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How to get more from your 2023 tax return with super contributions

Mon, 09 Feb 2026 06:38:31 GMT

We all want to make the most of our tax return each year. Did you know, other than claiming the usual work related expenses, certain super contributions may also be tax deductible?

If you’re looking at what deductions you might be able to claim this tax time, the good news is you may be able to add after-tax super contributions to your tax-deductions list.

If you’ve missed out this year, you could also use this as a guide to how to claim next year.

What super contributions can I claim a tax deduction on?

You can generally claim a tax deduction on voluntary contributions you make using after-tax dollars. This money may come out of your take home pay, savings, something you’ve sold (like a house or car) or an inheritance.

You can’t claim compulsory contributions an employer might pay you under the Super Guarantee, nor contributions you might make as part of a salary sacrifice arrangement with an employer.

Tax-deductible contributions may be particularly beneficial if you’re self employed and don’t have an employer making before-tax contributions on your behalf.

What are the potential benefits?

Boost what you have in super, which could mean more money for your retirement.
Claim a tax deduction, which may mean you pay less in tax.
Further tax advantages might exist within the super system, including those on investment earnings.

How do I claim a tax deduction on super contributions?

To claim this tax time, you need to do the following things:

Have made an after-tax contribution to your super either as a one off or regular payment in 2022-23.
Lodge a valid notice of intent form with your super fund before you lodge your tax return – or before the end of 2023-24 (if that’s earlier).
Receive an acknowledgement from your fund in writing.
Finalise your tax return using the contribution amount included on your notice of intent.

For a full summary of the rules relating to claiming tax deductions for personal super contributions please see the ATO website.

Are there super contribution limits?

There are concessional and non-concessional contributions and different caps apply to each.

The cap on concessional contributions, which tax-deductible contributions are one of, is currently $27,500 per financial year.

You may however be able to contribute more than this amount under what’s known as the carry forward rule, which may allow you to accrue unused cap amounts for up to five years.

Other concessional contributions include compulsory contributions employers are required to pay, and salary sacrifice contributions, which is an arrangement you might set up with your employer.

If you exceed contribution caps, additional tax and penalties may apply.

Do any age restrictions apply?

If you’re aged 67 to 74 and you want to claim a tax deduction on any after-tax super contributions you’ve made, you’ll need to meet the work test or work test exemption.

Under work test requirements, you must be gainfully employed for at least 40 hours over 30 consecutive days in the financial year the contributions are made.

This is an annual test, which means once you meet this test you can make contributions for the entire financial year.

To be exempt from the work test, you need to have:

met the work test in the financial year before you made the contribution
have a total super balance below $300,000 at the end of the previous financial year
not used the work test exemption in a previous financial year.

Source: CFS

More super for eligible employees from 1 July 2023

Mon, 09 Feb 2026 06:38:23 GMT

Compulsory super contributions paid by employers went up in July. Here are 8 things you should know, including what it could mean for your take home pay.

Super contributions employers are required to make increased from 10.5% to 11% of an eligible employee’s before-tax salary or wages at the start of July.

These contributions are made under the government’s Super Guarantee (SG).

What is the Super Guarantee?

The Super Guarantee is a percentage of your before-tax salary or wages, set by the government, that your employer is required to contribute into your super.

The purpose of these contributions is to provide people with income during retirement, which you may receive in addition to the government Age Pension, depending on your situation.

Who’s eligible for SG contributions?

Full time, part time and casual employees, including temporary residents are generally eligible. So are employees under 18, as well as private and domestic workers, working more than 30 hours a week, in addition to some contractors.

Will the increase affect my take home pay?

If you’re paid your salary plus super, generally you won’t see a reduction to the money you take home.

If your pay package is inclusive of super, your employer may choose to reduce your pay to cover the increase in super contributions, or they may choose to cover the increase themselves.

Check your employment contract to see how changes may affect you.

What if I’m self employed?

Compulsory contributions aren’t mandatory if you’re self employed, so you could consider making voluntary contributions into your super.

If you make voluntary after-tax contributions into your super, you may be able to claim a tax deduction on these at tax time, in addition to other work-related expenses.

Are future SG rate increases expected?

The SG rate is scheduled to increase in increments and gradually reach 12% by 1 July 2025.

When are SG contributions paid?

SG contributions must be made at least four times a year on dates set by the ATO. Employers can choose to do this more frequently if they choose to.

From 1 July 2026, the government has proposed that all employers pay super at the same time they pay salary or wages. This is yet to become law.

How can I check I’m being paid the right amount?

Check your super statements, call your super fund or log into your super account to see what’s been paid.

If you haven’t received contributions from your employer and it isn’t resolved by your payroll team at work, you can submit an unpaid super enquiry with the ATO.

What other things should I be aware of?

If you’re nearing retirement, another thing that changed on 1 July this year was the transfer balance cap, which limits the amount of super savings you can transfer to a retirement pension.

The cap is currently $1.9 million, or less, if you started a pension before this date.

Source: CFS

Why do you need superannuation

Mon, 09 Feb 2026 06:38:14 GMT

When you’re just starting out in the workforce, it’s easy to see superannuation as money that’s not quite yours.

After all, if you’re focused on funding your lifestyle and saving for short term goals, retirement can seem a lifetime away; and seeing a chunk of your salary disappear into super every pay day can take some getting used to.

Generally you can’t access your super until you retire, apart from in limited circumstances such as redrawing voluntary contributions to buy your first home.

But once you get into your stride in terms of career and family goals, the long term benefits of super can start to take shape.

There are plenty of tax concessions that can help build your super balance, as well as the magic of compounding investment returns to help your retirement savings grow.

So even if retirement may seem a long way off, particularly if you’re one of the 29% of Australians aged between 20 and 39 ¹ , it pays to start planning.

The more you save, the more chance you’ll have to enjoy a comfortable retirement.

Enjoying a comfortable retirement

Australia’s compulsory super system gets us to set aside money to build our retirement savings, so we have an adequate income stream when we retire to maintain our standard of living. Super also reduces the strain on the public purse and safeguards the age pension for those who really need it in future generations.

Imagine a world without super. It’s nice to think we’d all make adequate provision for our retirement income. But the reality is many of us would struggle to prioritise our future selves over our more immediate needs.

So we’d end up forced to rely more on the age pension for our retirement income. And while we might not starve, we’d probably have to dial down our expectations and make some serious adjustments to our lifestyle – the kind of places we go on holiday, the kind of home we can afford to maintain, the kind of leisure activities we can enjoy, even the kind of food we eat.

This is why the Federal Government has built plenty of incentives into the super system, to encourage us to take control of our own destiny.

A low-tax environment…

Compared with the marginal rate you usually pay, super can provide concessional tax advantages at every stage – when you put money in, when you earn interest and when you eventually start to take money out.

And if you’re fortunate enough to have some extra money to put by, super can be a more tax-effective vehicle than a high interest account or investing outside super, where returns are taxed at your marginal rate.

…with compound investment returns

Tax is only half the story. As a long term investment, super can leverage the compounding effect of investing to grow your balance. Any money your super earns through its investments will be reinvested, aiming to create additional earnings over time.

The longer you save, the more interest you earn. So the earlier you start, the more you’ll stand to benefit.

Choosing the right type of super fund

There are plenty of funds out there and it can seem a bit daunting but they break down into a few different types.

Retail super funds – typically owned and run by financial services companies and open to anyone to join.
Industry super funds – some are only open to employees in a specific industry, while others are open to anyone.
Corporate super funds – typically arranged by a company for its employees. Some are operated by the employer under a board of trustees, while others outsource their operation to a retail or industry fund.
Public sector super funds – usually only open to employees of federal and state government departments.
Self managed super funds (SMSFs) – private superannuation funds managed by their members (one to six people).

Topping up your super

The foundation of most people’s retirement savings are super guarantee payments. In most cases, your employer has to contribute 11% of your before-tax income into a super fund. These payments are gradually set to increase to 12% by 1 July 2025.

But you don’t have to rely on the super guarantee alone. There are plenty of other ways you can contribute to your super.

And you can choose how you want your money invested. Most funds offer a range of investment options and asset classes – from growth to balanced, conservative and cash – depending on how much risk you’re prepared to take on to generate returns.

¹ Statista, Population distribution in Australia, by age

Source: AMP

Five facts everyone needs to know about life expectancy

Mon, 09 Feb 2026 06:38:06 GMT

With the life expectancy of Australians increasing over the years, most of us can assume we’re going to live longer than previous generations. But are our expectations on the money, or way off the mark? We bring you five important facts everyone needs to know about life expectancy.

Back when compulsory super started in 1992, living to age 80 was considered a long life. Fast forward thirty years, and improvements in medical care and living standards have seen our lifespan extend by over a decade. A 65-year-old today can expect to live well into their 90s and could spend over three decades in retirement.

Understanding your life expectancy is a crucial part of any good retirement plan. Living just a couple of years longer than you expect could leave you without enough income for later in life. But it’s not an exact science and no one really knows how long they’re going to live. However, you can make a more informed estimate with the right information. Here are five important facts you need to know about life expectancy.

#1 Many of us underestimate how long we’ll live

While a 65-year-old can expect to live well into their 90s, most retirees aren’t expecting to live that long. A survey conducted by Challenger in 2021 revealed that our expectations fall short by quite a few years.

On average, our survey respondents expect a 65-year-old male to have a life expectancy of just 82 years. Women aged 65, on the other hand, are expected to live longer and reach an average of 85 years. While these are our expectations about others, both men and women on average believe that they themselves will live to 85 years of age. This result isn’t surprising – a life expectancy of 85 years is a number widely published in many financial models. But for reasons we cover below, this number has some major flaws.

#2 Life expectancy numbers are based on a 50% success rate

Does a 50/50 chance of success feel like good or bad odds to you? Until very recently, the age of 85 was a convenient estimate of a typical lifespan. Not only is this estimate factually wrong, but it was based on only a 50% probability of being reached. The life expectancy of a 66-year-old female today, for example, is currently another 24 years to age 90. But in practice, around two-thirds of females of that age will live to anywhere between 81 and 99.

A retirement plan that gives you a 50% chance of success is probably not the financial security many people look for. Which is why relying on ‘average’ life expectancy may do more harm than good.

#3 Your life expectancy increases as you age

The Australian Bureau of Statistics (ABS) estimates that the life expectancy of an Australian male is 81 years and 85 years for a female. While these figures are correct, they include the deaths of people who die young from accidents or illness and can therefore be misleading when calculating life expectancies for retirees.

What many people don’t realise is that life expectancy isn’t a static number – it changes as you age. Once you’ve reached age 65, you are already a ‘survivor’ and will therefore have a higher life expectancy.

This trend continues as you enter your 70s, 80s and 90s. If we look at improvements in the mortality trend over the past 25 years published by the Australian Government Actuary, half of today’s 66-year-old men will live to at least 88 years of age, for women that age is 90. A male alive at age 90 can, on average, expect to live to 94 while a female can expect to live to 95. If you’re banking on living only until age 85, you could have another decade of living to fund.

#4 Most of us want to live longer than our life expectancy

While the survey revealed the average age we expect to live to is 85, most of us would like to live longer. On average, both women and men would like to live until 88 years of age.

While living longer might be great for our happiness, it might not be so great for our finances if we’re not prepared.

#5 Many retirees aren’t confident their income and savings will last as long as they live

Most people assume that they’ll spend less money in retirement. In fact, almost half (44%) the respondents said their level of spending today is about the same or higher than it was just before retirement.

It’s no wonder that almost a third of respondents (31%) don’t feel confident that their savings and income will enable them to maintain their current lifestyle. And 28% are highly concerned with the possibility of outliving their retirement savings.

Why uncertainty needs a safety net

Managing the very real risk of outliving your savings is probably the biggest challenge of any retirement plan. Income from super, such as account-based pensions, is generally not guaranteed – the payments stop as soon as your balance runs out. Income from investing in the share market is unpredictable. And for most of us, the Age Pension alone is not enough to live comfortably. So, what’s the answer?

One way to plan for the unknown, is to have a regular lifetime income stream, such as a lifetime annuity, as part of your retirement income plan. Adding a lifetime annuity to your retirement portfolio can boost your safety net income with regular income for life, helping to give you confidence that you can pay for your essential expenses to 100 years and beyond.

Feel confident in your retirement income

A lifetime annuity gives you a regular monthly income, no matter how long you live. Speak to your financial adviser to see if a lifetime annuity could work for you.

Source: Challenger

How to budget as interest rates rise

Mon, 09 Feb 2026 06:37:55 GMT

Having a solid budget is crucial to building financial resilience and as rising rates continue to put pressure on household finances, it could help to look at ways to save more and spend less.

With Australia being one of the most highly leveraged countries in the world1 and the average mortgage for owner-occupied properties is just over $600,0002 – any increase in home loan repayments could see millions of householders scrambling to pay the bills.

Fortunately, there are ways you can help to relieve the stress on the household budget and build financial resilience.

If you have the flexibility, you could adjust your home loan – either by fixing part of your mortgage to reduce the impact of further rate increases or by reducing your repayments if you’re paying more than the minimum required (although bear in mind this means you’ll take longer to pay the loan off and pay more interest over the life of the loan – so, in the long run, this may not benefit you).

Or you could look at where you might be able to make other savings in your household and personal budget.

Three steps to creating a budget

Spend less, save more. It sounds easy but it can be tough to find ways to cut back, particularly when you need to allocate more of your income to mortgage repayments.

The best way to start is creating a budget.

A budget is a great way to set down how much you’re spending (your outgoings) and how much you’re getting in income (your incomings).

Calculate your income. Include everything – any money you earn from an employer, any money you receive from the government and any money you earn from investments.
Work out your expenses. Look at what you spend and don’t miss anything out – you might be surprised at what you could cut back on. From council rates, gym memberships, insurance to daily must-haves.
Use an online budgeting tool such as MoneySmart’s Budget planner – it can help you work out where your money is going.

Ways to cut your spending

You could divide your spending into different buckets – essentials like home loan repayments, grocery bills, utilities, transport and medical expenses – and discretionary spending like eating out, travelling and leisure activities.

Whether it’s regular payments or your entertainment spend, there could be ways to save more as interest rate rises start to bite.

Instead of looking at your budget and feeling overwhelmed, see it as an opportunity to help shape a happier future and keep you on track to reach your financial goals.

Could you shop around for a better deal on utility bills like gas, electricity and water?
Could you drive a bit less or even consider whether you need a second car if you have one? Think of all the petrol and tolls, it all adds up.
Could you shop at a more affordable supermarket or buy in bulk to make savings?
Could you cut back on paid subscription services in favour of free TV-on-demand services like ABC iView?
Could you take advantage of cheaper deals when going out like midweek specials at local cinemas and restaurants?
Could you look at cancelling memberships you’re not using in favour of cheaper options – instead of the local gym you could take up cycling or running.
Could you manage any other debts better by consolidating them into a single loan so you’re paying less interest?
Could you shop around for cheaper health insurance and consider generic brands with any medications?

Other items to consider

Quarterly, yearly expenses that pop up such as council rates, strata, car/contents/house insurance. These bills come around all too fast and it’s important to be prepared for these larger expenses.
Remember your furry friends and their expenses to, from food to vet visits and pet insurance.
Physio, dentist, chiropractor, health check-ups.
Wedding, birthday and Christmas expenses.

It’s a good idea to set up direct debits and digital payments, so you have an electronic record of spending. Setting this up the day you get paid from work means you won’t default on your regular repayments.

Reviewing your budget

Make sure you review your budget regularly, there are always other expenses that creep up and changes in circumstances such as

Getting a new job or promotion
You have a baby
Saving up for a holiday
Being made redundant
Getting married or divorced
Repairs and servicing

When reviewing, take note that you may find that some seasons there are more expenses than others and there are irregular expenses that you didn’t initially consider.

We’re here to help

If you’re worried about your home loan repayments increasing or experiencing financial stress, please let us know. The best thing you can do is to reach out early, as soon as you’re able. We will listen, take the time to understand your situation, and support you to sort through the challenges.

OECD, Household debt 2022

Borrowing big: Australia’s average mortgage size is now just shy of $600,000. Mozo. 19 Jan 2022

Source: AMP

How to upsize your super with a tax-free downsizer contribution

Mon, 09 Feb 2026 06:37:47 GMT

Did you know from age 55, you may be eligible to make a super contribution of up to $300,000 using the proceeds from the sale of your home?

Downsizing your home in retirement could have several upsides – some money in your pocket, less maintenance, and depending on your new location, greater convenience.

If it’s something you’ve thought about, particularly if you’d like more savings to fund your retirement, the government’s downsizer contribution scheme may be of interest.

Here’s what’s involved, what the potential benefits may be, and what you should consider.

What are the benefits of downsizer contributions?

1. Top up your super tax-free

Downsizer contributions may provide a timely opportunity for a tax-free top up of your super savings to provide extra income in your later years. No tax is paid when deposited into your super account, and you can also withdraw it tax-free later on.

2. Standard contribution caps don’t apply

Downsizer contributions don’t count towards your concessional or non-concessional contribution caps. However, they are limited by what you make on the sale of your home and are subject to a cap of $300,000 per person. Downsizer contributions can be made regardless of how much money you already have inside super.

3. There is no work test or age limits

No work test or upper age limits apply. This is particularly helpful if you’re aged 75 or over, because outside of downsizer contributions, you’re unable to make other voluntary contributions at this age.

4. You don’t have to buy a new home

If you sell your home and choose to make a downsizer contribution, there’s no requirement for you to purchase another home with the proceeds from the sale.

5. Both members of a couple can contribute

Both members of a couple can take advantage, which means up to $600,000 of the sale proceeds (maximum $300,000 per person) can be contributed into super.

What eligibility criteria applies to downsizer contributions?

You must be aged 55 or over at the time you make the contribution.
The home must have been owned by you or your spouse for at least 10 years immediately prior to the sale and must’ve been your primary residence at some point.
Your home must be in Australia and cannot be a caravan, houseboat or mobile home.
You can only make a downsizer contribution from the sale proceeds of one home, so you can’t access the scheme again for the sale of a second home.
Your downsizer contribution must be made within 90 days of the time the change of ownership occurs, which is usually the date of settlement.

To view the complete list of eligibility requirements, visit the ATO website.

What other things should be consid ered?

Moving from your current location

What costs are involved, such as real estate charges and legal fees when you sell your home. Buying a new home can also mean further legal costs and things like stamp duty. You may also be up for strata fees if you plan to move into an apartment or townhouse.
How much your current home is likely to sell for. You may want to get a professional valuation from a property valuer.
Where you want to move to, considering what type of lifestyle you want to live, how far you are from family and friends, and how close you are to shops, transport and healthcare.

Potential impacts on Age Pension entitlements

The value of your main residence is excluded from the Age Pension assets test while you live in it. However, if it’s sold and the proceeds are added to your super, the value of your downsizer contribution (and any other super you have) will be included in the assets test once you reach Age Pension age and may reduce your pension benefits.

The transfer balance cap

The transfer balance cap limits the amount of super savings you can transfer into a retirement pension, and downsizer contributions aren’t exempt from this cap.

Your personal transfer balance cap can be up to $1.9 million, depending on how much of your cap you’ve already used, if any. You can check out your transfer balance cap info via the ATO section of your myGov account .

Downsizer contributions aren’t tax deduct ible

Downsizer contributions are tax free, but they aren’t tax deductible like some other types of super contributions.

How can you make a downsizer contribution?

If you’re eligible, you’ll need to complete the Downsizer contribution into super form from the ATO and submit this to your super fund before or with your contribution.

Where can you find more info on downsizer contributions?

There are a lot of rules around downsizer contributions and the government’s Age Pension if you’re eligible for it, so if you’re thinking about downsizing, it’s a good idea to talk to your financial adviser.

Source: CFS

When you need a will and who can help

Mon, 09 Feb 2026 06:37:37 GMT

Wills aren’t just for later in life and you should really have one when you start earning. And as money and family matters can be complex, it makes sense to get help.

Who needs a will anyway?

A will is something you might think you only need once you’re a millionaire or close to retirement but it’s important to get your will – and your whole estate plan – organised as soon as you start earning money of your own. Why? Because when you’re on the payroll, your super savings will soon start adding up and without sorting out an estate plan, you can’t be sure your assets will be passed on to the right people when you die, including your super savings.

Perhaps you’re on your fourth or fifth or even your 20th job by now and still don’t have an estate plan. It probably isn’t keeping you up at night but there could be other triggers and life stages that make your estate plan far more important:

Buying a home – having a will makes it crystal clear what will happen to a home you own when you die. You may want to make sure loved ones can continue to live there or have this part of your wealth passed on to the right people.
Having kids – your will isn’t just about money, it’s also about people. If you have children, a will can help to make sure they’re looked after and cared for by the people you have chosen if the worst were to happen.
Getting married or moving in together – sharing your life with a partner often means sharing wealth too. Whether you’re married to your significant other or not, it’s important to make sure they’re looked after if you die, along with anyone else you want your wealth to go to.
Separation and divorce – when relationships end, money matters can get tricky. No matter how simple and amicable things are, an estate plan is an important way to make sure wealth and assets are passed to the people you choose, particularly if there are new partners and/or children involved.
Your parents die – when your parents die with a proper estate plan, transferring their wealth is going to be easier to manage. If they don’t have one, you and any siblings can get caught up in a long and expensive process of sorting everything out. It’s a big reminder of why a good estate plan is so important to the ones you love.

Making a will

A will is a very important legal document. It covers what you want to happen to your assets – like cash in the bank, shares, investments or properties you own and any personal items.

In your will you’ll need to include who you want to be your executor. This is the person (or it can be an organisation) who will carry out the instructions in your will. This person is making a big commitment of their time as well as taking responsibility for distributing assets, communicating with everyone and carrying out your wishes according to your will. They’re also going to be the one dealing with any issues that come up if there are disputes about your will.

What happens if you don’t have a will?

When someone dies without a will, it’s called intestacy. The intestacy laws of the relevant state or territory will determine how assets are divided and who they go to. Getting this sorted will usually involve a fair bit of work with lawyers who’ll often be working based on an hourly rate. There’s potential for these legal costs to add up over time and it can sometimes take years to resolve things, particularly for complex estates and family situations.

This is why it will probably cost a lot more to sort things out if you die without a will than it costs to put a will in place now. Basically, making your will now is cheaper and less stressful for your loved ones than dying without one and it gives you the chance to have a say in what happens to your money when you’re gon

The dangers of DIY

There are plenty of DIY wills available – from hard copy kits to online forms – but they’re not for everyone. If your situation is simple – no partner, no kids, limited wealth and assets – then a good online service might be enough for you to come up with your own estate planning documents but for a lot of family situations and estates, online and DIY wills just aren’t going to cut it. A dynamic form, no matter how well it’s put together, can’t help you understand the tax implications of how your money is shared out, for example.

A DIY solution can also get tricky when it comes to executing your will. You’ll probably get detailed instructions for how to do this but if they’re not followed to the letter, your will might not be legally binding. This may leave your loved ones in the same situation as if you didn’t have a will at all.

Your will is just part of the plan

Your will isn’t the only part of your estate plan you need to get organised. Your super isn’t always passed to your loved ones through your will so you’ll need to make a separate arrangement for this – it’s called a beneficiary nomination. If you have life insurance in your super account you’ll also need to make arrangements for nominating beneficiaries with your provider.

Another part of your estate plan to think about organising is your enduring power of attorney. This is where you choose someone to act on your behalf and make certain choices if, for example, you’re unable to do this for yourself. If you have an accident or fall ill, your attorney can look after your financial affairs and get things done for you.

You can also arrange a separate medical power of attorney to make choices on your behalf about your medical and lifestyle needs if you are unable to make these decisions for yourself. This document goes by different names depending on which state or territory you’re in.

It’s clear that choosing an attorney in your power of attorney is a serious business. You need someone you can trust to make decisions with your best interests at heart. They’ll also need to have the time and know how to follow up on things like getting your bills paid, signing papers or maybe even arranging to sell assets on your behalf.

Save time and money by getting help

Getting a will or estate plan done properly isn’t as expensive or difficult as you might think. Particularly if you get your super fund to help you out. They often have resources online and some funds offer estate planning services to members too.

If you need help with your estate plan, contact us and we will help you start your estate planning journey.

Source: IOOF

Elder financial abuse

Mon, 09 Feb 2026 06:37:28 GMT

Elder financial abuse can happen to anyone at any time. Learn how to recognise the signs and equip yourself with the knowledge to minimise the risk of it happening to you.

What is elder financial abuse?

Elder financial abuse can be defined as someone you know using your funds or assets to your detriment. This could include:

Stealing, taking or ‘borrowing’ your money without your knowledge or consent and with no intent to pay back the money.
Forging your signature or impersonating you.
Misleading you or forcing you to sign a document.
Withholding or controlling your funds or preventing you from accessing your funds.
Using your money for purposes other than what you wanted.
Deceiving, coercing or unduly influencing you to change or sign a Will, Deed or Power of Attorney.

Who commits elder financial abuse?

Unfortunately, elder financial abuse may involve family members or it could also be an acquaintance or a stranger that has befriended you. Families may sometimes enter into informal agreements which can unintentionally cause risks of abuse. Family members can pressure you into giving them money for their own benefit or to make decisions which aren’t best for you.

Relatives or close friends may also believe that they will, or should inherit assets or finances, and therefore feel a sense of entitlement to access your funds in advance. They may also feel the need to protect their inheritance (or perceived right to an inheritance) from expenses incurred by you, even if these are necessary for your wellbeing, such as the cost of aged care.

Your abusers may begin with honest intentions but later engage in abuse triggered by certain events, such as financial stress, family conflict, gambling, drug, alcohol abuse or other addiction issues.

In any case, elder financial abuse is never acceptable. There are steps that you can take to help protect yourself and it’s important to be aware of the warning signs and act when you feel something may not be right.

What are the warning signs that I may be experiencing elder financial abuse?

It may not always be clear if you are the victim of elder financial abuse. Below are some warning signs to look out for:

Absence of mail such as bank statements.
Unexplained transactions on your accounts such as withdrawals.
Being coerced into making decisions that may not benefit you, for example, early withdrawal of a policy.
Pressure to make changes to a Will, Power of Attorney or giving some one third party access to your accounts.
Feelings of isolation or experience of threatening behaviour.

What can I do to protect myself?

To help you protect your financial future, create a support network to help you when you may not be able to deal with your financial affairs.

Choosing people you can trust, who have your best interests at heart and the right capabilities is very important. People you can consider are:

Friends and family
Legal advisers
Financial advisers
Accountants.

You can also take the following steps to protect yourself:

Stay in touch with people you trust and don’t be afraid to talk about any concerns you may have.
Learn to recognise and avoid scams.
Regularly check account statements for any transactions you do not recognise.
If you lend money to someone, make a written note and plan of repayment with them.
Never sign documents you don’t understand.
If you can, get independent and confidential legal or financial advice.
Ask someone you trust to check that the person managing your financial affairs is doing so in your best interest.

Who can I contact if I suspect I am being taken advantage of?

There are many organisations that can support you if you think you are experiencing elder financial abuse:

Source: Challenger

Organisation

Service

Contact

1800 ELDERHelp

1800 353 374

Free and confidential helpline for advice and information on elder abuse.

Aged Care Quality and Safety Commission

A free service for anyone to raise concerns about the quality of aged care services subsidised by the government.

1800 951 822

1300 300 630
www.moneysmart.gov.au

ASIC Moneysmart

Free advice on how to manage financial affairs to all Australians.

Provides leadership in social policy and community information and education for all older persons in Australia.

Council on the Ageing (COTA Australia)

02 6154 9740
www.cota.org.au

1800 100 500
www.dementia.org.au

Dementia Australia

Advocates for people living with all types of dementia and for their families and carers.

1300 654 314

Legal Aid ACT

1300 888 259

Legal Aid NSW

1300 651 188

NT Legal Aid Commission

Legal Aid Commission SA

Free legal support to Australians across different states.

1300 366 424

1300 366 611

Legal Aid Commission TAS

Victoria Legal Aid

1300 793 387

Legal Aid Western Australia

1300 650 579

Getting married – managing your money as a couple

Mon, 09 Feb 2026 06:37:19 GMT

Making a commitment to share your life with another person is a significant milestone and there is a lot you can do to manage your money as a couple.

The earlier you start having conversations about your shared finances, the easier it is to establish shared goals and strategies to reach them.

Personal insurance and health insurance as a couple

When you become a twosome, it’s important to look at some insurance. You may choose to take out health insurance as a couple. It could mean saving on premiums though be sure to check if any penalties apply if you bail out of your current health fund. Compare health insurance products at the Federal Government’s Private Health website.

Be sure to review your personal insurance cover too. You need to be confident you both have sufficient cover in place to allow your other half to be financially comfortable if anything were to happen to you. This is especially important if you take on major commitments like a home loan or start a family.

Organise your will

None of us like to consider our own mortality – especially if you’re about to get married but having an up to date will is essential when you are part of a couple.

Your solicitor is probably the best person to draft a legally binding will. It may not be a good idea to rely on do it yourself will kits as there is too much at stake if any aspect of your will is not legally binding.

Your superannuation is normally distributed directly to your dependents (e.g. spouse or children) after you die and does not form part of your estate. Thus where eligible, you should complete a binding death nomination and lodge it with your super fund to state quite clearly who you would like to inherit your super. Your will should still make allowance for your superannuation.

Saving for a honeymoon

It makes sense to start saving for a honeymoon as soon as you decide to tie the knot. This gives you more time to tuck money aside so you won’t have to turn to a personal loan or credit card to pay for your trip.

Decide where you would like to go, compare prices for accommodation, airfares and other costs like dining out, day trips and souvenirs to arrive at a total cost for your honeymoon. Now, work out how much you need to set aside regularly to meet the cost before your head off.

There is an option of seeing a financial adviser as a couple

Working with a financial adviser can be a great way to help understand each other’s financial goals. Your adviser can assist you create a joint financial plan that lets you work together to achieve your shared dreams.

¹ MoneySmart questionnaire, December 2013, 400 online respondents – https://moneysmart.gov.au/family-and-relationships/getting-married

Changing your last name

If you plan to take on your spouse’s name, you will need to apply to the office of births, deaths and marriages in the Australian state or territory in which you were married. Once you receive your formal marriage certificate, be sure to notify your key financial institutions of your name change.

Single or joint accounts?

There is a variety of ways you and your other half can manage your combined finances. Some couples choose to keep their money entirely separate, others pool everything together but for many couples it’s a case of achieving the best of both worlds by having individual accounts as well as a joint account.

Often couple would open a joint account to use the money for things such as shared household bills and limits on the amount the couple can each withdraw without first discussing it with the other half. Consider having two signatories for withdrawals. It’s not always practical, though it will protect your stake of the account balance if the relationship hits a rift.

You may not want to give up your financial independence entirely. Maintaining an account in your own name means you could have more control over how you spend your money.

Whatever works for you as a couple.

How much does a wedding cost?

The sky is the limit when it comes to weddings and while Australians spend an average of $36,000 ¹ on their wedding, you could get away with far less or spend considerably more. The key is to plan ahead and aim to pay for as much of your wedding as possible up front. The last thing you need is to head into married life laden down with debt.

Setting your wedding budget

No matter whether you want your wedding to be a blockbuster celebration with hundreds of guests or a small intimate affair, it makes sense to establish a wedding budget. Not only does this let you manage the cost of the wedding, it helps pinpoint areas where you could cut back to have a bit more to spend on other aspects of your special day.

Your wedding budget can also form the basis of your ‘to do’ list to ensure nothing is overlooked.

Tips to save for the big day

Make key bookings early . Like your wedding venue and reception and explore options of payment (e.g. pay the cost gradually, pay up front).
Lay-by your wedding gown or men’s attire . It’s a way to avoid interest charges or think about a pre-loved gown to enjoy big savings (after all, it’s only been worn once before).
Consider holding your wedding on a weekday . You’ll pay far less for a reception than if you get married on a weekend.
Open a high interest savings account . It’s a great place for you and your partner to grow a wedding fund.
Ask friends and family to fund a particular aspect of your wedding in lieu of a gift . Small contributions quickly add up, like paying for invitations or the groomsmen’s corsages. It makes your wedding affordable and helps the people who matter to you get involved – and you won’t be lumbered with half a dozen electric fry pans as gifts.

Source: BT

Help your retirement funds last the distance

Mon, 09 Feb 2026 06:37:10 GMT

Retirement is a time that many Australians eagerly anticipate, providing plenty of time to pursue hobbies, do more travelling, or simply kick back and enjoy the fruits of your labour. We will outline key strategies to help boost and preserve your retirement savings, to help you achieve longterm financial security throughout your golden years.

It’s never too early to start saving

When you’re in your 20s or 30s, retirement could scarcely be further from your mind, which is understandable. However, not giving it due consideration is to miss an opportunity to ensure that your retirement could be a very comfortable one.

The power of compounded returns cannot be overstated and the longer your funds have to grow, the better.

Take advantage of super accounts, which offer tax advantages when making additional contributions.

Contributing even a little more to your superannuation fund than the legally mandated amount throughout your working years can significantly boost your retirement savings.

Diversify your investments

Diversification is a fundamental principle of successful investing and it is important during retirement, as you most likely will not have the same earning potential you had during your working life to recover any losses incurred from investments.

Spreading your investments across different asset classes, such as shares, bonds, real estate and international investments helps mitigate risks and protects your portfolio against market volatility.

Setting up an investment portfolio can be fairly straightforward if you do a little research but if you don’t feel comfortable doing so independently, consult with a financial expert. They can help you design an investment strategy that’s aligned with your risk tolerance and financial goals.

Create a realistic budget

To make your retirement funds last, create a realistic budget and stick to it. Work out your total ongoing expenses, such as housing, healthcare, utility bills and daily living costs. Factor in discretionary spending for travel, hobbies and entertainment.

Be mindful of your lifestyle choices and ensure your expenses fall within your available resources. Consider tracking your expenses using budgeting tools or mobile apps to monitor your cash flow and identify areas for potential savings.

Minimise debt

Carrying debt into retirement can place a significant strain on your finances. Prioritise paying off high interest debt, such as credit cards and personal loans, before retiring.

Minimising (or better still, eradicating) debt not only reduces your financial obligations but also provides peace of mind.

Develop a debt repayment plan and consider working with a financial expert to manage your debt management strategy, so you can minimise the amount of interest you have to pay.

Consider longevity and healthcare costs

Increased life expectancies mean retirees need to plan for the potential of a longer retirement. Medical expenses can be a significant financial burden, so you must factor in healthcare costs when planning for retirement.

Research and understand your healthcare options, including Medicare and any private health insurance. Consider setting aside funds specifically designated for healthcare expenses, including longterm care, to ensure you are adequately covered for any medical needs that may arise.

Continuously monitor and adjust

Financial planning doesn’t end when you retire. Regularly review and adjust your investment portfolio based on changing market conditions and your evolving financial goals.

Stay abreast of new investment opportunities and seek professional advice when needed. Monitor your spending patterns and adjust your budget, as necessary.

Keeping a proactive approach to your finances will help ensure that your retirement funds are being utilised optimally.

Downsize or relocate

Consider downsizing your home or relocating to a more affordable area to reduce housing expenses and potentially free up extra funds for retirement.

Part time work

Many people prefer not to have a complete full stop on their working life, instead opting to continue working on a part time basis. For some, this may be an economic necessity to bolster their income, while for others, they do so just to keep active and productive.

Whatever your situation, exploring part time work opportunities during retirement can supplement your income and reduce the amount you need to withdraw from your savings. If you are on the government pension, you can earn a certain amount of income before your pension is impacted.

Prepare for unexpected expenses

Set aside an emergency fund to cover unexpected costs during retirement, such as home repairs. This will help prevent you from dipping into your retirement savings.

Stay informed and adapt

Stay updated on changes in tax laws, retirement policies, and economic conditions that may impact your retirement savings. Be prepared to adjust your strategy accordingly to make your savings last.

Making your retirement funds last the distance requires careful planning, discipline and adaptability. By starting early, diversifying your investments, creating a realistic budget, minimising debt, considering healthcare costs, and continuously monitoring your finances, you can set yourself up for longterm financial security.

Seek professional advice from financial planners and stay informed about the latest retirement strategies.

Source: MLC

How to invest responsibly and ethically

Mon, 09 Feb 2026 06:37:00 GMT

If you’d like your money to make a difference to the world as well as your future, responsible investing may be for you.

Almost 9 in 10 (89%) Australians feel it’s important their financial institution invests responsibly and ethically across the board1.

Ethical, social and governance (ESG) investments accounted for $1,281 billion, or 40%, of assets under management in Australia at the end of 20202, growing at 15 times the rate of the overall investment market.

What is responsible investing?

As we continue to battle the extremes of bushfires, drought and floods, consumers are increasingly looking for investment managers to take into account ESG issues as well as financial performance.

While environmental concerns are a hot topic, ESG investing also encompasses social issues, as well as how companies make decisions and manage risks.

Environmental issues – climate change, carbon emissions, waste production, pollution, management of natural resources.
Social concerns – working conditions, human rights, community engagement, health and safety, employee relations, diversity.
Governance of companies – executive pay, political lobbying, bribery and corruption, board diversity and structure, tax strategy.

How does ESG investing work?

There are plenty of ways investment managers incorporate ESG into their processes – two common methods are negative and positive screening.

Negative screening is where investment managers exclude companies or sectors based on specific ESG criteria for example those involved in controversial or unethical business practices, such as human rights abuses, animal testing or selling harmful products like firearms and tobacco.
Positive screening is where investment managers look for companies or sectors with a strong record in positive solutions and sustainable practices such as renewable energy.

How ESG investing can influence returns

A common concern about responsible investing is that incorporating ESG factors into the investment process, or screening out certain companies, may compromise investment performance. But recent research shows responsible investment can make financial sense, with ESG assets under management matching or outperforming mainstream funds over most time frames and asset classes ³ , despite the impact of COVID-19.

One thing to be aware of is many of these investment options are still relatively new so their longterm performance is hard to gauge at this stage.

What ESG investment options are out there?

If you’re looking to contribute to positive change in the world, the good news is there’s more choice than ever.

The Responsible Investment Association Australasia has now certified over 200 responsible investment products.

But there’s still some way to go to match investment options with consumer preferences. As well as fossil fuels, consumers tend to care most about human rights abuses and animal cruelty, while investment managers offer products that most commonly exclude tobacco and weapons.

How to get started with responsible investing

If you’re considering making the change to ethical investing, or you’re keen to see how your current investments stack up, here are some steps you can take to get started.

Think about what’s important to you – everyone’s values are different so identify the areas where you don’t want to see your money invested and the areas where you could put your money to make a positive impact.
Ask where your money is invested – a good place to start is online, where many super funds or investment managers have information about sustainability and ESG.
Do your research – there are many responsible and ethical super funds, investment products and fund managers out there.
Ask for help – if you need assistance finding out what you’re invested in or how to access more ethical investment options, ask your financial adviser.

¹ Responsible Investment Association Australasia, From values to riches 2020 Charting consumer expectations and demand for responsible investing in Australia p5

² Responsible Investment Association Australasia, Responsible Investment Benchmark Report 2021, p7

³ Responsible Investment Association Australasia, Responsible Investment Benchmark Report 2021 p10 figure 10

Source: AMP

Term deposit vs savings account: what’s the difference?

Mon, 09 Feb 2026 06:36:51 GMT

Term deposits offer certainty and savings accounts offer flexibility. Here are some other common features and benefits of each.

Putting your money into a savings account, or in the alternative, a term deposit, are two common methods of saving. Working out whether either of these options are right for you depends on your personal and financial circumstances, as well as your savings goals.

To look at this simply, a separate savings account where your money is readily accessible might be useful for a shortterm goal. A term deposit, where your money may be tied up for a longer period of time in return for generally higher interest, could be a more suitable option for a longer term goal.

Term deposits

Term deposits work by locking your money away for a certain timeframe (or ‘term’) in exchange for a fixed interest rate return at the end of that term. A general rule of thumb is the longer the term, the higher the interest rate. Terms vary, but usually range from as short as one month to as long as five years.

They’re worth considering if you’re looking to get an exact amount by a certain date and don’t need to access the money before the agreed term ends.

When should I open a term deposit?

Term deposits can be useful when you’re looking for certainty about the rate of interest your money will earn. So, if your goal is to buy a car but you want to wait until the end of the next financial year to grab a bargain, you might plan for a term deposit that matures around then.

Savings accounts

Savings accounts are more flexible than term deposits. A savings account can be useful when you want to put your money away and have it earn some interest with the peace of mind that you can also access your funds as and when you need to.

Pros

You can deposit or withdraw money at any time.
You may be able to link to an everyday transaction account.
Interest rates may rise, giving you a greater return on your initial deposit.

Cons

Interest rates may fall, giving you less than you expected at the outset.
If you withdraw funds you may lose interest for that month, or whatever length of time applies to your account.
You may be required to make minimum monthly deposits to earn bonus interest rates.
You may need to maintain a certain balance to avoid any potential fees or loss of interest rate benefits.
Some savings accounts may limit access to money to encourage you to save, through no debit card or ATM access.

Interest rates on savings accounts

Standard savings accounts usually offer low fees and immediate access to your money but you may get a lower interest rate compared to a term deposit.

Interest rates are quoted per annum, applied as a percentage to the money you have in your savings account on a daily basis and credited monthly.

As the name suggests, high interest savings accounts typically have higher interest rates but there may be penalties for withdrawing your money before a set period of time has passed, or if you don’t meet the required number of debit card purchases or ongoing minimum deposit requirements.

What to consider before opening a savings account?

There are a number of things to consider:

fees charged
interest rates
how accessible your money is
whether you can set up an automatic direct debit
whether there’s a minimum amount you need to deposit each month.

There’s a variety of savings accounts in the market so use this checklist to help find the right savings account for your situation.

How fees compare

Term deposits usually come with no setup fee. However, if you need to withdraw your money before the maturity date, you’ll likely have to give notice in advance of your withdrawal and pay a fee or earn less interest.

Some savings accounts attract setup fees and may also include anything from monthly account keeping fees to withdrawal fees. So, when it comes to comparing accounts, make sure you’re across any potential fees or charges your provider may apply to your account.

Interest rates on term deposits

With a term deposit, the length of the term has a corresponding interest rate. You can choose the term, or the length of time you want the account for and the amount you want to deposit based on your needs.

Pros

There is more certainty involved with the return on term deposits than most savings accounts as the interest rate is guaranteed.
Usually, these accounts come with no setup fee. They often offer a higher rate of return to compensate for your money being out of reach for the entire duration of your term.
They’re a set and forget way of saving, so you don’t need to worry about fluctuations in the Reserve Bank of Australia’s (RBA) cash rate.
If interest rates fall during that time, you’re likely to do relatively well with a locked in rate.

Cons

If the cash rate rises, you won’t be able to obtain the benefit of that increase for your term deposit.
Your money is locked away for the full term.
You’ll have to give notice to access it early, usually around 31 days.
You’ll have to pay a penalty fee or earn less interest if you take your money out before the end of the term.
A minimum initial deposit is required, which can vary widely.
There’s no option to top up funds once you’ve opened a term deposit.

Source: AMP