Decide whether downsizing your home is right for you.
Key points:
Pros
Cons
Costs
Alternatives
Impact on Age Pension or government benefits
Read full article here.
Be wary of cold callers offering financial advice
ASIC is urging consumers to hang up on cold callers and to scroll past social media click bait offering to help you compare and switch super funds.
If you switch super funds following contact from a cold caller, you can end up paying for financial advice that may not be right for you.
Get More From Your Super
ASIC recently reviewed the superannuation sector and found super funds and financial advisers could do more to monitor investments in super and communicate with members and clients about how their super is performing.
Key points:
How your super is invested
Investments in super impact your future lifestyle
Make the most of your super
Read the full article here.
Money tips in other languages
Resources to help newly arrived migrants understand how money works in Australia
Money and working in Australia
Budgeting and saving
Spending and paying bills
Spending and paying bills
Superannuation
Insurance
Beware of scams
Tax in Australia
Click here to read the full article.
Keep track of your super
How to read your annual super statement
Review your annual super statement to keep track of your super
Check your personal details are correct
Check your contributions
Review your investments and fees
Review your insurance and beneficiaries
Consolidate your super
Click here to read the full article.
2023 tax returns + Suspicious website alert + How CFDs work
Lodge online with myTax
You can lodge your return using myTax, the ATO's free online tax return. You need a myGov account linked to the ATO to lodge online. Returns lodged this way are usually processed within two weeks.
Lodging with myTax is easy and free. Most information from employers, banks, government agencies and health funds will be automatically included in your tax return by late July. You just check the information is correct, enter any income that isn't included, add any deductions you have, and then submit. MyTax will then calculate your tax for you.
The ATO has 'how-to' videos to help you lodge online using myTax.
Click here to read the full article.
Alert: Suspicious website – Do not deal with www.cambridgeassetmanagement.com
The operators of www.cambridgeassetmanagement.com are promoting various investment plans in leveraged financial products on the website. The operators do not have an Australian financial services (AFS) licence and are not authorised to operate a financial services business in Australia.
Key points
ASIC is alerting investors about suspicious ‘investment opportunities’ offered on www.cambridgeassetmanagement.com. The website is allegedly run by a Hong Kong entity, Cambridge Asset Management, that is operating out of Hong Kong.
The operators of the website are not licensed to provide financial services in Australia. That means Australian consumers are not protected.
ASIC is not associated with the operators of www.cambridgeassetmanagement.com and will never ask you to pay tax to withdraw your investment funds
Click here to read the full article.
Contracts for difference (CFDs)
CFDs let you speculate on short-term market movements. Like foreign exchange rates, share prices, stock market index levels, cryptocurrency rates or other underlying assets. Most people lose money trading CFDs.
Click here to read the full article.
How investments are taxed + Super contributions + Ponzi schemes
How investments are taxed
Lower tax on your investments can help you reach your financial goals sooner. But don't choose an investment based on tax benefits alone.
How investment income is taxed
Positive versus negative gearing
Tax-effective investments
Investing and your tax return
Ponzi schemes
Ponzi schemes are investment scams that pay existing investors with funds collected from new investors. There is no real investment.
Warning signs of a Ponzi scheme
How Ponzi schemes work
What to do if you have invested in a Ponzi scheme
Read full article here.
Turn up your scams radar + Manage living costs + Make a balance transfer work for you
Protect yourself from scams
Use this four-step guide to turn up your SCAM radar so you can spot a scammer and protect yourself. By keeping up to date with the latest scam trends, you can stay one step ahead of scammers
Step 1: STOP
Step 2: CHECK
Step 3: ACT
Step 4: MONEYSMART
Read full article here.
Manage the cost of living
Having a plan will help you feel more prepared when your living expenses increase. There's also support and services available if you're feeling overwhelmed.
Practical steps to help you manage living costs and keep on top of bills.
Make a plan
Get help if you need it
Read full article here.
Compare mortgage rates + Solar investment scam + Greenwashing
How much will your mortgage repayments be?
Use our calculator to compare different rates
Click here to read full article.
Scam alert: United Solar Investments
United Solar Investment promotes a suspicious scheme which claims to allow Australian consumers to purchase an interest in solar panel systems. The scheme is being promoted as a ‘financing of photovoltaic solar power generation’ offering unrealistic returns of up to 20% and unlimited referral commissions.
Click here to read full article.
Investing without the greenwashing
Find out what ESG investing is and how it works. So you can choose investments that match your goals and values.
What ESG means
ESG investing is when a fund considers sustainability (including environmental, social and governance factors) to inform their investment strategy.
There is a growing demand for ESG investing, also known as sustainable (or sustainability-related), responsible or ethical investing.
Click here to read full article.
Scam alert: Fake bill and loan discounts
ASIC is alerting investors about an impersonation scam using email and cold calling tactics
Scammers are making fake offers of 30% discounts on bills and loan repayments
Unless you are dealing directly with the service provider, discount billing and upfront payment offers are often scams.
Scammers are using free email services to falsely impersonate a registered company to make fake discount offers on bills and loan repayments. Discount offers from third parties are often fake, especially when they make the offers by cold calling you.
Click here to read more.
Relationships and money
Making plans to move in with your partner or share finances can be exciting. Knowing your financial and legal responsibilities, and where to get help if you need it, can make your life together run more smoothly.
Click here to read more
Scams Awareness Week 2022: How to spot a crypto scam
Banking and credit scams
If someone you don't know asks for your personal details or offers you a loan, it could be a scam. Scammers can use your personal information to steal your money and run up debts in your name.
Identity theft - Protect your personal information
If your personal information falls into the wrong hands, it can be used to steal your identity.
If you've been affected by the recent Optus data breach, the Office of the Australian Information Commissioner has information on how to respond to a data breach.
The ACCC's Scamwatch has released information on the latest scams arising from the breach.
It's important to:
report the breach to your bank and super fund
change your passwords
be on the lookout for suspicious emails, phone calls, texts or messages through social media
keep close watch on your bank account for any unauthorised transactions
request a temporary ban on your credit report to ensure no unauthorised loans or applications
Natural disasters and your home insurance
It's devastating when a natural disaster destroys or damages your home. Finding out you don't have enough insurance can add to your distress.
Understanding what events and damage are covered by insurance can help you get the right cover for your home.
Knowing if you live in a disaster-prone area can give you a better understanding of your risk. This helps you choose coverage for the events that are most likely to happen to your home.
Read full article
Working for Yourself and Making the Right Start
As well as enjoying the benefits of self-employment, you'll need to take care with money matters. Find out how to make the right start here.
Manage the cost of living
Having a plan will help you feel more prepared if your living expenses increase. Click the link here to read more on the practical steps to help you manage living costs and keep on top of bills and to check on support and services available if you're feeling overwhelmed.
Investing in Bonds, Understand How Bonds Work, and Avoid Scams
Bonds can provide a stable source of income and can protect the money you invest. They are considered less risky than growth assets like shares and property, and can help to diversify your investment portfolio.
Click here to read full article.
Choosing an accountant
When choosing an accountant, look for one that will suit you or your business. Some accountants specialise in tax returns for individuals or for businesses in a particular industry, and others are experts in a particular area of tax.
Find out more on what should you consider in selecting an accountant that fits you.
How to navigate your way through debt and financial hardship
If your bills or loan repayments are getting out of control, talk to your lender or provider about your options. Taking action straight away can stop a small problem from becoming a big one.
Click here for some practical steps you can take to get your finances back on track.
Warning: Scammers offering fake green bonds
ASIC is alerting investors of the existence of a number of fake green bonds.
In Australia, green bonds are not directly available to the general public or retail investors. Any website or entity claiming otherwise is a scam.
Scammers may represent themselves as well-known financial services firms and invite people to invest in fictitious environmentally sustainable green bonds.
ASIC is aware of the existence of a number of fake green bonds. Green bonds are bonds that are used to finance new and existing projects that offer climate change and environmental benefits. They can be purchased by superannuation funds, fund managers, insurance companies and other wholesale entities, but are not directly available to the public.