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The Divorced Mum Financial Survival Guide


Post Divorce Recovery Strategies:
Divorced Mums Financial Survival Guide

Divorce can be a devastating experience but when combined with the increased financial pressures it can often be too much to bear. Hasty decisions about assets are often made during the post-settlement period of turmoil which can lead to undesirable investment outcomes for both parties.

Of course, divorced Mums face a unique set of circumstances than divorced Dads which is why this article has been written specifically for divorced Mums and the challenges they face (to read the Divorced Dads survival guide click here).

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The Divorced Dad Financial Survival Guide

Post Divorce Recovery Strategies:
Divorced Dads Financial Survival Guide


If we were to run a competition for divorced Dads, with the winner being the one who made the most financial mistakes during divorce, the field would be enormous and the stakes are high. It’s sad, but true.

Most Dads make mistake after mistake with financial settlements and they need help. This article is written specifically for divorced Dads and the many challenges they face in their post-divorce recovery (don’t worry, we’ll return to cover the specific and very different issues facing divorced Mums in a future article).

Regrettably, I can’t patch up the differences that contributed to the end of your marriage but what I can do is make sure that both parents are afforded every opportunity to recover to their best possible outcome financially.

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CIA’s June 30 – Tax Tips – Boosting Your Tax Returns!

CIA’s June 30 – Tax Tips – Boosting Your Tax Returns!  

For Business the biggest TAX news from the BUDGET was that Mr Frydenberg announced the government would be extending temporary full expensing and temporary loss carry-back (to the year 2019) for an additional year until 30 June 2023.   Further, Mr Frydenberg said the government will deliver more than $16 billion in tax cuts to small and medium businesses by 2023-24 with around $1.5 billion flowing in 2019 20. This, he said, includes reducing the tax rate for small and medium companies, from 30 per cent in 2014 15 to 25 per cent from 1 July 2021.  

Prepay your expenses where you can and don’t be too hasty getting out your invoices prior to June 30 even more so if it’s been a great income year. Its also a great time to purchase a business asset of any value to really boost your returns (or lower your tax bills!).  

Stocktakes can be counted on Cost price, Replacement Price or even Actual values which is one of our greatest tax planning tools for those that carry stock. Get counting!    

For Employees make sure you have paid for all your work-related expenses prior to June 30. Try to bring costs forward when you’ve had a great income year to smooth the tax pains.  

Don’t forget – Sunglasses, Hats and Sunscreen for taxpayers that work in any outdoor occupation (including driving) they are tax deductible – Keep the receipts!  

Claim Everything This one each year is a bit tongue in cheek, though correctly claiming expenses is our expertise. Your job is to think of absolutely anything that has a connection with your incomes and let us measure the appropriateness of claim.    

For Investors with repairs and maintenance on investment properties?Consider bringing forward so you can enjoy your tax deduction in the current financial year amongst other costs!  

Pre-paying interest Say,on a loan of $300,000 it may cost $12,000 but it could get you up to $6000 back as a tax refund this year. Requires a negotiation with your lender!!    

Made a capital gain during the past year, for example, the sale or part sale of a business (including investments the business has made), shares or a property. If the answer is a ‘yes’ then you should be thinking about your options for managing the CGT liability. Start by looking for capital losses (not hard at the moment) to offset the CGT liability (or losses carried forward from prior years) and consider selling out losses before June 30 to offset gains – call to discuss.  

Medicare levy surcharge & Private Health Insurance Rebate thresholds For the rates of Medicare levy surcharge that applies or the amount of rebate you are entitled to see the rebate and surcharge levels applicable are:


Superannuation Whilst there are no major changes for 2021 tax year the scheduled ones are going ahead.   The Superannuation Guarantee rate is increasing to 10%, effective 1 July 2021   From July 1st 2021 the concessional cap into super rises to $27,500 which includes super SG and salary sacrifices. Don’t forget personal super contributions can also be claimed as a deduction under the same limit.   For under 67’s they may be able to also contribute $300,000* Non-Concessional all at once.   For over 67’s they will need to pass the work test and be restricted to $100,000. Forget about it over 75 sadly.   The limits rise to $110,000 annually and $330,000 for 3 years (below 67’s) from 1 July 2021    

Superannuation has become so complex We recommend that you never contribute until you’ve cleared it with your advisors first.  

Super contributions to be claimed in this tax year they need to be paid WELL before June 30 (i.e., by mid-June – Do it Now!) and yes in many cases you should contribute to super for example; An average earner saves around 20% of tax on their contribution so even if they put the money into the safe cash option of the fund, they have already had one great investment year! However, if you are bit on the younger side burdened with a lot of bad debt then speak to us about doing the numbers on super contributions before you do.   

Make larger super contributions if you haven’t used all of your concessional cap in an earlier year. If you make or receive concessional contributions (CCs) of less than the annual concessional contributions cap of $25,000 pa, you may be able to accrue these unused amounts for use in subsequent financial years. Unused cap amounts can be carried forward for up to five years before they expire.   2018/19 was the first financial year you could accrue unused cap amounts. To be eligible to make catch-up CCs, your total super balance at the prior 30 June must be below $500,000.  

Superannuation Co-contributions for super is something you should still DO. Up to a 50% matching rate on up to $1,000 of after-tax contributions, so a maximum amount $500 FREE from the ATO into your super!! Income thresholds must be below $54,837  

Superannuation Pensions remember, you need to have made your annual drawdowns by June 30 and the good news for 2020 and 2021 the minimum amount to drawdown has been halved. Maximum drawdown limits are unchanged.  

Superannuation Spouse Contribution of $3000 The amount of the offset is 18 per cent of the spouse contribution you make (max. offset of $540) reducing your own tax. Spouse income must be under $37,000 to get the full offset, then it gradually reduces to zero at $40,000. Again, there are always other conditions so check with CIA first or your Superfund to avoid disappointment.    

CIA tax run a weekly MONEY series on Ticker Tv – Make sure you are following CIA tax on YOUTUBE to stay right up to date (link is top right on our home page – the play button – or contact us for a link).

Australian Federal Budget 2021/2

CIA tax’s review: Australian Federal Budget 2021/2

“Securing Australia’s Recovery”

Anyone else remember the good old days when it was exciting to wait expectantly for the Federal Budget to be released wondering what surprises good and bad there would be?

Well, 2021/2 was pretty much leaked/announced in the days prior and again last night was as boring as bat (even for us Chartered Tax Advisors!) to tune in to…

Big spending, big debts and no surprises which was pretty much a certain in an election year and a continuing pandemic recovery.

Tax cuts were left in place, as was superannuation guarantees and the ATO has been held back in pursuing struggling businesses. Steady as she goes, keep the businesses running, employing and the people spending. 

“Net debt will increase to $617.5 billion or 30.0 per cent of GDP this year and peak at $980.6 billion or 40.9 per cent of GDP in June 2025 This is low by international standards. As a share of the economy, net debt is around half of that in the U.K. and U.S. and less than a third of that in Japan.  Consumer sentiment is at its highest in 11 years. Business conditions reached record highs and more Australians are in work than ever before”

One thing they didn’t harp on about (and what saved us last time during the Howard years) is it appears, we are on the cusp of an extended resources / mining boom as the global economy fires back up on inflated incentives of all kinds. We Australians really have won the lottery of life.

Macro, there seems to be a growing diversion in economic realities. We either go bust on debt, or we go super boom and hopefully deflate debt. It is getting harder to see a middle ground between the two polar opposites unless of course its decades (doldrums) of low inflation/interest rates and there’s no will or policy for that!

Housing nearly always gets some love with first home owners and single parent guarantees to help people get on board.

Superannuation with further good news.

  • The super contribution works test for those aged 67 to 74 is to be abolished from 1/7/22
  • Downsizer super contributions restrictions from 1/7/22 get even easier also with an age restriction reducing to above 60 the take up of this will be far more attractive.
  • The $450 minimum per month super contribution is being removed from 1/7/22 a good thing for casual workers a pain for micro employers (administration).

The question has to be asked, why wait to 1/7/22 for these measures? 

Biggest news once again is in supporting business:

Mr Frydenberg announced the government would be extending temporary full expensing and temporary loss carry-back (to the year 2019) for an additional year until 30 June 2023.

Further, Mr Frydenberg said the government will deliver more than $16 billion in tax cuts to small and medium businesses by 2023-24 with around $1.5 billion flowing in 2019‑20. This, he said, “includes reducing the tax rate for small and medium companies, from 30 per cent in 2014‑15 to 25 per cent from 1 July 2021″.

Well, that’s the 2021/2 highlights and there are plenty of other lesser budgetary gems that can all be found here: https://budget.gov.au/index.htm or contact the team at CIA tax.

JobKeeper Application Process

Contact us (as information is changing daily) for CIA’s step by step guide for the JobKeeper application process:

  1. Key Dates
  2. The Turnover Test
  3. Guide – If you are an employee only
  4. Guide – employers reporting through STP
  5. Guide – employers not reporting through STP
  6. Guide – Sole Traders/Self-Employed

Stage 3 of Coronavirus Assistances

Unprecedented times – 3 CIA tax Newsletters in 3 Weeks – it’s all happening.

Stage 3 of Coronavirus Assistances

(Credit to Newscorp)

Businesses are rushing to sign up to the federal government’s $130 billion plan to subsidise wages during the coronavirus pandemic.


The Treasurer said around 60,000 businesses had already signed up for the scheme announced on Monday.

The scheme will see employees receiving a flat-rate payment of $1500 per fortnight through their employers in a bid to lessen the

economic blow caused by coronavirus. Payments will commence May 1 but will be backdated.

It applies to full and part-time workers, sole traders, as well as casuals who have been on the books for at least 12 months.

The subsidies will last for six months.

It will be administered through the single touch payroll system, requiring businesses to keep the employee on the books in order to distribute the payment.

Businesses and not-for-profits will be eligible after a downturn in revenue of 30 per cent.

“That means they can still have them on the books and start working together on how they can resuscitate the business on the other side,” he said.

New Zealanders and casuals working for more than one year will also be eligible for the Jobkeeper payment.

Don’t forget our senior partner Dr Steven Enticott is Facebook live Wednesdays at 6pm. There is plenty going on, yet there is unprecedented supports and plenty of hope for the future post coronavirus.

Stay safe!

Coronavirus Update 23-03-2020

CIA tax are open and will always remain open even if we all lock down.

We are constantly checking emails and taking calls (over the weekends as well) to be there for our clients through these different times.

Stay positive, some industries are really booming and some are really hurting, for those that hurt the Government has really stepped up (as we predicted) with stage 2 as follows:  

Supporting Individuals and Households The Australian Government is providing financial assistance to Australians. This assistance includes income support payments, payments to support households and temporary early releases of superannuation. Income support for individualsPayments to support householdsTemporary early release of superannuationTemporarily reducing superannuation minimum drawdown ratesReducing social security deeming rates

Support for Businesses The Australian Government is supporting Australian businesses to manage cash flow challenges and retain employees. Assistance includes cash flow support to businesses and temporary measures to provide relief for financially distressed businesses. Boosting cash flow for employersTemporary relief for financially distressed businessesIncreasing the instant asset write-offBacking business investmentSupporting apprentices and trainees

Supporting the Flow of Credit The Government, the Reserve Bank of Australia and the Australian Prudential Regulation Authority have taken coordinated action to ensure the flow of credit in the Australian economy. Timely access to credit is vital for businesses to manage the impacts of the Coronavirus.

State governments are also stepping up with payroll tax refunds and land tax delays. Contact us for your State based assistance’s and we will provide them individually rather than listing all the different States in Australia’s responses.

There is plenty of hope. Every Wednesday at 6pm our senior partner Dr Steven Enticott is on his Facebook live with an update and for questions of any sort. This week it is an update and “Review, Reflect & Re-Direct” in all likelihood we will all be locked down for a period of time to re-think.

Our senior partner (Steven Enticott) is also the Chaplain at the Sandringham Football Club and is always open for a chat on any mental health or spiritual issue.

Keep smiling, tide always turns.