FINANCE

MCMF client and entrepreneur Andrew Langmaid

MCMF opens new Tasmanian office

THE Murdoch Clarke Mortgage Fund (MCMF) was established in 2000 as a pooled mortgage fund managed investment scheme to succeed the mortgage fund operated by the respected Tasmanian legal firm Murdoch Clarke for more than 100 years.

The business is now looking to the future, with the opening of its Launceston office and a refreshed brand identity.

Offering a wellestablished, wellperforming Tasmanian fund for investors and a trusted lending facility at affordable interest rates for borrowers, the fund has grown significantly – especially in the past three years, as the fund’s investor pool increased by more than 60 per cent to over $355 million.

MCMF places great value on its personal relationships with its clients, and is proud to help Tasmanians achieve their dreams and ambitions.

“That’s where it becomes really rewarding – and it’s so different to other mortgage funds and banks,” MCMF Manager Ben Wallace said.

“We seek to create a better Tasmania, building a legacy that will last for generations.

“As a business that has already assisted many generations of Tasmanians, we aim to continue this tradition - creating opportunity and progress that will better our community and create impact on a statewide level.

“MCMF continues to consolidate its position as an innovative mortgage fund, wholly committed to supporting the growth of the Tasmanian community. As the state’s economy continues its upward trajectory, MCMF aims to remain an integral part.”

MCMF’s refreshed brand identity has recently launched, with a multi-channel campaign including an updated logo, social media, outdoor advertising, and a press and print campaign set to highlight some of Tasmania’s small business success stories.

The launch seeks to position the firm as a catalyst that creates true opportunities – for individuals, for businesses, and for Tasmania.

EOFY savvy super strategies

Damian Gibson, Partner and Financial Advisor, Elevate Wealth*

WITH the end of another financial year fast approaching, it’s time to get your finances in order.

It is also a great opportunity to use your super to boost your wealth and save money on tax.

Here we will discuss some smart super strategies to consider before the end of the financial year.

Tax-deductible super contributions

If you contribute some of your after-tax income or savings into super, you may be eligible to claim a tax deduction.

This means you will reduce your taxable income for this financial year, potentially pay less tax, and boost your super balance all at the same time.

The contribution is generally taxed at 15 per cent in the fund. Depending on your circumstances, this rate may be lower compared to your marginal tax rate, which could be up to 47 per cent (including Medicare).

Therefore, you could save up to 32 per cent in tax.

Once you’ve made the contribution you will need to notify your super fund of your intention to claim the contribution as a tax deduction by completing a Notice of Intent to Claim form.

You then need to ensure you receive an acknowledgement from your super fund before you complete your tax return, start a pension, withdraw or rollover your super.

It is important to be aware that personal deductible contributions count towards the concessional contribution cap, which is $27,500 for the 2021/22 financial year.

Convert your personal savings into super savings

Another way to invest more in your super is to use some of your aftertax income or savings to make a personal non-concessional contribution.

Although these contributions do not reduce your taxable income for the year, you can still benefit from the low tax rate of up to 15 per cent that is paid in super on investment earnings.

This tax rate may be lower than what you would pay if you held the money in other investments outside super.

Before you consider this strategy, ensure the contribution does not push you over the non concessional contribution cap, which is $110,000 in 2021/22, or up to $330,000 if you meet certain conditions.

Top-up your super with help from the Government

If you earn less than $56,112 in the 2021/22 financial year, and at least 10 per cent of that income is from your job or a business, you may consider making an aftertax super contribution.

If you do, the Government will make a ‘co-contribution’ of up to $500 into your super account.

The maximum cocontribution is available if you contribute $1,000 and earn $41,112 per year or less.

You will receive a reduced amount if you contribute less than $1,000 and/or earn between $41,112 and $56,112.

Boost your spouse’s super and reduce your tax

If your spouse is not working or earns a low income, you may want to consider making an aftertax contribution to their super account.

This strategy could potentially benefit you both, as your spouse’s super account gets a boost and you could qualify for a tax offset of up to $540.

You are eligible to get the full offset if you contribute $3,000 and your spouse earns $37,000 or less, which includes their assessable income, reportable fringe benefits and reportable employer super contributions.

If you contribute less than $3,000, and/or your spouse earns between $37,000 and $40,000, the tax offset available will be reduced.

There is no doubt that superannuation is one of the most effective ways to save for your retirement. Employing some of these strategies before you retire can have a really positive impact on your super balance, while also saving you money now.

Before making any contributions to your super it is important you understand all the associated rules, benefits and consequences, to ensure it’s right for you.

A financial adviser will be able to guide you through these strategies and give you confidence in your decision making.

Information in this article is of a general nature only and has not been tailored to your personal circumstances. Information in this article reflects our understanding of relevant regulatory requirements and laws etc as at the date of issue, which may be subject to change. Please seek personal advice prior to acting on this information.

Damian Gibson of Elevate Wealth

Carer Sujata Das Gupta (centre right) with her daughter (left) and parents at home

Care2Serve is a gateway to respite for carers like Sujata

SUPPORT from a Tasmanian provider has allowed a Glenorchy resident to maintain her own wellbeing while caring for both her parents and her daughter.

“For the past 18 years I have been the primary carer for my adult daughter,” Sujata said.

“My daughter needs a lot of guidance and encouragement with her day-to-day activities.

“So, a lot of my energy goes into making sure she is occupied with meaningful activities.

“With my parents aging, my caring role has shifted to them too. My father has dementia, and my mother is hard of hearing.”

Sujata has been living with her parents for more than a decade but over the years she has found they have become increasingly dependent on her.

Sujata is one of more than 80,000 Tasmanian informal carers of a loved one with disability, mental ill health, chronic or lifelimiting condition, drug or alcohol dependence, or who is frail or aged.

In fact, Tasmania’s carer ratio is the highest in the nation at 1:6.

Taking on the role of caring for her parents was an easy decision for Sujata, but their growing dependency hasn’t come without challenges.

“They are very reliant on me for their everyday needs,” she said.

“While they still try to help me around the house, they constantly need my support with shopping, organising and attending appointments and managing their finances.

“I always need to let them know where I am going and when I will be back. Without me, I don’t know what they would do.”

Eighteen years ago, when Sujata’s daughter’s health worsened, she was referred to Carers Tasmania, the peak body for unpaid family and friend carers in Tasmania.

Care2Serve, the service arm of Carers Tasmania, is the local Tasmanian provider of carer support services through Carer Gateway, an Australian Government initiative developed to provide carers with advice and information and a range of tailored support packages.

Carer Gateway runs free workshops and retreats to support and assists carers in their caring role.

“Over the years, I have attended multiple workshops and retreats run by Carer Gateway,” Sujata said.

“All the workshops I have attended have been excellent. You get to connect with other carers, share your story and form a good support network.

“Participating in these sessions has completely changed my outlook and aided me in my caring role.

“These sessions enabled me to start my own support group with other carers.”

Sujata looks after herself by attending the gym, gardening, doing ballroom dancing, teaching Indian dancing and performing for the community and volunteering at a local school.

“If you don’t look after yourself, how can you find the energy to care for someone else?” she said.

Sujata also receives free counselling as part of Carer Gateway services.

“The counsellors I have spoken with over the years have been fantastic, and I find these services are really helpful,” she said.

“When I walk out of a session with one of the counsellors, I feel like a huge weight has been lifted off my shoulders.

“The team there also contacts me regularly to see how I am going.

“My daughter and I are planning to take a trip to the mainland sometime in the future, something we haven’t done as my caring role for my parents doesn’t allow it.”

Going away on a trip is not a challenge anymore, as Carer Gateway provides carers access to respite care.

“We are glad Carer Gateway provides respite care,” Sujata said.

“What else can I say? I am thankful to the Carer Gateway for all they do for the carers.

“They have made it possible for me to connect with other carers in similar situations and share my caring role.

“I recommended anyone who is a friend or family carer caring for someone ill, frail or aged to get on the phone and speak to them.

“They’ll help you with any questions you may have or guide you in the right direction.”

If you are in a similar situation and need help with your caring role, contact Carer Gateway. Contact 1800 422 737 (and select 1 from the menu) or check the website at www. carergateway.gov.au

Jennifer, pictured here with her case manager Heather Di Saia, is living her best life

Dignity every step of the way

THE moment Jennifer Phillips was eligible for a Home Care Package, she made contact with Calvary Community Care.

A Home Care Package is an allocation of funding available to eligible senior Australians that supports them to live in their homes for as long as they can and choose to.

As a well-known provider of healthcare in Tasmania, Calvary operates Lenah Valley and St John’s private hospitals in Hobart, St Luke’s and St Vincent’s hospitals in Launceston, as well as in-home care services and residential aged care facilities.

After suffering a range of health issues, Jennifer finally admitted it was time to seek help.

“I knew about the Calvary hospitals, so when I learnt about home care, Calvary was my provider of choice,” Jennifer said.

Calvary’s integrated model of care ensures clients are celebrated and supported to live a high quality and dignified life in a safe and caring environment.

Jennifer spent most of her working life in community services and social work, supporting young adults, the elderly and those who have suffered family violence, mental health conditions and drug and alcohol issues.

“I got far more than I ever gave,” she said.

“I have seen how the system can often fail the vulnerable. I have always treated others how I would like to be treated - with compassion and respect.

“Calvary always puts my needs above all else. I am completely involved in decisions about my care.”

Asking for help doesn’t mean losing your independence; it is quite the opposite. It means you can live in your own home for longer, and continue to do the things you love.

In fact, a little support can lead to a happier and easier life.

Many Tasmanians are eligible for a Home Care Package. Calvary’s trained staff come to your home and deliver care and services that are suited to your needs.

“At Calvary, our values of hospitality, healing, stewardship and respect are paramount to our selection and training of all our staff,” case manager Heather Di Saia said.

“We work closely with our clients to provide options to empower and enrich their lives.”

With assistance from Heather and Calvary’s support workers, Jennifer has revitalised her mind and body and is embracing each and every day.

Jennifer feels the support received to improve her health and wellbeing is invaluable.

“I’ve had other providers cancel on me in the last minute. Calvary always show up and I can talk to someone when I need to,” she said.

“The support is there and they don’t fob you off. I have received unwavering care, smiles with every interaction, and I am always treated with dignity.

“I would recommend Calvary to anyone.”

Jennifer has regained her confidence and joined two social community groups. Once a week she plays cribbage and pétanque. She has made friends and enjoys this time to have fun and engage with others.

Also an avid gardener, Jennifer spends time in her garden attending to the many plants she has grown herself.

Thanks to a team effort by Calvary staff, Heather has seen significant changes in Jennifer’s physical and emotional health.

“Jenny has definitely excelled from when we were first introduced,” Heather said.

“She is living her best life.”

For more information on Calvary services, phone a Care Adviser on 1300 66 00 22.