Find Knox 2022 - July Edition by Find

Knox The

JULY 2022

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WHAT’S INSIDE:

LOCAL STORIES

COLUMNIST ARTICLES

TAX UPDATES

REAL ESTATE - RENTAL LISTINGS

KNOX COUNCIL NEWS

NOT-FOR-PROFITS EVENTS & ARTICLES

FIND FAITH

FIND BIRTH, DEATHS, & MARRIAGES

FIND COUPONS

SUPPORT LOCAL, BUY LOCAL, DISCOVER KNOX

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PL ATINUM SPONSOR

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JULY SPONSOR

COLUMNIST CONTRIBUTORS FOUNDER | ACCOUNTANT

WARREN STRYBOSCH

GENERAL INSURANCE

CRAIG ANDERSON

FACILITATOR

WRITER

Are you our next Facilitator?

Are you our next Writer?

BOOKKEEPER

ARCHITECT

MORTGAGE BROKER

ELECTRICIAN

Are you our next Bookkeeper?

Are you our next Architect?

Are you our next Mortage Broker?

Are you our next Electrician?

FINANCE BROKER

LIFE COACH

PAINTING AND DECORATING

MARKETING

Are you our next Finance Broker?

Are you our next

Life Coach?

Painting & Decorating?

Marketer?

ELECTRICAL OPERATIONS

TRAVEL AGENT

PLUMBING

SOLICITOR

Are you our next Electrician?

Are you our next Travel Agent?

Are you our next Plumber?

Are you our next Solicitor?

Knox The

EDITORIAL ENQUIRES: Warren Strybosch | 1300 88 38 30 editor@findknox.com.au PUBLISHER: Issuu pty Ltd POSTAL ADDRESS: 248 Wonga Road, Warranwood VIC 3134 ADVERTISING AND ACCOUNTS: editor@findknox.com.au GENERAL ENQUIRIES: 1300 88 38 30 EMAIL SPORT: sport@findknox.com.au WEBSITE: www.findknox.com.au

OUR NEWSPAPER The Find Knox was established in 2019 and is owned by the Find Foundation, a Not-For-Profit organisation with is core focus of helping other Not-For-Profits, schools, clubs and other similar organisations in the local community - to bring everyone together in one place and to support each other. We provide the above organisations FREE advertising in the community paper to promote themselves as well as to make the community more aware of the services these organisations can offer. The Find Knox has a strong editorial focus and is supported via local grants and financed predominantly by local business owners.

ALL THINGS KNOX

The City of Knox is a local government area in Victoria, Australia in the eastern suburbs of Melbourne. Knox had a population of approximately 136,230 as at the 2019 Report which includes 13,072 business and close to 59,000 households. The City of Knox was created through the amalgation the former Cities of Ringwood and Croydon in December 1994.

ACKNOWLEDGEMENT The Find Knox acknowledge the Traditional Owners of the lands where Knox now stands, the Wurundjeri people of the Kulin nation, and pays repect to their Elders - past, present and emerging - and acknowledges the important role Aboriginal and Torres Strait Islander people continue to play within our community.

DISCLAIMER Readers are advised that the Find Knox accepts no responsibility for financial, health or other claims published in advertising or in articles written in this newspaper. All comments are of a general nature and do not take into account your personal financial situation, health and/or wellbeing. We recommend you seek professional advice before acting on anything written herein.

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NEXT ISSUE Next Issue of the Find Knox will be published on Friday April 8, 2022. Advertising and Editorial copy closes Friday April 1, 2022.

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JULY 2022 | FIND KNOX

About the Find Knox By Warren Strybosch

The Find Knox is a community paper that aims to support all things Knox. We want to provide a place where all NotFor-Profits (NFP), schools, sporting groups and other like organisations can share their news in one place. For instance, submitting up-and-coming events in the Find Knox for Free. We do not proclaim to be another newspaper and we will not be aiming to compete with other news outlets. You can obtain your news from other sources. We feel you get enough of this already. We will keep our news topics to a minimum and only provide what we feel is most relevant topics to you each month. We invite local council and the current council members to participate by submitting information each month so as to keep us informed of any changes that may be of relevance to us, their local constituents.

We will also try and showcase different organisations throughout the year so you, the reader, can learn more about what is on offer in your local area. To help support the paper, we invite local businesses owners to sponsor the paper and in return we will provide exclusive advertising and opportunities to submit articles about their businesses. As a community we encourage you to support these businesses/columnists. Without their support, we would not be able to provide this community paper to you. Lastly, we want to ask you, the local community, to support the fundraising

initiatives that we will be developing and rolling out over the coming years. Our aim is to help as many NFP and other like organisations to raise much needed funds to help them to keep operating. Our fundraising initiatives will never simply ask for money from you. We will also aim to provide something of worth to you before you part with your hard-earned money. The first initiative is the Find Cards and Find Coupons – similar to the Entertainment Book but cheaper and more localised. Any NFP and similar organisations e.g., schools, sporting clubs, can participate. Follow us on facebook (https://www. facebook.com/findknox) so you keep up to date with what we are doing. We value your support, The Find Knox Team.

Migration lift not only jobs fix: Chalmers Andrew Brown and Alex Mitchell

(Australian Associated Press)

Treasurer Jim Chalmers says an increase to migration numbers is not the only solution to skills shortages, as businesses and unions prepare to come together for the government’s jobs and skills summit. The two-day summit, announced by Prime Minister Anthony Albanese on Monday, will be held on the first two days of September, bringing together more than 100 people from a range of industries. The treasurer has indicated there was the opportunity for ideas raised at the summit, a key election commitment, to be used as soon as October’s federal budget. But while business groups have been calling for a rise in skilled migration numbers in a bid to relieve workforce shortages, Dr Chalmers said that was not the only solution to the issue. “As we emerge from that period of COVID, where the migration tap was largely turned off, that should be an opportunity

to talk about the best mix of migration as the program gathers speed again,” he told ABC radio on Tuesday “I would caution people against thinking that migration is the solution to all of our economic challenges. That’s part of the story but it’s not the whole story and it shouldn’t be a substitute for training Australians for roles.” The treasurer said the summit would be critical following years of stagnant wages growth. Dr Chalmers said it was important for the summit to bring as many people together to tackle issues facing jobs and workers. Among them was the ability of employers to cancel enterprise bargaining agreements without consultation, an area which Dr Chalmers said was an issue. “The tearing up of agreements has been a problem in our industrial relations architecture for some time,” he said. “It’s one of the reasons why I do think we need to have a look at bargaining and

Meanwhile, Mr Albanese has not ruled out opposition input at September’s summit, responding “who says they’re not?” when asked why they hadn’t been invited. “We’ve announced when the jobs summit will be. We haven’t announced an attendance list. We’ll consider those things in the fullness of time,” Mr Albanese told reporters. It follows criticism from deputy Liberal leader Sussan Ley, who said the summit “does nothing” to address job-related challenges, adding the government should “save everyone the trip to Canberra”. But shadow treasurer Angus Taylor took a different view, saying the summit could only be taken seriously if the opposition was invited. “If the government is serious about building genuine consensus behind the summit and the resulting white paper, they must ensure parliamentarians from all parties, including the opposition, have a seat around the table in September,” he said. JULY 2022 | FIND KNOX

FIND KNOX | JULY 2022

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Will we see record snowfalls in 2022? By Warren Strybosch

The ski season started off with high expectations and predications are that 2022 would be the season for record snow falls. We saw Victoria’s ski fields covered in early-season snow that broke 22-year records but was that an early prediction of what is yet to come or just mother nature teasing us once again. A great ski season may still become a reality but so far, the season has been a mixed one, with high snow falls one week and then rain the next turning all the snow into mush. As at time of writing this article, Falls Creek had 80 out of 90 trails open, Mt. Baw Baw Alpine Resort only had 2 out of 17 open, Mt. Buller had 14 out of 61 open, Mt. Hotham only had 63 of its 100 trails open. Currently, most of the snow can be found at Mt. Buller. Personally, I am hoping that the best of the season is yet to come as I am heading up to Falls with the family in September. “In terms of getting snow this early and before Queen’s Birthday, it has only

Open Dinner Plain 3 days ago

Falls Creek Alpine Resort 3 days ago

Mt. Baw Baw Alpine Resort 3 days ago

Snowfall

Base Depth

1-3"

Jun 30

Powder

24-29"

Jul 08

Machine Groomed

12-12"

Jul 08

Powder

Mt. Buller

19-19"

3 days ago

Jul 08

Packed Powder

20-29"

Jul 08

Wet Snow

Mt. Hotham 3 days ago

happened twice in the last 50 years [on record].” Bureau of Meteorology senior forecaster Matthew Thomas said the strong snowfalls were a result of a burst of cold air pushing over south-east Australia and high precipitation. With Victorian ski resorts been hit hard over the past 2 years due to Covidrestrictions leading to shortened seasons,

Open Trails

Open Lifts

1/1

N.A.

3/14

2/17

3/7

14/61

18/22

63/100

10/13

many ski business operators are really hoping that this year will be a great year for their businesses and those who love going to the snow. Many business owners are feeling optimistic for the remaining season. If you happen to be up at Falls Creek and see a guy with a ‘Find’ cap on having a coffee, feel free to stop and have a chat. Happy skiing everyone.

Pilots pressured to fly while tired: union “The (survey) results show workers continue to bear the brunt of aviation’s peaks and troughs while profit-fanatic executives draw bonuses and exorbitant salaries.

By Liv Casben (Australian Associated Press)

Australian pilots are being pressured to fly while tired and work around “unstable” rosters, according to a union survey.

“We need a commission to rebalance aviation, support good jobs, and ensure Australians can always rely on safe and secure skies.”

The survey by the newly-merged Transport Workers Union and Virgin Independent Pilots’ Association has highlighted concerns about job security after thousands of aviation workers were stood down earlier in the COVID-19 pandemic. Of the 150 respondents from multiple companies, more than half said roster uncertainty was pressuring pilots to work while tired or unfit to fly. The vast majority expressed concerns about fatigue management and believed there was a growing trend towards insecure work. Workers will meet in Perth on Tuesday for the official launch of the TWU’s pilots division after the merger was recently approved by the Fair Work Commission.

Rex pilots, represented by the Australian Federation of Air Pilots, last month voted to take protected industrial action after years-long wage negotiations stalled. One respondent to the TWU survey said industry morale was at an “all-time low”, with the pandemic used as an excuse to erode wages and conditions. “Bringing pilots into the TWU means all aviation workers benefit from the might of collectivism, from the ground and baggage room right through to the flight deck,” TWU national secretary Michael Kaine said.

“Very few pilots would view this as a sustainable career in the long term anymore,” another respondent said. “We have no job security, are asked to work more for less and have no control of our lives due to rostering practices.”

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JULY 2022 | FIND KNOX

Are you a Financial Planner looking for more clients? Grow your Financial Planning Business with great integrity and sensitivity by providing advice to those requiring Aged Care Services. List in our Find Aged Care Accommodation Website Are you an Established and experienced Financial Planner providing Aged Care Advice? Find Aged Care Accommodation is seeking professional ‘aged care’ accredited financial planners to provide advice to those seeking aged care advice in their local area. Are you accredited and can help work with clients to find the best aged care options? Are you able to work with their loved ones and help make the process of transitioning into aged care less daunting and complex? If so, consider listing on our website. List with us, and we will get you promoted through our website, social media, and local community papers. Why not consider joining the Find Network as a specialist Aged Care advisor and obtain referral leads from the rest of the Find Network members in your area? To learn more about these new opportunities, contact Warren on 1300 88 38 30 or email info@findagedcareaccommodation.com.au visit our website at www.findagedcareaccommodation.com.au

JULY 2022 | FIND KNOX

FIND KNOX | JULY 2022

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Oh, the pain of interest rate rises By Warren Strybosch

I don’t know about you, but we are feeling the pain of all these interest rate rises, and I am not sure anyone, except the RBA, knows when they are going to stop. We were supposed to have had our renovations finished last year but it got pushed out to June and even now we continue to incur delays. This delay has resulted in us missing locking in our interest rate on the new home mortgage (currently the construction loan). We were supposed to have locked the rate in back in January for four years. So, not only has the renovations cost us more due to building supply constraints due to COVID, but we are now going to have to pay higher mortgage repayments over the next four years because of the unforeseen delays – we have missed the ‘fixed-rate’ boat. Yes, I can hear the “pffts”, and “put your adult pants on” from all those who had mortgages throughout the 1980’s. With the 30-year fixed mortgage rate reaching a pinnacle of 18.4 percent in October 1981 and seesawing down to the 9 percent range by 1986 and closing the decade at 9.78 percent, you might have reason to think we still have it relatively easy. But as my own children remind me when I start telling my war stories, ‘about when I was young’, that my life is not their life and that I need to have some consideration as to what they might be going through right now rather than being dismissive about it. So, hopefully all of you Baby Boomers, who have already paid off your mortgages, might be able to emphasize with those of us who still have one. What is happening with interest rates? On the 5th of July the Reserve Bank of Australia (RBA) announced at its monetary policy meeting an increase in the cash rate by 50 bps. It marked the second 50-bp hike in a row and followed the 25-bp hike in May, taking the official cash rate to 1.35 per cent, up from 0.85 per cent. The RBA board’s decision comes as inflation is expected to hit 7 per cent at a time when unemployment rates are low, household budgets are under pressure and global uncertainty remains.

In 1984...

In 2022...

•

The average home cost was $64,039.

•

The average home costs $920,100.

•

The average annual income was $19,188.

•

The average annual income is $90,896.

•

The average mortgage was $42,277.

•

The average mortgage is $618,722.

Deposits then and now 1984

2022

• If the average home cost $64,039...

• If the average home cost $920,100...

• A 20% deposit equals $121,807.

• A 20% deposit equals $184,020.

Governor Philip Lowe anticipates that Australia’s inflation will peak this year before declining back down towards 2-3 per cent, driven by an increasing interest rate environment.

Let's take a trip back to the housing market of 1984 to see just how different buying a house was in the 80s versus today.

Higher interest rates will also help establish a more sustainable balance between the demand for and the supply of goods and services,” he said.

Australian home buyers today must save bigger deposits, borrow much more and face much larger repayments. This means more of their weekly income goes into housing costs today than in 1984.

Ironically, we are experiencing the same run-away inflation that occurred in the 1980’s due to high government spending, increased property prices and people still spending their money. As a result of increased inflation, interest rates continue to rise, and there is going to be a world of pain felt by a lot more people now compared to the pain that was felt in the 1980’s. Australians now are experiencing it harder The truth is that the average Australian is now purchasing homes that are worth way more than what they were worth in the 1980’s. In fact, the average Australian now is spending on average 10 times their annual earnings on their first home compared to the Boomers who paid 3.3 of their average annual earnings. The average Australia in 1984 could buy a home that cost 3.3 times their annual income. In 2022, it's 10 times what the average person earns in a year.

Australian buyers in 2022 now have to save much bigger deposits. Saving a deposit is one of the big challenges for home buyers in 2022. As prices have risen so much, the amount you have to save for a 20% deposit just keeps jumping up. This is a stark contrast. In 1984, a 20% deposit was 66% of a year's income. Today, it's 202%. It would take you just over 2 whole years' of income to save the same deposit. (Source: finder.com.au) Further hikes anticipated Further rate hikes are anticipated, and it is likely we will see rates increase by at least another 50-bp before the end of the calendar year. Even Brokers are expecting more rates rises to come.

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JULY 2022 | FIND KNOX

Commonwealth Games 2026 By Warren Strybosch

In April, the Commonwealth Games Federation announced Victoria as the host of the 2026 Commonwealth Games. It has since been decided that the opening ceremony will be held on March 17 2026 at the MCG, with the next 12 days being full of competition, culminating on the 29th. The Commonwealth Games were last held in Melbourne in 2006 but have also been held on the Gold Coast (2018), Brisbane (1982), Perth (1962), and Sydney (1938).

In a Commonwealth Games first however, the games will not be held in just one location, but instead will be showcased in four regional locations around Victoria – Geelong, Bendigo, Ballarat and Gippsland. This is a boon for these regions as they will receive a boost to their local economies with additional spending from the government in the lead up to the games. Community infrastructure will be improved and thousands of jobs will be created in the lead up to the games as well as during. Hamilton, Canada, hosted the first Commonwealth Games in 1930 with just

11 Countries, 59 events (6 sports) and 400 athletes. For Melbourne in 2026 we can expect in excess of 70 countries, 280 events and 4500 athletes. Expressions of interest are currently open for the inclusion of additional sports. International sporting federations in conjunction with Australian sporting organisations have the opportunity to request that certain sports be included in the line-up. Depending on the outcome of this, other Victorian regional areas may have the opportunity to host some of these additional events. The cut-off date for these submissions is August 19, 2022.

Supply issues continue for vehicle market Tim Dornin (Australian Associated Press)

Australia’s vehicle industry faces supply issues into the future with constraints on global manufacturing to blame for a near 10 per cent fall in sales last month. The Federal Chamber of Automotive Industries says 99,974 cars and trucks were sold in June, down 9.7 per cent compared to the same month in 2021. That left demand for the first half of 2022 at 537,858, a fall of 5.2 per cent. FCAI chief executive Tony Weber said the fallout from the COVID-19 pandemic continued to hamper automotive manufacturing. Combined with the war in Ukraine and shipping issues, the supply of new vehicles hitting Australia’s shores could not keep up with local demand.

“Globally, car makers are continuing to suffer from plant shutdowns,” Mr Weber said. “In Europe, we have component supply heavily impacted by the conflict in Ukraine. “Microprocessors continue to be in short supply and global shipping remains unpredictable.” “While demand for new cars remains strong in Australia, it is unlikely we will see supply chain issues resolved in the near future.” Toyota led the market last month selling 22,561 vehicles ahead of Kia on 8480, Hyundai on 8259, Mazda with 6245 and Mitsubishi with 5846.

The Toyota Hi-Lux was the most popular model with 7582 units sold ahead of Hyundai’s Tucson on 2840 and Ford’s Ranger with 2802. With escalating petrol prices, sales of electric cars continued to rise. The FCAI said 1137 were sold last month compared to 526 in the same month last year. Year-to-date, sales were up by more than 300 per cent to 9680. Tesla remained the dominant player in the electric car market with its Model 3 accounting for almost half of the vehicles sold so far this year.

JULY 2022 | FIND KNOX

FIND KNOX | JULY 2022

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List Your Aged Care Facilities with Find Aged Care Services Website Today. Help the local community know you exist and what sets you a part compared to other aged care facilities, Financial Planners and other providers in the local area. We have developed Find Aged Care Services (www.findagedcare.services) so you can promote your facilities and services to the general public. You can also place any job vacancies on our website that is available in your facilities. For more information, please contact us at 1300 88 38 30 or email info@findagedcare.services.

WARREN STRYBOSCH Find Group The founder of the Find Group of companies draws on his diverse background, which ranges form teaching, to serving in the army, to taxation and accounting, to coach and help clients live their best financial lives. A multiaward winner, Warren’s innovative approach in business means he was a champion of virtual financial advice long before the pandemic. Warren established the Find Foundation, which owns and operates across Victoria.

TOP 50 MOST INFLUENTIAL FINANCIAL ADVISER IN AUSTRALIA The financial advisers featured in this guide are a diverse group: some specialise in responsible investment advice, some provide financial advise to specific professions, and some focus on addressing market gaps, mwith several finding themselves on the list for the very first time. But they all have one thing in common: they all wield influence that can create the blueprint for the future of financial advice in Australia. Not all of them are faniliar names but just because they are not making a lot of noise doesn't mean they are not making waves. Meet our Power 50.

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JULY 2022 | FIND KNOX

ATO: Common myths about work expense deductions ACCOUNTANT By Warren Strybosch

The ATO is trying to make it easier for those preparing their own tax returns to understand some of the common mistakes that are made when claiming deductions in their returns. The ATO has listed some common myths about deductions which may lead you to make an incorrect claim. Here are some of the most common ones: Clothing and Laundry Expenses Myth: Everyone can automatically claim $150 for clothing and laundry expenses , 5000 km under the cents per kilometre method for car expenses, or $300 for work-related expenses, even if they didn't spend the money. Fact: There is no such thing as an 'automatic' or 'standard deduction'. Substantiation exceptions provide relief from the need to keep receipts in certain circumstances. While you don't need receipts for claims under $300 for work-related expenses, $150 for laundry expenses ( note: this is for laundry expenses only and doesn't include clothing expenses) or if you are claiming 5,000 km or less for car expenses under the cents per kilometre method: • • •

• • • •

you must have spent the money it must be related to earning your income, and you must be able to explain how you calculated your claim. See more: Laundry expenses Car expenses Substantiation requirements Exceptions and relief substantiation requirements

supplier was and when you paid. Bank or credit card statements alone don't have this information. The only time you don't need these details is if substantiation exceptions apply. •

Sun Protection and/or makeup Myth: I can claim makeup that contains sunscreen if I work outside. Fact: Cosmetics are usually a private expense and the addition of sun protection doesn't make it deductible. However, it may be deductible if the primary purpose of the product is sunscreen (that is, it has a high SPF rating), the cosmetic component is incidental, and you need to work outdoors in the sun. See more: • Sunscreen Gym Membership Myth: I can claim my gym membership because I need to be fit for work. Fact: Very few people can claim gym membership fees. To be eligible, your job would have to depend on you maintaining a very high level of fitness, for which you are regularly tested, for example special operations personnel in the Australian Defence Force. •

See more: Gym fees expenses

and

fitness-related

clothing you are required to wear to earn your income, you won't be able to claim it. Plain clothes, like black pants, aren't deductible even if your employer told you to wear them. •

See more: Clothing expenses

Streaming Subscriptions Myth: I can claim my pay television subscription because I need to keep up to date for work. Fact: A subscription to pay television is not ordinarily deductible. Keeping up to date on news, current affairs and other general matters usually won't have a sufficiently close connection with your employment activities to provide a basis for deducting these subscriptions. They are essentially private expenses. •

See more: Pay television and streaming services

Travelling to work Myth: I can claim home to work travel because I need to get to work to earn my income. Fact: For most of us, home to work travel is a private expense. •

See more: Transport expenses

Phone and Internet Usage Myth: I've got a capped phone and internet plan, so I can claim both business and private phone calls and internet usage.

Travel Expenses: a holiday before or after a conference Myth: I can claim all my travel expenses if I add a conference or a few days' work to my holiday.

Fact: Unless you only use your phone and internet for work, you have to apportion the cost between work-related and private usage and only claim the workrelated portion of your expenses.

Fact: If you decide to add a conference or some work to your holiday, or a holiday to your work trip, you must apportion the travel expenses between the private and work-related components and only claim the work-related component.

See more: • Phones and other telecommunication devices • Internet expenses

• from

See more: Substantiation requirements

•

See more: Conferences, seminars and training courses Overnight travel expenses

Proof of payment Myth: I don't need a receipt; I can just use my bank or credit card statement.

Clothing Expenses Myth: I can claim my work clothes because my boss told me to wear a certain colour.

Fact: To claim a tax deduction, you need to be able to show that you spent the money, what you spent it on, who the

Fact: Unless your clothing is a uniform that is unique and distinct to your employer, or protective or occupation-specific

(Source: ato.gov.au)

At Find Accountant, we provide SMSF tax advice. Our senior accountant is also an award-winning financial advisor. If you require SMSF advice or are considering whether or not to wind up your SMSF, then speak to Warren Strybosch at Find Accountant Pty Ltd.

Warren Strybosch You can call them on 1300 88 38 30 or email info@findaccountant.com.au | www.findaccountant.com.au

JULY 2022 | FIND KNOX

FIND KNOX | JULY 2022

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Risk Management - From the Underwriters’ Perspective

the company’s reputation, liquidity, and overall financial muscle in catastrophic events. This is essential in assessing the reliability and adequacy of catastrophic risk reinsurance and retrocession to reduce the impact of conceivable company’s disasters thus ensuring the survival of the enterprises.

GENERAL INSURANCE By Craig Anderson

Have you ever wondered what an insurer looks for when assessing the suitability of a potential new insured? The following article is penned by a highly experienced and respected underwriter by the name of Jeremy O’Connor, who describes succinctly what underwriters want and why they want it. “Risk management in insurance is the practice of identifying potential risks in advance, analysing these risks and taking precautions to mitigate the chances of potential claims. This usually involves the planning and implementation of procedures and processes that will reduce the likelihood of future claims. Risk management procedures help businesses insureds to identify potential risks in the day to day running of their businesses and provide an action plan to prevent future claims. The below provides a guideline for what insurers look for when assessing the suitability of potential insurance risk in terms of risk management.

2. 3.

What is the main purpose of risk management?

Risk Analysis – The identification of the effects of risks registered. Risk Evaluation – Identifies and determines the risk magnitude, likelihood and consequences that risk may bring about in the day today business activities. This also helps businesses decide which risks warrant serious consideration or treatment. Risk Treatment – Developing a risk response plan. At this stage, businesses can assess the highest risks and develop a risk response plan. This includes the creation of risk mitigation strategies, prevention plans and contingency planning. Monitoring and Review – Using a risk register will help businesses monitor, track and review risks. Putting a framework around these risks will help de-risk any potential claims or incidents from occurring.

The main purpose of risk management is to identify potential risks before they occur in order to plan risk handling activities in advance which in turn mitigate adverse impact to achieving project objectives. Insureds must consider various risk factors in the project life cycle. Having risk management procedures and processes in place helps prevent potential financial, personal injury and environmental losses from occurring. Effective risk management procedures provide a plan for smooth workflow thus maximizing on productivity and revenue generation.

What are the 5 key areas that insurers look for when evaluating a business’s risk management procedures and suitability for insurance?

What are risk management processes and procedures?

Risk Control – The evaluation of the entity’s quality risk management, risk monitoring standards and limits for retained risks.

Extreme Event Management – process of envisioning the impact of likely disasters through scenario analysis and stress testing. This helps in identifying the potential impact to

Risk Identification – Process of uncovering, recognising and describing risk factors that may potentially lead to claims. Various techniques, such as toolbox meetings and SWMS, are employed to help identify potential risks.

Risk Management Culture – The degree to which risk and risk management are important considerations in decision making. It also helps in evaluating a business’s philosophy in regards to risk and risk appetite, governance and organizational structure of its risk management procedures.

Risk & Capital Models – To monitor, control, and manage risk exposures, indicative, predictive, and sensitivity risk measures. Indicative measures are available in accounting, administrative or underwriting systems. Some examples include life insurance sum insured, probable maximum loss, premiums earned, asset values, staff turnover rates and auditing. Predictive measures can be estimated using complicated and simulation models that take into account the expected shortfall and value at risk.

Strategic Risk Management – The risk involved due to the changing technological processes. It is therefore important for an organization to develop an action plan that will look into risk that will potentially disrupt the operations of the company due to technological shifts

It is important that businesses develop and create risk management plans and procedures to help reduce the likelihood of future claims or incidents from occurring. Having a simple and effective risk management plan helps businesses create credibility in their respective marketplace which hence attracts a higher sophisticated customer base leading to greater profitability.” Many thanks to Jeremy O’Connor for granting permission for me to reproduce this article. For a health check of your business insurance, contact Small Business Insurance Brokers via email: sales@ smallbusinessinsurancebrokers.com.au Any advice in this article has been prepared without taking into account your objectives, financial situation or needs. Because of that, before acting on the above advice, you should consider its appropriateness (having regard to your objectives, needs and financial situation).

Craig Anderson GENERAL INSURANCE Small Business Insurance Brokers www. heightsafetyinsurancebrokers.com.au 0418 300 096

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JULY 2022 | FIND KNOX

Personal Insurance – How much cover should I have? FINANCIAL PLANNING

Income Protection Required Insurable Income

By Warren Strybosch

Last month I shared with you two stories about people who had personal insurance. The first person had it, cancelled it, and then was diagnosed with terminal cancer. The second person, had it, wanted to cancel it but thankfully spoke to me before they cancelled it and we managed to get the client over $400,000 in claim payments. The need for personal insurance is a real one. This month, I want to provide a guide as to how much personal insurance you should consider taking out. This is only a guide, and you should seek professional advice from a licensed financial planner before making any decisions regarding personal insurances. We suggest you book in a time with an advisor like myself (https://calendly.com/findgroup/15minute-phone-conversation) to discuss your insurance needs. We will help you work out what you need and provide you with a Free Insurance Report containing quotes for your consideration.

70%

Waiting Period

30 days | 90 days | 180 days

Benefit Period

2 years | 5 years | up to Age 65

When it comes to future education costs, you estimate how much you are spending each year on kids’ education and multiply that by the number of years left before each child finishes high school. For instance, if your education costs are $12,000 per year, you have three children and the total number of years left for all three children is 8 years, then multiply $12,000 x $8,000 = $96,000. This figure would go also under Life, TPD and Trauma. Client

Life

TPD

Trauma

Liabilities to Clear (Mortgage)

$535,000

Future Education Costs

Capital Requirements

$96,000

Medical Costs

Modifications to Home/Car

When working out how much cover you will need you have to take into account the following: debt, future education costs, medical costs, modification costs, tax, and other costs, that might have a bearing on our future financial situation, should we suffer an illness or injury (refer Table 1: Working out Cover you need (Basic)).

Provision for Tax

Table 1: Working out Cover you need (Basic)

Waiting Period

30 days | 90 days | 180 days

Benefit Period

2 years | 5 years | up to Age 65

Client

Other Provisions

Total Insurance Required

Income Protection Required Insurable Income

Life

TPD

Trauma

Liabilities to Clear (Mortgage)

Future Education Costs

Medical Costs

Modifications to Home/Car

Provision for Tax

Other Provisions

Client

Total Insurance Required

Capital Requirements

Income Protection Required Insurable Income

70%

Medical costs vary between advisors. Given it is hard to predict what the out-of-pocket medical costs will be if you suffer an injury or illness, advisors tend to pick an arbitrary figure. For myself, I have done some research in out-of-pocket medical costs, and I found that leukemia was one of the costliest illnesses a family would have to deal with. It is estimate that the out-of-pocket costs for leukemia is about $150,000. As such, I use $150,000 in my calculations. Life

TPD

Trauma

Liabilities to Clear (Mortgage)

$535,000

Future Education Costs

$96,000

Waiting Period

30 days | 90 days | 180 days

Medical Costs

$150,000

Benefit Period

2 years | 5 years | up to Age 65

Modifications to Home/Car

Provision for Tax

Other Provisions

Total Insurance Required

Let’s start by considering your debt. Assuming you had a mortgage of $500,000 and other debts totalling $35,000 e.g., credit card or car loan, you would then place the total amount of debt in the Liabilities row under Life, TPD and Trauma. Client

Life

TPD

Trauma

Capital Requirements Liabilities to Clear (Mortgage)

Income Protection Required Insurable Income

70%

$535,000

Waiting Period

30 days | 90 days | 180 days

Future Education Costs

Benefit Period

2 years | 5 years | up to Age 65

Medical Costs

Modifications to Home/Car

Provision for Tax

Other Provisions

Total Insurance Required

When it comes to modifications to home or car, this is where I do use an arbitrary figure of $100,000. If someone suffers a major Total and Permanent Disability (TPD) and needs wheelchair access, the cost could easily be $100,000 to upgrade the car and modify access to the home, bathroom, toilet, etc.

JULY 2022 | FIND KNOX

FIND KNOX | JULY 2022

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I am going to jump to Income Protection Cover as this will have a bearing on Other Provisions and Provisions for Tax. Laws have changed and most insurers will now only allow you to cover 70% of your earnings. So, if you are earning wages of $120,000 per tax, they will only allow you to insure yourself for $84,000 ($120,000 x 70%) or $7,000 per month. Client

Life

TPD

Trauma

Liabilities to Clear (Mortgage)

$535,000

Future Education Costs

$96,000

Medical Costs

$150,000

Capital Requirements

Modifications to Home/Car

$100,000

Provision for Tax

Other Provisions

Total Insurance Required

Income Protection Required Insurable Income

$120,000

70% = $7,00 per month

Waiting Period

30 days | 90 days | 180 days

Benefit Period

2 years | 5 years | up to Age 65

For Other Provisions, we include Funeral costs of $25,000 under Life. Under TPD, assuming you are getting Income Protection Cover, we calculate how much income you would not have received from income protection e.g., 30%, and multiply that by the number of years left until you are able to apply for the age pension at age 67. If your wages were $120,000, then 30% would be $36,000. If your age was 52, you would have 15 years until you were able to apply for the age pension. Therefore, we multiply 15 x $36,000 = $540,000. For Trauma, we ask the question as to whether you need any additional funds before your Income Protection starts to be paid. Given most people are on a 90 day wait then they may need 3 months’ worth of wages (assuming no savings) = 3 x $10,000 = $30,000. Client

Life

TPD

Trauma

Liabilities to Clear (Mortgage)

$535,000

Future Education Costs

$96,000

Medical Costs

Capital Requirements

$150,000

Modifications to Home/Car

$100,000

Provision for Tax

Other Provisions

$25,000

$540,000

$30,000

Total Insurance Required

Client

Life

TPD

Trauma

Liabilities to Clear (Mortgage)

$535,000

Future Education Costs

$96,000

Medical Costs

$150,000

Modifications to Home/Car

$100,000

Provision for Tax

$355,250

Other Provisions

$25,000

$540,000

$30,000

$806,000

$1,776,250

$811,000

Capital Requirements

Total Insurance Required

Income Protection Required Insurable Income

$120,000

Waiting Period

30 days | 90 days | 180 days

Benefit Period

2 years | 5 years | up to Age 65

We now have a rough idea as to how much cover we should have in place for Life ($806,000), TPD ($1,1776,250), Trauma ($811,000) and Income Protection ($7,000 per month). Life, TPD and Trauma are lump sum payments. This means that if you have an illness or injury and meet the insurers definition for a payout, then you or your loved ones will receive these amounts as a lump sum. Income protection is not a lump sum payment but a regular monthly payment to replace lost income from injury or illness. After the waiting period has passed, you will start to receive payments until you return to work or for the length of your benefit period, whichever occurs first. Needless-to-say, those of you who have a mortgage or debt, the amount of insurance you should hold will be higher than those without debt. Once you have an idea as to how much cover you need, the next step is to work out how much cover you can afford. I call this the difference between what is ‘ideal’ (what the advisor works out) to what is ‘real’ based on your cash flow and affordability. I jokingly state that the two shall never meet because it is not often that clients are able to afford the ‘ideal’ e.g., all the cove, that has been calculated. Once you decide on how much cover you require, then you need to request quotes to determine if the amount you requested is in fact affordable. You need to be aware, when requesting quotes of the following: a. b.

Income Protection Required Insurable Income

$120,000

70% = $7,00 per month

Waiting Period

30 days | 90 days | 180 days

Benefit Period

2 years | 5 years | up to Age 65

When it comes to provision for tax, many clients are unaware that if you suffer a TPD event and the TPD is held in super, you will have to pay about $25% in tax on the amount you have insured. For instance, if you have $100,000 of TPD cover in super and are entitled to be paid out, you are likely to lose $25,000 in tax and only be paid around $75,000. So, it is important to consider the tax side of things when it comes to TPD. With our example, assuming the total amount of TPD is to be held in Super then the taxable amount would be around $355,250 in tax.

70% = $7,00 per month

Level vs Stepped – if you are young, you should consider Level premiums. First year premium compared to cumulative premiums – it is now law to be told what your cumulative premiums will cost under Stepped and Level cover and not just told the first years Stepped premiums. Industry default cover vs Retail cover – it is often cheaper to obtain Life and TPD via a retail insurer than via your industry fund. These days you can have industry fund super but hold your insurance in super somewhere else. You don’t have to have your insurance with your super fund anymore. TPD ‘Any’ vs TPD ‘Own’ definitions – super funds do not offer TPD ‘Own’ cover. You should consider having TPD ‘Own’ definition, especially if you are a professional or work in an office type roll. Everyone should try and obtain TPD ‘Own’ if they can. IP and TPD in super or Super-linked – if you have a mortgage you might like to consider taking out Superlinked IP or TPD.

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JULY 2022 | FIND KNOX

We will discuss in further details the above, but it is worth noting that personal insurance is not just about the amount of cover you should get. There are a lot of other factors to consider. Therefore, it is important to speak to a qualified financial advisor about your personal insurance needs and not to simply read a book that tells you to take out cover with industry fund. Industry fund cover is ‘good’, but it is not ‘better’ or ‘best’ practice. That type of simply advice might have applied 10 years ago but it does not apply now. If you simply take out cover with an industry fund you are likely to pay more in cover and be provided with sub-standard terms.

insurances sorted out once and for all. Rather than putting it off, spend 30 mins having a conversation to work out what you need, and finally put this to bed knowing you and your family will have the right amount of protection in place for your current needs. This information is current as at June 2022. This article is intended to provide general information only and has been prepared without taking into account any particular person’s objectives, financial situation or needs (‘circumstances’). Before acting on such information, you should consider its appropriateness, taking into account your circumstances and obtain your own independent financial, legal or tax advice. You should read the relevant Product Disclosure Statement (PDS) before making any decision about a product. While all care has been taken to ensure the information is accurate and reliable, to the maximum extent the law permits, Alliance Wealth and its related bodies corporate, or each of their directors, officers, employees, contractors or agents, will not assume liability to any person for any error or omission in this material however caused, nor be

Just to re-iterate, the above figures are a quick way to work out the amount of cover you might need to consider having but we strongly recommend you seek advice from a professional licenced financial advisor and do this process correctly and get appropriate quotes once you know how much cover you wish to have in place. Book a time with myself (https://calendly.com/findgroup/15minute-phone-conversation) and get your personal

responsible for any loss or damage suffered, sustained or incurred by any person who either does, or omits to do, anything in reliance on the information contained herein.

You can call them on 1300 88 38 30 or email info@findinsurance.com.au | www.findinsurance.com.au

Strong outlook for Australian agriculture Mr Smith said beef, sheep meat, wool and dairy production were all forecast to deliver strong results in the second half of 2022. He told AAP that while global trade conditions have been challenging for some exporters, Australia has also been able to diversify the number of countries it sells to over the past year. By Liv Casben (Australian Associated Press)

Wet conditions across parts of the country haven’t dampened Australia’s agricultural outlook according to the latest report from Rural Bank.

strong production across most agricultural sectors. The report doesn’t account for this week’s wet weather across NSW.

Australian farmers continue to cash in on high commodity prices and strong production despite a volatile global environment, according to the bank’s half yearly outlook report.

Wet conditions are forecast to continue through to September across much of the country with the chance of a third La Nina weather event over the summer. Southern parts of Western Australia and Tasmania will likely see average rainfall.

Rural bank’s Andrew Smith says strong seasonal conditions for most of the country has seen strong results for farmers with forecasts that will continue. “It’s a good outlook and quite positive, and it’s great to see this three years in a row for our producers … where we’ve had good conditions across both the seasons and commodity prices,” Mr Smith told AAP. While heavy rainfall and flooding has provided a challenge for producers in Queensland and NSW, seasonal

The forecast is for above average Australian winter crop production for a third season in a row thanks to favourable weather conditions in most parts. Horticulture is also expected to see a return to strong production, after flooding in Queensland recently impacted supply.It’s expected the wet conditions will provide a boost to the nation’s cattle herd and sheep flock which are continuing to rebuild after the drought.

“For example lamb, we’ve been growing pretty strongly our lamb exports into the US for the last couple of years, but this last 12 months we’ve seen markets like the UAE, South Korea, Malaysia, Saudia Arabia increasing as well.” Australian sheep meat, almond, wool, lentil, and wine producers are expected to see big benefits from improved access to the Indian market with the recently signed interim Australia-India economic cooperation and trade agreement. The report concluded the relationship with Australia’s largest trading partner China has shown no tangible signs of improvement with a range of tariffs in place on Australian barley, wine, lobster and beef. It says little to no supply of grain available from Ukraine has driven strong demand for Australian grain, particular throughout Asia. Mr Smith said seasonal conditions, trade conditions and supply chain disruptions would all continue to impact output in the second half of 2022.

JULY 2022 | FIND KNOX

2022 TA

Small business skills and training boost

Small businesses will get an additional tax deduction on top of the allowable deduction for training their employees. Announced in the 2022 Federal Budget, a business with aggregated turnover of less than $50

Announcement(29-Mar-2022)

million will be entitled to claim a 120% deduction for eligible expenditure. Eligible expenditure refers to

Consultation

external training courses delivered to a business’s employees by a registered training organisation in Australia.

Introduced Passed Royal Assent

The skills and training boost is available from 7:30pm (AEDT) on 29 March 2022 until 30 June 2024.

Date of effect

Apprentice wage subsidy programs All eligible businesses who employ an apprentice between 5 October 2020 and 30 June 2022 are eligible to receive a 50% wage subsidy. The wage subsidy is available for 12 months from commencement of employment. The maximum available subsidy is $7,000 per quarter per apprentice. This wage subsidy is a stimulus payment announced to effectively boost employment for young people and help businesses transition away from the COVID-19 downturn. These payments will be received via the Australian Apprentices Incentives Program. This program currently services employers by providing cash payments when apprentices meet certain targets.

Announced: 12-Mar-2020 Updated: 12-Apr-2022

Another program for apprentices that was in place prior to 5 October 2020 dealt with keeping apprentices employed (as opposed to employing new apprentices). These subsidies were to combat rising unemployment and an expected economic downturn due to COVID-19. The wage subsidy was based on which apprentices remained in employment with their employer on 1 March 2020 and 1 July 2020. Originally, only small business employers were eligible to participate. From 1 July 2020, the government extended the measure to include medium-sized businesses. The original wage subsidy commenced for employers from 1 January 2020 and ran through to 31 March 2021.

Temporary fuel excise cut and fuel tax credits Excise and excise-equivalent customs duty that applies to petrol and diesel will be temporarily reduced by 50%. The reduction of the fuel excise will be in place for 6 months, beginning at 12:01am on 30 March 2022 and ending at 11:59pm on 28 September 2022.

Announcement(29-Mar-2022) Consultation Introduced(30-Mar-2022) Passed(30-Mar-2022)

The new temporary excise rate of 22.1 cents per litre will bring excise below the road user charge for

Royal Assent(31-Mar-2022)

businesses who claim fuel tax credits.

Date of effect(30-Mar-2022)

50% minimum pension drawdowns extended for another 12 months Minimum drawdowns for superannuation pensions have been halved again for the 2022–23 income year. This extension means that the reduction of minimum drawdowns will be available for self-funded retirees from 1 July 2019 through 30 June 2023. This measure is intended to support retirees in managing the impact of the: •

recent volatility in financial markets, and

•

prevailing low interest rates on their retirement savings.

Announced: 22-Mar-2020 Updated: 12-Apr-2022

AX UPDATES Non-commercial losses and the Commissioner’s safe harbour

Sole traders and partners in a partnership may be able to utilise a safe harbour to deduct non-commercial losses against other assessable income. The draft PCG bypasses the Commissioner’s discretion under the non-commercial loss rules, where a business has been directly affected by floods, bushfires or the COVID-19 pandemic.

Announcement(11-May-2022) Consultation period(21-Jun-2022) Released

The business will be required to show necessary evidence to support using the safe harbour. Once finalised, the draft guideline will apply to the 2019–20, 2020–21 and 2021–22 income years.

Non-commercial losses and the Commissioner’s safe harbour Sole traders and partners in a partnership may be able to utilise a safe harbour to deduct non-commercial losses against other assessable income. The draft PCG bypasses the Commissioner’s discretion under the non-commercial loss rules, where a business has been directly affected by floods, bushfires or the COVID-19 pandemic. The business will be required to show necessary evidence to support using the safe harbour. On 23 February 2022, the ATO released TR 2022/D1 and PCG 2022/D1 in relation to distributions made by trustees of discretionary trusts. This was complemented by TA 2022/1, which discusses parents benefitting from the trust entitlements of the adult children. All 3 documents focus on schemes where income is diverted

Announcement(23-Feb-2022)

from an intended beneficiary in order to reduce tax liabilities. The rulings discuss these at detail and include

Consultation period(29-Apr-2022)

significant attention to an important carve out for dealings that are “ordinary family or commercial” dealings.

Released

These dealings are excluded from the anti-avoidance provisions. Following on from the release of the draft guidance, the ATO has reiterated its stance in many areas relating to s 100A. In particular, where situations would generally come under an ordinary family or commercial dealing. Trustees need to make sure that their distributions are in accordance with the expectations of the ATO, otherwise they may be subject to an audit. Helping them understand their obligations is paramount coming up to the end of the current income year. Once finalised, the draft guideline will apply to the 2019–20, 2020–21 and 2021–22 income years.

Queensland land tax to include interstate landholdings Queensland has become the first jurisdiction in Australia to change land tax rules relating to taxable landholdings. Under the proposed changes, a landholder will have their land tax calculated based on their total

Announcement(21-Jun-2022) Consultation

Australian landholdings. The calculation will then be pro-rated to reflect a taxpayer’s Queensland-only

Introduced(21-Jun-2022)

taxable landholdings.

Passed(24-Jun-2022) Royal Assent

Once passed, the new legislation will commence from 1 January 2023, meaning that the first calculation

Date of effect

under the new rules will take place on 30 June 2023.

Announcement(29-Mar-2022) Consultation Introduced(30-Mar-2022) Passed(30-Mar-2022) Royal Assent(31-Mar-2022)

The new temporary excise rate of 22.1 cents per litre will bring excise below the road user charge for

Date of effect(30-Mar-2022)

businesses who claim fuel tax credits.

JULY 2022 | FIND KNOX

REALESTATE

JULY 2022

REALESTATE FIND AUSTRALIA’S #1 PLACE FOR PROPERTY

HOUSE OF THE MONTH

Free RENTAL LISTING Advertising for Real Estate Agents

Email your Rental Listings to Find Knox each week and we will update your Listing in the online community paper for FREE.

If you have questions, contact Warren on 1300 88 38 30 or email: editor@findknox.com.au JULY 2022 | FIND KNOX

JULY 2022

JUNE 2022 REALESTATE

Kindergarten will be free from next year kindergarten for all families from next year. Knox City Council runs 30 kindergartens across the municipality and offers a twoyear program for children. This includes: 5 hours a week for 3-year-olds 15 hours a week for 4-year-olds Families can also access kindergarten through independently run services and long daycares. The kindergarten years are important for every child. It is strongly recommended that families send their children for two years of early learning before they start school. Kindergarten helps children develop their creative thinking, social and emotional skills, and early literacy and language skills. 3 and 4-year-old sessions at Council-run kindergartens in Knox will be free from

2023! This is in response to the state government’s announcement of free

Registrations are currently open for kindergarten in 2023. Learn more

Improving Community Safety Council this week introduced the first phase of our ‘Knox Empowering Communities’ project and want to hear from you. As our local community, no one knows what crime and safety issues to address better than you. Therefore, the first phase of our project will be gathering your input and feedback. We want to know: To answer the above, please visit our Have Your Say page - where you will also find a timeline of the project, outlining each phase. Feedback will be open until Sunday 7 August 2022.

•

What are the main concerns you have around safety in Knox?

•

What things contribute to or cause crime and safety issues?

•

What can be done to address these causes and further improve safety within our community?

Your feedback and ideas will directly inform and help design a grants program that will be available for community groups and organisations later this year.

•

Any additional feedback or thoughts regarding local safety and the project

The Knox project is

Empowering Communities funded by the Victorian

Government’s Empowering Communities initiative as part of the Building Safer Communities Program and will support community designed and delivered initiatives as part of our grants program, that address local safety in Knox. For any questions regarding the project, please contact empoweringcommunities@knox.vic.gov. au or 9298 8240. We look forward to working with you on creating a safer Knox.

JULY 2022

Celebrate National Tree Day With Us

Get back into nature by joining our annual National Tree Day community planting event at Collier Reserve, Wantirna. Join free, family-friendly event. We have 3,000 native trees, shrubs and ground cover to plant! • • •

Help contribute to biodiversity and help our goal of increasing our tree canopy to 30% by 2030 Join a guided nature walk with one of our Bushland officers Enjoy a BBQ hosted by Wantirna Lions Club.

• Sunday 31 July, 10 am to 12 noon. Collier Reserve, Wantirna.

Corner Stud Road & Burwood Highway, Wantirna. Access via Alderford Drive, Wantirna. View Google Map of Collier Reserve Register on the day or online

Other benefits of LEDs include more reliable and uniform light at night, longer lifespan, less maintenance, and improving the amenity and sense safety in our local streets. The Boronia street light replacement project is a key initiative of the Boronia Revitalisation Project, and supported by our Climate Response Plan 20212031, which aims to reduce greenhouse emissions for our community. With a grant of $100,000 from the Department of Jobs, Precincts and Regions, and $310,000 from Council, a total of $410,000 will be invested into the LED street light upgrades in Boronia.

Sustainable Lighting For Boronia Works to replace around 500 street lights with energy efficient LEDs on main roads in Boronia, will commence this week. From 15 July, a crew on a truck with an elevated platform will start replacing streetlights to LEDs.

These works are expected completed late August 2022.

Works have been scheduled during the day. The street light upgrades include Dorset Road, Erica Avenue, Boronia Road and Chandler Road.

Street light replacement is an important action for our climate response. Since 2016, we have replaced around 10,600 street lights with energy efficient LED globes.

These upgrades will reduce up to 2,900 tonnes of greenhouse gases over the next 20 years.

Learn more about our climate actions at our Energy efficiency and greenhouse emissions web page. JULY 2022 | FIND KNOX

Are you Not-For-Profit in Knox Area? Advertise your events for FREE on the following pages. Are you a NFP with an up-and-coming event? If so, email your event to editor@findknox.com.au and we will place it in the paper for FREE.

Knox

SUPPORT YOUR LOCAL

NOT-FOR-PROFIT

Knox

Westfield Knox is one of the largest shopping centres in Melbourne. Located at the foothills of the Dandenong Ranges approximately 25 kilometres east of the CBD, it is easily accessed by major arterial roads, including the Monash and Eastern Freeways. The centre currently caters to a trade area population of approximately 478,000 people, with a total accessible market of 2.2 million residents. The centre is home to a range of Australia’s most well-known retailers including Myer, Kmart, Target and Coles. There is also a Village Roadshow cinema complex and a broad mix of retailers including over 380 specialty retailers. Westfield Living Centres are open and trading. Visit your local centre website for the most up-to-date retailer information and opening hours as these will vary for each state and territory.

Shop

Eat

Reimagining Knox

We’re delighted to announce the commencement of the $355 million redevelopment of Westfield Knox, transforming our Living Centre into an elevated retail and lifestyle destination created for our community. Construction is now underway, with transformation to occur in stages between 2022 and 2023. The first stage will include a new fresh food market on Level 1, featuring a selection of new and existing retail partners and food catering experiences alongside new supermarkets; Woolworths and ALDI. The fresh food market is expected to open in late 2022. The second phase will include the addition of the new 2,000sqm Knox public library, an elevated retail offer spanning a diverse mix of categories, from fashion to beauty, youth and homewares and a range of new uses. These include co-working facilities and recreational spaces for our community to enjoy. In addition to the retail upgrades, the centre will undergo a comprehensive internal update including new flooring and finishes throughout, as well as upgraded amenities for our customers. The first stage will include a new fresh food market on Level 1, featuring a selection of new and existing retail partners and food catering experiences alongside new supermarkets; Woolworths and ALDI. The fresh food market is expected to open in late 2022. The second phase will include the addition of the new 2,000sqm Knox public library, an elevated retail offer spanning a diverse mix of categories, from fashion to beauty, youth and homewares and a range of new uses. These include co-working facilities and recreational spaces for our community to enjoy. In addition to the retail upgrades, the centre will undergo a comprehensive internal update including new flooring and finishes throughout, as well as upgraded amenities for our customers. The project will showcase our responsible business strategy, including a number of sustainability initiatives which will improve the centre’s energy, water and emissions intensity. The installation of a large rooftop solar system will generate onsite renewable electricity. We’re looking forward to our customers joining us on this exciting journey, and will have more news to share including new retail announcements and details on our community spaces as works progress. JULY 2022 | FIND KNOX

RETIREMENT Did you know? 40.0% is the new permissible interest rate (up from 4.01%) that can be charged to calculate the daily payments for outstanding acccommodation balances for new residents entering care between 1 January 2022 and 31 March 2022.

Downsizer Contribution RETIREMENT By Warren Strybosch

What is the downsizer contribution?

The amount you are contributing is from the proceeds of selling your home, where the contract of sale was exchanged on or after 1 July 2018.

The downsizer contribution is an amount of up to $300,000 that can be paid in to your super, from the proceeds of selling your home. If you have a spouse, the total contribution is up to $600,000 ($300,000 each).

Your home was owned by you or your spouse, for 10 years or more prior to the sale (the ownership period is generally calculated from the date of settlement of purchase, to the date of settlement of sale).

A downsizer contribution does not count towards your contribution caps,1 and can still be made if you have a total super balance of $1.7 million or more.

Your home is in Australia and is not a caravan, houseboat, or other mobile home.

Downsizer contributions are only available where the contract of sale was exchanged on or after 1 July 2018, and must be made within 90 days of receiving the proceeds of sale. Who is eligible? Eligibility is determined by the Australian Taxation Office (ATO). The ATO outlines eligibility to make a downsizer contribution as follows: You (and if applicable, your spouse) will be eligible to make a downsizer contribution to super if you can answer yes to all of the following: You are 60 years old or older at the time you make a downsizer contribution (there is no maximum age limit)

The proceeds (capital gain or loss) from the sale of the home are either exempt, or partially exempt from capital gains tax (CGT) under the main residence exemption, or would be entitled to such an exemption, if the home was a CGT rather than a pre-CGT (acquired before 20 September 1985) asset. You have provided your super fund with the Downsizer Contribution into Superannuation form either before, or at the time of making your downsizer contribution. You make your downsizer contribution within 90 days of receiving the proceeds of sale, which is usually at the date of settlement. You have not previously made a downsizer contribution to your super from the sale of another home.

www.findknox.com.au

JULY 2022 | FIND KNOX

What if the ATO determines that I’m not eligible? If you sold your house and your name (and not your spouse’s) was listed on the title of your property, your spouse can still make a downsizer contribution, or have one made on their behalf, provided you both meet the eligibility criteria. If you have a spouse, the combined total contribution is up to

Eligibility to make a downsizer contribution is determined by the ATO. If the ATO subsequently determines that your contribution does not meet the downsizer contribution eligibility requirements, they will notify you, and QSuper. Once we are notified, we will assess whether your contribution could have been made as a personal contribution, and which contribution cap it will count towards.

$600,000 ($300,000 each), and both you and your spouse will need to complete the form at the end of this factsheet.

If it is decided your contribution can not be accepted, we will return the contribution amount to you.

Downsizer contribution examples:

What else should I know?

A couple sells their home for

•

$400,00 The maximum contribution cannot exceed $400,000 in total. This means they can choose to contribute half each, or split it - for example, $300,000 into one account and $100,000 into the other.

•

A couple sells their home for

$600,00 Out of John and Fatima, only John is on the title. They both meet all the other requirements, therefore John and Fatima can make a downsizer contribution of up to $300,000 each.

• •

While the downsizer contribution must be made within 90 days of receiving the proceeds of sale, in some circumstances you may be able to request an extension from the ATO. Please contact the ATO for more information. The downsizer contribution does not count towards your contribution caps. However, when you move your super savings into retirement phase, it will count towards your transfer balance cap,1 currently $1.7 million. You can make more than one downsizer contribution from the proceeds of a single sale (up to your limit). However, all contributions must be made within 90 days of receiving the proceeds of sale, unless you have been granted an extension. Downsizer contributions are not tax deductible. Downsizer contributions will be taken into account for determining eligibility for the Age Pension

Where can I find more information? The ATO provides detailed information on downsizer contribution eligibility.

A couple sells their home for

$800,00 Each spouse can make a contribution of up to $300,000.

Visit ato.gov.au/downsizing or call the ATO on 13 10 20.

Financial Advice Deciding what is best for you will depend on your personal circumstances and you may want to seek personal financial advice to get the most from your superannuation.

1. Contribution caps - Limits that apply in relation to how much you can add to your super. 2 Provided for illustrative

1 Transfer balance cap - A limit on the total amount of supperannuation that can be transferred into

purposed only. Source: ato.gov.au

Explanation factsheet.

tax-free retirement products. You can find more information on the transfer balance cap in the Tax

This is general information only, so it does not take into account your personal objectives, financial situation, or needs. You should consider whether the product is right for you by reading the relevant

How to make a downsizer contribution Check your eligibility to make the contribution

product disclosure statement (PSD) and target market determination (TMD) Where necessary, consider seeking professional advice tailored to your individual circumstances.

This information is current as at April 2022. This article is intended to provide general information only and has been prepared without taking into account any particular person’s objectives, financial situation or needs (‘circumstances’). Before acting on such information, you should consider its appropriateness, taking into account your circumstances and obtain your own independent financial, legal or tax advice. You should read the relevant Product Disclosure Statement (PDS) before

Complete the Downizer Contribution into Superannuation form (obtain from ato.)

making any decision about a product. While all care has been taken to ensure the information is accurate and reliable, to the maximum extent the law permits, Alliance Wealth and its related bodies corporate, or each of their directors, officers, employees, contractors or agents, will not assume liability to any person for any error or omission in this material however caused, nor be responsible for any loss or damage suffered, sustained or incurred by any person who either does, or omits to do, anything in reliance on the information contained herein.

Send this form to your superannuation fund Ensure that you send the form before or at the time that you make your downsizer contribution.

Warren Strybosch Contact them on 1300 88 38 30 info@findretirement.com.au | www.findretirement.com.au

JULY 2022 | FIND KNOX

PAGE

PROFESSIONAL SERVICES

PROFESSIONAL SERVICES Special Tax Return Offer $99 Returns - PAYG Only We have made it cheaper and easier for you to get your returns completed & you can do it all from the comfort of your own home. Here are the steps involved: 1. Email to warren@findaccountant.com.au requesting your PAYG return to be completed. Provide us with your full name, D.O.B and address. 2. A Tax engagement letter will be emailed to you for signing via your mobile (no printing or scanning required). 3. You will be then sent a tax checklist to complete online. Takes less than 5 minutes. 4. We will then require you to upload your documents to our secure portal. 5. Once we have received all your documentation, we will complete the return. 6. We will email you the completed return with our invoices. Once you sign the return and pay the invoice we will lodge the return on your behalf.

1300 88 38 30 Important: This offer is only available new clients to Find Accountant Pty Ltd. Liability limited by a scheme approved under Professional Standards Legislation

INDEX PROFESSIONAL SERVICES • • • • • • • • • •

Architect ------------------------------ 00 Find Accountant ----------------- 26 Financial Planning ------------- 00 Find Insurance -------------------- 27 Bookkeeping ---------------------- 00 Editor|Copywriter --------------- 00 General Insurance ------------- 27 Life Coach --------------------------- 00 Signages ------------------------------ 00 Mortgage Brokering ----------- 00

TRADIES - FREE ADVERTISING Email your artwork to editor@findnetwork.com.au If you wish us to create your ad, we will do this for a minimal cost. Go to www.findknox.com.au/graphic-design to upload your details and we will create this for you.

The Dimensions of the Ads are: 53 x 98 mm - 1/8 Small Size

139 x 96 mm - 1/4 Page Portrait

If you have any questions, contact the editor on 1300 88 38 30 or Email editor@findnetwork.com.au *Available until your category is taken when a Tradie joins the Find Network Team.

PAGES

PROFESSIONAL SERVICES

HELPING TO PROTECT YOU AND YOUR FAMILY At Find we can help you find the ‘right’ personal insurance. Our aim is to help you obtain and retain the personal insurances that are appropriate for you and at cost that you can afford.

Personal Insurances Include: • Income Protection (IP) • Life Insurances or Death Cover • Total and Permanent Disability (TPD) • Trauma Insurance or Critical Illness Insurance • Business Expense Cover • Child Trauma Cover

Find Wealth t/as Find Insurance Corporate Authorised Representative (No.468091) of Clearview Financial Advice Pty Limited ABN 89 133 593 012 No. 331367

When your insurance are in place, our services do not stop there. We will provide you with an after care service that includes policy notifications, insurance report, help desk, reviews and help at claim time.

We provide ourselves in providing honest advice that you can rely on. 1300 88 38 30

warren@findinsurance.com.au

www.findinsurance.com.au

248 Wonga Road, Warranwood VIC 3134

General Insurance We specialise in the following:

We DO NOT provide advice or quotes for the

• Business Pack Insurance

following (you need to go direct and save):

• Professional Indemnity

• Car Insurance

• Public Liability - Business related only

• Home & Contents

• Landlord Insurance

• Caravan

• Height Safety Insurance

• eBikes

We work with only the most reputable insurers to bring you a range of insurance options for you to choose from:

When it comes to General Insurance, Find Insurance provides a referral service to Find Business Insurance. Find Insurance provides general information only and we do not offer general insurance advice. We refer all general insurance enquiries to Craig, a licensed Authorised Representative (No. 001248230) of Focus Insurance Brokers AFSL 426797. Craig is able to provide general insurance advice to you. You should always seek professional advice before making financial decisions. This material is not intended to constitute personal advice and must not be relied on as such. This material is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. You should consider the appropriateness of this material having regard to your objectives, financial situation and needs and consider obtaining independent advice. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read

Visit Us Here

the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan.

Australia’s Trusted Height Safety Insurance Brokers Height Safety Insurance Brokers Trust the insurance experts in covering your business against risks and losses. Let us create a specialised program for you to ensure any overlooked issues are covered. If you’d like us to handle insurance renewal get in touch with our friendly team. We also offer free assessments of your current program so you can make an informed decision for your business’ wellbeing.

www.heightsafetyinsurancebrokers.com.au

CRAIG ANDERSON GENERAL INSURANCE

0418 300 096 | sales@heightsafetyinsurancebrokers.com.au

ABN: 26689211803

Small Business Insurance Broker is a registered business name for the Trustee for The Anderson Kerr Family Trust, (Height Safety Insurance Brokers Pty Ltd, a Corporate Authorised Representative (AFS Representative Number 0012482300) of Focus Insurance Brokers AFSL 426797.

JULY 2022 | FIND KNOX

PAGES

LOCAL TRADIES

TRADIES - FREE ADVERTISING Are you a Tradie? Need referrals? Consider joining the Find Manningham Network group. If you have any questions, contact Warren on

Warren Strybosch 1300 88 38 30

INDEX PROFESSIONAL SERVICES • Coffee Machine Machine -- 00 • Builder ----------------------------------- 00 • Electrician ----------------------------- 00 • Painter ----------------------------------- 00 • Plasterer -------------------------------- 00 • Property Maintenance ------- 00

editor@findknox.com.au

TRADIES - FREE ADVERTISING Email your artwork to editor@findknox.com.au If you wish us to create your ad, we will do this for a minimal cost. Go to www.findknox.com.au/graphic-design to upload your details and we will create this for you.

The Dimensions of the Ads are: 53 x 98 mm - 1/8 Small Size

139 x 96 mm - 1/4 Page Portrait

If you have any questions, contact the editor on 1300 88 38 30 or Email warren@findknox.com.au *Available until your category is taken when a Tradie joins the Find Network Team.

PAGES

LOCAL TRADIES

TRADIES - FREE ADVERTISING Email your artwork to info@findnetwork.com.au. If you wish us to create your ad, we will do this for a minimal cost. Go to www.findyarraranges.com.au/graphic-design to upload your details and we will create this for you.

The Dimensions of the Ads are: 53 x 98 mm - 1/8 Small Size

139 x 96 mm - 1/4 Page Portrait

If you have any questions, contact the editor on 1300 88 38 30 or Email info@findnetwork.com.au *Available until your category is taken when a Tradie joins the Find Network Team.

JULY 2022 | FIND KNOX

PAGES

HOME & GARDEN

BUSINESSES Do you provide Home and Garden services in the Manningham region? If you have any questions, contact Warren on

Warren Strybosch 1300 88 38 30

INDEX PROFESSIONAL SERVICES • Specialist Tree Services ------- 00 • Interior Design ---------------------- 00 • Mowing --------------------------------- 00 • Building Inspection -------------- 00 • Nursery ---------------------------------- 00 • Flooring --------------------------------- 00

editor@findknox.com.au

The Dimensions of the Ads are: 53 x 98 mm - 1/8 Small Size

139 x 96 mm - 1/4 Page Portrait

If you have any questions, contact the editor on 1300 88 38 30 or Email warren@findknox.com.au *Available until your category is taken when a Tradie joins the Find Network Team.

PAGES

HEALTH & BEAUTY

BUSINESSES Do you provide Health and Beauty services in the Manningham region? If you have any questions, contact Warren on

Warren Strybosch 1300 88 38 30

editor@findknox.com.au

*Available until your category is taken when a Tradie joins the Find Network Team.

INDEX PROFESSIONAL SERVICES • Lactation Consultant ----------- 00 • Hair Dresser --------------------------- 00 • Chiropractor ------------------------- 00 • Beauty Theraphy ------------------ 00 • Gym --------------------------------------- 00 • Massage Therapy ---------------- 00

The Dimensions of the Ads are: 53 x 98 mm - 1/8 Small Size

139 x 96 mm - 1/4 Page Portrait

If you have any questions, contact the editor on 1300 88 38 30 or Email warren@findknox.com.au *Available until your category is taken when a Tradie joins the Find Network Team.

JULY 2022 | FIND KNOX

We invite a representative from each sporting club to submit team selections, results and any interesting stories relating to your club/sports. For inquiries call 1300 88 38 30 or email editor@findknox.com.au

SPORTS

Do you have Photos from a local sports event or even a great story you would like to share?

SEND US YOUR NEWS! For enquiries call 1300 88 38 30 or email editor@findknox.com.au

JULY 2022 | FIND KNOX

JULY 2022

FREE ADVERTISING Religious Groups and Churches Services Times Public Notices

Knox 1300 88 38 30 editor@findknox.com.au

Religious Practitioner Stories & Services

FREE Advertising is available related to Sercives Times, Public Notices, and Fundraising Advertising.

SEND US YOUR NEWS! For enquiries call 1300 88 38 30 or email editor@findknox.com.au

JULY 2022 | FIND KNOX

Birth, Deaths & Marriages JULY 2022

FREE Advertising is available related to Death Notices, Funeral Notices, Births and Marriages.

SEND US YOUR NEWS! Knox

1300 88 38 30 editor@findknox.com.au

Birth, Deaths & Marriages

Free Advertising is available related to Death Notices, Funeral Notices, Births and Marriages.

SEND US YOUR NEWS! For enquiries call 1300 88 38 30 or email editor@findknox.com.au

JULY 2022 | FIND KNOX

KNOX

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Fine, Contemporary & Bistro

Support Your Local Community

Find Travel & Entertainment Fun for All Ages

Great Local Deals

Find Takeaway

Buy 1 Get 1 FREE Offers Up to 50% Off

Fine, Contemporary & Bistro

FREE

Find Brekky, Brunch, Lunch Cafés & Bistro

Contact your Not-For Profit to obtain your Find Card. Only Find Cards can be in conjuction with the offers and must be presented to participating businesses.

LOCAL COUPONS

31 January 2021 - 31 January 2022

Up to 50% of generated funds goes to Not-For Profit organisation.

FIND CARD LOCAL OFFERS

A S

E L MP

PRESENT VALID FIND CARDS Registration of Find Cards Please go to www.findknox.com.au/register/ Please refer to Page 55

LOCAL COUPONS OFFERS

TABLE OF CONTENTS BUSINESS NAME

CARD NO.

PAGE NO.

FIND COFFEE COMING SOON

CARD NO.

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COMING SOON

CARD NO.

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PAGE NO.

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COMING SOON

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Dining

Part of the secret of success is to eat what you like and let the food fight it out inside. FIND ADVERTISING COUPONS editor@findknox.com.au 1300 88 38 30

S S

M A

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Brekky, Brunch & Lunch The best memories are made when gathered around the table

FIND ADVERTISING COUPONS editor@findknox.com.au 1300 88 38 30

S S

M A M A

E L P E L P JULY 2022 | FIND KNOX

Coffee COFFEE WITH A FRIEND IS LIKE CAPTURING HAPPINESS IN A CUP.

FIND ADVERTISING COUPONS editor@findknox.com.au 1300 88 38 30

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Takeaway You don't need a silver fork to eat good food

FIND ADVERTISING COUPONS editor@findknox.com.au 1300 88 38 30

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NEW OFFERS COMING

JULY 2022 | FIND KNOX

Entertainment

Dance is the poetic baring of the soul through motion FIND ADVERTISING COUPONS editor@findknox.com.au 1300 88 38 30

S S

M A M A

E L P E L P

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Coupons &

Any changes or updates to these ‘Terms of Use’ of the

Non-Transfer The barter trade, sale, purchase, or transfer of the Find Coupons &/or Find Cards, by any person or entity, including but not limited to business placing offers in the Find Paper, printers, publishers, and distributors of the Find Coupons /Find Card, is strictly prohibited, unless expressly authorized by Find Pty. Ltd. Find reserves the right to make changes to the participants and their offers at its sole discretion. Members will be notified of these changes via email or via the Site. The Find Coupons and its Offers are intended for the non-profits use of the individual purchaser of the Find Cards &/or Find Coupons. Additionally, the use of the Find Coupons &/or Find Cards or any of the Offers placed in our Find Paper, for advertising purpose, in any form of fashion, is strictly prohibited. Any use of a Offers in violation of these Rules will render the Offer VOID, and violators will be prosecuted. Offers may not be reproduced and are void where prohibited, taxed, or restricted by law. Find, will not be responsible if any establishment breaches its contract of refuses to acccept the Find Cards / Offers with in the Find Paper: we will however, use our best efforts to secure compliance, Find, will not be responsible in the events beyond its control. © 2020 Find.

Find Cards Policy

e Find Cards and/or Find Coupons can be found here.

Valid Periods Find Restaurant, Find Cafe & Find Coffee offers can be used at participating businesses any time except the following days: *Christmas Eve *Christmas Day *Boxing Day * New Year’s Eve *New Year’s Day * Valentine’s Day *Good Friday *Easter Sunday *Mother’s Day. Some restaurant/Cafe/Coffe establishments will have additional terms and conditions on the page where the business is advertising their offer).

Present Find Card You are required to present your Find Card at any participating businesses if you wish to secure the discount or goods/service being offered.

Authentication Code & Customer Signature All Find Cards must display an Authentication Code and a members signature to be deemed VALID. If your Find Cards does not display your signature and the correct code, the business can refuse to provide the discount offer advertised. You will receive your Authentication code after registering your Find Card.

PRESENT VALID FIND CARDS

VALID

Valid Find Cards have four folds and contain six different categories. Valid Find Cards will have its Regions logo sticker placed in the circle at the back and has an Authentication code display in front of the Find Cards

NOT VALID

Find Cards that DO NOT display its Regions Sticker in the circle at the back and DO NOT display an Authentication code in front of the Find Card are INVALID. They will not be accepted at any participating businesses. Also, your signature must be present. You may be asked to present ID to verify that Find Card belongs to you.

Present the Find Card and ID prior to paying bill. Card is Non-Transferable. Each offer corresponds to a number on the card. Number will be crossed off once offer used. This is not a credit or charge card. Copyright 2022 Find© Pty Ltd.

www.findknox.com.au

JULY 2022

Find Knox 2022 - July Edition

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LOCAL STORIES