Australian Bushfire Aid

Australian Bushfire Aid

Australian Bushfire Relief

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As Australia endures the worst bushfires in decades, and with the devastation still continuing, we outline the following support available to those affected.

State Revenue Office Victorian Bushfire Response

The Victorian Government has announced a range of tax relief measures for people and businesses affected by bushfires. They include:

  • Land tax relief on properties that have been affected by bushfires or are used to provide free accommodation for people displaced by bushfires.
  • Land transfer duty (stamp duty) relief for people who need to replace homes destroyed by bushfires.
  • Reduced land transfer duty (stamp duty) on purchases of commercial or industrial property in bushfire affected local government areas.
  • Reduced payroll tax for regional employers with a registered address in a bushfire affected local government area.
  • Motor vehicle duty relief for people who need to replace vehicles destroyed by bushfires.

 Need more information? Follow the link to the SRO website.

Financial Support for Victims

  • The Department of Human Services are providing allowances and recovery payments for each state affected including, weekly and lump sum payments. Please refer to Department of Human Services for full details.
  • $5,000 grants are being offered from the Australian Red Cross to help households where their home has been destroyed or rendered uninhabitable. Red Cross $5000 Grant.
  • A $15,000 disaster assistance grant is also available for NSW victims – Please refer to Category C Assistance for full details.
  • There are a range of services available for Victorian victims, including up to $42,250 per eligible household where there house has been rendered uninhabitable. Please refer to Emergency Vic.  

ATO Support for Bushfire Victims

The ATO is providing relief for bushfire victims by deferring Business Activity Statement lodgements and payments for those in affected postcodes. The full list of postcodes and deferrals for each state can be found here for Queensland, New South Wales, South Australia, Victoria.

If your postcode is not listed, you can contact the Emergency Support Infoline on 1800 806 218.

Other support the ATO can offer include;

  • Give extra time to pay your debt or lodge tax forms.
  • Help you find lost TFN’s.
  • Reconstruct tax records that are lost or damaged.
  • Fast track any refunds owed.
  • Setup a payment plan depending on your circumstance.

Ignore any penalties or interest charged during bushfire affected times.

MYOB Bushfire Support

MYOB is currently offering bushfire affected customers the next two months subscription free.

You can make your claim here

For additional support, MYOB has updated their Financial Hardship Policy.

Watch Out for Bushfire Scammers!

Unfortunately in this difficult time, while there are many generous people offering help, there are also scammers looking to take advantage of those affected by setting up false fundraising appeals for the bushfire victims.

If you are looking to make a donation please ensure you follow these tips;

  • Be aware that scammers maybe impersonating well-known charities or creating their own names.
  • They are using tactics such as cold calling, SMS messaging, fake website and social media pages to raise funds.
  • Ensure that you donate via pages that verify the legitimacy of the fundraiser.
  • You can visit Australia’s Charity Register here to lookup all valid charities.
  • If you think you may have donated to a scam contact your bank or financial institution immediately.

If you see any scams please report them to the governments Scamwatch website or call the dedicated number related to bushfire scams on 1300 795 995.

Support Contact Numbers

The stress caused following a natural disaster such as a bushfire can lead to physical, mental and emotional exhaustion; feel free to contact our office to discuss any concerns.
You can also contact the VicEmergency Hotline who provide key information during and after bushfires on 1800 555 677 or Lifeline on 13 11 14. 

Need more help or information?

Click the link below to contact us at Plus 1.

Open Hours

Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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Superannuation Measure Now In Force

Superannuation Measure Now In Force

SG Loophole Measure Now In Force

Superannuation Guarantee – Salary sacrifice integrity

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Legislation to prevent employers from using employee salary sacrificed amounts to reduce their minimum superannuation guarantee is now in force.

The legislation amends the Superannuation Guarantee (Administration) Act 1992 to provide that amounts sacrificed under an employee salary sacrifice arrangement will not reduce and/or satisfy an employer’s mandated Superannuation Guarantee (SG) contributions from 1 January 2020.

Additionally, the base amount on which SG is calculated will no longer be able to be reduced by any salary sacrificed amount.

Implementation of this measure will increase the superannuation savings of those people who utilise these arrangements and will be consistent with the Fair Work Act 2009.

Note: From 1 January 2020, your salary sacrificed contributions will no longer be considered super guarantee contributions from your employer. For example, if you elect to salary sacrifice 10% into your super, your employer will still be required to pay 9.5% or more of your ordinary time earnings base, including the salary sacrifice amount, into your super to avoid the super guarantee charge.

An example of how a payroll should now be applied:

Gross Earnings $1,000
Salary Sacrifice $100
Gross Taxable $900
PAYG No Change
Super (at 9.5) $95

In summary super is now payable on the entire $1,000, not the reduced $900. Superannuation payment made into fund $95 SGC + $100 salary sacrifice.

Need more help or information?

Click the link below to contact us at Plus 1.

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Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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F: (03) 5831 2988
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All Modern Awards Are Changing

All Modern Awards Are Changing

All Modern Awards Are Changing

Understand your responsibilities and what changes will effect you as an employer

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Below is an extract of the changes that will be happening with the modern wards from Feburary 2020. Fairwork have advised the following;

The Fair Work Commission (the Commission) have been reviewing all modern awards since 2014, as part of the 4-yearly review of modern awards. During this process, they’ve clarified how some award clauses work and changed other clauses.

On 2 September 2019, the Commission issued a decision that they’re finalising the review and will release the new versions of the awards in 3 groups (‘tranches’).

The first tranche of awards apply from the first full pay period on or after 4 February 2020.

So, if your pay week is from Monday to Sunday, the new awards take effect from Monday 10 February 2020.

While the review is finishing up, there may be further changes to the awards later on

What do I need to do?

 You can find copies of the tranche 1 awards on the Commission’s Modern award list to see what the changes are.

If you’re an employer or manager, every award requires that you make a copy of the award (or awards if more than one applies to your employees) available to your staff on a noticeboard or through accessible electronic means. You’ll need to make sure this is updated when the new award starts applying.

What’s changing?

For most awards, the biggest change is to the layout and the language. This will mean that your award should be simpler and easier to understand. The rules and entitlements in your award probably won’t change significantly.

The Commission have made changes to awards over the last few years. During this time we’ve updated our website and tools, and sent emails to subscribers about significant changes. So, most of the big changes are already in your current award.

When is my award changing?

The first tranche of awards apply from the first full pay period on or after 4 February 2020. The Commission will release the remaining awards once they’re finalised.

The following table lists the awards in each tranche.

Tranche 1

Tranche 2

Tranche 3

Aluminium Industry Award

Aboriginal Health Award

Aircraft Cabin Crew Award

Ambulance Award

Airline Ground Staff Award

Amusement Award

Animal and Veterinary Services Award

Air Pilots Award

Broadcasting Award

Aquaculture Award

Airport Award

Black Coal Award

Banking, Finance and Insurance Award

Alpine Resorts Award

Building and Construction Award

Book Award

Architects Award

Business Equipment Award

Car Parking Award

Asphalt Award

Dredging Award

Cement, Lime and Quarrying Award

Cleaning Award

Teachers Award

Cemetery Award

Clerks Award

Electrical Award

Coal Export Terminals Award

Commercial Sales Award

Fitness Award

Corrections and Detention Award

Concrete Products Award

Food and Beverage Manufacturing Award

Cotton Ginning Award

Contract Call Centres Award

Funeral Award

Electrical Power Industry Award

Dry Cleaning and Laundry Award

Retail Award

Fire Fighting Award

Educational Services (Schools) General Staff Award

Graphic Arts Award

Gardening and Landscaping Award

Educational Services (Post-Secondary) Award

Health Services Award

Hydrocarbons (Upstream) Award

Gas Award

Horse and Greyhound Award

Legal Award

Higher Education Academic Staff Award

Horticulture Award

Market and Social Research Award

Higher Education General Staff Award

Journalists Award

Medical Practitioners Award

Hospitality Award

Joinery Award

Mining Award

Hydrocarbons Field Geologists Award

Live Performance Award

Nursery Award

Labour Market Assistance Award

Marine Towage Award

Oil Refining and Manufacturing Award

Local Government Award

Marine Tourism and Charter Vessels Award

Pharmacy Award

Models Award

Mobile Crane Hiring Award

Port Authorities Award

Manufacturing Award

Nurses Award

Premixed Concrete Award

Offshore Oil and Gas Award

Miscellaneous Award

Racing Ground Maintenance Award

Meat Award

Plumbing Award

Real Estate Award

Pastoral Award

Ports, Harbours and Enclosed Water Vessels Award

Salt Award

Passenger Vehicle Award

Pest Control Award

Seafood Award

Pharmaceutical Award

Professional Award

Silviculture Award

Poultry Award

Racing Clubs Events Award

Sporting Organisations Award

Professional Diving (Industrial) Award

Registered Clubs Award

State Government Agencies Award

Professional Diving (Recreational) Award

Seagoing Award

Surveying Award

Rail Award

Security Award

Travelling Shows Award

Restaurant Award

Sugar Award

Water Award

Road Transport (Long Distance) Award

Supported Employment Services Award

Wool Award

Road Transport Award

Telecommunications Award

 

Stevedoring Award

Textile and Clothing Award

 

Storage and Wholesale Award

Timber Award

Transport (Cash) Award

Wine Award

Vehicle Award

Waste Award

The Commission is finalising a plain language redraft for the following awards:

  • Fast Food Award
  • Hair and Beauty Award
  • Aged Care Award
  • Social and Community Services Award
  • Children’s Services Award.

Need more help or information?

Click the link below to contact us at Plus 1.

Open Hours

Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

Contact Us

27 Welsford Street
Shepparton, VIC 3630

T: (03) 5833 3000
F: (03) 5831 2988
Email Us

Market Insights – 28th January 2020

Market Insights – 28th January 2020

Market Insights

28th January 2020

Top Stocks

CODE

PRICE

MOVEMENT

 

CODE

PRICE

MOVEMENT

CBA

$84.94

1.12%

 

NAB

$25.80

1.18%

BHP

$40.45

-1.15%

 

TLS

$3.88

-0.51%

WBC

$25.21

0.68%

 

WES

$44.91

2.02%

RIO

$103.18

-2.34%

 

CSL

$310.70

2.54%

ANZ

$25.90

1.77%

 

WOW

$40.84

3.97%

Market and Exchange Rates

MAJOR FOREIGN MARKETS

 

AUSTRALIAN DOLLAR IS BUYING

All Ords

7,203.20

0.06%

 

US Dollar

0.6760

Dow Jones

28,535.80

-1.57%

 

Euro

0.6134

FTSE-100

7,412.05

-2.29%

 

GB

0.5175

Nikkei 

23,343.51

-2.03%

 

Yen

73.5800

Commodities

Oil (WTI)

54.050

-2.69%

Gold

1,451.500

0.43%

Iron Ore

94.400

-0.05%

Major Market Announcements

– U.S. stocks suffered their worst day in over three months on Monday as China extended the Lunar New Year holiday due to a virus outbreak, fueling worries about the economic impact of containment efforts in the world’s second largest economy.

– Retail giants Kmart and Target have been accused of poaching and reproducing similar designs of a string of Australian homewares businesses, including Bride & Wolfe, Olli Ella and Belle & Co. A spokesperson for Kmart and Target, both owned by Wesfarmers, declined to comment on the similarity of its stock, but said the retail giant respected the intellectual property rights of others.

– According to the latest Westpac Bank weekly economic report, the banking giant no longer expects the Reserve Bank of Australia to cut the cash rate at next week’s February meeting. This follows the solid employment data that was released last week, which came in well ahead of expectations.

– Gold miners such as Newcrest Mining Limited and St Barbara Ltd could be on the rise on Tuesday after the gold price pushed higher. According to CNBC, the spot gold price has stormed 0.45% higher to US$1,578.7 an ounce.

Market Update

Australian shares are poised to fall when trade begins after the long weekend amid fears the spread of the deadly coronavirus will hurt global markets.

The futures market is pointing to a 31-point drop when trade begins on Tuesday, after falls on Wall Street on Friday.

Australia’s S&P/ASX200 index finished Friday up just 2.5 points, or 0.04 per cent, at 7090.5 despite worry about the coronavirus.

Blood products and influenza vaccine maker CSL drove those gains, pushing through the $310-a-share mark for the first time to close 1.1 per cent higher at $310.70.

By Monday, more than 2000 cases of coronavirus have been confirmed worldwide and 80 people have died.

A fifth Australian case of the virus was expected to be confirmed in NSW.

Stephen Innes, Asia Pacific Market Strategist at AxiCorp, says concerns about the virus continue to impact trade.

“Traders who would be typically discussing the weekend football results are now sadly focusing on mortality scores this morning,” he said in a research note on Monday.

The biggest threat to the global economy is not just because the disease spreads quickly across countries through networks related to global travel, he said.

But also, because any economic shock to China’s colossal industrial and consumption engines will spread rapidly to other countries through the increased trade and financial linkages.

Locally this week, investors are waiting to see the Reserve Bank of Australia’s quarterly consumer price index data for the three months to December.

Inflation is a crucial consideration for the RBA in setting the cash rate, and many analysts are still expecting two rate cuts this year.

The Australian dollar was buying US68.16¢ at 9am on Monday, down from US68.46¢ at the market close on Friday.

Time Heals All Wounds

In a well-Diversified Portfolio, positive and negative returns from the share market go hand in hand.

Of course we would hopefully think that there would be more positive months than negative months. Similarly, we would hope there would be more quarters that are positive than negative.

Generally, we do not like to look at a return from a share-based investment less than a year as it is seen as a longer-term investment, with a preferred time period of 7 plus years. The latter seems to sort out the vagaries of the market and history (the facts) which shows that the return over this time frame to be always positive. Since 31 December 1979 (40 years to 31 December 2019).

The 7-year time frame is a pretty good guide without being 100% guaranteed. Moreover, let’s face it after 7 years if your capital invested (whether a lump sum or gradual investing) was less than what you put in then A REAL CAUSE FOR CONCERN.  

Some figures below highlight how just like in life generally:

“TIME IN THE MARKET HEALS ALL WOUNDS”

In this example we are using the Australian All Ordinaries Accumulation Index (being income and growth) which encompasses the top 500 companies in the Aussie share market, therefore, a well-diversified portfolio.

To explain further, the rolling return range for a short period of 3 months is negative -13.18 up to a positive of 8.68%. However, go out to 7 years and the range rolling return is positive 2.44% up to 26%. THE FACTS and FIGURES confirm that in general an investment view of a 7-year time frame or more to be ideal. 

In the end we are investing to beat inflation so the real value of our investments are in fact growing. It is proven that Growth Assets achieve this premium over inflation in the medium to long term despite fluctuations in capital values.

It is also important to highlight that most of us who have a superannuation fund would have some exposure to share markets within our own fund unless you elected not to have these types of investments. As always, we should be mindful of our overall share markets exposure whether ordinary, superannuation and/or pension investments.

If this is of interest to you, please do not hesitate to contact us to discuss your options further.

All Ordinaries (XAO) 5 Day Chart

Disclaimer: The advice provided is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. Where quoted, past performance is not indicative of future performance.

Open Hours

Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

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If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

Contact Us

27 Welsford Street
Shepparton, VIC 3630

T: (03) 5833 3000
F: (03) 5831 2988
Email Us

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Sentinel Wealth Unit Trust T/As Plus 1 Wealth Advisors (ABN:11 408 695 672) is an Authorised Representative of Sentinel Wealth Managers Pty Ltd
(ABN: 73 108 328 294) AFS Licence 322211 | Financial Services Guide

Market Insights – 28th January 2020

Market Insights – 20th January 2020

Market Insights

20th January 2020

Top Stocks

CODE

PRICE

MOVEMENT

 

CODE

PRICE

MOVEMENT

CBA

$84.05

2.38%

 

NAB

$25.46

2.13%

BHP

$40.60

2.65%

 

TLS

$3.90

2.09%

WBC

$24.98

1.63%

 

WES

$44.26

1.96%

RIO

$105.24

3.53%

 

CSL

$300.10

0.98%

ANZ

$25.42

1.52%

 

WOW

$39.04

3.77%

Market and Exchange Rates

MAJOR FOREIGN MARKETS

 

AUSTRALIAN DOLLAR IS BUYING

All Ords

7,180.30

0.30%

 

US Dollar

0.6873

Dow Jones

29,348.10

0.17%

 

Euro

0.6196

FTSE-100

7,674.56

0.85%

 

GB

0.5287

Nikkei 

24,041.26

0.45%

 

Yen

75.6835

Commodities

Oil (WTI)

58.480

0.38%

Gold

1,451.500

0.36%

Iron Ore

94.550

0.27%

Major Market Announcements

– Wall Street climbed to record highs on Friday, with major indexes turning in their strongest weekly gains since August, after strong U.S. housing data and signs of resilience in the Chinese economy raised hopes of a rebound in global growth.

– The total size of Australia’s superannuation is staggering. The total pool of Australian superannuation has now hit $3 trillion and last year, at 15.2 per cent, it produced the best return, on average, since 2013. Figures from SuperRatings show the median, or typical, balanced fund produced a slightly lower return of 13.8 per cent last year, but that was still the best in six years.

– Australia’s transport safety authority is probing whether a trainee air traffic controller is to blame after two Qantas planes came “very close” to each other in the skies above Sydney. The incident — which occurred last August — was so serious, one of the aircraft’s emergency collision avoidance systems was activated. 

– Gold dramatically surged to major new secular highs this past week, fueled by stunning geopolitical news. The US assassinated Iran’s top general, so Iran fired ballistic missiles at military bases in Iraq used by the US. That naturally ramped gold bullishness, spawning all kinds of predictions for much-higher prices. But geopolitically-driven gold spikes never last long, and the gold buying behind this surge is very precarious.

Market Update

Australian shares have reached fresh all-time highs for a fourth consecutive day after Chinese economic data showed better than expected growth for Australia’s top trading partner.

The benchmark S&P-ASX200 index hit an all-time intraday high of 7,088.1, finishing Friday up 22.3 points, or 0.32 per cent, to an all-time closing high of 7,064.1.

The broader all ordinaries gained 21.7 points, or 0.3 per cent, to finish at an all-time high of 7,180.3.

The ASX200 finished the week up 1.95 per cent, and is up 5.69 per cent so far this year, having lost ground for only two of the 12 trading sessions in 2020.

“The local bourse is on fire and then some!” declared Australian Stock Report market analyst Ben Le Brun.

“It’s a thing of beauty, and local investors will be pleased as punch.

“Australia is a historically a bit of a laggard compared to our US counterparts, but we’re mixing it up with the big boys at the moment.”

The question now is how long the gains can be sustained – so all eyes will be on US earnings season as well as Australia’s company reporting season when it begins next month, Mr Le Brun said.

The heavyweight mining sector led gains on Friday, with the sector up 1.2 per cent as BHP rose 1.2 per cent to $40.60, Rio Tinto gained 1.8 per cent to $105.24 and Fortescue Metals climbed 3.7 per cent to $11.41.

Goldminers were up as well, with Northern Star gaining 3.2 per cent, Newcrest up 0.8 per cent and Evolution up 1.3 per cent.

Woolworths was up 0.9 per cent to $39.04, while CSL dropped 0.3 per cent, but still finished above the historic $300 level at $300.10.

Brickworks and Altium both set new all-time highs, with the brickmaker rising 1.1 per cent to $20.01 and the printed circuit board software company gaining 0.8 per cent to $38.44.

A2 Milk, a major exporter to China, rose 3.3 per cent to $14.68 after China announced the country’s economy grew in the fourth quarter more than analysts had expected, given the bruising US-China trade war.

Pilbara Minerals was the biggest ASX200 gainer, up 8.6 per cent, while fellow lithium miners Galaxy Resources and Orocobre gained between 1.7 and 2.0 per cent.

The big banks were mixed, with Commonwealth down 0.5 per cent to $84.05, while NAB was up 0.4 per cent to $25.46, Westpac up 0.3 per cent to $24.98 and ANZ flat at $25.42.

Nufarm dropped 10 per cent to $5.48 after the agricultural and chemical company said its Australian and New Zealand operations were hammered by climate extremes during the bushfire crisis.

In the tech sector, Appen was up 4.4 per cent to a two-month high of $26.11, while Mesoblast buoyed the health care sector with a 5.4 per cent rise to a nearly two-year high of $2.53.

The Australian dollar meanwhile was buying 68.96 US cents, down from 69.05 US cents at Thursday’s close.

In cryptocurrency, Bitcoins were trading for just under $A13,000 on Australian exchanges, a two-month high and up over three per cent from Thursday.

Share Watch

Vanguard FTSE Asia ex Japan Shares Index ETF (ASX: VAE)  

Vanguard FTSE Asia ex japan Shares Index ETF seeks to track the return of the FTSE Asia Pacific ex Japan, Australia and New Zealand Index (with net dividends reinvested) in Australian dollars, before taking into account fees, expenses and tax.

What we like

– Management costs are low; 0.40%
– Quarterly Income Distributions 2.50%
– Provides exposure to over 1,000 companies 
– Broad Market and Sector Allocation diversification

VAE could be a good diversifier to your existing portfolio. Please contact us if you would like to discuss your options further.

All Ordinaries (XAO) 5 Day Chart

Disclaimer: The advice provided is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. Where quoted, past performance is not indicative of future performance.

Open Hours

Monday to Friday
8:00am to 5:00pm

Closed Public Holidays

Plus 1 Group logo

If you need to get us documents quickly, access remote support, or the MYOB Portal click the button above.

Contact Us

27 Welsford Street
Shepparton, VIC 3630

T: (03) 5833 3000
F: (03) 5831 2988
Email Us

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Professional Standards Legislation logo
Platinum Xero Partner
MYOB logo
Quickbooks logo

Sentinel Wealth Unit Trust T/As Plus 1 Wealth Advisors (ABN:11 408 695 672) is an Authorised Representative of Sentinel Wealth Managers Pty Ltd
(ABN: 73 108 328 294) AFS Licence 322211 | Financial Services Guide