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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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3 of CIA’s best tax-time tips!

1. Download the renowned CIA Tax “Tax-Checklist”
By far and away this is our most complimented complimentary service of CIA tax’s each year.

2. Review a copy of last year’s tax return as a starting prompt for collating the required data you’ll need for this year’s tax return.

3. Always see an accountant! Fees are a tax deduction and so to are the travel costs to see one. Great accountants know tax backwards and will ensure better tax results.



CIA’s June 30 – Tax Time Tips

Number 1 tip: Attend – End of financial year tax planning – Dr Steven Enticott
Date: Wednesday 20th of June
Time: 6.00pm to 7.15pm
Location: Kingston Arts Centre 979 Nepean Hwy Moorabbin – Opposite CIA Tax’s Office!
Parking is available at the rear of Kingston City Hall and the Train station 100m away

RSVP: 1300 242 829 or to sje@ciatax.com.au

The CIA tax checklist out in July The BIG tip whilst reviewing the checklist is to pull out a copy of last year’s tax return and review those items as a prompt for collating the data for this year’s tax return.

Co-contributions for super is something you should DO. 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 must be under (plus reportable super and FBT) of $51,813 to potentially qualify, details:

Small Businesses prepay your expenses where you can and don’t be too hasty getting out your invoices prior to June 30 if it’s been a great income year.

Don’t forget the $20,000 immediate deduction on assets has again been extended another 12 months (2018) for those with a turnover below $10m.

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.

Super contributions to be claimed in this tax year they need to be paid before June 30 and yes in many cases you should contribute to super for example; An average earner saves 19.5% 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 (non-investment lending) then speak to us about doing the numbers on super contributions first

Super SGT Amnesty Late in paying super? Just don’t be, those days have ended.
There are no more excuses and the ATO are watching every single payment timing with draconian penalties pending. However, if you have been slightly remiss the ATO has one last amnesty brewing in the wings – Details attached and at: https://www.ato.gov.au/Tax-professionals/Newsroom/Superannuation/Superannuation-Guarantee-Amnesty/

(Also, a very handy tool to leverage an employer who hasn’t paid your super!!)

Employees make sure you have paid for all your work-related expenses prior to June 30. Bring costs forward when you’ve had a great income year as this tip becomes even more important.

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 to offset the CGT liability (or losses carried forward from prior years) and consider selling out losses before June 30 to offset gains – call us to discuss other methods.

For the Federal Budget update click here

For the Victoria State Budget update click here

Medicare levy surcharge and Rebate Reduction income tests
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 for 2017/8 are.


• Single parents and couples (including de facto couples) are subject to family tiers.
• For families with children, the thresholds are increased by $1,500 for each child after the first.

Superannuation Personal super contributions made that are to be claimed as a deduction (now that salary and wage earners can claim.) No major changes for 2019 tax year (phew!) For all of us the concessional cap payments into super are $25,000 includes super SG and salary sacrifices.

For under 65’s they may be able to also contribute $300,000* Non-Concessional all at once.
For over 65’s they will need to pass the work test and forget about it over 75 sadly.

*Superannuation has become so complex never contribute until you’ve cleared it with advisors

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.

Don’t forget – Sunglasses, Hats and Sunscreen for taxpayers that work in any outdoor occupation (including driving) they are tax deductible However they cannot be claimed unless you keep the receipt!

Repairs and maintenance on investment properties? Consider bringing forward so you can enjoy your tax deduction in the current financial year.

Pre-paying interest Say, on a loan of $300,000 it may cost $15,000 but it could get you up to $7350 back as a tax refund this year. Requires a negotiation with your lender!!

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.

SINGLE TOUCH PAYROLL (Shouting to get your attention!) – If you have 20 or more employees on 1 April 2018 it’s mandatory to adopt STP reporting for 1 July 2018 (everyone else at 1/7/19).

The Small Business Superannuation Clearing House (SBSCH) service has become part of ATO online services; that is the ATO online portal or you can log into your MyGov service.

Next Seminar – Wednesday 20th of June 6pm

End of financial year tax planning – Dr Steven Enticott

Seminar Details

Date: Wednesday 20th of June
Time: 6.00pm to 7.15pm
Location: Kingston Arts Centre 979 Nepean Hwy Moorabbin
Opposite CIA Tax’s Office!
Parking is available at the rear of Kingston City Hall. Enter via South Road or Nepean Hwy (service road).

2018 Federal Budget Highlights

Each Budget night accountants (in particular) are glued to their screens waiting on announcements that will change clients lives. Then each post budget morning we come in to the office early and digest dozens of budget commentaries, it really is an exciting time of the year. Except this year which was always going to be boring from Mr Scott Morrison our Federal Treasurer handing down an Election Year Budget i.e. cut taxes, no nasty surprises etc.


Personal Tax Cuts

Well nothing major but it is planned that personal income tax bracket thresholds over a seven-year period commencing 2018-19 for the threshold of personal income tax brackets to increase. It is minimal in the overall scheme of things and as there is an election due combined with a highly political senate before they flow – let us just put our excitements on pause.

However, for this year ahead the $87,000 tax bracket is to be increased to $90,000 (if it gets through). Forget about future years for the moment.

Increase to Medicare Levy low-income thresholds the 2017-18 financial year. The threshold for singles will increase to $21,980 per annum and, for families with no children, increase to $37,089 per annum. For those individuals and couples who are eligible for seniors and pensioners tax offset (SAPTO) the thresholds will increase to $34,758 per annum and $48,385 per annum respectively. The additional threshold amount for each dependent child or student will increase to $3,406 per annum.

The Government will retain the Medicare Levy rate at 2.0 per cent and will not proceed with the proposed increase to 2.5 per cent of taxable income from 1 July 2019.

Taxation of testamentary trusts The Budget introduces integrity measures for minors receiving income from testamentary trusts. From 1 July 2019, the concessional tax rates available for minors receiving income from testamentary trusts will be limited to income derived from assets that are transferred from the deceased estate or the proceeds of the disposal or investment of those assets.


Business Breaks

Good news again – Extending of the $20,000 instant asset write-off for a further 12 months until 30 June 2019, small businesses with aggregated annual turnover of less than $10 million may continue to immediately deduct purchases of eligible assets costing less than $20,000 first used or installed ready for use by 30 June 2019. Some assets are ineligible e.g. horticultural plants and in-house software.



Work test exemption from 1 July 2019 the Government will introduce an exemption from the work test for voluntary contributions to superannuation. This is available for the following retirees: • aged 65-74, • with superannuation balances below $300,000, and • in the first financial year that they do not meet the work test. The exemption will be available for 12 months from the end of the financial year in which they last met the work test. The work test currently requires individuals who are 65-74 to have worked at least 40 hours within 30 consecutive days in a financial year before they can make a personal contribution to superannuation.

Increasing the maximum number of members in self-managed superannuation funds and small APRA funds from 1 July 2019, the maximum number of members allowable in a new or existing self-managed superannuation fund (SMSF) or small APRA fund will increase from four to six.

Three-yearly audit cycle for some SMSFs. To reduce red tape for SMSFs with a history of good record keeping and compliance, the Government will change to a three-yearly audit requirement. This measure will start on 1 July 2019.

Exit fees and inactive superannuation funds from 1 July 2019 the Government will ban exit fees on all superannuation accounts.

It will also expand the ATO’s data matching process to proactively reunite inactive superannuation accounts with member’s active account where possible. Superannuation accounts with a balance under $6,000 and which have been inactive for a continuous period of 13 months, will be required to be transferred to the ATO to help accommodate this measure.

Insurance in super from 1 July 2019 insurance within superannuation will move from a default framework to be offered on an opt-in basis for members: • with balances of less than $6,000, • under the age of 25, and • whose accounts have not received a contribution in 13 months and are inactive.

Capping passive fees for low balance superannuation funds from 1 July 2019 the Government will introduce a 1.5 per cent semi-annual cap on administration and investment fees charged by superannuation funds on accounts with balances below $6,000.

Preventing inadvertent concessional cap breaches from 1 July 2018, the Government will allow individuals with multiple employers and whose income exceeds $263,157 to nominate that their wages from certain employers are not subject to the compulsory Superannuation Guarantee (SG) contributions. The employee could negotiate to receive additional income instead of the SG contributions from their employer.



Pension Work Bonus From 1 July 2019, the Pension Work Bonus will increase from $250 to $300 per fortnight with the maximum unused amount that can be accrued increasing to $7,800 (up from $6,500). In addition, the Government will extend the Pension Work Bonus to those who are self-employed.

Expanding the Pension Loan Scheme From 1 July 2019, the Government will expand eligibility to the Pension Loan Scheme to include all Australians of Age Pension age. The Government will also increase the loan amount so that an individual can receive a fortnightly amount up to 150 per cent of the maximum Age Pension rate. Under the scheme, individuals who are Age Pension age can obtain a loan (secured against the individual’s property) to increase their fortnightly pension payment from a part-rate or nil rate, up to the maximum pension rate. Other existing rules including age-based loan to value ratio limits, ability to repay the loan at any time or on the sale of the property and fortnightly compounding of interest at a rate of 5.25 per cent will continue to apply.

Introduce an Income Test for Carer Allowance From 20 September 2018 the Government will introduce a $250,000 annual Income Test threshold for the Carer Allowance and Carer Allowance (child) Health Care Card.


Main point derived with compliments from: https://www.adviseronlineportal.com.au/-/media/Campaigns/Documents/Federal-Budget-2018/FederalBudget201819ReportCopy.pdf

Next Seminar – Wednesday 28 of November 2018

Next Seminar 28th November 2018

GST withholding for Property Sales & Binding death Superannuation Nominations. Click here for details


In Australia, the figures are staggering with around 60% of employees are disengaged with their workplaces – they do what is asked of them in getting the job done, pick up their pay and go home.

Worse, around 16% are actively disengaged in their workplaces. These are people who are actively a burden on your workplace.

This leaves around 24% who are actively engaged – proactive in working to improve workplaces. Such people are gold! Want to know how to lift engagement?

Look in the mirror!

Relationships in life and at work are key drivers to engagement and knowing more about yourself either as an employee or manager and especially if you are self-employed will improve your engagement / satisfaction levels to new highs!

Seminar Details

The Best Leaders look in the Mirror” Wayne Dyson & Dr Steven Enticott

Date: Wednesday 22nd of November
Time: 6.00pm to 7.15pm
Location: Kingston Arts Centre 979 Nepean Hwy Moorabbin
Opposite CIA Tax’s Office!

Parking is available at the rear of Kingston City Hall. Enter via South Road or Nepean Hwy (service road).


Dates for the diary!

CIA tax’s informative sessions:

Wednesday February 21st – 2018

(SGT) Superannuation guarantee tax

the ATO change in attitude



Wednesday March 21st –  2018

(PPR) Personal property registrations



Wednesday May 2nd  2018

(Estates) Tax and the Executors Role



Wednesday 6th of June 2018

(EOFY) End of Financial year tax planning’s