August Newsletter
In this edition:
Your super, your choice
Proposed increase to work test age
DocuSign
Nearly half of SMBs to start a side-hustle
10 investment themes for the next 10 years
COVID concerns driving move away from cash
Time to quit Google for the planet?
7 items your estate plan may have left out
10 ways to take care of yourself during coronavirus
Your Super, Your Choice
The Senate has passed the Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019, which will allow employees to choose their own superannuation fund instead of being forced into one because of enterprise agreements.
If you or someone you know has been forced into an employer’s fund of choice, it may be worth seeing if this will allow you to find an option that may better suit your needs.
Read more...
Proposed Increase to the Work Test Age
Subject to being passed into law, Australians under the age of 67 are eligible to make voluntary super contributions without needing to meet the work test from 1 July 2020. This is an increase to the previous requirement of needing to be under age 65, and is designed to progressively align the work test with the eligibility age for the age pension (currently legislated to increase from age 66 to age 67 for both men and women by 1 July 2023).
In addition, there is a proposal to increase the bring-forward age to allow individuals under the age of 67 (as at 1 July in the relevant financial year) to make non-concessional contributions to super of up to $300,000 where all other eligibility criteria have been met. If this becomes law, it will also apply from 1 July 2020.
If the proposed changes are legislated, this will create a unique opportunity for individuals aged 65 and 66 who may now look to make additional contributions to super, where previously they may not have been eligible to contribute.
Read more...
DocuSign
Further to our previous newsletter, we have been using DocuSign where possible rather than getting signatures on pieces of paper. Naturally we’ve had a couple of teething issues, but we have also had some wins - and once you’ve set up your signature once, you can keep using it. Below are some of the most common questions we have fielded.
Why do we need two email addresses?
When a document requires signature by two people, DocuSign assigns a unique email to each signatory as this is a more secure guarantee that each person has signed separately and on their own behalf.
We believe it’s worthwhile setting up a second email account (if you don’t already have one) for a few reasons:
It’s quick, easy, and free
You can use it to sign up for online access to other services, such as Centrelink and MyGov
You can continue to use it for any future signing requirements
You have a backup if you experience any problems with your primary email account
This seems to be the way of the future. If you don’t use your secondary email account regularly, we can send you an SMS so you know when we have sent you something to sign.
I’ve signed, how do I send it to the next person?
You don’t need to. Once the first person has signed, the document will automatically go to anyone who still needs to sign. We also get a notification of where it’s up to. Signature fields are assigned to your email address, so please don’t forward your DocuSign email to anyone else.
Why can’t I click Finish?
You can only click Finish once you have completed all the necessary fields; if it’s not letting you finish, you’ve missed something.
Why is it forcing me to upload a picture file?
Many institutions will only accept a digital signature if they can verify it against the copy of your signature they have on file. If you need help with this, let us know. We can help you create a picture file of your signature then you can use it as many times as you like.
It’s too hard, I’m stuck, and I can’t do it. Can you just post it?
If you have any problems with DocuSign, Taryn can assist you over the phone or set up a Zoom session. But of course, we can post it – just let us know. If you already deal with us by post rather than email, this will remain the case unless you tell us otherwise.
Rural Business Owners Turn to Side Hustles
Aussie rural-based small businesses have recently been at the receiving end of some catastrophic events — including drought, bushfire, flood and the COVID-19 pandemic — which have spurred as many as 44 per cent of them to set up another business to support their household income.
New research released by Zoho Corporation, a global technology platform, has revealed that more than a third of those side businesses are in the retail sector, with personal and professional services like accounting, yoga teaching, homeopathy, legal advice and bookkeeping also featuring as popular side hustles.
10 Investment Themes for the Next 10 Years
Join us on a journey to 2030, as we imagine the change that will take place over the next decade in the investment landscape. Three Capital Group investment professionals offer their perspectives on the themes shaping the future for investors.
Read the full roundup here
Social Distancing Leading to Less Cash
A recent report from payment company Square showed that cash payments dropped from 35% in January to just 15% in April.
Professor Steve Worthington from Swinburne University Business School believes the pandemic stands to hasten the shift towards digital forms of payments among consumers and businesses seen in recent years.
“For consumers, fears over social distancing and a preference to minimise contact with physical currency is likely to be top of mind. What’s more, with banks closing branches, reducing operating hours and fewer ATMs available, there’s less cash in circulation. Combining that with the fact that many businesses favour digital payments for speed and security, there’s less incentive now for any of us to carry cash.”
Read more...
7 Items Your Estate Plan May Have Left Out
Estate planning is the easiest financial planning to-do to put off. It’s certainly not fun to ponder your own mortality, and yet that’s the very nature of estate planning.
Lawyers are often involved, so it can be hard to get it done on the cheap. And while most financial planning jobs provide at least some payoff during your lifetime, estate planning isn’t as much for you as it is for your loved ones.
Even if you do have a plan in place, here are 7 items that you may not have considered.
A financial overview
A master directory
A plan for your personal belongings
A digital estate plan
A plan for the end of life
An ethical will
10 Ways to Take Care of Yourself During Coronavirus
If you’re feeling overwhelmed or stressed, be reassured that this is a very normal response to the turmoil in the world. However, it’s important to go easy on yourself and take time for self-care. This list of self-care activities from ReachOut can be done at home; they may help you feel a little better and give you a sense of control during a very uncertain time.
Stay active
Take 10 to be zen
Chat with your mates
Check out forums
Make a homemade meal
Take a break from the news
Make a music playlist
Declutter for five minutes
Watch or read something uplifting
Learn something new
If it's all getting a bit much
Lifeline (13 11 14) and Kids Helpline (1800 55 1800) can be accessed for phone and online counseling, available 24/7. Headspace offers free online and telephone support and counseling.
You can also see your GP or mental health professional for extra help (but make sure to follow the advice of Healthdirect if you’re showing symptoms or are in self-isolation).
Read the full article…