COLUMNIST ARTICLES

Business Interruption – AICOW (Additional Increased Cost of Working)

GENERAL INSURANCE

By Craig Anderson

Additional increases in cost of working which arise during a period of interruption to a business, can be covered under a business pack policy. The cost of removal and relocation of stock and equipment after a shop is storm damaged for example, is additional to normal operating costs. As it is a necessary expense incurred as a result of an insured occurrence, costs may be covered if the AICOW option is selected. An appropriate sum insured, and time period also need to be selected. Hire costs for emergency shuttering or hoardings, generator hire, or even temporary security patrol costs, to name a few items which may be covered.

Many business owners are well versed in the main Business Interruption section of their policy, and realise they are reliant on their location for passing trade. Even a temporary relocation due to a fire or storm may cause a plunge in revenue, and so they are keen to cover their gross profit or gross revenue depending on which option is best. Due to the tendency to often overlook the AICOW costs which may be incurred as a result of a total or partial loss, the client could suffer financially. The default level of cover offered in your average business pack is usually only $25k for a year, and can be increased to meet your needs.

If your business premises could take 2 years to rebuild after a total loss, and it is necessary to relocate until the replacement building is completed, you will need to allow an adequate sum to refit other premises to meet your needs. Remember that there will be time spent on planning applications, building permits, possible problems with re-zoning, and construction delays with bad weather or supply of materials or trades.

We all imagine that if the premises we rely on for our living are destroyed, that they will be back in a year; however this is very rarely ever the case. In fact, 2 years can be too short a period depending on size, type, location, and complexity of the building.

The simple solution is to sit down with your broker and examine your position carefully; it may just save you a load of money and heartache.

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

Stolen generations payments in Vic: ATO factsheet

By Warren Strybosch

The ATO has published a fact sheet on the tax treatment of lump sums paid by the Victorian Government under the Stolen Generations Reparations Package and Stolen Generations Funeral Fund. The ATO says such payments by the Victorian Government to a Stolen Generations member are not taxable. Accordingly, these payments do not need to be shown in the tax return for a Stolen Generations member because they are not taxable.

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Vitamin D for a strong immune system

NATUROPATH

By Kathryn Messenger

The most important role of vitamin D is putting calcium into our bones. But it also has other roles such as regulating our immune systems. Vitamin D is involved in the regulation of both the innate immune system (general defence) and the acquired immune system (specific targeted defence), as well as having a role in regulating inflammation. Studies have shown that higher levels of vitamin D are associated with reduced disease, including respiratory infections.

A blood test for Vitamin D gives a reference range of 50-250 nmol/L, with the lower end of this range set in order to prevent osteoporosis (spontaneous spinal fractures). Whilst vitamin D levels above 50nmol/L does prevent osteoporosis, optimal health is found in levels between 100-150nmol/L.

Our bodies make vitamin D with exposure to ultraviolet (UV) sunlight and it was around 100 years ago after the industrial revolution, when rickets (a disease of bone malformation) was found in many children of Northern Europe. These children spent most of the daylight hours inside working, but now it is estimated that almost 50% of the world’s population are deficient in vitamin D. equivalent skin elsewhere) near midday is considered to produce adequate vitamin D, and emerging research shows that other health benefits come from exposure to sunlight. Being further from the equator, or having darker skin increases the amount of sunlight required to make enough vitamin D, and in Melbourne, little UV light is available in winter. Ideally, your body would make enough vitamin D from the sunlight in the summer, to get you through the following winter.

Oily fish such as salmon, herring, and mackerel are the best food sources of vitamin D, and traditionally, these fish were regularly consumed by those living at northern latitudes. Cod liver oil is high in vitamin D, but it is also high in vitamin A which is toxic in high doses. Take care not to exceed the recommended amount especially if you are taking multiple supplements that contain vitamin A.

If your vitamin D levels are low, supplementing through the winter can help to keep you well. But not all vitamin D supplements are the same. Vitamin D2 (ergocalciferol) supplements of plant origin were the first to be available, but this type of vitamin D is not easily absorbed. Vitamin D3 (cholecalciferol) is a form that is absorbed much more easily and if you are taking it regularly, look for a supplement that contains a low dose of vitamin K, as this will assist with absorption. Recent research has shown vitamin D3 in the calcifediol form is more effective again as it is in a form that is easily absorbed. This is particularly true in cases of deficiency, liver damage, kidney disease, and intestinal malabsorption, as these organs are all involved in absorption, metabolism and activation of vitamin D.

Whole Naturopathy has vitamin D3 in the calcifediol form in stock. A naturopath can also make a custom mix of herbs, recommend nutritional products, or homeopathy best suited to your unique symptoms.

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

Lift On Ban for Mad Cow Blood Donors

By Jodie Moore

These days, we often hear about diseases being passed from animals to humans. Bird flu, swine flu, even Covid-19 supposedly have their origins in animals. Mad-cow disease however is one that has been proven as coming from cows. In cows, it is called BSE or Bovine Spongiform Encephalopathy. When humans eat meat from a cow that carries the protein that causes BSE, they have the chance of contracting the human equivalent, variant Creutzfeldt-Jakob disease or vCJD.

vCJD can be contracted by eating meat, especially from the brain, spinal cord tissue and intestinal tract from cows who have the disease. It cannot be caught from drinking milk from a sick cow. It was also believed it could be transferred through donations of bodily fluids such as blood and breast milk. It is unknown how long the disease can lie dormant but there are many who believe it could be for 50+ years. There is no way to detect if someone has the disease, no test available to test blood products. A true diagnosis can only be achieved postpartum through a biopsy of the brain.

Transmission to humans appears to be rare with just 232 people worldwide (2019), 170 of which were from the UK, having contracted the virus. The UK have continued to accept blood donations throughout this time, mainly because they would have had no one left to donate blood if they didn’t.

Recently however, the TGA, Therapeutic Goods Administration in Australia, has lifted the ban, allowing anyone who was in the UK for 6 months or more between 1980 to 1996 to now donate blood. The ban has been in place since December 2000 and the question of when the ban will be lifted is one of the top questions received by the Red Cross Lifeblood. A team have been working for well over 12 months to gather evidence to submit to the TGA to have the ban lifted. On April 28,2022 they were successful.

Appointments for those affected by the ban won’t be available until late 2022 whilst Red Cross Lifeblood update all their systems and procedures. In the meantime, you can register here www. lifeblood.com.au/UK and be informed when you are eligible to come in.

Phoenixing – Directors Banned

By Warren Strybosch

ASIC has successful banned a Tasmanian director who engaged in illegal phoenixing for several years.

Between 2014 and 2018, Mr Robert John Walker was a director of Tazzy Tyres Wholesale, Tazzy Tyres Accessories, Tazzy Tyres Retail and Tazzy Tyres Pty Ltd. The companies provided retail sales of, and services related to tyres.

Mr Walker engaged in illegal phoenix activities, whereby he transferred the assets of indebted companies to other companies for no consideration, namely Tazzy Tyres Accessories and Tazzy Tyres. He also failed to maintain proper financial records for all four companies. ASIC disqualified Mr Robert John Walker of Rosetta, Tasmania, from managing companies for five years and as a resultof breaching his director’s duties for his involvement in four failed companies, has been disqualified from managing corporations for five years after engaging in illegal phoenix activity.

“At the time of ASIC’s decision, the four companies owed unsecured creditors $1,944,418 including $855,121 owed to the ATO,” ASIC said. “In disqualifying Mr Walker, ASIC relied on supplementary reports lodged by the liquidator of the four companies, Barry Hamilton of Barry Hamilton and Associates.”

Mr Walker is disqualified from managing corporations until 2 May 2027.

Mr Walker has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.

Single Touch Payroll (STP) – Phase 2 ATO wants you to start reporting Directors Fees

By Warren Stybosch

Single touch payroll (STP) reporting has been expanded. This expansion is known as STP phase 2.

If you a director paying yourself directors fees then you need to be aware of the new reporting requirements which started at 1st July 2021.

“Some digital service providers needed more time to update their products and have applied for deferrals, which cover their customers. This means that when you can start Phase 2 reporting depends on when your payroll product is ready,” the ATO said.

“If you haven’t already started Phase 2 reporting, make sure you ask your provider when their product will be ready if you don’t already know.”

As an employer, the ATO said it was important that employers are across the changes required, and businesses are getting ready to start phase 2 reporting.

“This includes checking if you need to make changes to payroll pay codes/ categories so they align with Phase 2 requirements and reviewing allowances you pay and how they need to be reported in Phase 2,” the ATO said.

“Businesses need to understand changes to salary sacrifice reporting and understand how to assign an income type to each payment.”

The ATO said amounts paid to closely held payees should now be reported through STP.

There are concessional reporting options for closely held payees reporting that include reporting actual payments on or before the date of payment (along with your arm’s length employees).

You need to keep accurate business records that demonstrate the type of amounts you pay to your closely held payees. This will help you to determine whether you have paid amounts that you need to report in STP.

If you only pay amounts that do not need to be reported in STP (such as trust distributions or loans to directors),

Some common examples of amounts you might pay to a closely held payee include:

Type of amount STP reporting required

Salary or wages

Director's fees Yes - in scope for STP

Yes - in scope for STP

Distributions to a beneficiary of a trust No - not in scope for STP

Dividends paid to shareholder No - not in scope for STP

Amounts that are loan from the business No - not in scope for STP

then your business records should also demonstrate this.

Example Company A's directors are closely held payees. The directors draw money from the business throughout the year. When a director draws money, it is promptly recorded as a loan to that director. At the end of each month, the balance of the loan is reduced to zero by payment of a directors' fee to the director.

The transactions that are promptly recorded as a loan do not need to be reported through STP, as they are amounts that are not in scope for STP and Company A has business records which demonstrate that. when they pay the directors' fee at the end of each month, as directors' fees are an amount that is within the scope of STP. They need to choose one of the three methods for reporting these amounts through STP.

“We have resources to help you understand the changes,” the ATO said. “You can also seek the advice of your tax or BAS professional or payroll provider.”

See also:

• STP news, events and resources, including the expanding single touch payroll (phase 2) fact sheet • Employer STP phase 2 checklist • Small employers – closely held (related) payees

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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.

ASIC takes Online influencer to court

By Warren Strybosch

In our April edition we wrote about the new laws surrounding influencers; notably, that ASIC has warned social media influencers that they may face substantial risks and penalties if they promote financial products and services online.

Recently, ASIC has taken an influencer to court and they have been convicted of charges under s1041D of the Corporations Act, in relation to their online posts on HotCopper.

In a statement issued by the corporate regulator, it confirmed that on 6 June 2022, Gabriel Govinda, known online as Fibonarchery, pleaded guilty to 23 charges of manipulation of listed stocks on the Australian Securities Exchange and 19 charges of illegal dissemination of information relating to the manipulation.

ASIC found that between September 2014 to July 2015, Mr Govinda used 13 different share trading accounts, held in the names of friends and relatives, to manipulate the share price of 20 different listed stocks.

ASIC has previously warned about social media led ‘pump and dump’ campaigns.

“ASIC continues to act against this form of market manipulation that threatens the integrity of markets. Posting on social media to coordinate ‘pump and dump’ activity in listed stocks is an offence under the Corporations Act,” the corporate regulator stressed.

It also noted a concerning trend of social media posts being used to coordinate ‘pump and dump’ activity in listed stocks, which may amount to market manipulation in breach of the Corporations Act.

Mr Govinda faces a maximum penalty for each charge of 10 years' imprisonment or a fine of up to $765,000, or both.

In March 2019, the maximum penalty for these offences was increased to 15 years.

ASIC is serious about stopping influencers posting ‘general advice’ via social media in relation to financial products and services. Stating you are providing the advice under the guise of ‘general advice’ or that you are doing so as a ‘financial counsellor’ will also not suffice. If you do not hold the appropriate financial planning qualifications and/ or have an Australian Financial Services Licence, then you should not be providing this type of advice. Not only does this apply to influencers but also to mortgage brokers selling personal insurances and accountants providing superannuation advice.

ASIC has provided enough warnings to all of these groups and now are pursuing them in court.

Company Tax Rates are changing but not everyone is eligible.

Did you know that reduced tax rates may be available to eligible entities? These include companies, corporate unit trusts and public trading trusts.

If your company is a 'base rate entity', your company tax rate is 25% from the 2021–22 income year onwards. For your company to be a 'base rate entity', it needs to meet the following eligibility criteria:

• Your aggregated turnover for the income year is less than the aggregated turnover threshold (which is $50 million from the 2018–19 income year onwards, or $25 million for the 2017–18 income year). • If your company earns passive income, it cannot exceed 80% of the company's assessable income in that income year. Passive income can include: • corporate distributions and their franking credits; royalties and rent; most income from interest; gains on qualifying securities; and a net capital gain.

The full company tax rate of 30% applies to all companies that are not eligible for this lower company tax rate. The rates are different for previous years and different rules apply.

Go to https://www.ato.gov.au/rates/changes-to-company-tax-rates/ to learn more.

Don’t Double Dip Your Deductions This Tax Time

ACCOUNTANT

By Warren Strybosch

The Australian Taxation Office (ATO) is reminding people not to make the mistake of double dipping their deductions in their tax return this year.

Assistant Commissioner Tim Loh explained “Around 8.4 million Australians claimed nearly $19.8 billion in workrelated expenses in 2021. That’s a lot of deductions so we want to make sure you get it right the first time. It’s important you claim what you’re entitled to – no more, no less.”

When people prepare their tax return, it’s important to remember the rules for claiming different types of workrelated expenses. What can be claimed depends on the type of job, individual circumstances, and whether there are the required records to support the claim.

“While some people make genuine mistakes, we do see people trying to gain an unfair advantage by claiming incorrect or false expenses. A mistake that we often see in tax returns is people claiming expenses twice.”

“You wouldn’t double dip your chip, so don’t double dip your deductions” Mr Loh said.

“Remember, we use sophisticated data analytics to monitor for incorrect information and you risk being audited or penalised for deliberately providing incorrect information.”

Below are some ‘double dipping’ mistakes the ATO sees when people lodge their tax returns each year.

Working from home expenses and the shortcut method

“One in three Aussies claimed working from home expenses in their tax return last year and we expect this trend to continue” Mr Loh said. A common mistake we see is people using the working from home shortcut method to claim their working from home expenses and then double dipping, claiming additional amounts in their return for expenses such as their mobile phone and internet bills, as well as the decline in value of equipment and furniture.

When the working from home shortcut method is used to claim working from home expenses, it is all-inclusive.

There are three methods available to claim a deduction for working from home expenses depending on individual circumstances, the shortcut, fixed rate and actual cost methods. The method that gives people the best outcome can be used, as long as the eligibility and record-keeping requirements for their chosen method are observed.

Taxpayers can use the home office expenses calculator to help them work out which method will give them the best outcome.

“While the traditional methods require receipts, paperwork and other record keeping, the shortcut method only requires a record of hours worked – diary entries or timesheets will suffice,” Mr Loh said.

When claiming working from home expenses using the shortcut method, the amount needs to be included at the Other work-related expenses question in tax returns with ‘COVID-hourly rate’ in the description field.

If a method other than the shortcut method is used in later years and you want to claim depreciation for an expensive purchase such as a laptop, the correct records for that item must be kept.

“Getting your tax return right is simple if you have the right records. Make sure you have your records before you lodge your tax return and keep your records after you’ve lodged, in case we have any questions. The easiest way to keep track of your records is with the ATO app” Mr Loh said.

“Even if you choose to lodge your tax return with a registered tax agent, it is still your responsibility to make sure the agent has all the correct records” explains Mr Loh.

Car expenses

Nearly 3 million people claimed workrelated car expenses in 2021 and one of the most common mistakes was people using the cents per kilometre method to make their claim, and then double dipping by claiming expenses separately such as fuel, car insurance, and registration.

The cents per kilometre rate is allinclusive and covers decline in value, registration, insurance, maintenance, repairs, and fuel costs. These expenses can’t be added on top of the rate when calculating deductions.

The ATO will also be taking a closer look at claims calculated using the logbook method, to ensure they reflect people’s circumstances coming out of the pandemic.

“You must choose your preferred method when calculating car expenses, the cents per kilometre or the logbook method. Just because there is a dip in the road, doesn’t mean you can double dip your car expenses” Mr Loh said.

Reimbursed expenses

Finally, the ATO is making sure taxpayers aren’t claiming expenses where they have already been reimbursed by their employer.

“If your boss has reimbursed your drycleaning costs for your uniform, but you then claim laundry deductions on your tax return, well you’re picking your neighbours’ pockets” Mr Loh said.

For more information visit ato.gov.au/ deductions

[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

Pets Feel The Cold Too

By Jodie Moore

Winter is officially here. And with it comes the chilly nights, snuggling down with your favourite blanket in front of the heater to stay warm.

As a pet owner, you will already be thinking about their needs, wanting them to be as healthy and happy as possible. But with winter here, it can be easy to get it wrong. Your natural inclination is to stay inside where it is warm and dry, and whilst that is important for your pet as well, it is just as important for them to still get outside for some fresh air and, particularly for dogs, a good run around. Timing is important though. Early morning or late evening runs may be too cold for most pets. Just because your pet has fur doesn’t mean they can stand the colder weather. Animals acclimatise to warmer weather and indoor living just as people do. Small pets such as rabbits and guinea pigs, older pets, pets with short coats, pets with conditions such as arthritis, all require extra attention on these cold days. Pay attention to the way your pet behaves.

Are they moving slower than usual, seeking out warm places more, shivering or trembling? These are signs your pet is feeling the cold and may need additional bedding, a coat or more shelter. If your pet has access to a heater or fireplace though, you will need to pay attention to their skin as it can dry out if they are too close to a heat source or may even burn.

Small pets such as rabbits and guinea pigs, older pets, pets with short coats, pets with conditions such as arthritis, all require extra attention on these cold days. Pay attention to the way your pet behaves. Are they moving slower than usual, seeking out warm places more, shivering or trembling? These are signs your pet is feeling the cold and may need additional bedding, a coat or more shelter.

If your pet has access to a heater or fireplace though, you will need to pay attention to their skin as it can dry out if they are too close to a heat source or may even burn.

Keep an eye on your pet’s diet as well. They may want to eat more as they can burn up a lot of energy keeping themselves warm but, especially if your pet is indoors most of the time, you don’t want to over feed them either and then have to try and get rid of their ‘winter weight’ next spring. Ensure they have access to plenty of fresh sources of water and check any that are kept outside regularly in case they freeze up and your pet is unable to drink it.

If you regularly groom you pet, it is important to maintain that routine to avoid fur that gets overgrown and matted. You may not want to trim it as short as normal, but a regular groom will keep your pet in top condition.

All pet owners understand the joy a pet can bring. By following these simple guidelines, your pet will thrive during the colder months.

SUPER GUARANTEE CHANGES TO TAKE AFFECT 1ST JULY 2022

Employers are reminded that from 1 July 2022, that all employees can be eligible for super guarantee (SG), regardless of how much they earn.

The $450 per month eligibility threshold related to SG has been removed and so every dollar earned will now attract SG.

However, employers need only to pay super for workers under 18 when they work more than 30 hours in a week.

The ATO also reminded employers that the SG rate will also increase from 10% to 10.5% on 1 July 2022. As a result, employers will need to use the new rate to calculate super on payments made to employees on or after 1 July, even if some or all of the pay period is for work done before 1 July.

Personal Insurances: What is it and are you wasting your money on it?

FINANCIAL PLANNING

By Warren Strybosch

Last year I met with a couple who were in the early fifties. They wanted to review their financial situation to make sure they were on the right track leading into retirement. As part of their pre-retirement planning, we had to review their personal insurances. Whilst this was not an area, they had considered needing reviewing, it is an important part of their planning to get right. Why? Simply put, insurances cost money. It is either being paid for out of cash flow or it is being paid for from superannuation. At the end of the day, your personal insurances premiums will have an impact on how much you will have in retirement. On the flip side, if you don’t have enough insurances in place and you suffer an illness and/or injury, you might have to sell some of your assets to help cover future costs or the loss of income because of sustaining a said injury or illness. The loss of assets prior to retirement can have a devasting impact on one’s future retirement aspirations.

My analysis of the couple’s situation was that, whilst they had enough assets e.g., two investment properties and plenty of superannuation, they still should consider holding on to their Income Protection at the very least. They had discussed cancelling all of their insurances as they did not feel the need to hold on to it anymore; after all, they had two investment properties.

During my review, I referred the clients on to a mortgage broker to refinance their investment loans. Whilst they were refinancing their loans, even the mortgage broker encouraged them to hold on to their income protection and life insurance until they either had paid off their loans or had reach retirement age.

The outcome, the couple believed they could self-insure and made the decision to cancel all their insurances. Selfinsure, as it states, is where you decide to use your own assets or have a plan in place to cover any future insurable costs without the need to rely on any insurance – basically, they were going alone on this.

Unfortunately, for the couple, strategy struck. Two years later, the wife was diagnosed with terminal cancer. The couple had to sell both investment properties to help cover medical bills and the associated costs of trying to battle the horrible disease. They ended up losing all their assets they had built up during their working life. It was horrible to watch her struggle with the cancer and it was made worse that they were now worried about their future livelihoods.

A few years back, a different client, that I had inherited from another financial advisor, rang me up and wanted to cancel all his insurance cover immediately. The male client, in his sixties, was very irate and accused me of not helping him last year when he had suffered a mild heart attack. Given the insurer told him recently he was not entitled to a payout, he told me what he thought of me and what I could do with the insurances. I acknowledged he was upset, apologized for my lack of service that I provided to him last year (even though I could not recall speaking to him) and proceeded to ask him a few questions. I learned he had undergone surgery and had a stent put in one of his arteries. Whilst I was talking to him I looked up his policy and discovered he had income protection in place and trauma plus cover.

I asked the client if I could enquire with the insurer on his behalf because I felt that he might be able to put a claim in. The client was incredulous that I believe he might be entitled to something. He was angry and reiterate the claim had already been denied. I explained that I felt he might be entitled to a part payment and that his income protection might also come into play. He admitted he had not enquired about the income protection but was very dubious about the part trauma payment. Even though he was not impressed with me he allowed me to make some enquires on his behalf. We agreed I would call him back as soon as I heard something.

I rang the insurer and enquired about his heart attack and whether a full claim was payable. The insurer had his information on file and as they had explained to the client, he was not entitled to a trauma payment. I then proceeded to ask about a partial payment because of the ‘trauma plus’ part of the policy. Ironically, the insurer did not pick up that he had ‘trauma plus’ and agreed that under ‘trauma plus’ the client might be entitled to a part claim. I then enquired about his Income Protection as well, and sure enough, the client had never made a claim under his Income Protection even though he had many months off work due to his heart attack.

I rung the client back up and explained what I had found and that not only did I believe he would be entitled to a partial payment, but I also felt he might be entitled to an Income Protection claim. The client was still annoyed and thought I might be making all of this up but was willing to go along with the process – he did not want to take the chance of missing out in case I might be right.

To shorten this story, the end result was that the client was not entitled to one partial trauma payment but in fact two

partial trauma payments as he had two stents put in at over a period of 12 months. Also, he was entitled to many months of Income Protection payments. The result was that he received well over $200,000 in payments. A year later, he had another heart attacked and received the full trauma payout resulting in another $250,000 in payments.

To my surprise, after several conversations with him, the client admitted that he had never spoken to me in the past and had only dealt directly with the insurer. I was relieved because I make it my point to try and look after clients who are going through a trauma event. I am now invited to pop in anytime to visit him and his family. I could bring up many more stories related to personal insurances. My intention here is to highlight the importance of having personal insurances or at least the right amount of cover in place. Also, having a financial advisor, who has had experience in this space can not only save you money but may be able to help you at claim time get what your entitled too.

Over the proceeding months I will go through the four main personal insurances: Income Protection, Trauma Cover, Life cover and Total and Permanent Disability. I will talk about the pros and cons of having each type of cover and hopefully help you to, at the very least, give some thought as to whether you need to make any timely changes to your own personal insurance. After all, you might be wasting your money, or you might be risking your money in the future. You won’t know until you take a look.

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 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

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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 returns@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

Commonwealth Seniors Health Card: increase in income threshold

Both Labor and the Coalition have announced that they will increase the income test threshold for the Commonwealth Seniors Health Card (CSHC) from 1 July 2022. The Prime Minister said the CSHC income test threshold for singles will be increased from $57,761 to around $90,000 (and from $92,416 to $144,000 for couples). The Opposition Leader said Labor would also widen eligibility for the CSHC in line with the Government’s announcement.