth of properties under threat from changes such as rising sea levels.


A new report from the Climate Institute says banks' mortgage portfolios – which make up nearly two-thirds of the big four's total loans – may be exposed to risks, because of hazards made worse by climate change, such as flood, rising sea levels, storm surge and coastal erosion.

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Australian-first online platform allows you to broker your own mortgage

Australian-first online platform allows you to broker your own mortgage | Banking and Financial Services | Scoop.it

The days of borrowers heading into the bank or to a mortgage broker might be over, with a new digital software encouraging home buyers to broker their own loans.

 

The Australian-first online mortgage platform Uno, launched on Thursday, allows consumers to be in the “driver’s seat” of their own loan, chief executive Vincent Turner said.

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A Look at Australian Banking's Perspective on Blockchain

A Look at Australian Banking's Perspective on Blockchain | Banking and Financial Services | Scoop.it

The blockchain is coming. Its ultimate arrival is inevitable.

 

A technology that has the potential to revolutionise the way the world does business, the blockchain’s capabilities are being explored by financial thought leaders and institutions in Australia and globally.

 

Just don’t expect it anytime soon. It will take five years, at best, to penetrate the mainstream of banking.

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Online home loan marketplace faces big demand from brokers

Online home loan marketplace faces big demand from brokers | Banking and Financial Services | Scoop.it

Online home loan marketplace, HashChing, has partnered with Docusign and its electronic signature product as it faces huge demand from mortgage brokers.

Launched in August 2015, HashChing is an online platform connecting consumers with brokers. As of April 2016, HashChing has processed close to 1,000 home loan applications worth $530 million and recently closed $1 million in funding from investment firm Sapien Ventures.

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