A FINANCIAL MOMENT

Protect yourself from scams

Hank Jongen, General Manager, Services Australia

HI everyone.

It’s unfortunate that you, or someone you know, is likely to be affected by a scam at some point. New scams are popping up all the time and scammers will often pretend to be from trusted brands like myGov, Centrelink, Child Support and Medicare.

I want you to know that Services Australia takes the protection of your personal information very seriously. We have strong security processes in place, including fraud detection systems, to protect you.

There are also things that you can do to protect yourself against scams. you.

There are some signs you can look out for to help you spot a possible scam. These include: • an unexpected email, text message or phone call • a sense of urgency or an unreasonable deadline • a promise you are owed money, or a threat of fines.

If you think you may have fallen victim to an agency related scam or you think your identity has been stolen, we have a Scams and Identity Theft Helpdesk who can offer support.

The Helpdesk is available 8am–5pm, Monday to Friday to assist you with all Centrelink, Medicare, Child Support or myGov-related identity theft concerns. The helpdesk can be contacted on 1800 941 126.

If you get a suspicious email or text message, just delete it. If you open it, don’t click on any links.

We won’t ask you to click a link in an email or text message, except from within your official myGov inbox. Always access myGov by typing www.my.gov. au into your web browser.

There’ll be times where we need to contact you. However, if you are concerned, you can call one of our payment lines to check it’s genuine. Remember, only use our official phone numbers. You can find these on our website.

We’ll never ask you to: • pay money to get a payment or benefit, or • pay for our assistance, like with setting up online accounts.

For more information about how to protect yourself, go to servicesaustralia.gov.au/scams

Speak to you next time, Hank Jongen.

The 2022 / 2023 budget

Damian Gibson, Financial Adviser and Partner, Elevate Wealth

AUSTRALIAN Federal Treasurer Jim Chalmers handed down his inaugural budget on Tuesday 18 October.

It has been widely speculated that Chalmers has taken the easy road and played it extremely safe in what has been dubbed a very ‘vanilla’ budget.

However, Chalmers was not without his economic challenges. A low unemployment rate, strong company balance sheets, rising energy and fuel prices, and floods devastating food crops, have all contributed to the highest rate of inflation since the 1980s.

It appears this Budget is committed to getting the short-term inflation problem under control with no provisions for big fiscal stimulus measures.

The main areas of focus include support for those with children, homebuyers and social security recipients, and maintaining pre-election promises. Here we look at some of the main Budget items.

Expanding eligibility to super downsizer measures

Labor has reconfirmed their commitment to expand the eligibility to super downsizer contributions by reducing the age at which you can contribute, from 60 to 55. This measure will take effect from the first quarter after the Budget receives Royal Assent, expected to be 1 January 2023.

Reducing assessment of former home proceeds

If you are receiving social security benefits and sell your home, the temporary assets test exemption of those proceeds is to be extended from 12 months to 24 months. Further, the proceeds will only be deemed to earn a return equal to the lower deeming rate (currently 0.25 per cent per annum).

Increase to Work Bonus

Centrelink pensioners and veterans over service pension age are expected to receive a one-off work bonus credit of $4,000. This means you will now be able to earn up to $11,800 this financial year without it reducing your entitlement.

Paid parental leave increases

From 1 July 2024 the maximum period of leave under the Paid Parental Leave Scheme will increase by two weeks each year – reaching a maximum of 26 weeks by 1 July 2026.

In addition, from 1 July 2023 both parents will be able to access leave at the same time or enter into more flexible arrangements than currently available. The paid parental leave income test will also be increased to $350,000 of family income.

Increase to income threshold for Commonwealth Seniors Health Card (CSHCC)

As part of the Budget, Labor has committed to increasing the income thresholds for the CSHCC to $90,000 for singles and $144,000 combined for couples.

Deeming rate freeze

At a time when interest rates are rising, Labor has committed to keeping social security deeming rates on hold at their current levels until 30 June 2024.

Personal income tax

Another pre-election promise Labor kept was the stage three tax cuts which were introduced in the 2021/22 Budget. These tax cuts are outlined below and are legislated to take effect from 1 July 2024.

The measures announced as part of the 2022/ 2023 Budget are subject to Royal Assent and are not yet Law. However, get a head start and see how these measures benefit you by talking to Elevate Wealth.

The information in this document is factual in nature. It reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue, and may be subject to change. In some cases, the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Please seek personal advice prior to acting on this information.

Identifying and reporting scams

If you’re anything like me, you’ll have already received emails, text messages or phone calls from people trying to scam

Protecting yourself from pretenders

If you’ve been contacted by trusted brands like Services Australia, you should always check that it’s the real deal.

Tax rates Current personal tax rates Proposed personal tax rates

0% $0 to $18,200 $0 to $18,200

19% $18,201 to $45,000

$18,201 to $45,000 30% - $45,001 to $200,000 32.5% $45,001 to $120,000 37% $120,001 to $180,000 45% $180,001 and over $200,001 and over