Link to IWP's October 2025 Update (PDF) https://tinyurl.com/3njbkdx2

Markets remain steady as both Australian and U.S. economies show resilience amid cautious central bank policy and ongoing global uncertainty. In this month's discussion, Andrew and Lynn explore the latest economic data and what it means for investors:

• The RBA pauses rate cuts after three earlier reductions this year, taking a data-driven and cautious approach

• Australian GDP growth comes in slightly above expectations at 1.8%, signalling a deliberate economic slowdown to control inflation

• Unemployment remains stable at 4.2%, consistent with the RBA's soft-landing target range

• In the U.S., a brief government shutdown grabs headlines but is expected to have minimal long-term impact • The Federal Reserve delivers its first 25-basis-point rate cut of the year, reflecting stabilising inflation and ongoing labour-market strength

• Markets remain strong, with the IWP High Growth Portfolio returning approximately 14.6% over the past 12 months

• Political developments and tariff policies continue to introduce short-term volatility, but long-term fundamentals remain intact As always, we highlight the importance of staying diversified, disciplined, and invested for the long term.

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IWP Market update - October 2025

In this episode, we unpack the collapse of the First Guardian and Shield Master Trust funds — two high-profile failures that left more than twelve thousand Australians and over $1.2 billion of retirement savings in jeopardy.

We break down what went wrong — from poor governance and related-party investments to inadequate oversight and regulatory failings — and explore the lessons investors can learn from it.

Most importantly, we explain how our approach at Independent Wealth Partners is fundamentally different. From rigorous due diligence and independent investment selection to transparent structures and client-first accountability, we show what it really means to safeguard wealth — not just grow it.

DISCLAIMER: This podcast contains general advice which does not consider your particular circumstances. You should seek advice from Independent Wealth Partners who can consider if the general advice is right for you. Independent Wealth Partners Pty Ltd (ABN 66 647 667 249) – (AR 1286417) is a Corporate Authorised Representative of Independent Wealth Services (IWS) AFSL # 512433.

In this episode, we dive into the major revisions recently announced for the proposed Division 296 tax — the government's plan to impose extra tax on earnings from very large superannuation balances. Under the revamped proposal:

• Unrealised gains are out: only realised earnings (interest, dividends, rent, and capital gains when sold) will be taxed — removing a thorny compliance issue.

• It introduces a tiered tax structure rather than a flat surcharge:
  • Balances between $3 million and $10 million: taxed at an effective 30 % (i.e. 15 % base + 15 % additional)
  • Balances above $10 million: taxed at 40 %

• Thresholds will be indexed to inflation to avoid "bracket creep."

• The start date is delayed from 1 July 2025 to 1 July 2026, giving more time for planning.

• The first assessments will be based on totals at 30 June 2027, with implementation in the 2027-28 financial year.

We also unpack what these changes mean in practice — the benefits (like reduced complexity and lower risk of forced sales), the potential downsides for ultra-high net worth holders, and the strategic moves individuals and advisers should be considering now.

DISCLAIMER: This podcast contains general advice which does not consider your particular circumstances. You should seek advice from Independent Wealth Partners who can consider if the general advice is right for you. Independent Wealth Partners Pty Ltd (ABN 66 647 667 249) – (AR 1286417) is a Corporate Authorised Representative of Independent Wealth Services (IWS) AFSL # 512433.