{"id":143205,"date":"2024-10-10T17:10:35","date_gmt":"2024-10-10T17:10:35","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=143205"},"modified":"2024-10-10T17:11:01","modified_gmt":"2024-10-10T17:11:01","slug":"noel-news-66","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/noel-news-66\/","title":{"rendered":"Noel News"},"content":{"rendered":"

Noel News<\/span><\/h2>\n

\"Noel<\/p>\n

If you want your children to turn out well,\u00a0<\/i><\/strong><\/span>
\nspend twice as much time with them\u00a0<\/i><\/strong><\/span>
\nand half as much money on them.\u00a0<\/i><\/strong><\/u><\/u><\/span><\/p>\n

ABIGAIL VAN BUREN<\/span><\/p>\n

\"Noel<\/span><\/p>\n

We’re finally coming to Melbourne!<\/strong><\/span><\/p>\n

Rachel Lane and I will be speaking at three different events on the 16th, 17th, and 18th of October.<\/span><\/p>\n

More information further down – I hope you can make it.<\/span><\/p>\n

Rachel Lane and I will be speaking at three different events on the 16th, 17th, and 18th of October.<\/span><\/p>\n

More information further down – I hope you can make it.<\/strong><\/span><\/p>\n

The year is flying by, and it\u2019s hard to believe Christmas is just a few short weeks away.<\/span><\/p>\n

At the time of writing, tensions around the world are running high, which prompted an interesting question from a listener during my talkback show last Wednesday on 4BC Brisbane. He asked whether he should put $30,000 into his super now, or wait until after the US presidential elections, or perhaps until things calm down in Israel and the surrounding regions.<\/span><\/p>\n

\"Noel<\/span><\/p>\n

Image by Bob Rich for Hedgeye<\/span><\/p>\n

My advice to him was simple: you can’t time the market. There will always be some external factor making you hesitant to invest. Markets could seem too high, too low, or filled with uncertainty. But when it comes to investing, the key is to think long-term. If you\u2019re investing in shares or share-based assets, you need to plan for at least a seven-year horizon.<\/span><\/p>\n

With retirees now living well beyond 25 years after retirement, having a long-term perspective is more crucial than ever. Another strategy to consider is dollar-cost averaging, where you invest a fixed amount each month, like $2,500, instead of making a lump sum investment all at once. This can help smooth out the market’s ups and downs.<\/span><\/p>\n

In the end, the choice is yours \u2013 but remember, time in the market often beats trying to time the market.<\/span><\/p>\n

Travel insurance<\/strong><\/span><\/p>\n

Here\u2019s a quick update on my insurance claims.<\/span><\/p>\n

I received good news from Medibank this morning: my claim has been approved, minus the $250 excess. I\u2019m still in negotiations with Chubb regarding the claim on my American Express card, which I used to book my flights.<\/span><\/p>\n

\"Noel<\/span><\/p>\n

The Medibank claim was straightforward since it only involved reimbursement for an additional fare. The Chubb claim is a bit more complex, as it covers both medical expenses and the cost of changing flights. I\u2019ll keep you updated as things progress.<\/span><\/p>\n

I must say, I\u2019ve found Medibank excellent to deal with \u2013 their online application was very simple, and the claims process has been smooth. It\u2019s a different experience with American Express. Their travel insurance is supposed to be included when you book flights on the card, but relying on that premise can be a bit tricky. Right now, the process seems to be moving on steadily.<\/span><\/p>\n

Stay tuned for more updates!<\/span><\/p>\n

Upcoming events in Victoria<\/strong><\/span><\/p>\n

\"Noel<\/span><\/p>\n

We are finally getting to Melbourne. Rachel Lane and I will be speaking at the following events. I hope you can make it.<\/span><\/p>\n

Wednesday 16 October<\/strong><\/span><\/p>\n

TIME: 6:30\u20137:30 pm<\/span><\/p>\n

LOCATION: Beaumaris Library \u2013 96 Reserve Road Beaumaris Victoria<\/span><\/p>\n

EVENT CONTACT: Catie Maher, 0402 016 721<\/span><\/p>\n

EVENT LINK: Noel Whittaker in conversation with Rachel Lane | Bayside Library Service (mylibrary.digital)<\/span><\/p>\n

EVENT TYPE: In conversation with Rachel and Noel, questions time at the end.<\/span><\/p>\n

Thursday 17 October<\/strong><\/span><\/p>\n

TIME: 2\u20133 pm<\/span><\/p>\n

LOCATION: Mornington Peninsula Library \u2013 Vancouver Street Mornington, VIC 3931<\/span><\/p>\n

EVENT CONTACT: Gail Higgins<\/span><\/p>\n

EVENT LINK: Noel Whittaker Taxes Made Simple – Mornington Tickets, Thu 17\/10\/2024 at 2:00 pm | Eventbrite<\/span><\/p>\n

EVENT TYPE: In conversation with Rachel and Noel, questions time at the end.<\/span><\/p>\n

Friday 18 October<\/strong><\/span><\/p>\n

TIME: Noon \u2013 2 pm<\/span><\/p>\n

LOCATION: Cheltenham Library, 12 Stanley Street, Cheltenham 3192<\/span><\/p>\n

EVENT CONTACT: Ivan Wong and Tia Warner<\/span><\/p>\n

EVENT LINK: Author Talk: In-conversation with Noel Whittaker and Rachel Lane – Kingston Libraries<\/span><\/p>\n

EVENT TYPE: In conversation with Rachel and Noel, questions time at the end.<\/span><\/p>\n

Tax matters<\/strong><\/span><\/p>\n

Taxes are back in the spotlight, and the recent buzz around potential policy changes is creating ripples of concern among investors, business owners and everyday Australians alike. We\u2019ve all seen headlines hinting at changes to negative gearing and adjustments to capital gains tax (CGT) rules, but these are just the tip of the iceberg. While the Prime Minister may be quick to reassure us that there\u2019s \u201cnothing to see here\u201d, we know that governments have a habit of making changes when we least expect them.<\/span><\/p>\n

\"Noel<\/span><\/p>\n

Last month the Australian Tax Office (ATO) gave a clear message: they\u2019re taking compliance seriously. They sent letters to major insurance brokers requesting details of customers with high-value assets \u2013 think fine art, marine vessels, thoroughbred horses, luxury vehicles, motorhomes and even aircraft. If you own any of these, the ATO is keen to know.<\/span><\/p>\n

And it’s not just happening down here \u2013 let\u2019s take a global tour of the latest international tax developments and what they might mean for you.<\/span><\/p>\n

Canada\u2019s recent tax changes offer some clues about directions other countries may take.<\/span><\/p>\n

From 25 June 2024, Canada increased its effective CGT rate by reducing the discount from 50% to 33.3% for individuals with capital gains over $250,000 in a single financial year. While gains under this threshold remain taxed at the current rate, once gains exceed that amount, the new rules kick in: no exceptions, no \u201cgrandfathering\u201d.<\/span>
\n\"Noel<\/span><\/p>\n

What stands out is how quickly these changes took effect. Canadians had just 30 days to offload assets before the new rules were applied to everything, regardless of when they were purchased. An accountant in Toronto told me those 30 days were the busiest of his career, as clients frantically moved assets.<\/span><\/p>\n

There\u2019s a lesson here for Aussie investors: shares can often be transferred with little hassle, but property transactions have unpredictable timelines and incur stamp duty, something to keep in mind when planning your portfolio.<\/span><\/p>\n

Tax is also a contentious issue in the lead-up to the US elections. On one side, Trump promises a corporate Utopia (or at least lower taxes). On the other, the Democrats are floating a proposal to increase the corporate tax rate from 21% to 28%. Additionally, they plan to hike the top rate on long-term capital gains to 28% for those earning over $1 million annually. Wealthy individuals could also see their net investment income tax rate rise from 3.8% to 5%.<\/span><\/p>\n

The UK is taking a different approach: looking to close tax loopholes and ensure the wealthy pay a fair share. They are talking about potential CGT increases, and targeting private school fees by proposing a 20% VAT. This move is shaking up many families that are already stretching their budgets to provide their kids with private education; for many, this feels like an extra burden during already challenging times. Expect more tough measures to be announced in the new UK government\u2019s first budget on 30 October. At this month\u2019s labour conference, the unions made no secret of their claims for massive increases as well as wealth taxes on the richest 1%.<\/span><\/p>\n

The UK\u2019s five-year political terms give Labour leader Keir Starmer the time to make significant changes. A sweeping majority of 200 seats almost guarantees a win in the next election, giving Labour up to 10 years to implement its plans. History suggests that tough policies often come early in a government\u2019s term to avoid backlash closer to the next election.<\/span><\/p>\n

\"Noel<\/span><\/p>\n

The broader implications are clear: your assets are under greater scrutiny than ever before, and as we see governments globally wrestling with tax policies, Australia will not be an exception.<\/span><\/p>\n

In a world where tax policies can change overnight, proactive planning is your best defence. Whether you’re an investor, a business owner or simply looking to manage your wealth effectively, now is the time to seek professional advice. Review your investment strategies regularly, stay informed and be prepared to pivot when needed. After all, in the rapidly evolving tax landscape, the ability to anticipate and adapt is the key to thriving, not just surviving.<\/span><\/p>\n

Artificial Intelligence<\/strong><\/span><\/p>\n

\"\"<\/span><\/p>\n

I\u2019m writing about Artificial Intelligence (AI) today as I think it\u2019s the biggest game changer we may see in our lifetime.<\/span><\/p>\n

I\u2019ve quoted Keith Fitzgerald regularly because he\u2019s the best financial commentator out of America I know. I never miss his daily email. This is from his latest bulletin:<\/span><\/p>\n

People continue to talk about AI as if it\u2019s \u201ca\u201d tech.\u00a0That\u2019s a mistake.\u00a0 AI may well be the single most important technology in recorded human history.\u00a0<\/em><\/span><\/p>\n