Money Magazine August 2016

‘Being good in business is the most fascinating kind of art. Making money is art and working is art and good business is the best art. ’ANDY WARHOL, ARTIST In June, prime minister Malcolm Turnbull made it very clear that the super changes were fair and locked in. But as we head to the printers it appears that not all his MPs agree with those “ironclad” budget proposals. There’s a push for exemptions from the $500,000 non-concessional lifetime cap for divorced couples, farming families and people who inherit money. Personally I’d like to see a backflip on the proposed drop in pre-tax caps. All this ruckus reinforces the fact that while the government can’t resist tinkering, so long as super remains tax effective it’s no reason for us to give…

Pet insurance is a must Paul Clitheroe’s column (In Your Interest, June), pointing out that “money isn’t everything, especially when it comes to the family pet”, struck a chord with me as a veterinarian. A lot of lay people assume the hardest part of a veterinarian’s job is performing euthanasias. It isn’t. The very worst part is discussing money. Our services aren’t cheap and for good reason – hospitals have huge overhead costs to cover. Vets are a very low-paid profession for the amount of training we receive (I went through five years of university, have 2½ years’ experience and currently earn $57,000). One of the most heartbreaking parts of our jobs is when an owner wants to go ahead with treatment but can’t afford it. There are a few…

Tea set brings back memories As a Money reader I usually skip Smart Spending and head straight to those articles that have increased my knowledge of saving, investing and superannuation over the years. But July’s Extravagance made me smile. There looking back at me was my most extravagant purchase: a 50-piece Wedgwood Harlequin tea set. I successfully bid for this in a charity auction supporting breast cancer research five years ago. I still remember the delight of unpacking the beautiful pieces, and the trepidation that perhaps I’d been foolish. It has been used just twice, once to celebrate my dear mum’s birthday and for an Easter afternoon tea with my aunt. Sadly both are no longer with me but Extravagance reminded me of the joy both these lovely ladies shared…

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EDITORIAL Chairman & chief commentator Paul Clitheroe Editor Effie Zahos Deputy Editor Maria Bekiaris Art Director Ann Loveday Deputy Art Director Tim Verrender Senior Sub-editors Bob Christensen, Lindsey Leathart Senior Writers Susan Hely, Pam Walkley Online Content Producer/Writer Steph Nash CONTRIBUTING WRITERS Chris Batchelor, Nicola Field, Ben Graham, Ross Greenwood, Sam Henderson, Greg Hoffman, Bryce Holdaway, Rod Horin, Anne Lampe, Roger Montgomery, Anthony O’Brien, Shane Oliver, Marcus Padley, Vita Palestrant, John Rawling, Terry Ryder, Annette Sampson, Michael Yardney CONTRIBUTING ARTISTS Yianni Aspradakis, Phillip Castleton, Christopher Crerar, Reg Lynch, Jim Tsinganos, John Tiedemann, Richard Whitfield PHOTOGRAPHS Getty Images ADVERTISING NSW & Vic Peter Balinski (02) 9282 8075 Queensland Nikkola Hogan (07) 3101 6636 South Australia Nabula El Mourid (08) 8267 5032 Western Australia Vikki Stacy (08) 9449 9908 PRODUCTION Controller Ian…

MARCUS PADLEY Marcus is a stockbroker with MTIS Pty Ltd and the author of the daily share market newsletter Marcus Today. Marcus says: “The obvious comment is to say do something sensible like invest it. But if it’s unexpected it’s a bonus we don’t need. Time to live a little. A holiday with the family. Thanks tax man!” MICHAEL YARDNEY Michael Yardney is a property commentator, CEO of Metropole Property Strategists. Michael says: “I would use my refund to pay down any bad debt such as credit or store card debt, or to pay down my non-tax-deductible home loan debt.” ANNETTE SAMPSON Annette has written extensively on personal finance and she has written several books. Annette says: “It’s really easy to fritter away a windfall like a tax refund so…