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It’s March already which marks the beginning of Autumn. While this is traditionally the season when things cool down, the economic and political scene is gearing up with the Federal Budget later this month and a federal election expected by May.

Russia’s invasion of Ukraine in late February increased volatility on global financial markets and uncertainty about the pace of global economic recovery. Notably, crude oil prices surged above $US100 a barrel, breaking the $100 mark for the first time since 2014. Rising oil prices add to inflationary pressures and could set back global economic recovery in the wake of COVID. In Australia, the price of unleaded petrol hit a record 179.1c a litre in February and is expected to go above $2.

In the US, inflation hit a 40-year high of 7.5% in January. Australian inflation is a tamer 3.5% and this, along with unemployment at a 13-year low of 4.2%, is raising expectations of interest rate hikes. The Reserve Bank stated earlier in February that a rate hike in 2022 was ‘’plausible” but that it is ‘’prepared to be patient”. The Reserve is also looking for annual wage growth of 3% before it lifts rates, but with annual wages up just 2.3% in the December quarter Australian workers are going backwards after inflation. The average wage is currently around $90,917 a year.

Before the latest events in Ukraine, consumer and business confidence were improving. The ANZ-Roy Morgan consumer rating rose slightly in February to 101.8 points, while the NAB business confidence index was up 15.5 points in January to +3.5 points.

War in Ukraine has triggered a flight to safety, with bonds, gold and the US dollar rising while global shares plunged initially before rebounding but remain volatile. The Aussie dollar closed at US72.59c.

Avoid the rush: Get ready for June 30

Avoid the rush: Get ready for June 30

It seems like June 30 rolls around quicker every year, so why wait until the last minute to get your finances in order?

With all the disruption and special support measures of the past two years, it’s possible your finances have changed. So it’s a good idea to ensure you’re on track for the upcoming end-of-financial-year (EOFY).

Starting early is essential to make the most of opportunities on offer when it comes to your super and tax affairs.

New limits for super contributions

Annual contribution limits for super rose this financial year, so maximising your super contributions to boost your retirement savings is even more attractive.

From 1 July 2021, most people’s annual concessional contributions cap increased to $27,500 (up from $25,000). This allows you to contribute a bit extra into your super on a before-tax basis, potentially reducing your taxable income.

If you have any unused concessional contribution amounts from previous financial years and your super balance is less than $500,000, you may be able to “carry forward” these amounts to further top up.

Another strategy is to make a personal contribution for which you claim a tax deduction. These contributions count towards your $27,500 cap and were previously available only to the self-employed. To qualify, you must notify your super fund in writing of your intention to claim and receive acknowledgement.

Non-concessional super strategies

If you have some spare cash, it may also be worth taking advantage of the higher non-concessional (after-tax) contributions cap. From 1 July 2021, the general non concessional cap increased to $110,000 annually (up from $100,000).

These contributions can help if you’ve reached your concessional contributions cap, received an inheritance, or have additional personal savings you would like to put into super. If you are aged 67 or older, however, you need to meet the requirements of the work test or work test exemption.

For those under age 67 (previously age 65) at any time during 2021-22, you may be able to use a bring-forward arrangement to make a contribution of up to $330,000 (three years x $110,000).

To take advantage of the bring-forward rule, your total super balance (TSB) must be under the relevant limit on 30 June of the previous year. Depending on your TSB, your personal contribution limit may be less than $330,000, so it’s a good idea to talk to us first.

More super things to think about

If you plan to make tax-effective super contributions through a salary sacrifice arrangement, now is a good time to discuss this with your employer, as the ATO requires documentation prior to commencement.

Another option if you’re aged 65 and over and plan to sell your home is a downsizer contribution. You can contribute up to $300,000 ($600,000 for a couple) from the proceeds without meeting the work test.

And don’t forget contributing into your low-income spouse’s super account could score you a tax offset of up to $540.

Get your SMSF shipshape

If you have your own self-managed super fund (SMSF), it’s important to check it’s in good shape for EOFY and your annual audit.

Administrative tasks such as updating minutes, lodging any transfer balance account reports (TBARs), checking the COVID relief measures (residency, rental, loan repayment and in-house assets), and undertaking the annual market valuation of fund assets should all be started now.

It’s also sensible to review your fund’s investment strategy and whether the fund’s assets remain appropriate.

Know your tax deductions

It’s also worth thinking beyond super for tax savings.

If you’ve been working from home due to COVID-19, you can use the shortcut method to claim 80 cents per hour worked for your running expenses. But make sure you can substantiate your claim.

You also need supporting documents to claim work-related expenses such as car, travel, clothing and self-education. Check whether you qualify for other common expense deductions such as tools, equipment, union fees, the cost of managing your tax affairs, charity donations and income protection premiums.

Review your investment portfolio

After a year of strong investment market performance, now is also a good time to review your investments outside super. Benchmark your portfolio’s performance and check whether any assets need to be sold or purchased to rebalance in line with your strategy.

You might also consider realising any investment losses, as these can be offset against capital gains you made during the year.

If you would like to discuss EOFY strategies and super contributions, call our office.

Tax Alert March 2022

Tax Alert March 2022

New super and tax rules passed in Parliament

Some of the last sitting days before this year’s Federal election saw changes to the tax and super rules finally pass through both houses of Parliament. Here’s a roundup of some of the key developments.

Loss carry back extended and super rules changed

Several reforms to the tax and super rules were legislated during the final marathon full Parliamentary session before this year’s Federal election. They include an extension of the business loss carry-back tax offset for the 2022-23 financial year and an extension to 30 June 2023 for the temporary full expensing regime.

Removal of the current $450-per-month threshold for payment of Superannuation Guarantee (SG) contributions means from 1 July 2022, employers will be required to make contributions for employees earning less than this amount.

Other key changes to the super rules include application of the work test to super contributors aged 67 to 74 who claim a deduction for personal contributions. However, from 1 July 2022 contributors over age 67 will be able to make or receive non-concessional super contributions using a bring-forward arrangement.

The new legislation also includes a reduction in the age limit for downsizer super contributions to 60 and an increase to the maximum allowable amount of contributions under the First Home Super Saver Scheme from $30,000 to $50,000.

Loss carry back tool launched

To help businesses correctly claim the loss carry back (LCB) tax offset in their company tax return, the ATO has launched a new online tool to help prevent errors and ensure correct completion of LCB labels in your return.

The interactive tool helps companies work out their eligibility for the tax offset and calculate the maximum offset they can claim. It also displays labels that must be completed in the company tax return.

FBT deadline approaching

Employers need to remember the annual fringe benefits tax (FBT) deadline is rapidly approaching on 31 March 2022.

The FBT year runs from 1 April to 31 March, and you are required to self-assess your FBT liability for certain benefits you have provided to your employees or their families and other associates.

As an employer, you may be able to claim an income tax deduction for the cost of providing fringe benefits and for the amount of FBT you pay, so it’s important to get your paperwork in order.

New ‘right’ for businesses to request B2B eInvoicing

The government is currently consulting on whether to introduce a Business eInvoicing Right (BER) giving businesses the ‘right’ to ask other businesses to send an eInvoice for transactions.

The BER would be established as part of a new regulatory framework or under the Corporations Act 2001.

Implementation of the BER would be in three phases starting with large entities before moving to medium and finally small businesses.

Add industry codes to your ABN details

Holders of an Australian Business Number (ABN) can now include up to four additional business activities when updating their ABN details.

The extra information will help government agencies better target appropriate business support and stimulus measures.

If you offer business services other than those listed as your main business activity, it may be time to update your ABN details with some additional industry codes.

Focus on small business CGT concessions

The ATO has announced it’s paying closer attention to businesses mistakenly claiming small business capital gains tax (CGT) concessions to which they are not entitled.

Anyone claiming one or more small business CGT concessions in a recent income tax return may receive an ATO letter asking you to check your claim and ensure you meet the basic eligibility conditions.

The taxman is also encouraging taxpayers planning to claim a small business CGT concession to check what attracts its attention in this area.

Trading stock taken for private usage

If you take goods from your business’ trading stock for private use, you will need to check the updated values applying for both adults and children aged four to 16 when preparing your tax return.

The tax man has updated the value of goods it will accept for certain industries during 2021-22.

The new amounts will apply to owners of businesses such as cafes, greengrocers, takeaway food shops, mixed businesses, butcheries and bakeries.

A great time to reassess your career

A great time to reassess your career

The pandemic has ushered in broad-ranging societal change including fuelling a trend that has become known as ‘The Great Resignation’ or ‘The Big Quit’, where employees are reviewing what they value and are looking for in a job and in some cases, leaving in search of greener pastures.

While the trend originated in America, with a record 4.4 million people quitting their jobs in the States in late 2021, we are also seeing signs of the trend in Australia.i Of 1800 Australian workers surveyed as part of a PricewaterhouseCoopers (PwC) report, 38 per cent said they are looking for a new job.ii

Meanwhile, employers are struggling to fill positions in many industries. That’s great news for job seekers or those wanting to make a change. In fact, 70% of employers are willing to hire and train someone with transferable skills, according to Monster’s 2021 Future of Work Report.iii

If you are one of the many who are taking a long, hard look at their current role, here are some things to consider.

What’s your motivation?

While it is theorised that The Great Resignation is largely fuelled by pandemic induced burnout, other factors contributing to the trend also include the shift to working from home and the need for greater work-life balance.

The other strong motivation for making a move, is wanting to feel that you are being adequately compensated for your efforts. Of those surveyed for the PwC report, 25 per cent cited remuneration and reward as the key driving force behind a move.

Do your research and take your time

It’s important to do your research before taking a leap to avoid moving to a new role or sector and finding that the grass is not greener. Try to avoid a knee-jerk reaction to a current situation and think strategically and longer term. Consider where you want to be in the next 5 or 10 years and develop a set of goals you would like to achieve.

It’s also not a bad idea to examine what alternatives there are to making a move. Depending on your situation, it may be worth exploring if there are prospects for movement within your current organisation.

Alternatively, if you are motivated by lifestyle considerations, is it possible to have a chat to your boss about the change you are seeking and see whether they can accommodate it? You may be able to tweak your current responsibilities to help achieve the life you want without the upheaval of a move.

Consider the financials

It’s important to consider the cost of resignation. Will you need to allow for some time with no, or reduced income as you search for a new role or build up a client base? Is there likely to be a gap between you leaving and taking on the new position? Do you need to build your savings to a certain level to support you on a career break or while you build your own business?

Whether you’ll be earning more – or less – you need to factor a different level of remuneration into your plans. If you’ll be on a little more than your previous role, what do you plan to do with the extra cash? If it’s less, how do you plan to make ends meet and are you comfortable with the potential impact of less disposable income on your lifestyle?

Setting yourself up for a move

Once you’ve figured out your career goal, look at what changes and steps you can take to help you get there. Look at your prospects in a new field or organisation. How transferable are your skills? Do you need to undertake further training or education? Could you engage a mentor to help you on your way?

Cultivating a network can help with career progression so set aside time to develop and extend your contacts in your field or in your area of interest.

To help you land that new role, freshen up your CV and brush up on your interview skills. Think about how best to communicate your suitability for the role or roles you want.

The past couple of years have forced many of us to take a long hard look at our priorities and what’s important to us. Think about what YOU want in terms of your career and lifestyle, and if you feel that it’s time for a change – go for it!




Combine your super into one account to save

Combine your super into one account to save

Consolidating your super means moving all your super into one account. It makes your super easier to manage, and saves on fees.

Before you consolidate, pick the best super fund for you.

You can transfer your super for free in a few simple steps.

If you’re ready to consolidate your super now, go straight to the Australian Taxation Office (ATO) online at myGov.

Why consolidate your super

Consolidating your super can save you time and money.

Having all of your super in one account means you:

  • save money by only paying one set of fees
  • have less paperwork
  • can keep track of your super balance more easily

Things to do before consolidating your super

Before you change out of a super fund, there are few things you need to do to make sure you don’t lose important things like insurance.

Check employer contributions

Check your current accounts to see if changing funds will affect how much your employer contributes. Some employers contribute more to certain funds.

Check your insurance cover

Before you leave a fund, check to see if you have any insurance through the fund. This might be life, total and permanent disability (TPD), and/or income protection insurance.

If you change funds, you might not be able to get the same cover. Be particularly careful if you have a pre-existing medical condition or are aged 60 or over.

If you’re not sure, get independent advice from us.

When you change super funds, you usually keep the existing insurance until the replacement policy is issued and your new cover is confirmed.

Tell your employer

Whether you choose a new super fund or one of your existing ones, give your employer the details they need to pay your super into your chosen account.

Check your type of super fund

Super funds can either be accumulation or defined benefits funds. If you are in a defined benefits super fund get professional advice before you leave. Some funds are very generous, so make sure you’ll be better off. If you leave, you can’t rejoin. See Types of super funds.

When you consolidate your super, don’t just transfer your super into the account with the highest balance. The best account for you may be one of your small accounts, or an account with a completely new fund. See choosing a super fund.

How to consolidate your super

Once you’ve chosen your account, transfer the balance of your other super accounts into it.

You can do this easily online through the ATO:

  • go to
  • log in or create an account
  • link your myGov account to the ATO
  • select ‘Super’ and then ‘Manage’
  • select ‘Transfer super’ (this option will only appear if you have more than one super account)

This will show you all of your super accounts and let you transfer your balance from one to another.

You can also transfer your balance to a new fund by:

Changing super funds

If you only have one super fund but you’re thinking about changing, follow the same process as you would follow for consolidating your super.

You might be thinking about changing funds to:

  • invest in a fund with better services and features
  • leave a fund that has been performing poorly
  • leave a corporate fund after leaving your job

Don’t rush to change super funds if:

  • your fund performed poorly in single year — judge its performance over five years or more
  • you’re chasing last year’s top-performing fund — it may not perform as well in coming years

Remember to check your insurance cover before you change.

If you need to consolidate your super, we can help.

Source: ASIC (MoneySmart)

Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at

Important note: This provides general information and hasn’t taken your circumstances into account.  It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.  Past performance is not a reliable guide to future returns.

Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

Do you have the customers you want, or the ones you deserve?

Do you have the customers you want, or the ones you deserve?

Attracting ideal customers is not easy. It demands a laser focus. Andrew Griffiths shares five ways to define precisely who your ideal customers actually are, and attract more of them.

If you’re anything like me, when you first started to build your business you were grateful for any customer who walked through the door (or inbox). In the early days that’s generally how it works – being selective feels like a luxury.

The problem is that if we don’t start to get selective and targeted with our customers, we get whoever comes our way.

This means we can end up with the customers we deserve, but not necessarily the ones we want.

Cheap is not always cheerful!

One example of this is when we sell ourselves as being cheap. We then attract customers who are looking for cheap. They in turn tell their cheap friends and before you know it, you have a business that struggles to make money because all of your customers are cheap.

And cheap customers tend to not be overly loyal. They are demanding at a level far higher than they are prepared to pay for!

We need to reach a stage where we are clear on the type of customers we want to attract into our business. Making an ‘ideal customer avatar’, is a great way to paint a clear picture of the exact type of customer you want to attract to your business.

How to define your ideal customer

Figuring out who your ideal customer is can sometimes be a little challenging. Here are a few ideas that might help you get more clarity:

  1. Go back over your last year’s worth of figures and see which customers have been the most profitable (not those that have spent the most, but those that you have given you the highest profit margins). Clearly we want more of these people or businesses as customers.
  2. Think about every project you did in the last year, which ones were perfect? The customer was great, they paid well, they respected you and your team, in fact everything was perfect. Who were they, what industry were they in, and what made everything go so well? Ask these questions to paint a picture of your ideal customer.
  3. Think about where your business is heading – your goals and dreams. Are your existing customers going to help you achieve these? If not, what are the characteristics of the customers who will help you to get where you want to go?
  4. What products or services are the most profitable for you and the easiest to deliver? Who are the ideal customers to buy these?
  5. What is going on in your industry and what trends are emerging? You need to do some serious research or you may wake up one day and find that you no longer have any customers. Generally there is a lot of information available about trends, big data is churning this information all the time. Use it wisely and plan your future.

Target your marketing

Once you are really clear about who your ideal customers are, and you can define your niche, you can develop your messaging accordingly.

You can start to write targeted content, develop products and services specifically to suit their needs and generally tailor your business to suit whatever it is that your ideal customers want.

This post originally appeared on Flying Solo on 1 August 2019 and was republished 26 January 2022.

Source: Flying Solo January 2022

This article by MR 101 is reproduced with the permission of Flying Solo – Australia’s micro business community. Find out more and join over 100K others

Important: This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business, nor our Licensee take any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) ac


Liability limited by a scheme approved under Professional Standards Legislation. This advice may not be suitable to you because contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.

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