Market Update: Decemeber 2019

SNAPSHOT

  1. RBA keeps cash rate steady
  2. Housing market rebound continues
  3. Priced to Perfection

MARKET MOVEMENTS

Opening Value at

6 November 2019

Closing Value at

3 December 2019

Movement % Change
ASX200 6,697.12 6,712.30 15.18 0.23%
Dow Jones Index 27,492.63 27,502.81 10.18 0.04%
NASDAQ 8,434.68 8,520.64 85.96 1.02%
AUD USD 0.6894 0.6848 -0.0046 -0.67%
Gold (AUD/oz) $2,153.87 $2,157.55 3.68 0.17%
RBA Cash Rate 0.75% 0.75%

THOUGHTS

RBA leaves cash rate steady at last meeting of the year

At its meeting yesterday, the RBA decided to leave the cash rate unchanged at 0.75 per cent. Economists are still predicting a cut in early 2020 with the RBA maintaining its wait and see approach to allow Christmas and New Year spending activity to filter through.

RBA governor Philip Low stated, “Given these effects of lower interest rates and the long and variable lags in the transmission of monetary policy, the board decided to hold the cash rate steady at this meeting while it continues to monitor developments, including in the labour market,”

Unless the RBA sees an improvement in the economy which supports job growth and consumer spending, then it is inevitable rates will continue to come down.

There was no US Federal Reserve interest rate meeting over November, with the next one scheduled for mid-December; however the market is not expecting any cuts at the next meeting, with the broad consensus being for more cuts to happen in 2020.

Housing market rebound should support economic activity

Core Logics latest figures show the biggest lift in dwelling values across Australia since 2003 with Sydney housing values up around 3.1% in November.

There is clear evidence of interest rates aiding the property market with the RBA stating rate cuts have “boosted asset prices, which in time should lead to increased spending, including on residential construction,” In addition, “Lower mortgage rates are also boosting aggregate household disposable income, which, in time, will boost household spending.”

Core Logic said property markets are responding to a string of factors including low-interest rates, the end of uncertainty around tax policies in light of the Coalitions May election victory and low stock on the market creating a sense of urgency amongst buyers. “The synergy of a 75-basis points rate cut from the Reserve Bank, a loosening in loan serviceability policy from APRA and the removal of uncertainty around taxation reform following the federal election are central to this recovery,”

However, the rapid increase in property prices is bringing back housing unaffordability as a more and more important issue, with rising prices also increasing the risk of excessive borrowing and speculation, potentially worsening Australia’s household debt problem.

Despite the rapid housing market recovery, interest rates are likely to remain very low for a long time. The RBA stated that “it was reasonable to expect that an extended period of low-interest rates will be required in Australia to reach full employment and achieve the inflation target”.

Trade Wars

A strong rally over the month of November left markets vulnerable to a sharp pullback, as mentioned last month, all that was needed was a trigger. The recent drop, with the Dow Jones losing 548 points over two days and the ASX 200 dropping 150 points in one day, was brought on by a sudden resurgence in trade war fears combined with disappointing manufacturing data from the United States.

The ISM Manufacturing reading for November came in at 48.1, a drop from Octobers reading of 48.3 and below market expectations of 49.4. A reading below 50 represents a contraction in the industry, with more manufacturers planning to reduce operations than expand them. This is the fourth straight month below the expansion level and highlights that whilst the American consumer so far appears to be unaffected by the ongoing trade war, other areas of the US economy are feeling an impact.

Whilst the ISM reading is concerning for investors and increases the importance of the payroll report released at the end of the week, the main reason behind the recent selloff was surprise announcements of potential tariffs on France, Brazil and Argentina, with Trump also stating that tariffs may be levelled on any number of NATO allies who do not meet the self-imposed defence spending target of 2% of GDP. The reminder of the unpredictability of Trump’s tariffs and negotiating tactics has introduced a risk-off mentality in markets over the last several days, giving back most of the gains from the last month.

December 15 looms as a key pivot point which will likely decide whether global markets finish the year on a positive or negative note. Investors initially believed that a first phase trade deal would be agreed upon before additional tariffs on $156 billion of Chinese goods, mostly targeted at consumer goods, are scheduled to take effect. The recent trade developments along with news that Trump is willing to wait until after next year’s election for the “right deal” from China has thrown this consensus view into disarray and will likely lead to a volatile trading period leading up to Christmas.

 

Author: Troy Jones
Author: Lauren Chan

 

APRA tightens lending rules

The Australian Prudential Regulation Authority (APRA) initiated greater scrutiny over lending rules which restricted interest-only loans to 30% of new residential home loans (currently representing around 40%). The increased scrutiny is in response to an environment of:

  • high housing prices,
  • rising household debt,
  • subdued wage growth, and
  • historically low interest rates.

The big four banks have since increased interest-only rates and decreased principal and interest rates to encourage customers to pay down their debts sooner and subsequently reduce risk exposures.

Read the full APRA announcement here.

As the interest rate difference between interest-only and principal and interest loans increases, it is important to consider different scenarios for your loan repayments.

Speak to Lauren Chan, Home Loan Adviser, to explore the best repayment scenario for your new and existing loans.

This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.

Market Update: October 2017

Snapshot:

  • Economic data released during October has continued to provide optimism that the global economy is experiencing synchronised growth for the first time in many years.
  • Share markets continue to rise, with the Dow Jones breaking 23,000 for the first time ever whilst for a brief moment in October the Australian All Ords Index exceeded 6,000 points, which is 800 points short of the 2008 all-time high.
  • The Australian economy continues to show strong business conditions but consumers are reluctant to spend on anything except essential items.
  • As anticipated, the Reserve Bank of Australia left interest rates unchanged at 1.5%. The official rate has now been held steady at this level since August 2016.
  • The economy expanded 0.8% in the June quarter of 2017, taking the annual pace of growth to 1.8%. The expansion was supported by strength in net exports as well as domestic demand.
  • The Australian unemployment rate has remained unchanged at 5.6% which is close to five-year lows.
  • In September, most commodity prices moved lower. Iron ore, for example, fell almost 20% ahead of China’s National People’s Congress in October and on-demand concerns given steel production cuts in  China

AUSTRALIA

Strong business conditions continue to create relatively robust jobs growth. Employment grew more strongly than expected in August and, pleasingly, there has been a rebound in the number of full-time jobs which had lagged parttime job growth. However, while businesses are enjoying strong conditions, consumers are not so optimistic with evidence of belt-tightening showing in recent retail sales figures, which have now declined for two months in a row. This is most likely due to higher mortgage rates on some loan types (e.g. interest only), weak wages growth and higher energy costs. It was for these reasons that the RBA has kept interest rates on hold.


AUSTRALIAN PROPERTY

CoreLogic’s national home value index edged to 0.2% higher over the month of September, with dwelling values across the combined capitals up 0.3%, compared with a 0.1% rise across the broad regional areas of the country. The latest figures take national dwelling values 0.5% higher over the September quarter, which is the slowest quarter on quarter pace in capital gains since June of 2016.

Focusing on the capital cities, dwelling values were 0.7% higher over the September quarter, which is well below the recent peak rate of growth, which was recorded over the three months ending November 2016.

Quarterly change in dwelling values (Sep’17 Quarter)

Sydney Melbourne Brisbane Adelaide Perth
+0.2% +2.0% +0.5% +0.3% 1.3%

While the Sydney region is looking increasingly like the market has moved through its peak, conditions across Melbourne have been much more resilient. The pace of capital gains has slowed, but dwelling values were still 2% higher over the September quarter.


U.S.

Economic data out of the US has continued to show relatively strong economic activity. Unemployment has fallen to new cyclical lows of 4.2%, and the uptrend in wages growth appears to have resumed with the most recent reading showing annual wages growth at close to 3%. The ISM survey of manufacturing firms rose to a new 13-year high and the ISM survey of non-manufacturing firms also rose strongly, to its highest level since 2005, suggesting US firms are enjoying strong business conditions. At its September meeting, the US Federal Reserve announced that it would unwind its balance sheet and that it expects to continue with its policy of normalising interest rates over the next two to three years.


EUROPE

In the Eurozone, business, consumer and economic sentiment surveys all suggest that the economy continues to perform well. Recent industrial production and factory order data from Germany has confirmed that business activity in Germany is still strong despite the headwinds to German exporters from the stronger Euro. In the recent German elections, the return of Angela Merkel
(albeit with the weakest voting performance since 1949) allows Merkel to build a governing coalition and also allows the European Central Bank to signal its intention to taper bond purchases in the next month or so.


CHINA

Chinese data over the past month has continued to be somewhat mixed. The official government PMIs, which tend to measure activity levels at the larger Chinese manufacturing and non-manufacturing firms, both rose to the highest levels in several years, while the privately-commissioned surveys
(which tend to measure small to mid-sized business activity) showed softer conditions. The monthly measures of growth in fixed asset investment, retail sales and industrial production were also weaker than expected and weaker than the prior month, potentially confirming the economy is entering the widely-expected second-half slowdown as the government reigns in excess capacity in some parts of the economy.


Contact us to learn more about Qi Wealth’s investment strategies.

This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.

RBA Cash Rate Decision: December 2017

CASH RATES ON HOLD AT 1.50%

The Reserve Bank of Australia has once again decided to leave the official cash rate on hold at its December monetary policy meeting, an outcome widely expected by economists and markets.

This is the 16th month in a row since August 2016 that the cash rate has remained steady at 1.50%. Being the last rate update for the year, the RBA will next meet in February 2018.

The RBA retained a neutral policy bias with comments from the shadow board stating there has not been any significant news from the global economy to revise the overall outlook. They also believed that the RNA would not raise the cash rate anytime soon.

A statement released from the RBA today said “The low level of interest rates is continuing to support the Australian economy. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.”

Please click here to continue reading the full statement from the RBA.

Contact us to learn more about Qi Wealth home loans and reviewing your existing loan structure.

This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.

Practical Tax Example: Uber

A Roy Morgan study published in December 2017, found that nearly 3.7 million Australians travelled by Uber in the last three months. This is despite ongoing protests from the taxi industry and lag in the regulatory framework to accommodate for ride-sourcing platforms.

There are now over 80,000 drivers earning an income via the ride-sourcing platform in Australia.

Note, illegality has no bearing on the application of taxation law.

WHAT YOU NEED TO KNOW

“Uber Partners” who drive for Uber are not employees of Uber. They are contractors. Contractors must arrange their own tax affairs including obtaining an Australian Business Number (ABN). Understanding the tax obligations as an Uber driver is important.

Here are some important factors for you to consider as an Uber driver:

  1. Tax is payable on the gross Uber fare at your marginal tax rate
  2. You must register for GST even if you earn less than $75,000 and therefore must lodge Business Activity Statements (BAS’s)
  3. As Uber is an American Company, there are no GST credits on the Uber Commissions deducted from your fare
  4. The losses from Uber driving can only offset your taxable income if you pass one of the Non-Commercial Loss rules

INCOME TAX

Assessable income is not as easy as it seems. It is the net GST amount of the gross Uber fare. Note, Uber deducts 20% of the commission from the total Uber fare.

Picture this

Allison received $25,000 in gross Uber fares in this income year.

Gross fare $25,000
Deduct 10% GST ($2,272)
Assessable income (Taxed at Allison’s marginal tax rate) $22,728
Deduct 20% Commission ($25,000 x 20%) $5,000
Profit $17,728

DEDUCTIONS

Uber driving is a business. Therefore, there is a wide range of deductions you can claim against your Uber income for your tax return.

It is also important that you keep a record of all your expenses to discuss with your personal tax adviser.

Deductible vs Non-deductible:

Typically deductible
  • Uber commission (20% of fare)
  • Car expenses (registration, insurance, repairs, fuel, depreciation)
  • Water, mints etc. for riders
  • Accountant fees
  • Parking costs and tolls
  • Phone and internet costs
  • Initial police check
  • Sunglasses (protective)
Typically non-deductible
  • Personal clothing (private)
  • Personal costs (E.g. personal hygiene products)
  • Expenditure on meals (private)
  • Speeding and parking fines
  • Cost of getting a drivers licence

GOODS AND SERVICES TAX (GST)

Uber services are treated the same as the Taxi driving sector, therefore, you must be registered for GST from the first dollar earned as an Uber driver. This means you must pay one-eleventh of GST to the ATO on every dollar earned from Uber driving.

You can claim Input Tax Credits (ITC’s) for acquisitions relating to the Uber Enterprise, however, some expenses do not have ITC’s.

You may be required to lodge an annual GST return or quarterly BAS’s depending on your circumstance.

Speak to your tax adviser to fully understand the tax implications of engaging in ride-sourcing activities stated in this article.

This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.

The mechanics of Key Person cover

Setting up Key Person cover for your business
Family businesses are the backbone of the Australian economy, representing about 70% of the 2,238,299 actively trading businesses in Australia (ABS 2016-17). In this article, we address the mechanics of setting up Key Person cover for your business from policy ownership to valuing a Key Person. To find out more about Key Person cover and how to determine who the Key Person/s is/are within in your business, click here.

POLICY OWNERSHIP

Key person insurance is intended to protect the business, therefore in most situations, the business is the policy owner. As the business is likely to receive the insurance benefits in the event of claim, insurance premiums are paid by the business.

Each business is unique and in other situations, the life insured may be the policy owner or a specialised business insurance trust.

In deciding the policy owner it is important to consider the tax implications of the insurance premiums and insurance proceeds.

VALUING A KEY PERSON

When valuing a Key Person, the business needs to make sure the lump sum insurance benefit would offset the negative financial impact of the key individual’s unforeseen death, terminal illness, permanent disablement or suffering of a critical illness.

The business may consider the following:

  • Is the key person responsible for a particular client/contract and would that client/contract be lost? Can that client/contact be monetized?
  • What is the value of the loan or other finance facility that would need to be repaid or replaced?
  • With the absence of the key person, how would this impact revenue and profits?
  • What working capital would be required to keep the business operating until a replacement can be located?
  • Consideration must be given to other costs associated with advertising, locating, and training an appropriate replacement for the key person

Speak to your business insurance adviser or contact Alex Roe to further understand the mechanics of Key Person cover.
This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.

Tax considerations for Key Person cover

Income Tax Ruling IT 155 is the governing ATO ruling applicable to taxation aspects of Key Person cover.

 
Purpose Key Person Revenue Key Person Capital
Tax treatment of insurance premiums Premiums are tax deductible to the business Premiums are not tax deductible to the business
Tax treatment of insurance proceeds Proceeds are assessable income and are subject to income tax. Death benefit proceeds are notassessable income. TPD or Critical illness proceeds may be subject to CGT1

1. Insurance proceeds are not assessable if the benefit is adeath benefit and the recipient was the original policy owner or the recipient did not pay consideration to acquire the policy. The proceeds of a TPD or Critical Illness benefit are subject to Capital Gains Tax (CGT) if received by anyone other than the life insured, a spouse or relative.

The purpose of the key person policy is crucial in determining the taxation consideration. It is important to record the purpose of the policy from inception date and to review the purpose of the policy from time to time.

Speak to your Business Insurance adviser regarding the tax treatment of Key Person cover or contact us.

This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.

Is your business protected? An introduction to Key Person Cover.

Running a business comes with its own set of complications that arise when something unexpected happens. Failing to prepare for these contingencies leaves your business in a vulnerable position.

WHAT IS KEY PERSON COVER?

Key person cover is intended to protect a business against the financial impact of a key individual’s unforeseen death, terminal illness, permanent disablement or suffering of a critical illness. The proceeds of the life insurance policy are used to stabilise the business and to ensure its ongoing success without the key individual.

Many businesses implement insurance cover to protect their tangible assets (for example – property, plant and equipment), however not all businesses insure against the negative impact of something happening to their human assets. Often the human assets are the ones that drive the businesses performance and success.

WHO IS A KEY PERSON?

A key person is an individual whose consistent involvement is essential to the performance and ongoing success of the business.

In a small business, this is usually the owner, the founder(s) or a key person that possesses one or more of the following characteristics:

  • Responsible for the generation of new business and sales;
  • Holds valuable relationships with contacts, suppliers and customers;
  • Possesses specialised industry knowledge and experience;
  • Possesses specialised technical knowledge and experience;
  • Performs a particular task or role that is difficult to replicate;
  • Has access to credit and can provide the business with capital injections;
  • Holds goodwill.

TYPES OF KEY PERSON COVER

Key Person cover will normally be categorised as Key Person Revenue or Key Person Capital cover.

Key Person Revenue cover will assist in lessening the negative impact on the businesses profitability. The sudden loss of a key person may reduce the businesses revenue and increase costs. The proceeds of a Key Person Revenue policy could replace lost revenue as well as pay costs associated with recruitment and training of a suitable replacement.

Key Person Capital cover will assist in preserving the capital value of the business, as well as providing a lump sum capital injection to stabilise the business. The proceeds of a Key Person Capital policy may also be used to maintain the businesses credit standing, repay debt or for the repayment of internal loan accounts.

Speak to your Business Insurance Adviser or Alex Roe to fully understand Key Person cover and protecting your business.

This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.

Superannuation: Highlights of Changes Effective 1 July 2017

Significant changes to superannuation came into effect on the 1 July 2017. We have outlined the major changes below.

CONCESSIONAL (BEFORE-TAX) SUPERANNUATION CONTRIBUTIONS CAP REDUCED

Concessional contributions cap reduced to $25,000

The annual concessional contributions cap has been reduced to $25,000 (from $30,000 for those aged under 49 at the end of the previous financial year and $35,000 otherwise).  Effective from 1 July 2017.

NON-CONCESSIONAL (AFTER-TAX) CONTRIBUTIONS CAP REDUCED

Non-concessional contributions cap reduced to $100,00

The annual non-concessional contributions cap has been reduced from $180,000 to $100,000.  In addition, criteria for an individual to be eligible for the non-concessional contributions cap has been introduced and other minor amendments to the non-concessional contributions rules have been made.  These changes come into effect from 1 July 2017.

CONCESSIONAL SUPERANNUATION CONTRIBUTIONS TAX THRESHOLD REDUCED (DIVISION 293)

The threshold at which high-income earners pay Division 293 tax on their concessional tax contributions to superannuation has been reduced from $300,000 to $250,000. In addition, criteria for an individual to be eligible for the non-concessional contributions cap has been introduced and other minor amendments to the non-concessional contributions rules have been made.  This comes into effect from 1 July 2017.

INTRODUCTION OF A TRANSFER BALANCE CAP

A $1.6 million cap has been introduced on the amount that can be transferred to super in retirement phase when earnings are tax-free.   This comes into effect from 1 July 2017 and will be indexed in following years. Retired people with retirement phase balances below $1.7 million on 30 June 2017 will have 6 months from 1 July 2017 to bring their balances under $1.6 million.

GREATER DEDUCTIBILITY OF PERSONAL CONTRIBUTIONS

The requirement that an individual must earn less than 10 per cent of their income from employment to be able to deduct a personal contribution to their super to make it a concessional contribution has been removed. This will apply from the 2017-18 income year.

LOW INCOME SUPERANNUATION TAX OFFSET TO REPLACE THE LOW INCOME SUPER CONTRIBUTION

The Low Income Superannuation Tax Offset (LISTO) will replace the Low Income Superannuation Contribution from 1 July 2017. The LISTO refunds up to $500 of the tax paid on concessional super contributions for low-income earners with a taxable income of up to $37,000.

INCREASED ELIGIBILITY FOR TAX OFFSETS FOR SPOUSE CONTRIBUTIONS

This increases the amount of income an individual’s spouse can earn before the individual stops being eligible to a tax offset for contributions made on behalf of their spouse. This will apply from the 2017-18 income year and the recent change sees the income eligibility threshold increase from $13,800 per annum to $40,000 per annum.

CHANGES TO EARNINGS TAX EXEMPTIONS FOR TRANSITION TO RETIREMENT AND OTHER LIFETIME PRODUCTS

The earnings tax exemption has been extended to new lifetime products (including deferred products and group-self annuities). The earnings tax exemption for transition to retirement income streams has been removed. An integrity measure that will apply to self-managed super funds and other small funds has been introduced. These changes will apply from the 2017-18 income year.

ABOLISHING THE ANTI-DETRIMENT RULE

The anti-detriment provision which allows superannuation funds to claim a tax deduction for a portion of the death benefits paid to eligible dependents will be removed from 1 July 2017.

SUPER GUARANTEE RATE INCREASE CHANGES WERE PREVIOUSLY LEGISLATED TO INCREASE ACCORDING TO THE FOLLOWING TIMETABLE

The Super Guarantee contribution rate is set to reach 12% in 2025. Increases from the current rate of 9.50% start 1 July 2021.

Financial year Rate (%)
2015/16 9.50
2016/17 9.50
2017/18 9.50
2018/19 9.50
2019/20 9.50
2020/21 9.50
2021/22 10.00
2022/23 10.50
2023/24 11.00
2024/25 11.50
2025/26 12.00

ALLOWING ‘CATCH-UP’ CONCESSIONAL CONTRIBUTIONS

Individuals whose superannuation balance at the end of the previous financial year is less than $500,000 will be able to carry forward unused concessional cap amounts from the previous five years. This applies to calculating an individual’s concessional contributions cap from the 2019-20 financial year onwards.

Speak to your Superannuation adviser regarding these changes and how they affect your financial position. Contact us to find out more.

This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.

The rise of SMSFs

WHAT IS AN SMSF
A self-managed superannuation fund (SMSF) is a fund where the members are trustees of their own fund. An SMSF can have a maximum of 4 members and each member must be tax residents of Australia.

THE RISE OF SMSFS
Today, SMSFs make up more than 30% of all superannuation assets. According to the ATO, as at 30 June 2017, there are over 1 million members invested in an SMSF.

The number of SMSFs set up has grown at an annual rate of 5% over the last 5 years.

2017 Superannuation Assets by Type

While the majority (60.7%) of members in SMSFs are aged 55 and older, 32.3% of establishments are coming from the 35 – 44-year-old age group.

The steady trend of younger SMSF trustees establishing their own funds is indicative of the growing popularity of SMSFs as a tax-effective vehicle for wealth accumulation, rather than just a retirement plan.

2017 Quarterly SMSF Establishments by Age Group

WHY SMSF?
The primary consideration of establishing an SMSF is that it offers greater control and flexibility of investments. A myriad of strategies in conjunction with careful planning allows for tax concessions and broader access to investment options.

The benefits of SMSF:

Greater control of your money – An alternative solution to existing large retail and industry super funds.
Unmatched investment choice- Ability to expand your investment portfolio in vehicles including collectables, residential and commercial property, and even gold bullion.
Access to tax effective strategies – Includes the potential use of reserves, segregated assets, and the ability to purchase property using debt.
Ability to purchase property – Build your property portfolio as part of your wealth accumulation strategy.
Ability to pool assets – Members are able to pool assets to do more with their investments.
Speak to your Superannuation adviser to fully understand the benefits of self-managed super or contact us.
This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.

RBA Cash Rate Decision: February 2018

CASH RATE ON HOLD AT 1.5%
The Reserve Bank of Australia has once again decided to leave the official cash rate on hold at a record low of 1.50%, as widely expected.

Slow wages growth, low inflation and a high Australian dollar were cited by economists as reasons why the cash rate would continue to remain on hold.

However, a statement from the RBA Shadow Board said “favourable economic data” suggests the interest rates “will not remain low for much longer”.

A statement released from the RBA today said,

“The low level of interest rates is continuing to support the Australian economy. Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.”

Please click here to continue reading the full statement from the RBA.

Contact us to learn more about Qi Wealth home loans and reviewing your existing loan structure.
This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.

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