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How does Family Tax Benefit really work?

In Taxby Phil McGilvrayLeave a Comment

It has been a long time coming, but this week I finally made the time to reacquaint myself with how the Family Tax Benefit really works. Having spent a good couple of days looking at government and other websites, it is no surprise to me that many parents have found themselves in the unenviable position of having to pay back excess payments. In recent years there have been so many minor tweaks to the Family Tax Benefit payments and calculations that it is hard to know which numbers and formulae to use. To confuse matters further, there are even discrepancies between government sites on what the numbers are and how they work. Most of the confusion is simply due to the fact that websites and pages simply haven’t been updated, but sometimes it is hard to tell. So, what I want share with you in this article are the bare bones facts that are relevant as at today (March 2018). There may be extra supplements and twists to the calculations that provide you with a better outcome, but what I will discuss here are the core payments. I will break the article into 4 parts What is Family Tax Benefit? …

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Is Pet Insurance worth the money?

In Insuranceby Phil McGilvrayLeave a Comment

If you have owned a pet for any length of time, you will know that getting treatment for a sick or injured animal can get very expensive very quickly. According to Animal Medicines Australia, Australians spend $12.2 Billion / year on their pets. When you take purchase costs, food, grooming, toys, vaccination and vet’s bills into account, your average dog would cost roughly $13,000 over the course of its lifetime. From a budget coach perspective, my average client and budget app user allocates approximately $78/ month to their pet jar. This typically covers the annual check-up, food, medication and grooming – in other words the known costs. Not surprisingly, more and more people are starting to question if Pet Insurance is worth considering. In fact, I was shocked to discover that over 350,000 Australians already have Pet Insurance. Given the obvious interest, I thought I should take a look at Pet Insurance and if it makes sense from a financial perspective. So, in this article I will cover the following topics: 1) What is Pet Insurance? 2) What to consider when looking for a Pet Insurance policy 3) When is Pet Insurance financially worthwhile? 4) When isn’t Pet Insurance worthwhile? …

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Is private health insurance worth it?

In Uncategorizedby Phil McGilvrayLeave a Comment

One of the most common questions I get as a budget coach is, “Is private health insurance really worth it?” Burdened with big mortgages, rising child care costs and low wage growth, it is only natural that young Australians question if the growing cost of health insurance is really worth it. The problem is there are so many variables, not to mention misinformation, to consider that it is almost impossible to make an objective decision. So in this article I will walk you through the key factors to consider when considering if private health insurance is worthwhile for you.   We have a good public health care system Let me just start by stating that despite the fact we all whinge about waiting times in hospitals – whether that be sitting in A&E in the middle of the night with a sick child or waiting 2 years for a hip replacement – our Public Health system is world class. The long waiting lists are typically for conditions like hip and knee replacements or cataract surgery. If you turn up at a public hospital with a serious injury or illness you will get the treatment and care you need in a …