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Provision Newsletter

What financial records you need to keep and how to organise them

Posted On:Feb 25th, 2019     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

A quick guide to organising your financial paperwork

With Marie Kondo’s books and TV shows riding high in the charts, it feels as though everyone’s talking about the joys of decluttering and tidying up.

But when you’re drowning in a sea of old bank statements, utility bills and receipts, it can be difficult to know where to make a start.

The good news

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A quick guide to organising your financial paperwork

With Marie Kondo’s books and TV shows riding high in the charts, it feels as though everyone’s talking about the joys of decluttering and tidying up.

But when you’re drowning in a sea of old bank statements, utility bills and receipts, it can be difficult to know where to make a start.

The good news is that you don’t have to be a global lifestyle guru to make a positive change. Even making some simple changes can put you on track to taming your paperwork and:

  • make it easier to find what you need at tax time

  • help your loved ones find documents easily if something happens

  • find important documents in an emergency.

What financial records and paperwork do you need to keep?

This is the fun bit…it’s time to start throwing stuff away.

So be ruthless. But there are some bits of paper that you should hang on to. 

Anything you need for your tax return…

  • Payments you’ve received such as wages, interest, dividends and rental income

  • Expenses related to income such as work-related outgoings or rental repairs

  • Sale or purchase of assets such as property or shares

  • Donations, contributions or gifts to charities

  • Private health insurance

  • Medical expenses, both your own and those of any dependants.

You need to keep these documents for five years after you lodge your tax return in case you’re asked to substantiate your claims. And it’s a good idea to keep your Notice of Tax Assessments for five years as well.

…anything related to property you own…

  • Property deeds

  • Mortgage papers

  • Renovation approvals

  • Warranties relating to work undertaken. 

…and some other important bits of paper

  • Wills

  • Tax file numbers

  • Powers of attorney

  • Birth certificates

  • Death certificates

  • Marriage certificates

  • Immunisation records

  • Passports

  • Current insurance policies

  • Current superannuation documents

  • Loan documents

  • Vehicle registration

  • Vehicle service history

  • Business registrations

  • Qualifications.

What financial records and paperwork can you throw away?

There are some documents you can toss. As a rule, once a document has been replaced by a newer version, it’s safe to dispose of the older copy. And let’s face it, do you really need that electricity bill from your old house back in 2014?

There’s also no need to hang on to credit card receipts once you’ve reconciled them against your bank statements, unless they’re needed for warranties.

You should probably keep hold of credit card and bank statements for a year but you can throw away other household paperwork like utility bills.

Four quick steps to organising your paperwork

Congratulations! You’ve finally taken a wrecking ball to the mountain of paperwork, the shredder bin is full and you’re feeling pretty good.

But you’re only halfway there. You need to put a system in place to avoid creating yet another mountain.

1. Protect yourself

Financial documents can contain sensitive personal information so it’s not a good idea to simply throw them in the bin. Buying a shredder or using a document disposal company should keep your details safe against identity theft.

2. Go digital

Many companies are moving towards electronic statements to help you reduce your paperwork and give the environment a boost at the same time! You can also make electronic versions of your old documents with a scanning app such as CamScanner, Genius Scan or Scannable.

3. Think files and folders

Whether you choose to keep paper or electronic copies, it’s a good idea to have a filing system with physical or electronic folders and labels to remind you how long to keep them for. Record-keeping apps like Evernote or Sign-N-Send can help.

4. Back it up

Think about storing important documents in a fireproof safe or offsite in a safety deposit box. For extra security, you can back up online files on an external hard drive or a cloud-based solution.

While you’re at it…

Organising your paperwork also presents the ideal opportunity to review your financial commitments.

So why not take a look at your budget, check you have enough insurance cover and shop around for a better deal on your utilities?

Please contact us on |PHONE| we can help you find ways to get on top of your finances.

Source : AMP February 2019 

This information is provided by AMP Life Limited. It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances and the relevant Product Disclosure Statement or Terms and Conditions. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.

All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person.

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. 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. 

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) accessible from this page

 

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Buy now pay later services

Posted On:Feb 22nd, 2019     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

What you need to know about buy now pay later services

Buy now pay later payment services allow you to delay payment or pay by instalments (often fortnightly) over a period of time. Here we explain how these payment services work, what fees you’ll pay and how to avoid getting into financial trouble if you’re using these services.

What is buy now

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What you need to know about buy now pay later services

Buy now pay later payment services allow you to delay payment or pay by instalments (often fortnightly) over a period of time. Here we explain how these payment services work, what fees you’ll pay and how to avoid getting into financial trouble if you’re using these services.

What is buy now pay later?

Buy now pay later services are offered by providers such as:

  • Afterpay

  • Certegy Ezi-Pay

  • zipPay

  • Oxipay

  • BrightePay

  • Openpay.

Buy now pay later services are offered by retailers and service providers so you can buy a product immediately and delay payment. You then pay off the product in instalments over several weeks or, with some high-value purchases, over a longer period of time.

Buy now pay later isn’t only offered for low-value purchases, like clothes and beauty products. Solar panels and health services can also be bought using buy now pay later.

How do these payment services work?

Buy now pay later services are offered when you shop online or in-store as another payment option at the time of checkout.

You can apply for and set up a purchase plan through the provider’s app or website when shopping online.

If you’re shopping in-store, a shop assistant will set up the buy now pay later application on your behalf. The buy now pay later provider will contact you when your application is approved. This is usually a quick process.   

You will need to provide your bank or credit card details the first time you use these services so your payments can be deducted. You may also be required to pay either a deposit or the first instalment up-front.

Refunds and returns

If you have a problem with the product or service you’ve bought, the shop or service provider’s returns policy will apply, so contact them first. 

Are buy now pay later services worth it?

Buy now pay later services are often advertised as ‘interest-free’ or ‘0% interest’, but the cost will add up if you can’t make the repayments on time.

Smart tip

Always check the terms and conditions before you sign up, as they can be different for each buy now pay later service.

Here are some things to look out for before using these services.

  • Late fees – There’s usually a late fee every time you miss a payment or pay late. These fees can add up over time.

  • Monthly account-keeping fees – Some of these services charge you a fixed amount for every month you continue to use their service.

  • Payment processing fees – You may be required to pay a fee for each payment, on top of your set repayment.

 

Case study: Mai struggles to make ends meet after using buy now pay later services

In the lead-up to Christmas, Mai decided to take advantage of some markdowns by buying a couple of items online.

She found a new pair of designer sneakers worth $150. As Mai was a bit tight on money, she signed up to a buy now pay later service to split her repayments. She then found a hair straightener at a reduced price of $300 at another online store. Mai used a different buy now pay later service to buy the hair straightener and stretch out her repayments.

A fortnight later, Mai discovered that her bank account was overdrawn. She then realised she had not checked before buying the items if she would have enough money in her account to make both repayments.

Mai was not only charged default fees by both buy now pay later providers, but her bank also charged her an overdrawn fee.

Is your credit history or ability to repay checked?

Most buy now pay later providers do not check your ability to make repayments or your credit history. This means you could end up taking on more credit than you can afford and could have trouble making your repayments.

This can affect your credit score as some providers report late payments to credit reporting agencies

Managing your buy now pay later payments

Stay in control when you use a buy now pay later service by following these tips: 

  • Plan ahead: Make sure you can afford the full price and that the repayments fit into your budget. Consider any other bills or financial commitments due at the same time as your buy now pay later payments.

  • Don’t get into debt: Consider linking your buy now pay later account to your debit card instead of your credit card. That way you’re using your own money and avoid credit card interest.

  • Don’t overcommit: Stick to a limit and aim to have only one buy now pay later at a time.

  • Ask for help: If you’re having trouble making repayments, contact your provider straight away. 

 

Taking on too much debt?

An ASIC review of the buy now pay later industry found that 1 in 6 users had become overdrawn, delayed other bill payments or borrowed money so they could make their buy now pay later payments.

Making a complaint about buy now pay later services

Most buy now pay later providers have dedicated complaints and hardship services. Contact your provider to discuss your complaint, or if you are having difficulty making repayments. 

A free financial counsellor can also help if you’re struggling financially.

Using buy now pay later when you shop can be a convenient way to pay for things, but you need to be careful not to overcommit financially or buy more expensive items than you usually would. 

Please contact us on |PHONE| if you seek further assistance .

Source : ASIC’s Moneysmart February 2019 

Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://www.moneysmart.gov.au/borrowing-and-credit/other-types-of-credit/buy-now-pay-later-services
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.

Important
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) accessible from this page.

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Are you taking cash out of your kids’ savings account?

Posted On:Feb 18th, 2019     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

Aussie parents admit to withdrawing a total of $1.3 billion from accounts that have been set up for their children.

While more than 50% of Aussie parents have set up savings accounts to help their kids get ahead financially, four in 10 admit to taking money out of these accounts (a total of $1.3 billion in fact)1.

At first glance, the figures

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Aussie parents admit to withdrawing a total of $1.3 billion from accounts that have been set up for their children.

While more than 50% of Aussie parents have set up savings accounts to help their kids get ahead financially, four in 10 admit to taking money out of these accounts (a total of $1.3 billion in fact)1.

At first glance, the figures are perhaps a little gobsmacking, but the main reasons parents said they were doing this were to cover everyday expenses, like buying groceries and meeting rent and mortgage obligations2 (so, rarely to fund a visit to the pub or nail salon in other words).

We look at what else came out of the 2018 Mozo survey and what potential things parents could do as an alternative to taking from their kids’ future funds.

What are parents spending their kids’ money on?

Some of the stats revealed the following3:

  • Around 50% were using kids’ savings on necessities (groceries, rent and mortgage)

  • Around 40% were spending this money on unexpected costs (hospital, vet, mechanical bills)

  • Around 30% were using the cash on big-ticket items (family holiday, TV, computer, new car)

  • Around 20% were using the money to renovate, with 10% using it to invest.

The research indicated that while parents were thinking ahead and recognising the importance of building up a savings fund to cover things like their children’s education, first car or even home deposit, parents were struggling with the rising costs of living4.

On top of that, one in five parents wasn’t putting the money back, creating a $268 million hole in the savings set aside for kids, which emphasised savingwas a struggle for many families5.

Handy hints that may help on the money front

Here are some possible tips that may assist on the money front if you’re not across them already.

1. Create a budget

If you’re looking for somewhere to start when it comes to creating a budget, try jotting down into three categories – what money is coming in, what cash is required for bills and what might be left over for the fun stuff. This will help you identify where there may be room for movement.

2. Avoid using your credit card where you can

Sure, credit cards can be convenient, but they’re often more expensive than other forms of credit as they usually charge higher interest rates, which means you could end up potentially paying back a lot more than what you initially borrowed.

3. Write yourself a grocery list

Writing a shopping list based on what’s at home and what you plan to cook during the week means you can avoid buying more than what you need and purchasing items you can probably go without.

With food wastage leaving the average Aussie household out of pocket by anywhere from $1,0366 to over $3,5007 every year, it’s worth some thought.

3. Take public transport

Estimates show that catching public transport may be up to four times cheaper than travelling by car, and it reduces the cost of buying, maintaining and running your own vehicle8.

4. Call your providers’ competitors

Research shows a typical household could save over $1,000 on their electricity bill every year just by switching from the highest priced plan to the most competitive on the market9.

Now apply that thinking to your mobile, internet, gas, car and credit card as well, and you realise the potential savings you could make annually, simply by shopping around.

5. Roll your debts into one

Multiple debts can mean multiple fees and interest charges, which is why consolidating debts into a single loan with a lower interest rate may save you a lot of money, depending on what you owe.

6. Sell your unwanted stuff online

According to the annual Second-Hand Economy Report, commissioned by Gumtree, 89% of Aussies have around $5,000 worth of unwanted goods just lying around the home10.

7. Change your light bulbs

Energy-efficient light bulbs use about 25% to 80% less energy than traditional incandescent light bulbs and generally last three to 25 times longer11.

Not only that, energy efficient appliances across the board—fridges, washing machines, microwaves and air conditioners—can literally save households hundreds of dollars a year in running costs, with such appliances accounting for up to 33% of people’s home energy use12.

8. Take your own food and drinks

If you’ve been to the cinema or a football game recently, you’ll probably agree, this is a sure way to reduce what you fork out on snacks and beverages.

Similarly, making your own coffee, buying a reusable drink bottle and taking lunch from home each day can make a huge difference to what you spend when you’re at work.

9. Cut down on the sneaky spending

If you wore a new outfit Saturday that you insisted you bought ages ago, you’re not alone—Aussies fork out nearly $3,000 a year on purchases they hide from their other half13.

Topping the list for hidden purchases are clothing, followed by gambling, junk food and cigarettes14.

10. Look for dining out specials

If you like to go out and don’t see that changing anytime soon, the good news is there are plenty of places where you can find two-for-one offers and other cheap deals.

Apps like TheHappiestHour could give you ideas and you may even find some new venues you haven’t tried along the way.

11. Turn to fashionable friends

If you’ve got a special event coming up and want to wear something no one has seen you in before, raid your mate’s closet or go online where you can hire designer label outfits for a fraction of the cost. Accessories can also do a great job of making the old look new again.

12. Establish an emergency fund

You don’t want a busted phone or car tyre, let alone a bad landlord leaving you financially stranded, so try putting aside a little amount each week or where you can to create yourself an emergency stash of cash.

You may want to work toward having three months’ worth of your salary stashed away, but see what works for you.

13. Forget about the Joneses

The pressure to stay up-to-date with your friends (and even celebrities if you’re spending too much time on Instagram) can be a subconscious motivation behind many poor financial decisions.

Try to keep in mind the old adage—too often we buy things we don’t need with money we don’t have to impress people we don’t like.

Please contact us on |PHONE| if you seek further assistance on this topic.

Source : AMP February 2019  

 

1 – 5 Mozo: Cradle Raiders: Aussie parents take $1.3 billion from savings accounts set up for kids
Foodwise – Fast facts on food waste
7 ABC TV program – War On Waste – Series 1 Ep 1
TRANSLink – Benefits of public transport
9 Sick of high energy bills? Aussies willing to change providers could be saving over $1,000 a year
10 Gumtree – How much would you earn if you sold all your possessions, to travel?
11 How Energy-Efficient Light Bulbs Compare with Traditional Incandescents
12 Your Home – Australia’s guide to environmentally sustainable homes
13, 14 Finder: Australia’s hidden spending: The country’s $11 billion dirty secret  

 

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. 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.

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) accessible from this page

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7 tips to improve your financial health

Posted On:Feb 13th, 2019     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

With financial stress impacting one in five Aussie workers, see what steps you could take to improve your financial wellbeing.

Some days you might feel confident you can meet your needs within the boundaries of your current income, whereas other days you may feel like you don’t have nearly enough funds in order to do so.

The truth is, you’re not alone.

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With financial stress impacting one in five Aussie workers, see what steps you could take to improve your financial wellbeing.

Some days you might feel confident you can meet your needs within the boundaries of your current income, whereas other days you may feel like you don’t have nearly enough funds in order to do so.

The truth is, you’re not alone. Nearly 2.5 million Aussies say they feel moderately to severely financially stressed, even though financial stress has been decreasing year-on-year in Australia1.

If you’re interested to know more, we take a look at some of the findings that came out of AMP’s 2018 Financial Wellness in the Australian Workplace Report, in addition to what steps you could put in place to potentially improve your financial position and wellbeing.

Findings from the 2018 financial wellness report

Some of the figures that came out of the report revealed the following2:

  • The number of Aussie employees feeling financially stressed across the board in 2018 was 19%, down from 22% in 2016.

  • In comparison to 2014 research, Aussies also indicated they had greater disposable income than in years gone by and were spending more money.

  • Research participants in 2018 also said they felt more confident in dealing with financial matters and with their own levels of financial understanding.

  • Compared to two years ago, fewer people said they were engaging in negative financial behaviours, such as making late repayments on bills and credit cards. At the same time however, there was a decline in positive financial behaviours, such as people making additional repayments on mortgages and putting aside savings for a rainy day.

  • Of those working Aussies that did indicate that they were financially stressed, this was being felt across all industries, income levels and roles.

Actions that could improve your financial wellbeing

On a positive note, research identified that those who have been financially stressed in the past were often able to recover through changes to their behaviour and mindset3.

Here are some suggestions of things you could do (if you aren’t already) which may help you to improve how you feel financially.

1. Create a budget that works for you

When it comes to creating a budget, try jotting down into three categories – what money is coming in, what cash is required for the mandatory stuff (such as bills), and what dough might be left over (which you may want to put toward existing debts, savings or your social life).

Writing up a budget may take an afternoon out of your diary, but it will help you to more easily identify where there’s room for movement. For instance, could you reduce what you’re spending on luxury items, subscription or streaming services, eating out or clothing?

2. Consider rolling your debts into one

If all the small debts you once had, have multiplied and grown into bigger debts – you could look to roll them into a single loan, and reduce what you pay in fees and interest.

This could help you to save a significant amount of money (depending on what you owe) and make it easier to manage your repayments, as you’ll potentially only need to make one monthly repayment rather than having to juggle several.

The main thing to ensure is you are paying less than what you are currently when it comes to interest rates, fees and charges, and that you’re disciplined about making your repayments.

3. Try to save a bit of money regularly

Even a small amount of cash deposited on a frequent basis could go a long way toward your savings goals, with a separate research report indicating the average savings target for Aussies is a bit over $11,0004.

Some tips people said helped them along the way was transferring spare funds into an actual savings account, setting up automatic transfers to their savings account (so they didn’t have to move money manually) and putting funds into an account which they couldn’t touch5.

4. Set aside some emergency cash

With research showing that an emergency fund of between $4,000 and $5,000 is generally enough to cushion most working Aussies when it comes to unexpected expenses, it’s probably worth some thought6.

An emergency stash of cash could give you peace of mind and reduce the need to apply for high-interest borrowing options should you be faced with a busted phone, car tyre, or bad landlord or lover leaving you financially stranded.

5. Be open to talking money with your partner

One in two Aussie couples admit to arguing about money7, so if you haven’t already, it might be worth sitting down to ensure you’re on the same page and that both parties’ goals are being considered.

Understandably, it may not be the easiest topic to broach, so if you’re looking for some tips, check out our article – 10 money conversations to have with your other half.

6. See if you can get a better deal with your providers

You more than likely have several product and service providers, and figures show you could save more than a grand annually on energy alone just by switching from the highest priced plan to the most competitive on the market8.

Again, this may take a couple of hours out of your day, but the savings you could potentially make may make a real difference to what you cough up throughout the year.

7. Don’t be afraid to seek financial assistance

If you are struggling to make repayments, you may be able to seek assistance from your providers by claiming financial hardship.

All providers must consider reasonable requests to change their terms in instances where you may be suffering genuine financial difficulties and feel help would enable you to meet your repayments, possibly over a longer period.

Please contact us on |PHONE| if you seek futher assistance on this topic.

Source : AMP January 2019

1, 2, 3, 6 AMP’s 2018 Financial Wellness in the Australian Workplace Report, pages 7, 8, 14
4, 5 MoneySmart – How Australians save money infographic
7 Finder – Heated conversations: 1 in 2 Aussie couples argue about finances paragraph 1
8 Mozo – Sick of high energy bills? Aussies willing to change providers could be saving over $1,000 a year paragraph 2 

 Important information:This information is provided by AMP Life Limited. It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances and the relevant Product Disclosure Statement or Terms and Conditions, available by calling 13 30 30, before deciding what’s right for you. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person

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8 important money tips for when you land your first full-time job

Posted On:Feb 13th, 2019     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

If you want to ensure you’re getting the right amount of super and not paying more in tax than you have to, this list is for you.

I’m yet to hear anyone say they get a thrill from filling out forms or love reading long documents full of financial mumbo jumbo, but there’s likely to be a bit of that when

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If you want to ensure you’re getting the right amount of super and not paying more in tax than you have to, this list is for you.

I’m yet to hear anyone say they get a thrill from filling out forms or love reading long documents full of financial mumbo jumbo, but there’s likely to be a bit of that when you land your first full-time job.

To get you up to speed with some of the important money-related stuff, here are some important tips, which – good news – we’re going to give you in plain English.

What you need to know

1. Your bank account details and tax file number

You’ll need to give your bank account details to your employer if you want to get paid, so this’ll no doubt be high on your list of things to do.

On top of that, you’ll need to provide your tax file number as well, because if you don’t, you may end up paying a lot more tax on the income you earn1.

If you need a tax file number, contact the Australian Taxation Office (ATO) about applying for one.

2. Whether you can choose your super fund

Super is money set aside during your working life to support you in retirement.

You’ll generally be able to choose your own super fund but check with your employer or the ATO. If you can choose, you’ll typically have a choice between your employer’s fund or a fund you select.

There are things you’ll want to consider though, such as what fees you might pay, how the fund performs and your investment preferences, which could see you earn more or less money.

In addition, super funds generally offer a few types of insurance cover as well, which you could pay for using your super money, so it’s worth looking into whether this is something you want.

3. What tax you’re going to pay on the income you earn

You mightn’t be pleased, but you’ll have to pay income tax on every dollar over $18,200 you earn. And, on top of that, many taxpayers are also charged a Medicare levy of 2%.

The amount of tax you pay will depend on how much you earn. If you’re not sure how much you’ll fork out, the below table includes income tax rates for the 2018/19 financial year2.

Taxable income

Tax they’ll pay on this income

0 – $18,200

No tax

$18,201 – $37,000

19c for each $1 over $18,200

$37,001 – $90,000

$3,572 plus 32.5c for each $1 over $37,000

$90,001 – $180,000

$20,797 plus 37c for each $1 over $90,000

$180,001 and over

$54,097 plus 45c for each $1 over $180,000

 

Meanwhile, if you’re lucky enough to receive an annual bonus, you’ll also pay tax on this (I hear you, life isn’t fair).

4. What tax you can claim back when tax time rolls around

If you spend some of your own money on work-related expenses (uniforms, safety equipment, or education), there is some good news. At the end of the financial year, you may be able to claim some of this money back when you do your tax return (which yes, you have to do).

You will however need to have a record of these expenses, such as receipts, but in some instances if the total amount you’re claiming is $300 or less, you may not need receipts.

Meanwhile, if your expenses are for both work and personal use, you’ll only be able to claim a deduction for the work-related portion. Check out the myDeductions tool in the ATO app to save records throughout the year, so you don’t have a bag full of receipts to go through.

Meanwhile, if you’re lodging your own tax return, you have until 31 October each year to lodge it, or maybe longer if you use a tax agent.

5. What’s in your contract and what you’re entitled to

An employment contract is an agreement between you and your employer that sets out the terms and conditions of your employment. It’s a good idea to know what’s in your contract should questions ever arise around what you’re actually entitled to.

Regardless of whether you sign something or not, your contract cannot provide for less than the legal minimum, set out in Australia’s National Employment Standards, which covers things such as3:

  • Maximum weekly hours of work

  • Requests for flexible working arrangements

  • Parental leave and related entitlements

  • Annual leave

  • Personal/carer’s leave and compassionate leave

  • Community service leave

  • Long service leave

  • Public holidays

  • Notice of termination and redundancy pay.

While National Employment Standards apply to all employees covered by the national workplace relations system, only certain entitlements will apply to casual employees. For more information, check out the Australian Government Fair Work Ombudsman website.

6. How to read your payslip so you’re across potential errors

Payslips have to cover details of your pay for each pay period. Below is a list of what a pay slip typically includes:

  • Your before-tax pay (also known as gross pay)

  • Your after-tax or take-home pay (also known as net pay)

  • What amount of money you’ve paid in tax

  • The amount of super your employer has put into your super fund

  • HELP/HECS debt repayments (if you have an education loan).

Meanwhile, mistakes can happen, so if anything doesn’t look right, chat to your employer and if you’ve raised an issue you’re not satisfied with, you can also contact the Fair Work Ombudsman.

7. How much super is coming out of your pay package and if it’s correct

If you’re earning over $450 (before tax) a month, no less than 9.5% of your before-tax salary should generally be going into your super under the Superannuation Guarantee scheme.

If you’re under 18 and work a minimum of 30 hours per week, you may still be owed super. For this reason, it’s important you check your payslip and if something doesn’t look right, that you speak to your boss as soon as possible, or contact the ATO.

Another thing to note is if you do change jobs, this is when super accounts can start to multiply. It might not sound like a big deal, but multiple accounts can often mean multiple sets of fees, which means less money in your pocket, so you may want to ensure you only have one account, not many.

8. How to budget and save so you can get what you want in life

Budgeting may sound boring as, but jotting down into three categories – what money is coming in, what cash is required for the mandatory stuff and how much cash might be left over for your social life (or saving), could make a massive difference to what you do in life.

If you’re paying off debts, or on a more exciting note, want to buy a car or go on a holiday, getting a grip on your cash habits early on could see you have a lot more fun!

If you seek further assistance please contact us on |PHONE|

Source : AMP January 2019 

 Important information:This information is provided by AMP Life Limited. It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances and the relevant Product Disclosure Statement or Terms and Conditions, available by calling 13 30 30, before deciding what’s right for you. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person

 

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8 healthy road-trip snacks

Posted On:Feb 13th, 2019     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

A pie and sauce washed down with soft drink from a roadhouse. Or maybe a burger and fries at a fast-food joint. Do these sound like your go-to options when on a road trip?

It might seem like a hassle to eat healthy food when you’re on the road, but it’s actually a breeze. Simply check out our list of healthy

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A pie and sauce washed down with soft drink from a roadhouse. Or maybe a burger and fries at a fast-food joint. Do these sound like your go-to options when on a road trip?

It might seem like a hassle to eat healthy food when you’re on the road, but it’s actually a breeze. Simply check out our list of healthy road-trip snacks and you can start your journey off on the right foot (or wheel).

These goodies are simple to prepare, or to grab on the go, and won’t hammer the holiday budget. Enjoy!

 It’s true – popcorn can be a healthy road-trip snack.

1. Popcorn

Yes, you read correctly. Popcorn can be a healthy road-trip snack. There is a catch, though. The Heart Foundation states that ‘plain popcorn, popped without added salt or butter’ earns a nod of approval. So as long as you don’t pile on the butter or salt or opt for the coloured variety, you’ve got yourself a cheap, easy, and relatively mess-free snack to take with you on the road.

Tip: Add garlic powder or olive oil for more flavour without compromising on healthiness.

 Like Torvill and Dean, cheese and crackers are a winning combo.

2. Wholegrain crackers with cheddar cheese

This versatile and tasty option is a certain road-trip winner. Sure, this combo would be better accompanied by a glass of wine, but save that for when you’re sitting on the balcony of your BIG4 cabin. Just watch for crumbs.

On the right trail: DJ Healthy recommends putting out this mix. 

3. Trail mix

Whether you make your own or grab a bag from the supermarket, trail mixes are a great road-trip snack. With their combination of nuts, cereals, sunflower seeds, dried fruits, and more, they offer the palate plenty of variety. These ingredients have many health benefits, including being packed with protein that helps to keep you full. Better still, trail mixes have the ability to ‘keep’ for those longer journeys.

Warning: This snack is best kept away from small children when on a road trip, as they may make their own trail all over the backseat.

4. Rice crackers and dip

Not all rice crackers are made equal, and a bit of investigating will reveal that some brands are passable as a healthy option while others are not (note and compare sugar and salt levels). Once found, pair these crackers with a healthy yet delicious dip and you have a road-trip snack that’s sure to keep everyone happy.

Tip: Avoid consumption when driving over speed bumps or potholes.

Road-trip tip: if you simply can’t resist packing chips for your next road-trip adventure, compare brands when shopping and opt for a healthier product.

 

Fruit salad is loaded with goodness as well as deliciousness. 

5. Fruit salad

Quick and easy to prepare and bursting with flavours, a fruit salad makes a wonderful road-trip snack. Simply throw in your favourite fruits and mix up a masterpiece within minutes. As well as containing a host of vitamins and minerals, a fruit salad has the added benefit of helping to keep you hydrated.

6. Wholemeal pita wraps

Versatile, filling, tasty, easy to prepare – what more could you want in a road-trip snack? Suggested fillings include tuna or shredded chicken alongside a bunch of veggies; then wrap in alfoil to avoid mess.

 Ginger biscuits are ideal for those who suffer from travel sickness.

7. Cookies

Who doesn’t love cookies? We know what you’re thinking: cookies are full of sugar. Well put down that cup of judgement and keep reading – cookies can be both healthy and tasty, especially the likes of oatmeal and ginger varieties. There are many low or sugar-free recipes available that will help you whip up these cookies with relative ease.

Note: Ginger has the added benefit of minimising motion sickness.

 Carrot and celery sticks combined with a healthy dip make a great snack when on the road.

8. Carrot and celery sticks

Cheap to buy. Tick. Healthy. Tick. Easy to prepare. Tick. Tasty. Tick. Boring? Maybe. If you need to liven up this healthy road-trip snack, serve with hummus, salsa, or guacamole or combine with low-fat cheese. These additions mean you have a snack with plenty of flavour while retaining abundant goodness.

Other items to pack on your road trip…

  • Bottled water

  • Hand sanitiser

  • Ice packs and/or a small Esky

  • Antibacterial wipes

  • Plastic cutlery

Source : BIG4 Holiday Parks

Reproduced with the permission of BIG4 Holiday Parks. This article first appeared on BIG4.com.au https://www.big4.com.au/articles/8-healthy-road-trip-snacks and was republished with permission.

Important:
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) accessible from this page.

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