A note from Pinnacle…

The end of the second quarter is fast approaching – which means the 30th June is on our doorstep!

So, are you on top of your tax planning for 2024? The new financial year is set to usher in several important changes, most notably the Stage 3 tax cuts. These changes may affect your overall investment strategy and could also create new opportunities to invest more effectively, or manage tax liabilities. So time is of the essence to ensure you have taken advantage of any end of financial year strategies and concessions that might be available to you.

On May 14, we heard the Treasurer, Dr Jim Chalmers hand down his 2024–25 Budget. He has high hopes that it will rein in inflation to the RBA’s preferred 2-3% band by election time next year, reduce cost-of-living pressures and build a stronger economy in the future.

More than $8.4 billion has been allocated to quick-fix cost-of-living adjustments (energy bill relief, extending rent assistance, cheaper medication etc), along with previously announced Stage 3 tax cuts and the waiving of $3 billion in student debt, which a lot of Australian households will like.

But will these quick fixes help with the bigger picture! Treasury is forecasting a $9.3 billion surplus for 2023-24 after the previous year’s $22.1 billion surplus, the books will look considerably different the following year with a $28.3 billion forecast deficit expected. That’s against a backdrop of an uncertain global economic outlook with wars in the Middle East and Ukraine as well as slowing growth in China and elsewhere.

So, time will tell with Dr Jim’s huge promises and credibility gamble!

 

What’s news at Pinnacle!

After Easter, it was great to see Matthew Anderson back in the office. Whilst he is still building his strength to be here full-time again, we are thrilled to have him back on deck seeing clients again.

You will be receiving an email shortly introducing our new Client Portal, which is called ‘MyProsperity’. You may have already noticed the login page on our website and also details of the App that you can install in preparation. We’re just in the process of finalising some of the functions behind the scenes, but you will be able to access this portal via your PC or via an App on your phone or tablet.

For clients that hold investments through the Macquarie platform and have not yet established Macquarie’s Authenticator App, you will also be receiving communication not only from our office, but Macquarie direct. We will continue to share the importance of security and encourage all clients using Macquarie to have this security App installed. Please note the article included in this newsletter around ‘Telstra, Optus and Vodafone shutting down their 3G network’. It’s important to note that App’s including the Macquarie Authenticator won’t work on old mobile phone devices which operate under 3G. So might be a good time to check that your device is using today’s modern 4G & 5G technology.

As we continue to move into a world focused on technology, we do appreciate all these new tech enhancements can create some anxiety for the less ‘tech savvy’ client. We will be here to help you! Not only will it create a higher level of security, it will also elevate practice efficiency, especially around all the compliance documents we require you to now sign.

Please touch base if you need to discuss any 30 June strategies.

Chris LaunerChris Launer—Principal

 

“Pinnacle always provides an excellent service. [My Advisor] has provided outstanding support to my two daughters and I since the death of my husband in August 2020. I would be happy to recommend this service to others.”
Margaret NRetired
“The Pinnacle team has guided the management of our financial circumstances for over 20 years, successfully navigating at least 3 significant economic cycles. Services have been rendered with total integrity and focus on our personal aspirations. During this time we have greatly appreciated the extension of PWM resources to assist a number of family members responding to particular situations along their personal lives' journeys.
Trevor & Carolyn CConsultants
“Pinnacle Wealth Management, who most importantly created a sound financial future for our comfortable retirement, go way beyond being a financial advisor, providing support to us and our children, as their needs have changed, at a strongly personable level. Their client focus is exemplary.”
Barry TRetired Accountant
“We have been Pinnacle clients for many years and have always found their advice to be considered relevant. The administration team is professional, courteous and timely. No hesitation in recommending the Pinnacle Team.”
Damien WRetired Head of Commercial Banking
“A friend recommended Pinnacle Wealth Management to me, having worked with them on his mother's behalf for many years. I'm so grateful to him - my Financial Advisor is brilliant, totally approachable, not as I'd imagined! I now have much greater clarity about financial management and greater peace of mind. For my money, they're the best financial planners in Adelaide.”
Jackie HCommunications Consultant
 “We are long term friends of [Pinnacle Wealth Management] having been clients since its inception. We have appreciated the professional advice and also the care and friendliness of [our advisor] and staff."
Ian WRetired
"We have been clients at [Pinnacle Wealth Management] for about 20 years. It has been a very enjoyable and profitable time for us. We have been safely steered through the GFC, both our retirements and various other major events that have shaped the nature of financial planning in our world. Through the entire time we have been delighted with the care and careful management of our funds through the leadership of [our now retired advisor] and the friendly and efficient support of all the ancillary staff. He has become a personal friend as well as the person whom we trust implicitly to handle our portfolio and to give us sage and pertinent advice on many areas of our concern. We will miss his presence but we are sure that he has chosen well with [our new advisor], and we look forward to forging a similar relationship with him.'"
Ray & Lyn HRetired
"We have been clients of [Pinnacle Wealth Management] since the inception of the business, about 20 years ago. Overall, we have been very pleased with the long-term handling of our financial affairs, the financial strategy implemented and the regular reviews to make sure we remain on track to achieve our goals. This includes regular informative communications. It has been great to receive sound advice and personalised service, tailored to our needs, covering many different tasks. When an emergency occurred, the excellent and swift service we received from the staff [at Pinnacle] was greatly appreciated. We wholeheartedly recommend [Pinnacle Wealth Management] as a Financial Adviser."
Kelvin & Melanie TConsultant
"My association with [my advisor] began many years ago, with a requirement to diversify my portfolio from bricks and mortar to Australian and International equities. At that time [my advisor] worked for another financial services business. I had no hesitation in following [my advisor] to Pinnacle. [My advisor] has the qualifications, but it is his experience and guidance that have been the founding safeguard for my family and I throughout the varying market conditions. [My advisors] expertise and guidance throughout the years has provided us in achieving our goals along with our family needs. His innovation and tailored strategies have kept us on track in reaching our desired endgame.
Tony SMaintenance
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