Falls by the big four banks have pulled the share market lower, as uncertainty about the policies of US president-elect Donald Trump influences trade. The benchmark S&P/ASX200 dropped 20.6 points, or 0.36 per cent, to 5678.8 points while the broader All Ordinaries index fell 21 points, or 0.36 per cent, to 5733.7points. Wall Street was little changed on Wednesday as gains in technology and financial stocks offset losses in shares of retailers.

What does this mean for you?
New year, new home! That's if you're a first home owner. The QLD government has increased the initiative to help first home owners into their own premises, and depending on the date of your contract, you'll get $15,000 or $20,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). This would certainly go a long way to covering the costs of stamp duty on house purchases, so keep this in mind if you're wanting to crack into the housing market.

There may be some estate planning considerations for those people with super balances over $1.6 million. Broadly, the new $1.6 million balance cap measure is a limit imposed on the total amount that a member can transfer into a tax-free pension phase account from 1 July 2017. If you're a beneficiary of that super balance, the tax-free status of an income stream may not be continued, which can result in more tax being paid on death by beneficiaries. If you fall into this category with having in excess of $1.6 million as your individual super balance, you need to get your planning up to speed to accommodate these changes.

If you would like to review your current structures, contact us today on 5482 2855