Comfort with Money

by Rodney Gibson Financial Advisor

I am a sole practitioner with 40 years experience in finance, taxation, law, business and accounting. I am currently associated with SALA Financial Services. I provide the following:

  • Estate Planning, including wills and powers of attorney (EPOAs)

  • Estate Management

  • Taxation advice

  • Investment advice, including superannuation

  • Business structure advice

 

My aim is to assist you to live within your means and achieve all your financial goals.

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Good as Gold

The price of gold in Australia is nibbling at the magic $2000 an ounce. When I studied economics and even when I had enough money to buy things made of gold the price was locked in at the “gold standard” of $US30 an ounce. I think I had my gold crown inserted after the price of gold was floated and I wonder if I should leave my tooth to a charity in my will. $2000? I’m sure my crown weighs at least an ounce! If you have “wealth” this usually means possessions, including money, with significant accumulated value. If that wealth can be put to work to sustain a lifestyle and/or to promote growth, it has real value. Gold is an exception, but even that is arguable. A kilogram of gold bought in 20

Debt....again!!

Some months ago I wrote about “good debt” and “bad debt”, a couple of terms which had crept into the finance vocabulary in recent times. In a very short definition good meant tax deductible and bad meant non tax deductible. There is only one good debt and that’s “affordable debt” but I would prefer to use the terms “sustainable” or “productive” coupled with “affordable”. Affordable means being able to pay interest on time. This is the time of the year when Federal and State treasurers hit the headlines with their budgets. Some financial writers and TV commentators rightly point out that Australia, and its states and territories, are currently wallowing in a sea of debt which nationally is mo

Connection Worldwide

Recently I was in Italy before embarking on the last leg of an around the world saga which involved flying east over a period of 4 weeks and visiting 4 countries. When I first left Australia in the 1950s it took me 4 weeks just to reach my destination of London! Earls Court in those days was referred to as Kangaroo Valley by the Poms who had to put up with youthful Australians making the rite of passage which was like a year long schoolies week. Examining changes in lifestyle can be exceedingly boring, but the availability and extensive nature of world travel is way up there with the dramatic changes in communication which have shrunk the world during my lifetime. The cost reduction in both

Taxes and Anomalies

For many in our society the mixture of tax and superannuation is an automatic conundrum, but there is one that confronts everyone with substantial funds invested in a super fund. If you (or your employer) contribute to or have contributed money to your super fund, and claim or have claimed a tax deduction, that contribution is taxed at 15% going into the super fund. $1000.00 becomes $850.00 by magic! That “taxed” deposit plus its earnings keeps its identity until the money comes out of the super fund together with all its earnings made during the years. It’s identified as a “taxed contribution”. If that money, on the death of the member, goes to anyone other than a spouse or a dependent it’s

Putting your money where your mouth is!

Recent events in the legal/commercial world, mixed with rugby union and religious beliefs, signal what promises to be a VERY expensive court case, and raise questions (and not many answers) about the mixture of ethics, religion, supporting a cause and putting your money where your mouth is. The footballer at the centre of this turn of events is a millionaire several times over because he has received a salary which acknowledges how good he is at his chosen profession (and because I’m sure he has a very good financial advisor!). The last time I gave money to a beggar was in Italy where a man begging on the footpath was accompanied by a small dog and a medium sized rabbit. My contribution, ver