Latest news with #PeterHogg
The Australian
5 days ago
- Business
- The Australian
Tax return: Super fund tips to avoid costly end-of-financial-year mistakes
Investors are making mistakes costing them thousands of dollars by rushing to beat the June 30 end of financial year deadline. While it pays off to tidy up financial affairs before this month comes to a close, a knee-jerk reaction can prove costly. Aware Super general manager guidance and advice Peter Hogg said June was a peak time for superannuation mistakes. The fast-approaching June 30 deadline created a 'perfect storm of rushed decision-making,' Mr Hogg said. 'People suddenly realise they haven't optimised their super contributions and scramble to make last-minute moves, often without proper planning or advice,' he said. 'Most often, it simply comes down to not understanding the rules.' Most super contributions, tax incentives and government schemes generally have June 30 deadlines, and missing them can translate to thousands of dollars of lost opportunities. Super specialists say errors include voluntary contributions, co-contributions, spouse contributions, exceeding caps and other limits and failing to take advantage of the carry-forward rules. Vanguard's Renae Smith. Picture: Supplied Aware Super's Peter Hogg. Picture: Supplied Mr Hogg said thinking June 30 was the deadline for super fund contribution deadlines was a common error. 'You may think transferring funds on June 30 means you're safe,' he said. 'However, contributions must be received by the fund before its cut-off date, which may fall days earlier depending on our method of payment.' A majority of major super funds say members must make their contributions by June 23 to ensure the fund processes the money in time. Vanguard Australia says this month is a good time to make voluntary super contributions, and calculated that a single $1,000 contribution at age 30 could grow more than eight times in value by age 67 to $8,438. Someone earning $80,000 who injects $1,000 into super as a concessional contribution gets a tax deduction for it and a $320 tax refund, it says. Vanguard Australia chief of personal investor Renae Smith said it was best to make additional contributions at least a week before June 30. 'For higher-income earners, a key issue is exceeding the concessional contributions cap,' she said. 'For this financial year, the cap is $30,000. Going over this limit can result in additional tax, so it's important to keep track of all contributions, including those made by your employer.' Colonial First State head of technical services Craig Day said another common mistake was people failing to check that all contributions reached their account, so they missed out on their entitlements. 'The best way to check is to log in to your super account,' Mr Day said. 'You can also use the ATO's Super Guarantee estimator to check your entitlements, and if you believe there's been a mistake, talk to your employer. There are ways to follow up super payments from past employers as well.' Mr Day said for couples where one partner earned below $40,000 there was an easy mistake to be made by failing to take advantage of spouse contributions incentives, which provided a tax offset to the contributing spouse. 'To get the full tax offset of $540, you must contribute at least $3,000 and your spouse must earn less than $37,000,' he said. 'The offset phases out at $40,000.' Aware Super's Mr Hogg said other incentives benefiting from pre-June 30 contributions included the $500 co-contribution scheme for low and middle income earners, First Home Super Saver Scheme and carry-forward contributions. 'If your total super balance was under $500,000 on June 30 last year, you may be able to contribute more than the usual cap by using unused limits from the past five years,' he said. Mr Hogg said the impact on retirement savings of June superannuation mistakes could include higher tax bills, missed government payments and reduced benefits of compounding returns. 'Even small delays in getting contributions into your account can reduce the long-term growth of your super due to lost investment time,' he said.
Sydney Morning Herald
6 days ago
- Business
- Sydney Morning Herald
How one simple switch can supercharge your super
We're often encouraged to put money into superannuation, but contributions aren't the only thing that can help set you up for a comfortable retirement. In fact, says Peter Hogg, general manager of guidance & advice at Aware Super, 'as much as 50 per cent of your super balance at retirement may be determined by your investment returns'. Those investment returns come down, in large part, to the portfolio type you select. Because whether you know it or not, every Australian's super is placed in an investment strategy that's typically either conservative, balanced or higher risk, often known as 'high growth'. Loading Higher-risk strategies are more susceptible to market fluctuations but yield a better return in the long term. Conservative or balanced are less exposed to that short-term risk, but typically won't make as much money over multiple decades. And done right, choosing that high-risk strategy – especially when you're younger – can make a huge difference down the line. 'Obviously, contributing to super is great and really important as well,' says Hogg.
The Age
6 days ago
- Business
- The Age
How one simple switch can supercharge your super
We're often encouraged to put money into superannuation, but contributions aren't the only thing that can help set you up for a comfortable retirement. In fact, says Peter Hogg, general manager of guidance & advice at Aware Super, 'as much as 50 per cent of your super balance at retirement may be determined by your investment returns'. Those investment returns come down, in large part, to the portfolio type you select. Because whether you know it or not, every Australian's super is placed in an investment strategy that's typically either conservative, balanced or higher risk, often known as 'high growth'. Loading Higher-risk strategies are more susceptible to market fluctuations but yield a better return in the long term. Conservative or balanced are less exposed to that short-term risk, but typically won't make as much money over multiple decades. And done right, choosing that high-risk strategy – especially when you're younger – can make a huge difference down the line. 'Obviously, contributing to super is great and really important as well,' says Hogg.
Yahoo
14-05-2025
- Automotive
- Yahoo
Transdiagnostics introduces new digital solution to enhance freight rail safety
Transdiagnostics has introduced Transend, a digital solution aimed at enhancing safety and efficiency in freight rail operations. This system, which has undergone a successful four-year trial, replaces traditional monitoring technologies with predictive diagnostics, thereby aiming to lower the risk of derailments and improve operational performance. Transend marks an advancement in the freight rail sector, which has lagged behind other transport industries, such as trucking, in adopting digital technologies, according to the company. The system utilises Internet of Things (IoT) technology, sensors, and cloud computing to provide stakeholders, including shippers, car owners, regulators, and shareholders, with insights that enhance network reliability, logistics coordination, and supply chain resilience. The platform delivers insights every ten seconds, offering operators immediate access to critical performance metrics such as wheel and bearing temperatures, brake status, rail car handling, and any acoustic or vibration irregularities. Designed to function effectively in high-traffic areas and extreme weather conditions, Transend's cloud-based framework integrates with existing control systems, facilitating safety improvements without disrupting operations. The system enables operators to identify and replace underperforming equipment while also reducing overall fuel consumption. With the implementation of Transend, freight rail operators can modernise their systems, gain insights into daily operations and long-term performance, and enhance their competitiveness and efficiency in a rapidly evolving industry, stated Transdiagnostics. This need for efficiency is underscored by increasing regulatory pressures, including the proposed Railroad Safety Enhancement Act of 2024 (H.R.8996) in the US, which was introduced in response to recent derailments, such as the incident in East Palestine, Ohio. Transdiagnostics co-founder Peter Hogg said: 'The freight rail industry has long relied on outdated systems and reactive safety measures, such as wayside detectors that offer fragmented and delayed data. 'Transend delivers real-time intelligence to control and maintenance teams, enabling operators to prevent failures before they occur.' "Transdiagnostics introduces new digital solution to enhance freight rail safety" was originally created and published by Railway Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-04-2025
- Business
- Yahoo
Farms are told to diversify – but they can't get the planning through
Peter Hogg's family have farmed at Causey Park, near Morpeth, under huge Northumberland skies, since 1854. With his daughter now involved, he has no plans for the centuries-old family business, which he runs with his brother Stephen, to shut up shop. But it has become far more challenging. Some farms have faced the loss of entire crops over the past two years due to record rainfall. Changes to inheritance tax and farm subsidies have put more pressure on Hogg than ever before, just at the point where he is readying himself to hand the business over to the next generation. Like farmers up and down the country, Hogg, 73, has a choice. It is not enough to simply work the land: you have to diversify – find new income streams – or bust. An obvious solution to the mounting financial pressures, for Hogg, was to convert unused farm buildings into holiday accommodation. Diversifying is just 'making use of everything – I suppose it's nothing new,' he says. As well as a mixed arable, beef and sheep farm, 'when our great-grandparents bought the place, there was a sandstone quarry, a clay mine. There was a brickworks. There's been all sorts going on.' He soon found out it was not that simple. 'The difficulties with planning laws mean that businesses are held back and don't grow,' he says. Behind every farm gate, there's a glut of red tape. The Country Land and Business Association (CLA) has warned that farmers, and rural communities more broadly, are facing lengthy waits to secure planning permission, sometimes of five years or more. To illustrate this, the CLA sent Freedom of Information (FOI) requests to 38 councils in rural areas. Of the 35 that replied, 14 had stalled planning applications from before 2020 still waiting for approval. Dorset council, for instance, took an average of 1,372 days, or three years and nine months, to issue a decision. In one case in south Norfolk, a 2007 application for a recreational fishing lake took seven years to process before apparently stalling in 2014. Victoria Vyvyan, the CLA's president, said 'our planning system is in crisis and it's stagnating growth in the countryside.' In Hogg's case, an application to turn a disused farm building into a B&B took 18 months because of a quibble over adding a sunroom. 'It was exactly where there was a building that my father knocked off about 40 years ago. So we just thought, 'oh, we'll stick it back on,'' he continues. 'The planners came along and said, 'you need planning permission for that.' It took 18 months and £8,000 in planning fees, architectural drawings, building inspection fees and god knows what to get it through, and then once it was done, it cost £800 and a fortnight to put the thing up.' The majority of farmers have no choice but to turn to other sources of income, and are being actively encouraged to diversify their businesses: most commonly by letting out buildings for non-agricultural use, selling produce or, like Hogg, providing holiday accommodation. In most cases, it is no longer enough to work the land: government figures show that in 2023-24, even before sweeping reforms to inheritance tax were enacted, 30 per cent of farms in the UK failed to make a profit. 'You're trying to do your best to run a business, and then in every way they're putting blocks in front of you,' Hogg says. 'There's a load of bureaucracy in the way. We're trying to work our way towards being sustainable [as a business].' But the local authority's planning system makes this far harder than it needs to be. Henry Doble is the associate director of rural planning consultancy Acorus and advises farmers on a daily basis. 'On the one hand, you've got government ministers coming out and saying, 'well, tough, the inheritance tax [rise] has come in and you'd better go out and diversify',' he says. 'But it's not actually as simple as that, because of a whole raft of issues in the planning system. The main thing we're experiencing at the moment is just the cost and time involved.' Local authority planners are one thing, but farmers face another foe when it comes to securing planning permission: the great-crested newt. This species of newt, like bats, badgers, water voles and otters, is protected by legislation including the Wildlife and Countryside Act 1981. They are an old adversary: Boris Johnson once claimed 'newt-counting delays' were holding the country back. Rachel Reeves said that developers would no longer need to worry about 'the bats and the newts' in an attempt to kick-start Labour's ambitious house-building plans. Despite this, for farmers, they are still a going concern. Hogg says a local friend was widowed and decided to renovate an old farm building she owned that had previously been used for storage. 'She thought she would convert it back into a house and go and live in it,' he says. 'She had to apply for planning permissions, as you do, and they said you'll need to do a bat survey, an owl survey, a hedgehog survey, a crested newt survey, a toxicology report on the soil, in case there have been toxins stored in the shed, an environmental impact study… it took forever, because they said they can only do some in nesting season,' he continues. Some ecology surveys can only be done in certain seasons, which can add significant delays before an application has even been submitted. 'Eventually she got planning permission, but they said some of the wildlife surveys were now out of date, and she'd have to do them again, Hogg says. 'It cost her over £30,000 before she'd even bought a brick.' For small business owners and farmers who are short on cash, the lengthy surveys and the cost of building delays can be debilitating. These stories will likely resonate with farmers nationwide. Jeremy Clarkson was so frustrated by the red tape he encountered when he applied to build a restaurant and car park on his Diddly Squat farm near Chadlington, Oxfordshire, that he lobbied the government into changing planning laws last year. 'Clarkson's clause,' as it has been called, came into effect last May. Officially an extension of Class R and Q permitted development rights, the changes apply across all local authorities and were designed to allow farmers to diversify their businesses more easily by turning certain disused agricultural buildings into homes or shops without applying for planning permission. While this has gone some way in encouraging growth in the countryside, it does not seem to have cleared the backlog. 'I've seen a number of applications that technically should have been determined in eight weeks rumble on for 12 months or more,' says Mark Turner, a partner at Aaron & Partners solicitors who specialises in planning and the environment. 'I have, on occasion, seen applications drag on for five years.' This is an issue that the National Farmers Union (NFU) is all too aware of. In its newly published blueprint for growth, it calls on the Government to address planning delays by adequately funding the planning system and making a biodiversity net gain (BNG – a mandatory requirement in England for developers to leave the natural environment in a better state than before) exemption for development relating to agriculture. The changes permitted development rights have 'certainly provided a bit of encouragement and impetus in the industry for more diversification,' he adds, 'but the issue is still resources in local authorities – or a lack of resources. It can be difficult to get anything from them when it's needed.' Hogg says, all things considered, the situation is 'dismal'. 'Our farm will survive,' he says, 'but in an increasingly uncertain future.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
