A note from Pinnacle…

The end of the second quarter is fast approaching – which means the 30th June is on our doorstep!

So, are you on top of your tax planning for 2024? The new financial year is set to usher in several important changes, most notably the Stage 3 tax cuts. These changes may affect your overall investment strategy and could also create new opportunities to invest more effectively, or manage tax liabilities. So time is of the essence to ensure you have taken advantage of any end of financial year strategies and concessions that might be available to you.

On May 14, we heard the Treasurer, Dr Jim Chalmers hand down his 2024–25 Budget. He has high hopes that it will rein in inflation to the RBA’s preferred 2-3% band by election time next year, reduce cost-of-living pressures and build a stronger economy in the future.

More than $8.4 billion has been allocated to quick-fix cost-of-living adjustments (energy bill relief, extending rent assistance, cheaper medication etc), along with previously announced Stage 3 tax cuts and the waiving of $3 billion in student debt, which a lot of Australian households will like.

But will these quick fixes help with the bigger picture! Treasury is forecasting a $9.3 billion surplus for 2023-24 after the previous year’s $22.1 billion surplus, the books will look considerably different the following year with a $28.3 billion forecast deficit expected. That’s against a backdrop of an uncertain global economic outlook with wars in the Middle East and Ukraine as well as slowing growth in China and elsewhere.

So, time will tell with Dr Jim’s huge promises and credibility gamble!


What’s news at Pinnacle!

After Easter, it was great to see Matthew Anderson back in the office. Whilst he is still building his strength to be here full-time again, we are thrilled to have him back on deck seeing clients again.

You will be receiving an email shortly introducing our new Client Portal, which is called MyProsperity. You may have already noticed the login page on our website and also details of the App that you can install in preparation. We’re just in the process of finalising some of the functions behind the scenes, but you will be able to access this portal via your PC or via an App on your phone or tablet.

For clients that hold investments through the Macquarie platform and have not yet established Macquarie’s Authenticator App, you will also be receiving communication not only from our office, but Macquarie direct. We will continue to share the importance of security and encourage all clients using Macquarie to have this security App installed. Please note the article included in this newsletter around ‘Telstra, Optus and Vodafone shutting down their 3G network’. It’s important to note that App’s including the Macquarie Authenticator won’t work on old mobile phone devices which operate under 3G. So might be a good time to check that your device is using today’s modern 4G & 5G technology.

As we continue to move into a world focused on technology, we do appreciate all these new tech enhancements can create some anxiety for the less ‘tech savvy’ client. We will be here to help you! Not only will it create a higher level of security, it will also elevate practice efficiency, especially around all the compliance documents we require you to now sign.

Please touch base if you need to discuss any 30 June strategies.

Chris LaunerChris Launer—Principal