CARE Financial Services and Accounting in Melbourne, Victoria, Australia | Consultation agency

CARE Financial Services and Accounting

Locality: Melbourne, Victoria, Australia

Address: Level 1 530 Little Collins Street 3000 Melbourne, VIC, Australia

Website: http://www.carefinancialservices.com.au/

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25.01.2022 The 2020 Budget was due to have been delivered earlier this month. However, the Commonwealth Government made the sensible decision to delay the Budget until later in the year, due to the uncertainty about Commonwealth revenues and expenses that the COVID-19 crisis has created.

24.01.2022 So, next time you check your portfolio returns, do not focus solely on the rate you have achieved. Place that rate in its context. Think about your point of reference and then ask yourself if the number is good or bad.

24.01.2022 It is difficult to know how this crisis will unfold, but it has been clear in recent weeks that while some sectors will struggle, others are set to thrive.

24.01.2022 Time will tell and, if you thought predicting the share market was hard at the moment, be assured that the property market is even harder to predict, especially long-term. We can be sure, though, that this is a good time to keep a close eye on the market.

23.01.2022 For help establishing a financial plan that can help support you and your child now and into the future, get in touch.

23.01.2022 There is more to say after R U Ok...

23.01.2022 SCAM ALERT With tax time in full swing, beware of myGov-themed SMS and email scams! These messages will often ask you to click on a link to verify your deta...ils, and may seem to be legitimate because they show in your ATO or myGov SMS message thread. Dont click any links, and dont provide the information requested. A genuine ATO or myGov message will never ask you to access online services via a hyperlink. Warn your family and friends to stay alert and visit our scam alerts page to learn more: www.ato.gov.au//Online-serv/Identity-security/Scam-alerts/

22.01.2022 FEDERAL GOVERNMENT ECONOMIC UPDATE Well the numbers are in. On Thursday the Federal Treasurer, Josh Frydenberg, released the Federal Governments outlook on the Australian economy. It was an important update highlighting the impact of Covid-19 plus the Governments view on the economy in future months. As expected, the Australian economy faces several challenges:... The Federal Government deficit in 2019/20 deteriorated from a projected $5bn surplus to an $85bn deficit. And next year the deficit is forecast to $184 bn. Australias net debt is estimated to rise to $677bn the highest proportion of the economy since the Second World War. Unemployment is forecast to grow to a projected 9.25%, increasing from its current 7.4% Real Gross Domestic Product (GDP a measure of the value of goods and services Australia produces) is forecast to fall by 3.75% this calendar year. These deficits reflect both new spending programs, like Jobkeeper, and also the dramatic fall in tax collection due to lower incomes for individuals and businesses. There was little guidance on changes to taxes and other Government policies, which we would expect in the Federal Budget planned for October. CHANGE TO JOBKEEPER The government recently announced changes to the JobKeeper program that has been a key financial lifeline for many families. From September 28, the JobKeeper payments will change from a flat $1,500 per fortnight to $1,200 per fortnight for full-time workers and $750 per fortnight for part-time workers. This is designed to encourage people back to work, where they can, and more tightly align the payment with actual incomes. WHAT DOES THIS MEAN? It is important to remember that investment markets and the economy dont always trend together. Following the Treasurers announcement, the ASX200 actually had a small gain illustrating that the bad news had already been factored in by the market. In difficult times dont make rash decisions on your wealth, as wrong choices can impact your lifestyle in future years. Many families incomes have fallen and so has their attitude to protecting their wealth. So, its important to ensure your wealth is invested according to both your financial needs and attitude to risk. If youd like to discuss your wealth and ensure it is invested according to your goals and needs, dont hesitate to contac me. Romulae Gadaoni Financial Planner/Accountant [email protected] Care Financial Services and Accounting, Level 1, 530 Lt Collins St, Melbourne VIC 3000, Australia

22.01.2022 May your Sunday be filled with blessings

22.01.2022 You can see the simple point being made here: the sooner we start saving, or reducing our debts, the better.

22.01.2022 Let this Fathers day be a special one.

20.01.2022 A number of studies have examined the impact of sunshine on mood and any flow-on effect that impact might have on share markets. The idea is that better moods lead to greater optimism, which in turn lead to greater demand for shares and push prices higher.

20.01.2022 Last week, the Commonwealth Government announced the latest of its economic stimulus packages the HomeBuilder program. Grants of $25,000 are available to eligible recipients and is designed to ensure that residential construction work planned for between now and the end of the calendar year goes ahead in as many cases as possible.

18.01.2022 With so much happening inside the home, your physical, mental and financial health is more important than ever. So here are some ways to look after yourself when working from home during COVID-19.

18.01.2022 ATO commence investigations.... those caught up will face penalties up to $12k plus tax bills... #cfsa #theroadahead

17.01.2022 The best financial advice helps avoid decision fatigue, at least when it comes to money. But with so many things having changed, it may be that your habits are not appropriate at the moment and you find yourself having to think through a lot more aspects of your financial management.

17.01.2022 https://www.carefinancialservices.com.au//brother-or-sist/ This week, we thought we would look at an issue that some of us are likely to face, as the impact of Coronavirus affects people we know and love. That issue is what to do if someone asks us for a financial loan. It might be family, or it might be a friend. Either way, lending money to friends and family can be a touchy subject. We hope these general thoughts may help. #TheRoadAhead

17.01.2022 Thank You our frontline Nurses whove helped Australia in the fight against Covid-19

15.01.2022 In this edition of our newsletter, we review all of the commonwealth stimulus that has been announced so far. We also take a look at both the share and the residential property markets. Both of these markets rose in the month of April. However, the one thing we can say with certainty is that April probably wont tell us what will happen in May!

15.01.2022 https://www.carefinancialservices.com.au//newsletter-septe In this edition, we take a deep dive into the Australian share market, comparing it to the US and other global markets. We do this for one main reason: we are starting to see some separation opening up between the performance of shares on the US market and the performance of shares on the Australian market. This might actually be a very good thing. #TheRoadAhead

14.01.2022 And what a year its been! We have never seen anything like it - and we sincerely hope never to see anything like it again. In this newsletter, we focus on the impact of the coronavirus on the two major investment markets: the share market and the residential property market.

14.01.2022 As always, if this change affects you, please do not hesitate to contact us so that we can discuss things further.

14.01.2022 So, as we move towards the end of another summer, why not give us a call and, like Brady and Keynes before her, let your thinking change to suit your new reality.

14.01.2022 The 2,500-year-old handshaking ritual has been threatened by the coronavirus outbreak. Can you share your alternatives? Comment below... Thanks.

13.01.2022 Moving into residential aged care can be a complicated procedure. In particular, the quality of aged care and how much you need to pay for that care depends on how you are managing your finances. If you or someone you know needs to make some decisions about current or future aged care, please get in touch. This is one area where we really love helping people get the best possible outcomes. Romulae Gadaoni Financial Planner/Accountant

11.01.2022 https://www.carefinancialservices.com.au//psst-i-love-you/ Most couples prefer not to think about splitting. But, as the financial year ends, there is one form of splitting that happy couples can safely think about. #theroadahead #cfsa

10.01.2022 Where an insurance policy is guaranteed renewable, it is almost always better to have taken that policy out earlier in life. As a result, any decision to discontinue or reduce existing cover is quite a complex one with potentially far-reaching consequences.

09.01.2022 In residential property, each city really is its own market. So, here is the price-change data for all the capital cities for the month of July 2020 (source, Corelogic)

08.01.2022 Markets are moving quickly and it can be tempting to make or sell investments in a similar way. However, its important to remember your long-term financial goals and the best strategy to help you get there. Im happy to chat through your options to make sure youre making the best of your situation.

07.01.2022 PROTECTING YOUR RETIREMENT DURING PERIOD OF UNCERTAINTY We all know the old saying what goes up must come down. In the case of the economy, what goes down will likely come back up again, but riding out a period of volatility can be stressful if you planned to retire in the coming years. Trade tensions, global health emergencies like COVID-19 and domestic challenges like Australias bush fires have led many to reconsider their financial position in the short and medium-term.... Id like to share a few tips to help you protect your retirement in a time of uncertainty. DONT MAKE ANY SUDDEN MOVES Seeing big drops in the market can be worrying, and its natural to want to do something about it. Remember that retirement is for the long-term, and achieving the retirement you want wont come down to knee-jerk reactions. Cashing out on your assets while the market is at a low will probably mean selling them for less than you bought them for. Waiting a little longer and riding out the uncertainty is likely to lead to better results overall. The same applies to opting for early release on your superannuation. SEEK ADVICE Volatility in the market can be stressful, but you dont need to decide on your next move alone. In fact, discussing your thoughts, plans and options together will help you make more informed decisions that take into account strategies you may not be aware of. LOOK FOR OPPORTUNITIES, BUT PROCEED WITH CAUTION With prices for certain asset categories plummeting, there are some potential opportunities. For people who are in the right financial position and who have the appropriate risk-appetite, investing in some underpriced assets now could produce gains for future retirement. If you choose to take this approach, its important to know what your strategy is and to be prepared to take a loss if things dont go as you had planned. If youre interested in exploring your options Id be glad to talk things through. CONSIDER YOUR INVESTMENT HORIZON Its tough to change your plans, but retiring at a time of great volatility could mean that you come away with less than you had hoped. Reconsidering your investment horizon and extending it slightly could be key to delivering a better result for your retirement in the long-term. Remember, if youd like advice tailored to your specific circumstances Im happy to discuss your options with you. Romulae Gadaoni Financial Planner/Accountant [email protected] Care Financial Services and Accounting, Level 1, 530 Lt Collins St, Melbourne VIC 3000, Australia

05.01.2022 HOW TO PROTECT YOUR BUSINESS IN TURBULENT TIMES For business owners, times of uncertainty can be very hard. You have to consider the needs of your people, adjust your business plans and bear the financial and mental burden associated with having a personal stake in your organisation. For most business owners COVID-19 has been an immense challenge, and many of the government support packages are tailing off as we head towards spring. So how can business owners continue to prot...Continue reading

05.01.2022 While no one really knows what the lasting economic impact of the Coronavirus will be, the one thing that we can be certain about is that many of our working assumptions will need to be changed. The new world will not be like the old world. We will all need to think differently when it comes to our finances.

05.01.2022 What you do between now and June 30 will depend a lot on how the last eleven months have treated you financially. For many people, their end of financial year planning for 2019/2020 will be quite different to previous years. If you are unsure about any aspect of your year end financial management, please do not hesitate to get in touch with us so that we can talk through the issues and opportunities with you.

04.01.2022 This week, we thought we would look at an issue that some of us are likely to face, as the impact of Coronavirus affects people we know and love. That issue is what to do if someone asks us for a financial loan. It might be family, or it might be a friend. Either way, lending money to friends and family can be a touchy subject. We hope these general thoughts may help.

04.01.2022 HOW COVID HAS IMPACTED THE RENTAL MARKET As Australias housing market weathers the economic turbulence of COVID-19, owners, landlords and renters are pondering their next move. For those Australians with an investment property, there are unique challenges and opportunities ahead. Heres my view on the impact of COVID-19 on the rental market in Australia: A SLOWING MARKET ... In the distant days before COVID-19, the beginning of 2020 was already a relatively slow period for the national rental market. National yields from January to March were recorded at 3.76%, a drop from 4.10% the previous year, and 6 out of the 8 capital cities recorded a fall in rental yield over the 12 months to March, with only Canberra and Adelaide managing to buck the trend. Unemployment, uncertainty and travel restrictions during COVID-19 have since taken their toll. A study from mid-April indicated that 1 in 6 Australians had changed their living arrangements due to the pandemic, including moving into parents houses or starting new flat shares. As a generation of millennials went home from their city apartments to stay with the folks, landlords found themselves adjusting contracts, reducing rents and, in some cases, seeking new tenants. RULES & REGULATIONS Investors have had plenty of new legislation to get their heads around. With a moratorium declared on evictions during COVID-19 and rent relief options available, the pandemic has tested the renter-landlord relationship and required a new level of co-operation. Depending on which state or territory they are based in, there have been financial relief options available to investors as well as tenants to help them navigate the difficult period. INCREASED COMPETITION Short-term rental providers like Airbnb have posed both an opportunity and a challenge for Australians with an investment property. Its estimated that about 4% of Australian housing stock has been used as an Airbnb, offering an alternative source of short-term tenants for vacant investment properties. Of course, COVID-19 has been felt strongly by the tourism industry, including Airbnb, which experienced a 75% reduction in new bookings from mid-March to mid-April. As a result, many Airbnb properties have been listed on the traditional rental market, flooding it with competition. THE GOOD NEWS It is a challenging time, but there are unique opportunities that COVID-19 also presents. With reductions to interest rates and increased flexibility around mortgages, there are options to help support you with repayments and get your property debt paid off more smoothly. If you would like to discuss your options in more detail I would be happy to organise a conversation. Romulae Gadaoni Financial Planner/Accountant [email protected] Care Financial Services and Accounting, Level 1, 530 Lt Collins St, Melbourne VIC 3000, Australia

04.01.2022 HOW TO HELP THE KIDS WITHOUT RUINING YOUR FINANCIAL PLANS As parents, it’s understandable to want to help out your kids even once they become adults be it financial support to help them get on the property ladder, pursue further study or even look after little ones of their own. And with COVID-19 having a particularly heavy impact on youth employment, many young adults are finding their way back to the family home. ... So how can you help the kids financially without derailing your own plans? Here are a few ideas: BUDGET CAREFULLY It's hard to see your children struggling, but remember that you can only contribute what you can afford. Providing them with unsustainable assistance will be detrimental to both them and you. Figure out what, if any, extra cash you have after you have paid your own expenses and put cash aside for your superannuation. Then you can decide how much of this amount to share. PROTECT YOUR RETIREMENT You may be tempted to find ways of releasing extra money for the kids, but I urge you not to draw down on your retirement savings. Instead, if you're set on the idea, look to your everyday expenses and see what you can trim. Dipping into your retirement too early could lead to significant compromise in the future. SET THE BOUNDARIES Make sure it's clear from the beginning whether the support you’re offering is a one-off gift, a regular payment or a loan that you expect to be paid back. It's also a good idea to establish what the money will be used for to avoid awkwardness further down the line. PROVIDE THEM WITH ADVICE Everyone finds themselves in trouble from time-to-time, and COVID-19 has created unforeseen financial difficulty for people all over the country. However, if over the longer-term your children are struggling to save or budget effectively, some well-crafted advice might help them to set themselves up for future success and independence. If you would like to discuss your specific situation, or would like some tailored advice for your kids then please don't hesitate to get in touch. Romulae Gadaoni Accountant/Financial Adviser Tax Agent/Tax (financial) Adviser

03.01.2022 The fact that CGT does not apply to the family home is especially helpful for Australians, because a significant portion of household wealth is usually tied up in people’s family homes. In 2017/18, the Australian Bureau of Statistics reported that family homes accounted for 42% of the total wealth of the ‘average’ Australian household. The breakdown of assets looked like this (source: ABS)

03.01.2022 As we know, this year hasnt quite gone as we had expected. First the bush fires and now COVID-19 have challenged the resolve of the Australian people and economy. So what has been the effect on the property market so far?

03.01.2022 The key date here was March 31 2020. Agreed value policies written before that date can remain in operation. Policies written after that date are now all effectively indemnity policies. Policies that pre-date March 31 2020 remain in place with all the terms and conditions that they had when they were established. APRA’s review has led to changes to new policies, not pre-existing ones.

03.01.2022 This month we look at how Australian shares performed for the month of October, and also take a look at some really surprising news from the residential property markets. Oh, and there was this thing last month called the Budget. We have a good look at that, as well. Enjoy!

02.01.2022 THANK YOU to the fallen heroes who bravely sacrificed their tomorrow for our today. We will remember you Lest we Forget. #ANZACday

02.01.2022 Your kids future starts today. If they make the right decisions today, they will definitely reap its fruits in the future. #moneysmartkids #theroadahead

02.01.2022 So, if you are a morning person, we can meet you in the morning. If you are more of a night owl, we can talk to you then. Either way, we want to help you give your finances your best attention. We want to help you make judicious decisions which lead to positive changes. And making a positive change requires freshness and energy.

01.01.2022 The first half of 2020 has been one of the most testing environments the modern world has ever experienced. As Australia heads towards the end of the financial year and begins its long road to recovery, Ive summarised some of the most important market movements to be aware of. For help determining what these changes may mean for you specifically, please give me a call.