Four recent big Law changes that might affect you

Yes any law changes might affect all of us & they change every day politicians aren’t bickering amongst themselves.

Here are four bigger law changes that struck us.

1.      1.  In New Zealand,  yes across the ditch,

 Introducing the measures in July 2013, Social Development Minister Paula Bennett said: "Taxpayers overwhelmingly say they don't want to fund people to actively avoid the police and this Government agrees.

 Fourteen people have had their state retirement pensions suspended as part of a Government crackdown to temporarily stop benefits to people with outstanding warrants.

Hundreds more have been temporarily stripped of benefits including job seekers allowance, sole-parent benefit and supported living payments or had these payments reduced. 

So it won’t happen , here. As they say across the ditch ‘Yeah right’.

There is already with targeted income support.

2.      2.  In a recent investment PDS that we have invested in & so could you we read

Foreign Account Tax Compliance Act

The Foreign Account Tax Compliance Act (FATCA) is a new set of US regulations intended to prevent tax evasion through the use of offshore accounts by US citizens.

Foreign financial institutions (FFIs)are required to enter into information sharing agreements with US

tax authorities and the Internal Revenue Service, or face a 30%withholding tax on payments due from US-source investments.

The Funds are FFIs and are therefore required to comply with FATCA.

In order for the Funds to meet their compliance obligations investors will be required to furnish appropriate documentation from 1 July 2014 certifying their U.S. or non-U.S. tax status, together with such additional tax information as the Fund may from time to time request. Failure to provide requested information may subject that U.S. investor to a 30% withholding tax.

As individual circumstances differ, the taxation laws will affect individual investors in different ways.

 The Responsible Entity recommends that you seek your own professional advice

on taxation matters.

We find that Orwellian to say the least. Hunger Games has a message if you read or view it.

3.      3.  If you are contemplating a change of your life insurance then

Insurance Contracts Amendments – 23 February 2015
On June 28 2014 the Insurance Contracts Act (ICA) was updated with changes amending the remedies available to insurers for non-disclosure and misrepresentation.

 The Insurance Contracts Act (ICA) was updated on 28 June 2014 with changes amending the remedies (actions) available to insurers where a customer has non-disclosed and/or misrepresented personal or health information

 What does it mean for you?

Your clients will be subject to the revised Duty of Disclosure wording, and this wording will be updated in all documents and forms that include the Duty of Disclosure. 

             Under the ICA amendments, if it is determined that a client has non-disclosed and/or misrepresented:

           An insurer can avoid the policy within three years if it establishes it would not have entered into the contract of insurance (as opposed to having to establish it would not have entered into a contract of insurance on any terms).

           An insurer can alter the sum insured at any time (unless the contract has a surrender value or provides a death benefit – in which case it can only do so within three years).

           If an insurer chooses not to avoid the policy or vary the sum insured, it can retrospectively vary the contract in such a way as to place the insurer in the position it would have been in if the non-disclosure or misrepresentation had not occurred. However,

     o The insurer can only to do so to the extent that any variations are consistent with what other reasonable and prudent insurers would have done in similar circumstances.

     o Such variations are not applicable to a contract which has a surrender value or provides a death benefit.

For more information on what this means contact us as often there are other solutions to your insurance problem.

Note all insurance companies check your Medicare claims history.

4.      

As part of industry-wide reforms, Australian Prudential Regulation Authority (APRA) has brought in new rules to improve the liquidity position of Australian banks.

As a result there are some changes to  Bank Term Deposits. You have clients invested in these Term Deposits.

What this means
From 1 January 2015, if your clients wish to access their Term Deposit prior to maturity, all new and existing term deposit customers will be required to:

• provide 31 days notice, in addition to our processing time, and
• pay  Bank any economic cost associated with early access to part or all of your investment prior to maturity.

These changes are needed to encourage that term deposits are held to maturity.

'Yeah right'

liquidity means they dont want any 'run' on the banks if another GFG occurs. this occurred when we all left town for the G10.


  No this is not a law but a warning we read of today.

Today, less than one-third of all commercial transactions are settled in cash. The rest are on credit. When the credit cards stop working, the economy stops.

Everything Breaks Down

Listen closely to your car radio after the crisis begins:

The financial crisis took a turn for the worse today. Governor Christie of New Jersey and Governor Brown of California announced emergency measures to force gas stations to continue accepting credit cards. But commuters in Northern New Jersey as well as Southern California found local gas stations closed this morning. Whether they closed to avoid having to accept credit cards… or whether they actually have no more gas has not been established. Our news helicopters reported many abandoned vehicles along commuter highways. Apparently, drivers simply ran out of gas….

Is this over-the-top paranoia? Is my doom and gloom out of control?
I hope so. Maybe it won't happen. Maybe it won't be so bad. But history shows that financial catastrophes do happen.’

We have often suggested that if the ATM goes down or the internet goes down thensome cash under the mattress would be very handy. How much do you have there now?

Now there would be another 1,000 legislative pages of  changes that might affect you ‘for better or worse’.

We believe that we can generate significant financial certainty for you throughout our relationship & importantly add substantial value to ensuring you achieve all that is important & valuable to you as you have articulated to us.

If we were to sit down in three years time & looked back what do we need to do today so that you are financially & personally better off & happier.

As our clients do call us on 07 3848 1088 or email us or visit our websites.

John McAuliffe

the new headmistress has the opportunity to provide her expectations to her charges.

It’s a new year & this provided the new headmistress the opportunity to provide her expectations to her charges.

At our first Assembly, I suggested that beginnings are a good time for reflection and I asked the girls to consider how we could ensure that we get the most out of our year and live a life that truly matters.

Time is precious and fleeting.

Do we want this to be a great year, or just another year?

 I am hopeful that by Christmas we will all feel a little exhausted and wrung out, but satisfied that we’ve lived a good one.

 Not just another year of ‘same same’, of ‘could have’ or ‘should have’.

It begins with asking ‘why are you here?’

Not necessarily, ‘what is the meaning of life?’ but quite simply, why are you really here  in 2015?

I asked the girls if it’s to be the most popular girl on Facebook, or is it to make a personal best time in running, master a very difficult piece of music, or lead a House Group to be unified and supportive of one another?

We considered what it would take to achieve it, who to surround ourselves with to enjoy it, and how much it might be worth in the end to have accomplished it.

 So we will encourage all of our girls in every moment, of every class, of every day this year to try their best and always to remember why they are here.

We all need to ask ourselves the same questions so let’s reread the above.

Surely this is the expectation of all teachers, headmasters,  coaches , parents , CEO, Small businesses &  you & I.

We recall that success is much more likely to result if they are written down.

 We observed when the reserves came on in the Asian Cup final that notes were read on the sideline.

 We wrote at this time last year what Stan had tattooed on his arm to become winner last year at the Australian Open.

Lets start if you haven’t already to write down where you want to be in a year or Five.

The very first English class at the new school was to write down your first day at school & to be opened in Grade 12. 

Let’s do the same.

Let’s get an institution, a coach a teacher or a mentor to help us turn wishes into action. As the godfather repeats ‘The harder you work the luckier you get’.

We viewed a lifestyle programme yesterday titled ‘ Restoration Country house’. 

The huge House & estate in North East England had been in the same family for seven generation. However the income could not provide enough to continue maintain the house & estate.

As a last result they brought in Andrew a business coach who with his suggestions & expectations  significantly improved their financial position & their hope for the future.

They cooperated.

We all need that outside opinion if we are to improve our lot. It can take courage to call for help.

However the headmistress or the coach or the parent is not going to delve into the detail immediately. 

They need to orientate themselves & obtain the big picture or top Down view to help you better. Remember the dentist needs the X-Ray & the GP a 100 tests.

We have this year been asked to review insurances or how would you invest 2.5 million?.

It is never that simple.

There are new rules into life insurance from 28^th June 2014. There are often different ways to fund it.

There are pros & cons & challenges.

There are new rules from the recent G20 meeting that we all left town from.

As part of industry-wide reforms, Australian Prudential Regulation Authority (APRA) has brought in new rules to improve the liquidity position of Australian banks.
As a result there are some changes to  Bank Term Deposits. You have clients invested in these Term Deposits.

What this means
From 1 January 2015, if your clients wish to access their Term Deposit prior to maturity, all new and existing term deposit customers will be required to: 

•       provide 31 days notice, in addition to our processing time, and
• ·         pay Adelaide Bank any economic cost associated with early access to part or all of your investment prior to maturity.

These changes are needed to encourage that term deposits are held to maturity.

[P.s there is more to this also ]

As for investing 2.5 Million then who owns the money, who needs the income, what is your comfort zone in investing & what is your asset allocation & knowledge & how do you build a portfolio & much more? Remember ‘they all want your money’ we said.

And just arrived on email this idea for you. Its worked for us which we heard 30 years ago.

The most important lesson is this: 
if you set aside two hours on Saturday morning to work on a big project in your life, you will get more quality work done than if you tried to do the same work at any other time during the week.

We believe that we can generate significant financial certainty for you throughout our relationship & importantly add substantial value to ensuring you achieve all that is important & valuable to you as you have articulated to us.

If we were to sit down in three years time & looked back what do we need to do today so that you are financially & personally better off & happier.



As others do call us on 07 3848 1088 or email us or visit our websites.

  John McAuliffe