Welcome Matthew McConnell, Senior Financial Adviser

We are thrilled to welcome another highly skilled adviser to our team!

Matthew McConnell joins us as a Senior Financial Adviser. Based in our Devonport office, he will provide financial planning services to our clients throughout Tasmania.

“I am looking forward to helping Synectic’s clients identify and achieve their personal, family and business goals. It’s important to me that I provide clients with information to clearly understand their options. Synectic provides a great match for this service philosophy”.

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2017-18 Federal Budget: Superannuation

Despite no major new superannuation measures in the 2017-18 Federal Budget, the Government continues to tinker with Superannuation rules. In particular, the introduction of the $300K additional non-concessional contribution for older downsizers creates an exception to the recently-introduced Total Superannuation Balance $1.6m cap, and the concessions for first home-buyers to use super to save for a deposit sends mixed messages about the purpose of superannuation.

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2017-18 Federal Budget: Housing affordability and supply

Housing affordability has been one of the major components of this year’s Federal Budget, which featured a comprehensive package of tax and superannuation measures aimed at increasing housing availability and improving affordability. The government has also reigned in tax breaks enjoyed by many residential property investors in the hope of providing Australians with confidence that tax concessions are correctly targeted. These measures will be complemented by a number of supply-side initiatives including the release of Commonwealth land and housing supply targets.

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Farm Management Deposit (FMD) scheme changes: What they mean for Tasmanian farmers

The Farm Management Deposit (FMD) scheme allows farmers to set aside primary production income in years of high income, to draw on in leaner years. The deposits are an excellent cash flow planning tool and an important strategy for primary producers to consider in their tax planning. They help farmers build up cash reserves while smoothing fluctuating income, maximising profits and minimising tax liabilities.

Effective 1 July 2016, the government introduced several amendments to the FMD scheme. The changes give farmers more flexibility in managing their businesses and mean that FMDs should be back on the table during the upcoming tax planning season.  In this article we look at two of the changes that we see as particularly relevant to our Tasmanian farming community.

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