Money Australia digital subscription

A young beginner overcomes his fears At 21, I’ve recently started reading your magazine. I’ve been trying to work up the nerve to dip my toes into the investing world for a while now, and Money has finally given me the confidence to do so. One of the things I appreciate most is how clearly the articles are written. Although I’m still learning how to ‘speak finance’, I’ve found your content to be refreshingly accessible. Even when I have to pause for a quick internet search, I always come away having learned something useful. If I could suggest one way to make Money even better, it would be to include a regular section aimed at younger or beginner investors. A page or two in each issue dedicated to breaking down…

JOHN CACHIA Financial planner As a business owner, I use Xero along with my bookkeeper and accountant – I leave the number-crunching to the experts. For clients, we use our MyWealth app (powered by Myprosperity), where they can tag tax-deductible expenses and upload receipts all in one place. And I set a yearly calendar reminder to donate before June 30. Giving back is something I value deeply, and it turns out generosity can be tax-effective too. See John’s column on clients’ questions on page 51. ANNETTE SAMPSON Columnist Guilty! I start every tax year with good intentions, but end up using the old shoebox method. Everything gets dumped into a storage box and pulled out at tax time. Digital info gets shoved into a tax folder. Pre-filling has made tax…

Every few years or so, I become aware of a concept that is so powerful it takes up rent-free residence in my brain and just won’t let go. One of these is the Dunning-Kruger effect. I first became aware of it when I was asked to develop a process for determining the winners of the best financial products and services for Money’s annual Best of the Best Awards. Little did I know then, but I was about to enter the world of the Dunning-Kruger effect. As with any good (or bad) superhero movie, the Dunning-Kruger effect has an origin story. In 1995, two men robbed two banks in Pittsburgh. Neither attempted to disguise themselves. When one was caught, having been identified by security cameras, he was astounded. “But I wore…

Picture a holiday in your mind. Perhaps you’re walking down a cobblestone street in Europe with a coffee in hand. Maybe you’re skiing on a slope of fresh snow in Japan. How about holding a beer and balancing some hot chips in your lap while watching a football game? While that won’t be the first image that comes to mind for many travellers, the reality is that sports tourism is booming. Expedia Group, a travel tech company, estimates that it now represents 10% of all global tourism, with sports-related spending projected to hit $US1.3 trillion ($2 trillion) this year. Not that this is anything new. People have been travelling to watch major events such as the FIFA World Cup and the Olympics for decades. As have dedicated supporter groups such…

The trend of structured giving highlights a new era of philanthropy. It’s a tax-smart giving option that is growing in popularity, thanks to its flexibility and ability to provide greater support for the community. It’s also a vehicle that can build a legacy or involve the next generation. It is now possible to simplify your giving with just one tax-deductible donation that can support your favourite causes over time. The funds are invested and grow through tax-free investment returns to help you give more for longer. In addition to being income-tax-exempt, these giving structures are also able to claim franking credits, further enhancing their financial efficiency. As the donated sum is irrevocable, donors receive an immediate 100% tax deduction that can be used in the current tax year to offset…

The problem with the end of the financial year is that most taxpayers find themselves engaged in a last-minute battle to find all the paperwork to support the deductions they’d like to claim in their tax return. If you’ve been organised and kept everything you need in a neat, well-ordered file, congratulations, but if you’ve spent 11 months of the year completely ignoring your taxes, you might struggle to find receipts and invoices for many of the things you could have claimed for. So, as we enter the last few weeks of the financial year, it makes sense to get ahead of the curve and make sure all of your paperwork is in order. With the ATO requiring substantiation for a deduction to be allowed, here’s a tip for keeping…

LEND A HAND HABITAT FOR HUMANITY AUSTRALIA: BRUSH WITH KINDNESS Part of an international not-for-profit that originated in the US – and founded on the belief that everyone deserves a safe and decent place to live – Habitat for Humanity Australia helps disadvantaged people through its Brush with Kindness corporate volunteering program. This rewarding one-day activity sees teams of volunteers bonding while landscaping, renovating and undertaking minor building repairs (no building skills required) at accommodation for women and children escaping domestic violence or people experiencing homelessness. The charity also offers other volunteering options for individuals keen to make a difference. Get in touch to find out more Phone: 1800 88 55 99 Email: volunteer@habitat.org.au Donate No time to volunteer? You can still contribute by making a donation at habitat.org.au/donate. PODCAST…

Aprestigious private school in the UK will accept cryptocurrency for tuition fees, raising the prospect that Australian education could follow suit. Lomond School in Helensburgh, Scotland, has announced it will allow parents to pay school fees in Bitcoin from the 2025 autumn term. To mitigate currency risk, the Bitcoin payments will be converted into British pounds. The school says risk will be carefully managed through phased implementation, conversion options and partnerships with secure service providers, including regulated crypto exchanges CoinCorner and Musqet. While no Australian schools accept crypto payments yet, Flinders University in South Australia has accepted Bitcoin since 2014. Australians are also increasingly using Bitcoin for everyday expenses. You can already pay your NBN bill through provider Launtel, buy pet supplies at Pet Parlour or install a solar system…

People relying on super for insurance payouts are facing lengthy delays, with total permanent disability (TPD) claims taking nearly five times longer to process than death claims. Analysis by Rainmaker Information, which publishes Money, of Australian Prudential Regulation Authority life insurance data reveals systemic issues in claim processing times, particularly around TPD. In the 12 months to June 2024, 43,000 death and TPD claims were lodged through group insurance in super funds, with 30,000 relating to TPD. While most death claims (76%) are resolved within two weeks, TPD claims drag on. On average, it takes 4.7 months for a claim to be finalised. For nearly one in four cases, the wait stretches beyond six months. Currently, 6600 claims (20%) remain unresolved. Group insurance within superannuation is highly concentrated, with just…