WEBVTT - Finance with Blake Wendt | June 11th, 2025

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<v Speaker 1>Now on afternoons All Things Finance with Blake went from

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<v Speaker 1>Pretzel Wealth. Organize your free consultation at Pretzelwealth dot com

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<v Speaker 1>dot au.

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<v Speaker 2>Well, there may be a curfew in downtown LA, but

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<v Speaker 2>there's no curfew here. If you've got a question about

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<v Speaker 2>your personal finances. The best in the business Blake went

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<v Speaker 2>is here with us from Pretzel Wealth. Of course, Areo

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<v Speaker 2>Blake Michael. Now, all sorts of things in the world

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<v Speaker 2>of finance. But I mean the stock market's nudging record

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<v Speaker 2>highs here a Wall Street seems to be back to

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<v Speaker 2>basically where it was. But as you were saying during

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<v Speaker 2>the break there, the big Beautiful Bill Love a bit

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<v Speaker 2>of a literation that, depending how that goes, will have

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<v Speaker 2>an impact on where the stock market's land.

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<v Speaker 3>Right, Yeah, certainly, big beautiful Bill. That's our next hurdle.

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<v Speaker 3>So you know, it's Trump's baby, offering tax cuts, incentives,

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<v Speaker 3>increasing the debt, sealing, all this sort of stuff is

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<v Speaker 3>coming through if that bill passes. Now, if it passes,

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<v Speaker 3>the question is, okay, when does America get their act

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<v Speaker 3>together and start raining in the spending and reducing I

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<v Speaker 3>suppose their debt, because if you're extending the debt ceiling

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<v Speaker 3>over there. Well, it's assumed that you're going to go

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<v Speaker 3>up to that debt ceiling and take on more and

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<v Speaker 3>have higher levels of borrowing. And you know, we're still

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<v Speaker 3>at a still in an era where interest rates are

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<v Speaker 3>quite high over in America, so that could be quite

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<v Speaker 3>inflationary for them. Interest rates from the perspective of bond

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<v Speaker 3>markets and debt markets, those interest rates may increase, which

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<v Speaker 3>causes concerns because if you're taking on more debts at

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<v Speaker 3>a higher cost via the interest rates, then.

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<v Speaker 4>The world starts a.

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<v Speaker 3>Look at American think, well, hang on a minute, you're

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<v Speaker 3>becoming the quality of your debt is less credible, and

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<v Speaker 3>so it will cause some concern for markets. Markets if

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<v Speaker 3>interest rates are moving high, there's tighter you know, there's

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<v Speaker 3>concerns for businesses if they're borrowing to try to feel

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<v Speaker 3>their expansion. And so it's not a great outcome if

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<v Speaker 3>it passes unless they can produce income or increase income,

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<v Speaker 3>which is Trump sort of saying, well, we want to

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<v Speaker 3>do that through tariffs.

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<v Speaker 4>We want to get some income that way. If it doesn't.

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<v Speaker 3>Pass, well, taxes are elevated, and so that's not great

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<v Speaker 3>for consumers because consumers have less money to spend, and

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<v Speaker 3>so businesses suffer.

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<v Speaker 2>So he's sort of saying they're damned if they do,

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<v Speaker 2>and they damned if they don't.

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<v Speaker 3>To some degree, yes, exactly, so they want it to

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<v Speaker 3>pass because it gives them more flexibility to spend money

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<v Speaker 3>and get money passing through the economy. But at the

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<v Speaker 3>same time, if it doesn't pass, well.

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<v Speaker 4>Okay, what do we do with the debt problem? It's

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<v Speaker 4>damned if that.

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<v Speaker 2>This is it. I mean, as people know listening to me,

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<v Speaker 2>I've been speaking about the American debt problem for a

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<v Speaker 2>long time, but it's only getting worse. And it got

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<v Speaker 2>a lot worse under Biden. Under Trump, it's going to

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<v Speaker 2>get worse. I don't think the tariff's is going to

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<v Speaker 2>bring in anywhere near as much as they claim, and

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<v Speaker 2>because the tariffs are essentially paid for by the American consumer,

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<v Speaker 2>I mean at the end of the day, So again

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<v Speaker 2>that siphons money out of the economy gives it to

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<v Speaker 2>the government. So they are at a bind in America.

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<v Speaker 3>They are.

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<v Speaker 4>It's tough.

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<v Speaker 3>It's tough, and so you know, because they're such a

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<v Speaker 3>large economy. If they're getting weaker or there's flowering effects

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<v Speaker 3>around the world, and so we've just got our eyes

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<v Speaker 3>on this big beautiful bill seeing how it goes, and

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<v Speaker 3>it could go either way.

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<v Speaker 2>Okay, yeah, I mean politically. I was watching bit of

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<v Speaker 2>Bill O Riley last night and he made a very

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<v Speaker 2>valid point that. Okay, let's say the Senate does not

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<v Speaker 2>approve because the House any approved by one vote. Two

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<v Speaker 2>Republicans win against it, so it only just got through

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<v Speaker 2>the Senate. Let's say some of the conservative Republicans are

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<v Speaker 2>too much spending, we bot this down. As you say,

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<v Speaker 2>the deductibility, I think fifty percent of deductibility automatically is

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<v Speaker 2>wiped away two and a half percent across the board.

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<v Speaker 2>Increase on income tax or that's the average or something.

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<v Speaker 2>Recession likely to hit midterm elections next year, the Republicans

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<v Speaker 2>will lose. Trump will be a lame duck. So you

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<v Speaker 2>end up with about two years of just nothing productive

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<v Speaker 2>happening in Washington, which is again bad for the economy.

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<v Speaker 2>So everywhere you try to turn to pivot out of this,

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<v Speaker 2>there are roadblocks.

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<v Speaker 3>It's tough, tough times over there, and that does have

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<v Speaker 3>impacts on market. So whilst the market is doing quite

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<v Speaker 3>well at the moment, it's recovering from the sell off

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<v Speaker 3>that occurred off the back of Liberation Day and Trump's

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<v Speaker 3>tariff's being introduced to the world. Markets have calmed down

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<v Speaker 3>from there. They've recovered, which is great to see. But

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<v Speaker 3>again it's about saying, okay, well what's ahead of us. Well,

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<v Speaker 3>we've got this decision that needs to be made and

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<v Speaker 3>the outcome may not be so great for markets. Now,

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<v Speaker 3>you don't go off and sew your portfolio down. You

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<v Speaker 3>just analyze what comes through, make a rational decision, and

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<v Speaker 3>then go from them.

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<v Speaker 2>Like that analogy. I You've just gone over the mountain

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<v Speaker 2>and you realize there's a lot more of the alps

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<v Speaker 2>yet to climb, and they're higher again than it's That's right, okay,

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<v Speaker 2>one three, one eight seven three. Let's get to some questions.

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<v Speaker 2>Gary's phone in, can I Gary? What's your question for Blake?

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<v Speaker 5>Yes, good, phon. I'm just wondering if a couple leave,

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<v Speaker 5>as part of a will a home to their child,

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<v Speaker 5>but then also a man to each grandchild. So let's say,

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<v Speaker 5>for instance, the pull home and then one hundred thousand

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<v Speaker 5>dollars or whatever to each grandchild. If the sun decides

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<v Speaker 5>to move into the family home and pay that a

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<v Speaker 5>man to the grandchildren. Does that come off his allowance

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<v Speaker 5>that he's allowed to have before his pension? So is

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<v Speaker 5>that classes like income that he should really have.

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<v Speaker 3>So the situation you're transferring as part of the estate,

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<v Speaker 3>transferring your home to a child and they're going to

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<v Speaker 3>pay rent, that is that what's happening.

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<v Speaker 5>No, No, what it is is that the home was

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<v Speaker 5>to go like this child and also a number of

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<v Speaker 5>grandchildren get a man of money each. If the son

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<v Speaker 5>wants to live in the family home and pay the

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<v Speaker 5>money to each of their children who are my grandchildren,

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<v Speaker 5>would that be considered like an asset that he has

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<v Speaker 5>that he's not Yes, so he hasn't used for pension.

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<v Speaker 3>Yeah, for sendling purposes. So if the funds were to

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<v Speaker 3>go to the child and then they do something with

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<v Speaker 3>those moneies after then so distribute it to their children

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<v Speaker 3>or nieces nephews, then that's considered a gift on their side,

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<v Speaker 3>and so it can impact or it does get included.

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<v Speaker 3>I suppose there's an asset potentially for age pension purposes

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<v Speaker 3>or sendling purposes.

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<v Speaker 4>One way to get around that might.

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<v Speaker 3>Be to distribute money is to the grandchildren directly and

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<v Speaker 3>so perhaps you need to think about if the grandchildren

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<v Speaker 3>under the age of eighteen, who's going to look after

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<v Speaker 3>the money? Is it in trust for them? How does

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<v Speaker 3>that all work? So speak to a solicitor about this.

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<v Speaker 3>But maybe it's best to send the money or direct

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<v Speaker 3>the money to the grandchildren. Doesn't go to the child

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<v Speaker 3>receiving the property as well, and so if they move

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<v Speaker 3>into If the child moves into the home, it's classed

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<v Speaker 3>as their main residence, so it's not picked up for

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<v Speaker 3>Sentillink purposes, but worthwhile having a chat with the solicitor

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<v Speaker 3>just to see what the family dynamics look like. Raise

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<v Speaker 3>any concerns if you're worried about the estate being contested,

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<v Speaker 3>speak to them about some of those concerns. But for

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<v Speaker 3>Sennelling purposes. If the child receives everything and then they

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<v Speaker 3>decide to distribute money themselves cash to the grandchildren, then

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<v Speaker 3>perhaps there would be some issues with the asset.

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<v Speaker 4>Test and gifting rules.

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<v Speaker 3>So just get some advice around this, understand the whole

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<v Speaker 3>family structure, and then make a decision from them.

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<v Speaker 2>Yeah, so financiers and loyals and equal measure, I think

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<v Speaker 2>they will, I think so. Yeah, all right, Gary thank you.

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<v Speaker 2>Good question, no doubt, one that is being mulled by

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<v Speaker 2>a number of people as we speak. Blake went hear

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<v Speaker 2>from Prenzl Wealth, of course, and you can book a

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<v Speaker 2>complimentary consultation with Blake today. Do it Pretzelwealth dot com

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<v Speaker 2>dot au Blake. The total super balance cap that's changing.

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<v Speaker 2>What's happening?

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<v Speaker 3>Yeah, so that's going to increase to two million dollars

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<v Speaker 3>that This is sort of old news, I suppose, but

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<v Speaker 3>it's something relevant for endo financial year planning because if

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<v Speaker 3>you're getting close to that one point nine million dollar

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<v Speaker 3>total superbalance cap which is currently in place, it's going

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<v Speaker 3>to two million. Maybe you're thinking, well, I'm at an

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<v Speaker 3>age where I can access my super and potentially do

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<v Speaker 3>some recontributions. Recontributions are effective for cleaning up death taxes

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<v Speaker 3>in super. So if you leave money or superannuation to kids,

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<v Speaker 3>non financial dependents, they may pay a fifteen percent tax

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<v Speaker 3>on your superannuation.

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<v Speaker 4>So we want to try to clean that up.

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<v Speaker 3>Now, if you're around that one point nine mark, and

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<v Speaker 3>we've seen a couple of clients last week sort of

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<v Speaker 3>ad that threshold, one thing to think about is okay,

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<v Speaker 3>well guess we could recontribute hundred and twenty thousand dollars

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<v Speaker 3>this year, So pull the money's out, put them back in.

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<v Speaker 3>Great off we go, possibly do it next financial year.

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<v Speaker 3>But if we're if we're too far, very close to

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<v Speaker 3>that total superbalance cap coming into the new year, we

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<v Speaker 3>might not be able to contribute as much as what

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<v Speaker 3>we could. If we sort of put some planning in

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<v Speaker 3>place and say, well, how do we reduce this total

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<v Speaker 3>super balance amount? So inside of super you may want

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<v Speaker 3>to withdraw sufficient funds this side of the financial year.

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<v Speaker 3>Possibly pull out your four hundred and eighty thousand dollars,

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<v Speaker 3>recontribute one twenty this year, keep your superbalance below or

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<v Speaker 3>low enough to be able to put in another three

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<v Speaker 3>hundred and sixty next financial year. And by doing that,

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<v Speaker 3>possibly you're getting or you're recontributing another two hundred and

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<v Speaker 3>forty thousand. Why does that matam, Well, if you're paying

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<v Speaker 3>fifteen percent tax on that children and forty thousand dollars,

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<v Speaker 3>Well there's three thirty six thousand dollars that you're going

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<v Speaker 3>to save for the kids. Now you get no benefit whatsoever,

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<v Speaker 3>but the kids may benefit from it. So just encouraging

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<v Speaker 3>you know, we're heading into the end of financial year.

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<v Speaker 3>If you're thinking about recontributing, you're up at the total

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<v Speaker 3>superbalance cap. Maybe it makes sense to get some advice

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<v Speaker 3>around this, pull out larger amounts, wait till July when

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<v Speaker 3>that rolls around, and then get larger amounts back in.

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<v Speaker 3>But total superbalances are a thing. You're effectively unable to

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<v Speaker 3>put money into super if you exceed two million dollars.

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<v Speaker 4>The total super balance also.

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<v Speaker 3>Impacts your ability to look back over previous financial years

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<v Speaker 3>make tax deductible contributions, and potentially, if your superbalance is

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<v Speaker 3>less than three hundred thousand, you may get a work

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<v Speaker 3>test exemption, which can be quite valuable for those who

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<v Speaker 3>have taxable income. But they've finished up work this financial

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<v Speaker 3>year and next year they want to get a tax deduction.

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<v Speaker 3>So think about there. Get some advice before you do anything.

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<v Speaker 3>Of course, make sure you're doing the right implementing the

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<v Speaker 3>right strategies, and you're not doing yourself any harm.

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<v Speaker 2>Okay, just tell me this because I'm a simple person

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<v Speaker 2>with financial matters. As you know, the total super balance

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<v Speaker 2>cap will be two million, yes, and yet we're talking

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<v Speaker 2>here about people with three million dollars and more in

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<v Speaker 2>their Super that could be targeted by this other government idea.

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<v Speaker 2>How do people get to that point?

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<v Speaker 4>How do they get to that point?

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<v Speaker 3>Well, they've already put the money into Super and they've

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<v Speaker 3>they've possibly already have that money sitting inside of Super.

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<v Speaker 3>So the two million dollars or started off I think

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<v Speaker 3>back in twenty seventeen where the limit was one point

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<v Speaker 3>six million.

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<v Speaker 2>Before that, there was no limit before.

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<v Speaker 3>That, no limit, no, so you could get large amounts

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<v Speaker 3>into Super and off you go. But those with balances

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<v Speaker 3>of three million dollars or more, they've either experienced some

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<v Speaker 3>pretty strong investment returns. A few clients of ours have

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<v Speaker 3>dabbled in bitcoin themselves, not through our advice but on

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<v Speaker 3>their own, so and they've taken that risk and they've

0:11:59.320 --> 0:12:02.600
<v Speaker 3>seen pretty good return through Super through Super, that's right.

0:12:02.679 --> 0:12:04.560
<v Speaker 3>So they've had to have a self managed super funds,

0:12:04.559 --> 0:12:07.680
<v Speaker 3>they've invested in bitcoin and done well. Now we wouldn't

0:12:07.720 --> 0:12:10.839
<v Speaker 3>advise that because of the risks involved, very volatile.

0:12:11.000 --> 0:12:13.839
<v Speaker 2>So theoretically, sorry to cut short, sooretically they might have

0:12:13.920 --> 0:12:16.160
<v Speaker 2>had one point three million in their Super account. They've

0:12:16.480 --> 0:12:18.400
<v Speaker 2>give me a couple hundred thousand a bitcoin. They still

0:12:18.400 --> 0:12:20.560
<v Speaker 2>will under the two million but that's just gone like topsy,

0:12:21.080 --> 0:12:23.439
<v Speaker 2>So now they're whale over three yes, and they're just

0:12:23.480 --> 0:12:24.080
<v Speaker 2>a victim.

0:12:23.880 --> 0:12:26.520
<v Speaker 3>Of their success exactly right, which is not something to

0:12:26.600 --> 0:12:28.920
<v Speaker 3>be upset about. I mean, yes, you're above and so

0:12:29.040 --> 0:12:30.720
<v Speaker 3>yes there may be this tax if it comes into

0:12:30.720 --> 0:12:34.280
<v Speaker 3>playing or when it comes into playing, and so that

0:12:34.280 --> 0:12:37.079
<v Speaker 3>that's going to be effected. So yeah, people have already

0:12:37.080 --> 0:12:39.200
<v Speaker 3>got the money into super it's grown. That's why you're

0:12:39.240 --> 0:12:42.640
<v Speaker 3>above three million. It's not by putting extra contributions in

0:12:42.640 --> 0:12:45.360
<v Speaker 3>in the last couple of years because you have been limited.

0:12:45.760 --> 0:12:47.920
<v Speaker 2>Good to speak as always, Thank you, Blake, and we'll

0:12:47.920 --> 0:12:49.080
<v Speaker 2>catch the same time next week.

0:12:49.120 --> 0:12:49.640
<v Speaker 4>So you there.

0:12:49.720 --> 0:12:53.440
<v Speaker 2>Blake went from Pretzel, remember that complementary consultation pretzelwealth dot

0:12:53.480 --> 0:12:54.120
<v Speaker 2>com dot are you