Money
Issue No. 40 - April/ /
Gen X, Y financial myths debunked
by Tom Laundy
Home ownership, investments, superannuation strategies, life insurance - with so many tough financial decisions facing Australia’s young people and so much information available to wade through it’s no wonder Gens X and Y have been left feeling a
little confused.
As Business Advisory Manager with chartered accounting firm William Buck, Tom Laundy, 28, is combining his skills - and his experience as a young person - to help peers navigate through financial management.
Tom helps to present regular Emerging Leaders’ forums designed to educate young professionals about personal wealth creation and business management.
“As someone who’s just starting my career, I understand how overwhelming it is to think about all the financial issues facing my generation. Emerging Leaders is one way to pass on reliable information to people in the same situation as me,” Tom said.
The most recent session, 10 Common Financial Myths Explained, aimed to clear up confusion surrounding the big financial decisions facing young people – renting versus buying, superannuation strategies, tax deductions versus offsets and the best way to pay off the HECS debt. “The 10 myths were developed from conversations my colleagues and I had had with our friends,” Tom says.
“The same issues were coming up over and over again and there is a lot of confusion out there. We wanted to help set the record straight.”
Myth One: I’m thinking of going overseas to work and I’ve heard there are tax advantages. Is this true?
While you are exempt from paying tax in Australia when you work overseas, if you work for 91 or more days continuously, there are a number of traps that you should be aware of:
•There must be no significant breaks in your service period, so people on working holidays can be caught.
•You may need to pay tax in the country in which you’re working.
•You won’t be contributi...
