Cedar Wealth - Financial Advisers Perth

If Life Changed Tomorrow, Would Your Family Be Financially Safe?

The financial role you play is bigger than a pay cheque

For many parents, especially those balancing paid work with most of the planning, care and organisation at home, illness or injury can affect the whole household. The mortgage, groceries, school costs, childcare and everyday bills still continue.

Personal insurance can provide money when your family needs choices, time and stability most.

Four types of cover, four different jobs

Life cover pays a lump sum if you die or meet the policy’s terminal illness definition. It may help repay debt, fund future living costs and education, and reduce the financial pressure on the people caring for your children.

Total and Permanent Disability (TPD) cover pays a lump sum if you meet the policy definition of permanent disability. It may help with debt, treatment, rehabilitation, home changes, long-term care and replacing future earning capacity.

Trauma cover pays a lump sum if you are diagnosed with a specified serious condition covered by the policy. It can provide breathing space for treatment, recovery, time away from work and extra family support.

Income protection pays a regular benefit if illness or injury prevents you from working, subject to the policy terms, waiting period and benefit period. It can help keep household cash flow moving while you recover.

It is not only the income that needs protecting

A parent working part-time, taking a career break or doing more unpaid care still provides significant financial value. If that work suddenly had to be replaced, the family may face extra childcare, transport, household support and time away from work for the other parent. Good planning considers both income and unpaid responsibilities.

How much cover is enough?

The right amount is personal. It may depend on your mortgage and other debts, income, children’s ages, education plans, emergency savings, partner’s income, existing cover through super, health, occupation and the support available from family. Policy definitions, exclusions, premiums and ownership also matter. A regular review is important after having a child, changing jobs, buying a home, separating, repartnering or experiencing a major income change.

A simple way to think about it.

Protect
Provide for the people who rely on you if you are no longer there.

Recover
Create financial breathing space during serious illness or permanent disability.

Continue
Help keep income and everyday family commitments moving while you cannot work.

How Cedar Wealth can help
We can help you identify the financial risks your family would face, check existing insurance, compare appropriate cover and structure ownership and premiums around your broader cash flow, superannuation and estate planning.

Contact us here for a chat

https://www.cwmm.com.au/general-connect/

https://www.cwmm.com.au/licensing-and-general-advice-warning/

Tax Planning Using The Catch-Up Carry-Forward Rules

What are the rules?

The catch-up carry-forward rules allow eligible people to use unused concessional contribution cap amounts from up to the previous five financial years.
Concessional contributions include employer super guarantee contributions, salary sacrifice contributions and personal contributions where you claim a tax deduction.
From 1 July 2026, the general concessional contributions cap is $32,500. The cap was $30,000 for 2024-25 and 2025-26, and $27,500 for 2021-22 to 2023-24.

Who may benefit?

These rules may be useful if you have had time out of the workforce, recently migrated to Australia, increased your income, sold an asset, received a bonus, or are approaching retirement and want to build super more quickly.
To use unused cap amounts, your total super balance must be less than $500,000 on 30 June of the previous financial year, and you must have unused concessional cap amounts available.

It can be powerful

Used correctly, the strategy can help move more money into super, reduce taxable income, and improve long-term retirement savings.
It should still be planned carefully. Contributions count when your super fund receives them, and all concessional contributions across all of your super funds are added together.

A few important cautions

Unused amounts do not last forever. They are generally available for five years and then expire. The oldest available unused cap amounts are used first.
Contributing too much can create extra tax consequences, so it is important to check your available cap space first and confirm the timing before money is contributed.

How Cedar Wealth can help

We can help you review your available carry-forward cap space, assess affordability, and decide whether extra concessional contributions fit your broader retirement, tax and cash flow planning.
The right amount will depend on your income, employer contributions, super balance, tax position and short-term cash needs.

Contact us here for a chat:

https://www.cwmm.com.au/general-connect/

https://www.cwmm.com.au/licensing-and-general-advice-warning/