Financials For Families - Info Session at The Oasis Townsville

We’re excited to announce that for the second time, Jessie and Yannick will be presenting “Financials For Families” at The Oasis Townsville on Wednesday 27th March 2024 from 5:00pm to 6:30pm!

For non-serving partners and families of both current and transitioned veterans, managing finances amid the unique challenges of a Defence lifestyle requires strategic planning. Here are key financial considerations that will be covered during this info session:

1. Unlock Home Loan Benefits: Optimise your redraw or offset account to reduce interest and shorten your loan duration. Savings in these accounts can significantly impact both interest payments and the time it takes to pay off your loan.
2. Supercharge Your Super: Due to frequent relocations, multiple super accounts may have been started. Prevent erosion of your super balance by consolidating carefully. Assess insurances within each account for potential benefits based on medical history before consolidating.
3. Navigating Life Insurance: While Defence personnel are covered if ill or injured, ensure your income is protected with appropriate life insurance. Evaluate default cover in your super fund and explore cost-effective options.
4. Property Investing: Assess the performance of your investment property, is it costing or making you money? Consider your goals, whether creating passive income for your children or aiming for an early retirement.
5. Buying a Home: Explore Defence schemes like HPAS, DHOAS, and HPSEA for potential benefits when buying or selling a home.
6. Salary Packaging: Understand the tax implications of salary packaging. While advantageous for employees of hospital or not-for-profits, you may be paying a grossed-up amount of tax if you are outside these sectors, especially if you have HELP debt.
7. Retention/Continuation Bonus: Be aware of how bonuses impact taxable income and, consequently, benefits like the Medicare levy surcharge, private health insurance rebate, family tax benefit, childcare subsidy, and government maternity leave.
8. MRCAETS: If eligible, access education, tuition, tertiary start-up funds, and income support through the MRCAETS program.

 
Navigating these financial aspects ensures Defence families can make informed decisions, securing their financial future amid the unique challenges and opportunities that come with a Defence lifestyle.
 
To register for this free event, click here.