COLUMNIST ARTICLES

Employers Responsibility – Staff Working From Home

GENERAL INSURANCE

By Craig Anderson

Working from home was unexpectedly thrust upon many employees and employers due to COVID – 19 and due to the unplanned nature of the circumstances, both parties have had to rapidly adjust their thinking. Employers are still responsible, from a duty of care perspective, for staff safety while working from their own home, which is to put it mildly, “challenging”.

If you try to imagine a standard office space, you probably don’t consider the lighting level, the testing and tagging of equipment, the ergonomic furniture, the ambient temperature, the hands free phone head set, and a host of other things like the boiling water tap with safety features. You probably won’t imagine the planning it took to eliminate trip hazards, eye and ear strain, back strain, mental stress and fatigue and other stressors. Now look at a home work environment. Possibly no ergonomic furniture, trip hazards galore, cords If this is a situation currently causing you concern, and you’d like to explore. Management Liability Insurance to protect you and your assets, please contact us for a preliminary no obligation discussion. Please also consider engaging an OH&S Consultant to ensure all due diligence is exercised, as this may help insurers to view your business as a “good risk”.

For a health check of your business insurance, contact Small Business Insurance Brokers via email sales@ smallbusinessinsurancebrokers.com.au

everywhere, low lighting, no testing and tagging, noisy pre-schoolers interrupting, dogs barking and a whole host of other potential issues. Having said that, how employees spend their free time is up to them, however the environment in which they spend work hours is really important for their wellbeing, and the employer is still responsible for any injuries they suffer, even when they work from home.

The connection to insurance is straightforward. Following a serious injury “at work” like an electrocution, slip and fall, serious burn, or laceration for example, an employer may be prosecuted by WorkSafe after an investigation if they have contributed due to lack of care or failure of due dilligence. However; if the employer has audited the home work environment and made every attempt to eliminate wherever possible all of the hazards, and if the employer has Management Liability Insurance including Statutory Liability, the insurer may legally defend the claim or pay fines where appropriate and avert a possible conviction where unwaranted.

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

Sole Traders – the ATO will now pass information on to Credit providers

ACCOUNTANT

By Warren Strybosch

If you are a sole trader, you have not had to worry too much about any debts owing to the ATO. You would simply be placed on a payment plan and pay off what you can when you can. However, this is has now changed and the ATO is taking a harder stance against those business owners who owe money to the ATO.

The ATO will now inform credit provides of debts larger than $100,000. This will have an impact on sole traders and partners seeking any type of finance e.g., home loan, investment loan or car finance, in the future.

General manager of technical policy at the IPA, Tony Greco, said the move could provide a more even playing field for businesses.

“There are pluses and minuses, the pluses are it makes it more transparent that the market and all credit providers, including trade credit, get to see what level of debt the business has and it provides an extra impetus to that client to engage with the tax office,” said Mr Greco.

“If you’ve got one business compliant and another not compliant then that’s an unfair advantage, so it promotes fairness in the tax system.”

The change applies only to sole traders with ATO debts that meet certain criteria. “The rules are currently that it has to be over $100,000 and has to be related to a business debt and it also has to be when the business is basically not responding to current attempts to put it on the payment plan or to pay it,” said Mr Greco.

The ATO said that a business or sole trader effectively engaging with it would not be subject to CRB referral, even if the debt exceeded $100,000.

The ATO said effective engagement involved having:

• A payment plan and complying with the terms of the arrangement • An application for release from the tax debt • An active objection against a tax decision to which the debt related • An active review with the AAT or an active appeal to the court • An active review with the AAT of a reviewable decision that might affect the amount of a non-complying superannuation fund’s tax debt with the relevant regulator • An active complaint with the IGTO in relation to the tax debt. Mr Greco said the ATO used the ability to disclose tax debt information to CRBs as a tool to influence businesses to take their debt seriously.

“A lot of businesses treat the ATO as the lender of last resort so just don’t pay it,” he said. “When money becomes tight businesses just stop paying one of their creditors, and the easiest one is the ATO.

“A credit rating is very important if you are highly leveraged, therefore this ability to provide this information so all can see is the thing that sometimes gets people to take note of the debt because it starts to impact their ability to finance their operations.”

Mr Greco said the IPA wanted to see the ATO customise its approach for each business.

“Tax debts are a big problem and it has blown out for a good reason, the tax office was giving businesses a bit more leeway during COVID which was understandable,” he said.

“We’ve always asked for a tailored approach so if a business has been caught up in negative COVID scenarios then they [the ATO] should go soft, but if other businesses have thrived during COVID the tax office should go hard.”

Before disclosing a tax debt to CRBs, the ATO said it would send a written notice to the business that included steps that could be taken to avoid the information from being reported.

As a sole trader it is important to work with your accountant and/or tax agent to make sure you can meet your meet your obligations going forward. That might mean setting up separate bank accounts to keep track of your GST, PAGW, and Super owing, so you have enough funds to pay those amounts when they fall due.

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

Green Hydrogen Tech Wins Global Backers

By Stephanie Gardiner (Australian Associated Press)

A Gold Coast tourism campaign once urged visitors to “come back and play”, but new population data reveals many Australians are instead deciding to stay.

The Australian Bureau of Statistics has released figures on population changes in the cities and regions between 2011 and 2021, and it shows Queensland’s holiday hotspot experienced the biggest boom outside the capitals.

The Gold Coast suburb of Coomera had the largest growth, with 11,500 extra people, while Pimpama had the highest rate of expansion at 600 per cent over the decade.

Regional Australia’s residents grew by 832,000, or 11 per cent, while the number of people living in the capitals increased by 2.5 million, or 17 per cent. Melbourne experienced the largest growth of the capital cities with 806,800 extra people, followed by Sydney, Brisbane, Perth, Adelaide, Canberra, Hobart and Darwin.

Canberra had the highest growth rate at 23 per cent, while Adelaide had the lowest at 11 per cent.

The latest figures also show the extent of the population boom in Sydney and Melbourne’s outer suburbs, which experienced the largest increases among metropolitan regions.

Wollert, in Melbourne’s outer north, grew by 24,200 people, while Schofields, in Sydney’s northwest, added 22,900 to its population. The Mickleham and Yuroke region, 26 kilometres north of Melbourne, had the highest growth rate at 1400 per cent, with Sydney’s Schofields at 960 per cent, and nearby Kellyville at 880 per cent. Some mining and outback areas experienced population loss, including Mount Isa in Queensland and Ashburton in Western Australia.

Outback South Australia’s population declined by 40 per cent. The trends are in line with shorter-term figures on population movements released quarterly by the Regional Australia Institute, based on Commonwealth Bank borrowing data.

Its latest report shows the Gold Coast is the most popular place for city dwellers to move, a trend largely driven by millennials attracted to its proximity to Brisbane. The institute’s chief economist Kim Houghton last month said about 20 per cent of the population turns over every five years, based on career, family and lifestyle choices. “We’re a very mobile country by international standards,” Dr Houghton said.

Financial Planning Complaints Trending Down

By Warren Strybosch

With all the changes that have occurred in the financial planning profession, it was good to note that there was nearly a 50% reduction in complaints in the 2022 FY compared to the 2021 FY relating to 'Failure to act in the client's best interests' and 'Inappropriate advice'.

The evidence from AFCA (the external resolution board that handles financial planning complaints) provides us with a clear picture: The changes that have occurred over the past few years e.g. introduction of the FASEA Code of Ethics and increased education standards, have indeed had a positive impact for consumers.

Issue FY 2022 FY 2021

Interpretation of product terms and conditions* 654 100

Service quality 570 674

Failure to follow instructions/agreement 332 229

Failure to act in client's best interests 281 525

Inappropriate advice

*New entry to top 5 241 534

Personal Insurance: Types of Cover

FINANCIAL PLANNING

By Warren Strybosch

Last month we discussed how much personal insurance you should consider having in place. It was a starting point and seeking professional financial advice is important to determine the right amount of cover for your needs.

This month we are going to review the different types of personal insurances you can obtain. It is important to note that that not every insurer offers the below type of cover but they are available through different insurers. Again, seeking appropriate financial planning advice is important. Talk to a licenced financial planner and they can discuss with you what types of cover you should consider. Please do not go to a mortgage broker, the bank or a general insurance broker and ask them to provide you with personal insurance. That is akin to asking a masseur to perform surgery on you…they could do it but they are likely to botch it up. Go to the professionals if you want a professional job done right.

Why life insurance is important

We insure our cars, home, pet and even our health. But many of us neglect to insure our most important asset – our lives. Whether you need to take time off work to recover from a sickness or injury; change your lifestyle due to a permanent disability, or you die unexpectedly, without your income, it can have a huge impact on you and your family’s quality of life.

That’s where life insurance can help. Our range of life insurance covers can help you and your family financially if something bad happens to you. The right cover can help with:

• Paying the mortgage or rent • Paying for your children’s education • Covering your day to day bills, and • Covering out-of-pocket medical expenses

How life insurance works

Life insurance is there to pay you and your family when you need it the most. This could be anything from a temporary sickness or injury, through to a permanent disability or death. Life insurance products differ by: • Events covered: Covers typically protects financially against sickness, injuries or death (or a combination of these) • Causes: Some types of cover are limited to accidents only, while others cover you for sickness and accident

• Lump sum benefit vs daily benefit:

Some types of cover pay the benefit as a one off lump sum, while others pay as an ongoing benefit amount.

Insurance that makes regular payments typically cover you for the period that you’re out of action

You choose the type of cover and the benefit amount you need. To keep your cover in place, you need to pay your premiums. If you suffer an insured event while your cover is in place, you (or your beneficiaries if you’ve died) can claim the benefit amount, subject to satisfying the relevant terms and conditions.

If the unfortunate happens, we will pay out on genuine claims. The conditions on which we pay out depend on the type of cover. Remember to consider this carefully before taking out cover and read the relevant PDS.

What's covered?

Cover for your family when you're gone...

Life Cover

Life Cover can help ease the financial burden for your family if you're terminally ill or die. With a lump sum benefit, your family can use the money to pay off the mortgage or other debts and maintain their current standard of living. You choose an amount of cover that’s right for you.

Cover for you while you’re living

Total and Permanent Disability (TPD) Cover

Some sickness and injuries may end up leaving you totally and permanently disabled and unlikely to ever work again. TPD Cover pays a lump sum benefit that can be used to make modifications to the family home, access the best rehabilitation or simply provide money to live on. Income Protection Cover only covers up to 70% of your income, so TPD Cover can be used to top up the shortfall.

Trauma Cover

If you suffer from a specified serious illness such as cancer, heart attack or stroke, a lump sum benefit paid upon diagnosis may help you access the best medical treatment, or pay down some of your debt. You can choose a benefit amount of up to $2 million, and you are covered for more than 40 specified conditions.

Income Protection Cover

Income Protection Cover pays an ongoing monthly income for as long as you’re unable to work or until the end of the benefit period, whichever happens first. You can cover up to 70% of your income. Select from a range of benefit periods, from 2 years, 5 years or to age 65.

Business Expense Cover

You can’t afford to be sick if you’re selfemployed or running a small business. Business Expense Cover helps cover the fixed operating expenses of your business if you are unable to work due to sickness or injury. Similar to Income Protection Cover, you receive an ongoing monthly income (for a maximum of 1 year), but instead of replacing your salary, it covers your business expenses. This can help keep your business afloat while you’re on the road to recovery.

Child Cover

No one wants to see their child sick. But if it happened to your child, you’d want the best medical treatment available, and that can be expensive. Child Cover allows you to take up to $200,000 cover for kids aged between 2 and 18 and will pay a lump sum benefit if they suffer from a specified serious illness or in the event of their death.

Helpful little extras (provided by some insurers)

Some insurers provide the following quality features:

• Provision for continuing cover:

Once we issue your policy, we won’t change the terms and conditions or the premium you pay because of a change in your personal circumstances • Indexation: We will automatically increase your cover each year to ensure your benefit amount keeps up with inflation (premiums will increase in line with increased cover) • Worldwide cover: You are covered 24/7 anywhere in the world • Provision for upgrades: If we make changes or introduce new benefits to our products, we will pass this on to you

What's not covered?

There are some situations where you’re not covered and when we won’t pay a claim. This includes not telling us the truth about your health or financial situation when applying for cover.

Read the Product Disclosure Document (PDS)

Before accepting the cover that is being recommended to you, take time to read the PDS that should be provided to you prior to filling in an application for insurance. The PDS will go into great detail about each type of insurance and what you are covered for. Given not all insurers cover the same things, it is important you understand what your insurance is going to cover.

Who should you talk to?

If you are requiring a review of your personal insurances or wish to get some cover in place, then book a time with Warren Strybosch from Find Wealth Pty Ltd t/as Find Insurance.

Warren has been helping clients for the past 20 years with their personal insurance needs. He has been a finalist for many financial planning awards, won a few awards of the years, and has been recognised as one of Australian’s top 50 most influential advisors. You are in safe hands with Warren.

Booking link: https://calendly. com/findgroup/15-minute-phoneconversation After the meeting you will be provided with a FREE Insurance Report so you can make an informed decision about your personal insurance needs.

This information is current as at August 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 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

Union backs plan to fix skills shortages

Marion Rae (Australian Associated Press)

One of the country’s largest unions has called on employers to solve skill shortages by employing migrant workers, provided that Australians be trained to help fill similar roles.

The resolution was passed by the Australian Workers’ Union national conference in Sydney on Monday.

It will be taken as a formal position to the government’s jobs and skills summit, to be held over two days at Parliament House in September.

While the union said migration was necessary in the immediate term, it believes employers have an obligation to help Australians fill skill shortages.

Under the plan, those employing migrant workers should provide a traineeship or apprenticeship to an Australian in the same role, or contribute to a funding pool to help with training.

The union’s national secretary Daniel Walton said the changes were necessary to prevent a “Saudi-style guest worker economy”.

“It’s in the national interest for Australians to fill Australian jobs. If we agree on that it should follow that employers be made to take real measures to ensure they’re filling the jobs they create with Australians,” he said. “Employers shirk their responsibility to train Australians, create a skills gap, fill the gap with short term migrants, exacerbate the skills gap further, repeat. It’s human centipede-level genius.”

Under the plan, the union would also call on all new migrant workers to join their relevant union in a bid to crack down on wage theft and exploitation.

The jobs and skills summit is set to bring together more than 100 people to Canberra including unions, businesses, governments and civil society. It’s expected the goals from the summit will include a better trained workforce, a boost to incomes and living standards, and to create more opportunities for people in more parts of the country.

Mr Walton said more should be done to help fix shortages in Australian workplaces. “If hiring an Australian isn’t possible today, employers should have to make sure it’s possible tomorrow,” he said.

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

Springtime allergies

NATUROPATH

By Kathryn Messenger

I do like Spring, it brings the promise of warmer weather. I particularly like wattle, the way it blooms well before the weather has begun to warm, like a promise that winter won’t last forever.

But for many of us, springtime has a unique set of problems: hayfever and allergies.

Symptoms obviously depend on what allergens your body is sensitive to, and the degree of sensitivity will determine the severity of your symptoms. Those with asthma or eczema in their family often have increased genetic sensitivity.

What’s going on?

An allergen enters the body and triggers an immune response to defend against the allergen. Mast cells (part of the immune response) release histamine which causes inflammation, usually in the nose, throat or skin.

What’s going wrong?

In someone without allergies, histamine is easily cleared from the body by enzymes called diamine oxidase (DAO) and histamine N-methyltransferase (HNMT).

However, if these enzymes are impaired, the histamine can cause a range of allergic responses. Your body needs vitamin B6 and vitamin C to produce DAO. Be sure your diet includes oily fish, green leafy vegetables, and citrus fruits to provide these nutrients.

Digestive issues such as small intestinal bacterial overgrowth (SIBO) can also cause problems, as some strains of unhealthy gut bacteria produce histamine. This can be alleviated by specific probiotics. See a naturopath or nutritionist for the right strains of probiotic, as some strains can exacerbate SIBO symptoms.

What to do?

Whilst fermented foods have great health benefits, they are high in histamine and should be avoided in times of allergy. Slowly defrosted frozen foods are also high in histamine. Sulphites used as a preservative in some alcoholic beverages and in brightly coloured dried fruit, can also trigger an allergic reaction.

Prevention

If you’re susceptible to springtime allergies, the following nutrients can be taken in the lead up to and during Spring to help with histamine clearance and strengthening the immune system:

• vitamin B6 & B12 • vitamin C • vitamin D • quercetin • omega-3 fatty acids (found in oily fish) • bromelain (an enzyme from pineapple) Herbs such as Echinacea can also be used to regulate the immune system.

If you suffer from a blocked or runny nose, slow breathing exercises can also help. Sit up straight and inhale through your nose for 3 counts. If possible, hold for a few counts, then slowly exhale through the nose for 5 counts. Do this for 15 minutes without talking and adjust the length of the count to what feels comfortable.

Whole Naturopathy has a range of antiallergic herbal medicines and homeopathy stock and can choose the best remedy for your unique signs and symptoms. We can also order in a large range of nutritional products to support you through the Spring.

This advice is general in nature and not intended to be prescriptive. For individualised prescriptive advice, please see a naturopath or other health care practitioner.

Kathryn Messenger

BHSc (Naturopathy) kathryn@wholenaturopathy.com.au