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MoneyLink Financial Planning, 56 Hill Street, Orange (2026)

02/09/2026

Investment Outlook

Where should we invest now? The last financial year produced above average returns for people holding a diverse spread of investments, and from most investment sectors. That was a surprise considering the events the year produced, especially the Middle East conflict.

Several of those issues remain a concern today meaning the outlook is far from assured.

There is no simple resolution to the US–Iran conflict. President Trump can’t find an off-ramp. His problem in that he has to answer to the voters, while the Iranian leaders don’t. They simply stamp out any dissent quickly and brutally.

Until there is a resolution oil supplies remain at risk. There haven’t been any shortages so far but reserves are reducing. Oil prices remain above pre-war levels, adding to inflation especially in Australia, Asia and Europe. The US now produces enough oil for its own needs.

Interest rates are uncomfortably high after multiple rate rises by central banks in Australia, Britain, the US and Europe. Further increases are expected here and in Europe.

Australian inflation is at 3.5 per cent compared to the 2.5 per cent target. The biggest cause is excessive government spending, as it is in other countries.

Productivity in Australia, output per worker per year, has fallen for the last five years and is down about five per cent in total. Yet wages continue to rise. This is unsustainable. Consumers are being squeezed. Harvey Norman says foot traffic in its stores is down about a fifth over the last year.

The recently announced tax changes have damaged confidence in the housing market and created uncertainty in relation to other investments.

However the outlook is not all negative. The application of artificial intelligence programs in the workplace will help productivity. It is the future, that’s obvious. The leading companies that utilise it will do well.

The building of AI data centres worldwide requires resources, which Australia can supply. Mineral prices are high and likely to remain so. Technology companies require much capital, providing investment opportunities.

Our rural sector is doing well with most agricultural commodity prices high. Recent seasons have been good, and the current one is shaping up well.

We are likely to see one more interest rate hike before rates plateau. Markets will soon start to anticipate rates falling next year.

The best approach for investors is to be diversified, hold a spread of investments in many areas. That should earn reasonable returns regardless of what eventuates. It doesn’t pay to be too pessimistic. Things usually work out better than most expect.

21/08/2026

Planning and Managing Retirement Income

What is the greatest concern people approaching retirement have? There is little doubt it is “After my salary stops, where will my income come from, and will it be enough?”

What is the most common concern for people already in retirement? The most likely answer is “Will my money run out before I pass on?”

These concerns highlight the importance of good retirement income planning. A well thought out retirement plan addresses both those questions and puts the retiree’s mind at ease.

There are many pieces of information required to prepare the ideal retirement income plan. The first is how much capital the person or couple have to fund their retirement?

This is calculated by adding the values of all their assets, excluding their home and personal use items, then deducting all debts or liabilities. That gives the amount of money available to generate income from.

The next question is their age. Older people can draw income from the same capital at a higher rate. What is their personal life expectancy? How healthy are they? How long did their parents and other family members live?

Do they want to leave money for their children on their death? Are they concerned if their investments run down slowly? People’s opinions on this vary greatly. Many say yes, they want to leave benefits for family, but some say no, the kids are wealthier than they are.

Some retirees want to spend more income early in their retirement when they are healthier and more active, and less later. That can be planned for. However aged care costs need to be planned for too.

A further important question is how conservative, or growth focused the retirees wish their investments to be. Cautious investments earn lower returns so the retiree may have to live on less income.

After gathering all this information financial planners can work out how much income the retiree can draw from their investments sustainably.

This calculation will be based on an assumed earning rate and income needs rising with inflation. It will show how long the money will last, and if, and when, it is likely to run out.

Do these asset levels mean the retiree will qualify for a part or full Age Pension? If so, a combination of investment and pension income can give a comfortable total.

Some people may want higher spending levels. Annuities can boost their total income and qualify them for more age pension but may mean less money for the kids later.

Ongoing monitoring and review of the retirement income plan is also important, to make adjustments depending on how investment returns and inflation actually work out.

13/08/2026

New Tax Rules Suit Managed Funds

Prime Minister Albanese’s decision to tax capital gains the same as income has caused consternation, confusion and perhaps even a little chaos for people with significant assets. Add in the bans on negative gearing and the minimum thirty per cent tax on trust distributions and people have a major challenge.

Some small businesses are owned by trusts. Many trustees will want to restructure, from family trusts to companies for example. Others may want to set up new trusts for disabled people separate from existing family trusts as they would escape the tax.

These restructures could incur large stamp duty costs. The Australian Small Business Ombudsman has said the Federal Government should provide stamp duty concessions for these restructures.

For people who hold investments outside of superannuation, what to do next is a serious question. The new tax makes potentially high growth, high risk investments much less desirable. If people pick a share that doubles or triples in value over a year or two nearly all the gain will be taxed.

Investments of lower risk that provide a sound income and grow more slowly become much more attractive. The rules penalise risk takers, especially those who build new businesses from scratch.

Managed funds are likely to be one of the beneficiaries of the new rules. Most fit into the category of lower risk, providing an income, with lower growth. They hold many assets in the category they invest in, meaning lower risk than if one owns a single asset.

For example a share fund owns shares in many companies, making it safer than picking an individual share. The dividends paid by the companies the fund has invested in are passed through to investors, with imputation tax credits if applicable.

In addition, managed funds usually pay their investors more than just the dividends they receive. They also pay out realised capital gains with their income distributions.

If the fund managers have bought something that has made a strong gain and they decide to sell it, the realised gain must be assessed for tax in the hands of the investor, so it is paid out to them rather than being reinvested.

Unrealised gains are not paid out, meaning the funds usually still grow in value, but more slowly. So funds typically have lower risk, good income and moderate growth. That is appealing under the new capital gains tax rules. Investors can reinvest the distributions to boost their account growth if they wish.

If possible, adding to superannuation is the best response to the new tax rules. If that’s not possible, managed funds could be a good choice.

06/08/2026

Wealth Building with Negative Gearing

Buying an investment property has been a popular wealth building strategy for lots of people for many years. Once they have owned their home for a while and their equity in it has built up due to the loan reducing and the value rising, buying a second property makes sense.

Or at least it did. The property related costs plus the interest on the loan to buy it were tax deductible against the rental income. If those expenses exceeded the rental income the loss was deductible against salary or other income. It was a good way to reduce tax on one’s salary.

That is no longer allowed in relation to existing properties. Any such loss can be carried forward for future use but cannot be claimed immediately as a deduction against salary. The deduction is still allowed if the property is new. However competition for new properties has risen strongly.

Importantly, this ban on negative gearing only applies to existing residential property, not other investments. Negative gearing losses can still be claimed on investments such as commercial properties, shares and managed funds.

Some people keen to build wealth may like to buy a small commercial or industrial property. That can work well if the tenant is strong and reliable.

Negative gearing using managed funds may be the best option available now for many wealth builders. Money can be borrowed against the investor’s home to buy the funds. Some banks will also lend against the value of the new investments as well.

Bank loans are available at close to standard mortgage interest rates. Margin loans are also available that don’t require property as collateral. They lend against the funds or shares. Interest rates are 2 to 3 per cent higher, but the interest is tax-deductible, reducing the net cost.

Managed funds pay income distributions at varying rates, sometimes quite high, so it is best to reinvest them if possible. This will grow the investment value much faster.

Managed funds can be bought in smaller parcels with borrowings increased to buy more over time, unlike properties that require a very large loan initially. Loans for funds can also be reduced easily if circumstances change, such job loss or time off work for children. They are flexible.

Managed fund investments fluctuate more in value than residential property, but if the wealth building plan is over a long term that shouldn’t be a problem. Any negative gearing losses remain deductible against salary and dividends often carry some imputation tax credits.

People put off negative gearing of property should consider using the strategy with other investments.

22/07/2026

Super Rule Changes, or Not

At this time of year the changes to superannuation that began from July 1 are usually a good topic for discussion. However this year it’s the changes that didn’t happen that are most newsworthy.

The changes that did happen are worth noting. The limits on contributions have been indexed up. Concessional or tax-deductible contributions are now allowed up to $32,500 per annum instead of $30,000.

People planning their salary sacrifice arrangements for the year can adjust their voluntary contributions up so that, when added to their employer super guarantee contributions, the total will be close to but not over $32,500.

The limit for non-concessional or non-tax-deductible contributions is four times the concessional limit, so $130,000 per year now. The ‘bring-forward rule’ also allows two future years contributions to be made immediately to cover the three-year period.

So people who wish to build up their super with non-deductible lump sums from inheritances, asset sales or other sources can now put $390,000 in their accounts, up from $360,000. This limit can also be used in recontribution strategies to eliminate the super death benefit tax.

However, the most important news is the changes that didn’t happen to superannuation. Capital gains tax is changing. In most cases the tax payable will be higher, but not in super.

Capital gains within super accounts will continue to be taxed at ten per cent. Capital gains in pension accounts will continue to be tax free.

Many other rules are changing to boost the Government’s tax take. That makes superannuation more appealing.

Negative gearing of existing residential properties has been banned. If the expenses including interest exceed the property’s rental income the deduction will no longer be allowed against other income such as salaries.

Family trusts are also directly in the Government’s firing line. New rules impose a minimum thirty per cent tax on trust distributions even if the beneficiary is paying no tax or is in the bottom bracket.

The fact that the only changes to the super rules allow more money to be put in makes it more attractive than ever compared to other investments. Income tax is fifteen per cent while accumulating and zero in pension mode.

Even for people who are over the limit of the amount they can convert to a tax-free pension it will be better to keep the extra amount in super accumulation mode, at least up to $3 million.

People who are reluctant to put all their savings into super can retain more control by using a wrap account with a large investment menu or setting up a self-managed super fund.

01/07/2026

Renters to be Hit by Tax Changes

The Government’s rush to push its new capital gains tax and negative gearing rules through Parliament without proper scrutiny has produced another nasty negative twist.

In order to persuade the Greens to vote for the legislation in the Senate the Government agreed to ban self-managed super funds from borrowing to buy residential property.

This change was not discussed previously and appeared entirely without warning. It will come into effect in early August giving people in the process of buying a property very little time to adjust their plans.

The Government has belatedly recognised the problem I wrote about on May 29 concerning people who start small businesses from scratch and so have no cost base to index to inflation when they sell their business. Their full gain will be assessed for tax.

Thousands of hard-working, ambitious people start businesses in Australia every year. We need them to keep doing that. Some will fail and some succeed. New businesses are the source of progress and innovation. The Government has now established a taskforce to try to find a solution.

Taxing capital gains the same as income is a backward step for the country. Making a capital gain involves risk of loss. It is not nearly as certain or easy as doing a job and being paid a salary. New Zealand, which has no capital gains tax, will welcome Australian entrepreneurs.

The biggest impact of the ban on negative gearing of residential properties will be on renters. Investors are already withdrawing from the market, causing auction clearance rates to nosedive. That will reduce prices a little for first home buyers.

However not every tenant wants to buy a property. Many are young people who haven’t decided on a career yet, or where they want to live long term, and haven’t found a partner. Some are students. Other tenants include low-income earners and older, divorcees and single people.

These people don’t want to buy a home at present. They just want to rent a property at a reasonable rate. Unfortunately, they will be hit hardest by the changes.

There is already a shortage of rental properties with multiple applications usually received for each vacant dwelling. As investors withdraw from the market and self-managed super funds are banned from borrowing to buy, the shortage of rental properties and high rents will get much worse.

This ban on negative gearing of residential property will probably have to be reversed within a few years, perhaps at the next election in early 2028. Hopefully the ban on self-managed super funds borrowing to buy properties will also be reversed.

12/06/2026

Geared Investments and the Rule Changes

The end of the financial year is an important time for investors using negative gearing strategies, and it is fast approaching. With the tax changes announced in the Federal Budget many must be wondering what they should do now.

The negative gearing of existing residential properties will no longer be allowed from July next year. If property expenses and loan interest exceed the rental income, the loss will not be allowed as a tax deduction against other income.

Importantly, this change only affects existing residential properties. Negative gearing losses against newly built properties will continue to be allowable deductions against other income. So will losses arising from other investments such as commercial property, shares and managed funds.

People who have existing loans to buy investment properties, or margin loans to buy managed funds or shares, can continue to deduct any income losses against income from other sources such as salaries, even after July 2027.

The Tax Office allows people to prepay deductible expenses for up to thirteen months. Some investors like to prepay their loan interest for the next year in June and claim the tax deduction for the expense in this financial year. They can continue to do that.

This year has seen three interest rate rises with more likely. This is increasing doubts about the strategy of buying investments with borrowings.

Investment loans secured against property currently cost around 6 per cent per annum. That is tax-deductible, so the net cost for most investors is around 4 per cent.

Margin loans currently cost around 9 per cent per annum. That sounds high but again, it is tax-deductible, so the net cost for most investors is around 6 per cent, maybe less. Investments need to earn more than 6 per cent to make the strategy profitable.

The higher loan cost does make it important to choose investments with good growth potential.

Higher interest costs can sometimes cause reduced demand and price weakness in the short term. However interest rates are going up due to inflation. Inflation means the values of scarce assets in limited supply such as properties, and quality shares rise.

In the medium to longer term assets provide protection from inflation. They are the best way to preserve wealth against a devaluing currency.

The new rules will also increase the tax on capital gains in many cases. However capital gains will still be taxed more leniently than income. Investors can arrange a loan to buy managed funds and shares, pre-pay the interest for a year, and claim the tax deduction in this tax year.

27/05/2026

Small Business Owners to be Stung

The proposed new capital gains tax rules have attracted a great deal of criticism about how they will affect new start-up tech companies and entrepreneurs. In fact, the new rules will affect all small business owners.

This is very important as small businesses are a major part of our economy, employing around forty per cent of Australian non-government workers.

All businesses will be affected – the coffee shop, hairdresser, mechanical workshop, restaurant, earth moving contractor – anyone who owns a business that can be sold.

Currently when the owner of any of these businesses sells, half the gain passes tax-free and they pay tax on the other half. Suppose someone buys a café paying $100,000 for the goodwill, the name and reputation. They work hard in it for ten years, then sell for $200,000.

Under the old rules half the gain, $50,000, would be taxed. Under the new rules, if inflation is three per cent per annum $34,392 will pass tax-free and the business owner will pay tax on $65,608 of their gain. That’s a big increase.

What if the café owner didn’t buy the business? What if they built it up from scratch? Suppose they rented a shop, bought catering equipment, tables and chairs, and all the other requirements. Through hard work they built the business up and sold it in ten years with $100,000 for goodwill.

What would the capital gains tax be? What did it cost to buy? There was no capital cost, none. All the purchases of equipment and furniture were depreciating items that will need to be replaced sooner or later.

You can index zero to inflation as much as you like and it will still be zero. So the whole sale price, one hundred per cent of it, $100,000, will be taxable. Talk about a killer of ambition and hard work!

This applies to all small business owners, especially those setting up new businesses. The only businesses that won’t be adversely affected will be those that don’t grow in value or increase very little.

We need aspirational, ambitious people who are keen to get ahead by working hard in their own businesses. They are the heartbeat of our economy, and the source of jobs and innovation.

It is clear that few if any Government MP’s have ever owned a business or even worked in a small business. They think starting a business and making a profit is as easy and risk-free as going to work and being paid a salary to do your job.

They have no idea of the long hours, hard work and sacrifices that go into building a business. We need to lobby our politicians to change the proposed laws, especially for those who start new businesses from scratch.

21/05/2026

Investor Responses to the Budget

Unusually this year the Federal Budget includes major changes for investors. Capital gains will be taxed more heavily in some cases and negative gearing of existing properties will be banned. How should they respond?

Currently half of capital gains pass tax free. Only half must be added to the investor’s taxable income with tax paid on that at their marginal rate. In future tax will have to be paid on all gains above inflation at personal marginal rates.

If investments grow slowly little tax will be payable, but if growth is strong, most of the gain will be taxable. Suppose inflation is a steady three per cent per annum. If a property, shares or managed funds grow at three per cent per annum the whole capital gain will be totally tax free.

If investments grow five per cent per annum for ten years $100 initially will be worth $162.88. Inflation will make up $34.39 of that growth. So $28.49 will be taxed. That is 45 per cent of the gain. Currently we pay tax on 50 per cent of gains. The new tax is lower.

What if an investment grows at ten per cent per annum for ten years? An initial $100 will then be worth $259.37. Taking off the inflation allowance will leave $124.98 that is taxable. In this case tax must be paid on over 78 per cent of the gain.

This suggests it will be more tax efficient to buy slower growing investments that pay higher tax-advantaged incomes, especially imputation credits. This will suit retirees.

Negative gearing of existing residential properties will be banned. Losses on those properties due to expenses such as interest will no longer be deductible against salaries and other income. They will continue to be deductible for all other investments, including new residential properties.

What is a new house? The investor can buy land and build it. They can buy it new from the builder. What if they buy an old house and knock it down and rebuild? If the number of dwellings on the site increases, negative gearing losses will be deductible. If there is no increase, they won’t.

Importantly this change only affects existing dwellings. Negative gearing continues as usual on all other investments. Wealth accumulators with equity in their own home and surplus income can gear managed funds and shares and claim any income losses against their other income.

Choosing shares with good growth potential can be very rewarding but isn’t easy. Inexperienced investors can access similar gains by investing in funds run by professional managers. They invest in property, shares and infrastructure in Australia and overseas. Financial advisers can assist.

14/05/2026

Investment Fundamentals Sound

If we made our investment decisions based on the headlines we would be unlikely to ever invest. Currently the media is highlighting the Iran War, the closure of a critical shipping route, higher oil prices, increasing inflation and rising interest rates, all meaning rapidly rising living costs.

The headlines say technology companies are over-priced and artificial intelligence programs will eliminate thousands of jobs. Office buildings will be half empty as a result. Young people can’t afford to buy a home. And someone said there could be a recession ahead.

Quick, let’s put our money in the bank and batten down the hatches. Don’t spend, invest, or take any risks. Perhaps we need to find a cave somewhere.

Experienced investors know to ignore sensational headlines when considering new investments or reviewing existing ones. They rarely have any long-term effect.

This is demonstrated by the Australian share market. Prices are down just 1.2 per cent this year. Dividends paid have been more than that so overall shares are ahead for the year. On Tuesday the MSCI Global share index closed at a record high, as did markets in the US, Japan and Korea.

Investors in those countries are looking at the real issues, particularly recent profits and expected future profits. Equity market fundamentals are strong in many countries and sound in Australia.

Australian companies’ half yearly reports to December were mostly good, better than expected. The labour market remains fairly tight with unemployment normal. Consumer spending is still sound despite the cost-of-living-crisis.

Geopolitical crises and conflicts don’t usually have much effect on share markets. In fact many have seen markets gain, perhaps due to extra spending on military equipment.

Investors need to apply logic. Buy what appears to have a growing future and sell what doesn’t.

Interestingly, the various sectors of the Australian share market have performed very differently this year. For example technology company shares have fallen 19 per cent on average in 2026 while metals and mining company shares have risen 18 per cent.

Investors haven’t been panic selling but they have been moving away from areas they see as having less potential towards those they see as having better growth prospects. Such significant moves also create the opportunity to look for oversold companies.

Investors who don’t wish to pick their own stocks can use funds run by professional managers who have shown an ability to make smart choices.

Ignore the headlines. Look for opportunities in all investment areas and move ahead as normal.

MoneyLink Financial Planning

02/09/2026

21/08/2026

13/08/2026

06/08/2026

22/07/2026

01/07/2026

12/06/2026

27/05/2026

21/05/2026

14/05/2026

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