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The Age
15-07-2025
- Automotive
- The Age
I don't see the point of compound interest. Why is it so great?
I have an investment with Vanguard, and I wonder what will happen if I choose fortnightly Auto Invest and decide to withdraw my funds after ten years. I will have created 260 cost bases for capital gains. Does Vanguard help me with this on my final statement? I asked this question of Vanguard and so far, have not got an answer. What is your take? Vanguard says if you set up an Auto Invest plan using your Vanguard Personal Investor Account, your cost base is tracked automatically. Each year, Vanguard will issue you an annual tax statement that pulls together all the relevant details for the ATO – interest, dividends, distributions, capital gains or losses, and any cost base adjustments. The statement includes tax guide references and is available after 30 June under the Statements tab in your account. Regarding the age pension and the assets test: I'm thinking of buying a new motorhome for around $200,000. How does Centrelink value it – both immediately and over time? I've been told not to overvalue assets, but at the same time, I don't want to undervalue it and get into strife with Centrelink. Your guidance would be appreciated. Centrelink requires pensioners to value their assets at market value, which is defined as the amount you could reasonably expect to receive if you sold the asset on the open market. You're not required to obtain a professional valuation, and Centrelink will generally accept a reasonable estimate. It's important to regularly update the estimated value of depreciating assets such as home contents, motor vehicles, boats, and caravans. Notifying Centrelink of reductions in value over time can help increase your age pension entitlement. Loading In the case of a $200,000 motorhome, around $20,000 of the purchase price will be GST. So, a reasonable starting estimate for Centrelink purposes might be in the ballpark of $180,000. I recommend revisiting the valuation every six to twelve months to ensure it remains in line with market value. Failing to notify Centrelink of depreciation may result in you being underpaid. My father died several years ago, and my mother has recently entered aged care. I understand we have two years to sell her house before it affects her pension. However, I couldn't find anything about the CGT implications for me and my siblings if Mum dies before the house is sold – specifically, the difference between the estate selling the house versus us inheriting the property. The plan is to sell the house and inherit the proceeds, not shares in the property itself – which I believe avoids CGT. Julia Hartman of Bantacs tells me that if the house is being rented out, you can continue to cover it with her main residence exemption for up to six years. If it is not earning income, the period is infinite – assuming she was fully covering it with her main residence exemption before moving to aged care, and it was not producing income while she lived there. Then, when she dies, if it has not been used to produce income (or only for six years), it is treated the same as if she died while still living there, and you still get the two years to sell.
Sydney Morning Herald
15-07-2025
- Automotive
- Sydney Morning Herald
I don't see the point of compound interest. Why is it so great?
I have an investment with Vanguard, and I wonder what will happen if I choose fortnightly Auto Invest and decide to withdraw my funds after ten years. I will have created 260 cost bases for capital gains. Does Vanguard help me with this on my final statement? I asked this question of Vanguard and so far, have not got an answer. What is your take? Vanguard says if you set up an Auto Invest plan using your Vanguard Personal Investor Account, your cost base is tracked automatically. Each year, Vanguard will issue you an annual tax statement that pulls together all the relevant details for the ATO – interest, dividends, distributions, capital gains or losses, and any cost base adjustments. The statement includes tax guide references and is available after 30 June under the Statements tab in your account. Regarding the age pension and the assets test: I'm thinking of buying a new motorhome for around $200,000. How does Centrelink value it – both immediately and over time? I've been told not to overvalue assets, but at the same time, I don't want to undervalue it and get into strife with Centrelink. Your guidance would be appreciated. Centrelink requires pensioners to value their assets at market value, which is defined as the amount you could reasonably expect to receive if you sold the asset on the open market. You're not required to obtain a professional valuation, and Centrelink will generally accept a reasonable estimate. It's important to regularly update the estimated value of depreciating assets such as home contents, motor vehicles, boats, and caravans. Notifying Centrelink of reductions in value over time can help increase your age pension entitlement. Loading In the case of a $200,000 motorhome, around $20,000 of the purchase price will be GST. So, a reasonable starting estimate for Centrelink purposes might be in the ballpark of $180,000. I recommend revisiting the valuation every six to twelve months to ensure it remains in line with market value. Failing to notify Centrelink of depreciation may result in you being underpaid. My father died several years ago, and my mother has recently entered aged care. I understand we have two years to sell her house before it affects her pension. However, I couldn't find anything about the CGT implications for me and my siblings if Mum dies before the house is sold – specifically, the difference between the estate selling the house versus us inheriting the property. The plan is to sell the house and inherit the proceeds, not shares in the property itself – which I believe avoids CGT. Julia Hartman of Bantacs tells me that if the house is being rented out, you can continue to cover it with her main residence exemption for up to six years. If it is not earning income, the period is infinite – assuming she was fully covering it with her main residence exemption before moving to aged care, and it was not producing income while she lived there. Then, when she dies, if it has not been used to produce income (or only for six years), it is treated the same as if she died while still living there, and you still get the two years to sell.
Mid East Info
04-03-2025
- Business
- Mid East Info
Saxo Bank Reports Record-Breaking 287% Profit Surge in 2024 Results - Middle East Business News and Information
The Saxo Bank Group announces its financial results for 2024, achieving the best results in the company's history. The Group reported a net profit of USD 146 million for 2024, compared to a net profit of USD 38 million for 2023, corresponding to an increase of 287%. The adjusted net profit for 2024 ended at USD 156 million. In early 2024, Saxo Bank implemented favorable reduced pricing for clients as part of its new global pricing strategy. This reduction is part of the ongoing commitment to improve the value offered to clients and is closely linked to the ability to provide cost-effective solutions alongside the bank's award-winning platforms, products, and services. By meeting the clients' needs and becoming a price-leader across many markets, Saxo Bank experienced sustained growth and reached a record of almost 1.3 million clients by the end of 2024, with all time high client assets of USD 118 billion. 2024 key figures at a glance (2023): Total income: USD 677 million (USD 650 million) Net profit: USD 146 million (USD 38 million) Adjusted net profit: USD 156 million (USD 95 million) Total equity: USD 868 million (USD 923 million) Total client assets: USD 118 billion (USD 108 billion) Total number of clients: 1,286,000 (1,159,000) Capital ratio: 29% (32%) Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said: 'I am very proud to report that 2024 was the best financial year in Saxo Bank's history. This is clearly a very satisfactory result for us. The progress underscores our steadfast commitment to creating value for all our stakeholders and strengthening our foundation for sustainable growth. With almost 1.3 million clients and client assets reaching an impressive USD 118 billion, these milestones showcase the trust and confidence placed in Saxo Bank. Our comprehensive trading and investment platforms have provided robust tools and resources, enabling our clients and partners to navigate the markets efficiently and build more resilient, diversified portfolios. The result is naturally also a large testament to the collective efforts of our employees who have driven Saxo Bank's performance and achievements this year. In 2024, we welcomed several new initiatives to make Saxo Bank attractive for even more people. A few highlights are the introduction of more competitive prices across products and the launch of our automated monthly investing account known as AutoInvest. We also introduced our Investor platforms to more markets, enabling more curious people to get invested in the world. Moving forward, our strategic focus remains unchanged. We continue to focus on growing our number of clients and client assets, and on enhancing the product and platform offerings to the benefit of our clients while focusing on our core markets. In our commitment to protecting our clients and upholding the integrity of our business, Saxo Bank has continued to make significant investments and improvements in compliance, anti-money laundering, cyber security, and risk management. This will remain a core priority as well.' The full report is available here:
