In This Issue

Dear Friends

EOFY reminder

To those of you who are still working, ensure that you top up your super contributions, if you can, for both you and your partner (and any children if appropriate) to the maximum of $27,500 for the financial year.

Bear in mind that this $27,500 includes your employer/SG and salary sacrifice contributions;

You need to act well before the last week of the financial year – I would suggest no later than Friday 21 June at the very latest. (Many super funds close to new contributions well before 30 June each year.)

So, if this is part of your plan, contribute now – and then after July 1 you can claim a tax-deduction for the extra money contributed over and above any employer contributions; be careful not to breach the limit.

Next tax year brings in an increase to the Concessional Contribution cap, to $30,000pa, which is very welcome. And as flagged previously, the Bring-Forward non-concessional contributions to super also enjoy an increase (from $330,000 to $360,000) all of which means you can get more into super next year than now, which is great news.

Financial Market outlook

The Reserve Bank’s brutal stamping on the economic brakes has created an enormous amount of pain for those with very large mortgages … usually young families; I expect there will be consequences over the next 12 months.

And whilst I don’t have a crystal ball, I anticipate a correction in the markets after the American Presidential election, if not sooner. If this happens, my advice is always the same: “stay in your seats, stick to your strategy, and don’t panic”. Markets boom and bust all the time.

I would point out however, that economists have predicted seven of the last three recessions… we are innately cautious…..!

Care as we age

Most of us turn a ‘blind eye’ to the idea of needing care in later life, but it is virtually a certainty. This could mean being moved to a nursing home or some other similar facility. Before you shudder and move on, the research shows that if placed in the correct accommodation for their circumstances, most people are much happier once they get this additional assistance – and so an aged care facility is not necessarily a bad decision for you or your loved ones.

What is a bad decision is living in ignorance.

I recently met with two of my long term clients, now in their late 70s and early 80s (still very fit and active and still travelling overseas annually. They specifically asked me to address nursing homes in an upcoming edition of eGrow, which I am delighted to do – but, as you will see, there is much more to it than that. As this a niche area, I have asked my friend David Coluccio of Senexus to assist me in writing an article on the topic – you can find it here.

The main point is that like financial planning, the funding of your final address is complex and probably not something you should leave to your octogenarian self, or the kids, who will probably have their plates full, busy with careers (often interstate) and often with their own ‘Kidult’ issues.

Like so many highly-technical areas, we as ‘civilians’ don’t know what we don’t know. So, I recommend getting expert advice.

Senexus has a downloadable guide on its website which might help further after reading David’s brief article. David also knows the good and the bad assisted accommodation options!

And One More Thing

I recommend we all take responsibility for educating the next generation about financial services. Scott Pape, the ‘Barefoot Investor’ has an excellent audiobook available which would make an outstanding ‘New (Financial) Year’s Day’ present for a teenager or any young person starting out on their financial literacy journey. It is available from Audible.

PS: don’t forget to be scam aware

As always, if I or any of the team can be of assistance, please do not hesitate to contact us on (08) 8130 5130 or via


Yours sincerely

Theo Marinis CFP®, B.A., B.Ec., CPA., MCIFAA
Financial Strategist
Authorised Representative



The information in these articles is general information only. It is not intended as financial advice and should not be relied upon as such. The information is not, nor is intended to be comprehensive or a substitute for professional advice on specific circumstances. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional on whether the information is appropriate for your particular needs, financial situation and investment objectives.

The information provided is correct at the time of its creation and may not be up to date; please contact Marinis Financial Group for the most up to date information.