This is on behalf of cricket umpires…or any sort of umpires…acting as a hobby.
We’re finding it hard to get new umpires because the old codgers are worried that the pay for umpires is going to cause them to lose pension entitlements.
We’ve always heard that umpires’ fees are not counted as assessable income for tax purposes, because it’s considered a hobby and your expenses in getting to the ground, equipment etc pretty much balance against the pay. That’s whether you’re on the pension or not.
However, is it counted as income when reducing pension amounts? We’d need chapter and verse quotes from official rulings.
We know there’s a limit, but that’s said to really only apply to umpires with professional contracts. The pay is paid in fortnightly via bank accounts, so impossible to hide. The comp we absorbed a couple of years ago paid cash on the day, and a lot of their umpires prefer to keep that going and umpire in the lower divisions for their old clubs. An added benefit is that their wives don’t see it and it’s pocket money for a beer or ten.
Services Australia website has lots of info. I think the fact the ATO states it’s a hobby rather than work means you’re in the clear as you only need to report “income” to Services Australia.
I can’t find anything remotely relevant there, but there’s a Work Bonus of $300 per fortnight which isn’t assessable against the pension. Division 2 umpires could get $330 for 2 days, Division 1 $400.
How much (ballpark) is standard for an original sign up fee for a financial consultant? Including a report detailing recommendations, alternatives and implementation of choices, please?
I have 2 sons, 15 and almost 12.
I am looking at setting up an investment portfolio for them to help with their mid-long term future, hopefully.
Any suggestions on my best options for this?
I have limited understanding of investments unfortunately although I am trying to educate myself.
For the record, my wife and I are not exactly flush with cash which is why I want to do something to try and help our lads
Ok advice required from any Super or pension fund experts out there. My wife and I are both retired now and comfortably living on our self funded pension.
I want to purchase a house and either need to do one of 2 things, as there will be about a 60 day gap from buying the new place and selling my current place.
I can either get a bridging loan from a bank for the 60 day gap or secondly,I believe I can use my current pension to pay for it, and cause I’m under 75, can put a similar amount back into my super or pension fund once the money arrives for no penalty. ie the lump $120k or $360k once in 3 years rule doesn’t apply, I can put in much more than that.
It’s really going to be a one time event, we will be staying put after this.
Any advice would be appreciated, we are talking to a financial advisor next week, but thought I’d jump in early
