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Self-managed super funds have seen a rapid increase in the last few years, with many people seeking transparent alternatives to traditional superannuation providers for their retirement planning.

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Chris Brycki founded the online investment adviser Stockspot to help people grow their wealth by providing access to low-cost, diversified portfolio opportunities. SMSFs are an attractive avenue for investors, however they require active attention to regulation and administration.

Chris joins host Grace Ormsby on this episode of the nestegg Podcast to share data that disproves common misconceptions around SMSFs, explain why simple investment solutions generally provide better results, and emphasise the importance of generating an investment strategy when setting up one’s own SMSF.

Thanks Chris, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Stockspot are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Thursday, 12 December 2019

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Is a tax system which pleases both Boomers and Millennials possible?

By Lucy Dean · March 29 2018

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Is a tax system which pleases both Boomers and Millennials possible?

By Lucy Dean
March 29 2018

Reading:

Is a tax system which pleases both Boomers and Millennials possible?

By Lucy Dean · March 29 2018

Reading:

It is possible to build a tax system that caters to both Baby Boomers and Millennials, and in doing so, a wealthier nation, an investment manager has said.

Speaking to Nest Egg, Montgomery Investment Management chief executive Roger Montgomery said Australia’s budget issue has less to do with excess dividend imputation credits and more to do with the amount of revenue generated.

He argued that adding value to Australian exports, and increasing investment in new businesses, is the way towards a wealthier country, instead of scrapping cash refunds on excess dividend imputation credits as Labor has proposed.

Responding to questioning around the inheritance of wealth in the wake of the proposal, Mr Montgomery said the issue is that while capitalism is by far the best system, over time it facilitates the concentration of wealth.

Nevertheless, he reinforced, that’s no reason to target older Australians’ wealth.

Instead, Mr Montgomery proposed: “I think what we [should] do … is give Millennials a tax holiday to start businesses. It's really simple. You just say, 'Hey, if you've got a good idea for a business, you don't pay tax on your first $300,000 profit for the first three years'.

“'You can go and hire other Millennials and off you go, go for your life, start businesses, be entrepreneurial, get going'. That’s allowing capitalism to do its job.”

Speaking more broadly, he said Australia needs to add more value to its exports, offering the example of how Australia sends out seven or eight tonnes of iron ore in order to be able to afford to import one iPhone.

“That's not sustainable. It is crazy. What we need to do is add value to our exports, and the way to encourage value-added exports is to incentivise people to start new businesses that specialise in adding value to exports, and incentivising them through more favourable tax treatment,” Mr Montgomery said.

“If we do that, we'll be a wealthier nation and these other debates that we're having really just fade into the background.”

He warned that simplifying the tax debate to just dividend imputation reform and therein igniting a battle between the generations is bad for both generations.