Health & Wealth

Health & Wealth

Talk about a vicious cycle. Money is one of the most significant causes of stress; unrelenting stress can lead to severe issues with our health, and severe health issues can affect our ability to do our jobs; resulting in even more financial struggles. The connection between health and wealth is why it is critical to develop and maintain lifelong plans to manage both.

Given my area of expertise I will share some of my thoughts on what a long-term health plan should include at a minimum.


Any physical activity is better than none. Research shows that exercise is one of the best short-term strategies for managing stress. It decreases our risk of developing heart disease and diabetes, thereby reducing the opportunity for stress to worsen these conditions. In general, exercise makes us feel good, improves our mood and increases our sense of self-efficacy and achievement. Some evidence even shows that exercise makes for a smaller stress response to some psychological stressors.

Getting active by walking at least 3-4 times per week will make a significant difference and help you manage your stress levels. Remember that exercise needs to occur regularly to give us the stress-relieving benefits, so put it in your schedule, and get moving. Don’t overdo it though and if you spent most of the past few years lounging on the couch with the TV remote close at hand, then see your doctor before you start pounding the pavements.


Getting enough shut-eye is paramount to managing our stress levels and overall health and wellbeing. Although our brains are on average 3% of our body weight, they need 25% of our energy supplies! Research shows that deep sleep is essential for energy regeneration and if we don’t get enough deep sleep, we become more stressed. Research shows that 75% of insomnia is triggered by significant stress. Again, a vicious cycle: stress stops you sleeping, and no sleep makes you more stressed!

Cleaning up your sleep routine will have a significant impact on your stress levels general wellbeing. We need at least 8-9 hours of sleep a night, be device-free for at least 1-2 hours before we fall asleep, in a room dark enough that you cannot see your hand in front of your face and running a temperature of around 21 degrees Celcius.


Deliberately relaxing through meditation, breathing exercises, or mindfulness practices is important to switch off our sympathetic (fight or flight) nervous system and switch on our parasympathetic (rest and digest) nervous system. It also does wonders in reducing the amount of stress hormones that are circulating in our bodies.  The key is to do them regularly (15-30 min/day). There are so many apps available that can be used to help centre our breath and stay in the present.


Like cars, we cannot run on empty tanks or crappy fuel. Current nutritional guidelines call for eating a variety of vegetables and whole fruits; whole grains; low-fat dairy; a wide range of protein sources including lean meats, fish, eggs, legumes, and nuts; and healthy oils. By focusing on what we eat can make a massive difference to how our energy tanks are filled.

An 80:20 ratio of nutritionally valuable to nutritionally less valuable or junk food is a possible way to go. For those who feel they need to lose some extra kilos, try a 90:10 ratio during the week and 80:20 over the weekend. A word of advice if I may. Don’t be too strict when it comes to food, because we need to make it a way of life and our eating habits need to be sustainable.

When it comes to living a financially healthy life, recommendations are not quite as straight forward because it depends mostly on our individual circumstances. A long-term financial plan is however must and I will leave this advice to the financial experts.

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Support to get on track after the bushfires

Support to get on track after the bushfires

This Australian bushfire season 2019 – 2020 has seen over 18 million hectares burned destroying over 5,900 buildings including 2,800 homes. Lives and wildlife have been lost and has cost billions in lost revenue and clean-up costs.

With approximately 3.5 million businesses, individuals, and self-managed super funds in the bushfire affected areas, the ATO have granted special concessions and relief to the affected postcodes;

  • An automatic extension until 28 May 2020 to lodge and pay activity statements, income tax, SMSF and FBT lodgements. Note: The deferral does not apply to: Superannuation guarantee payments or lodgements, Large PAYG withholders (although they will be assessed on a case by case basis if they apply for relief from the ATO)
  • Fast-tracking of refunds due
  • Income tax installments able to be varied to nil without penalty
  • Tax debt recovery on hold until 28 May 2020.
      • Impacted taxpayers need to apply for special consideration. The ATO has stated they will, “consider releasing individuals and businesses from income tax and fringe benefits tax debts if they are experiencing serious hardship.”
      • Interest and penalties accrued by taxpayers in affected areas since the bushfires commenced will be remitted

Support for individuals and families are also provided through the disaster recovery payments, a tax-exempt Federal Government payment, available for those who are seriously injured, have lost an immediate family member or have lost their home or it has had significant damage, or have lost or had damage to major assets. Relief includes;

  • $1,000 for each eligible adult, and
  • $400 for a dependent child under the age of 16.
  • An additional $400 to help with education expenses for eligible children. These payments are automatic if you are the primary carer of a child affected by the bushfires after 30 June 2019.

Businesses are also eligible for support if suffered direct or indirect economic looses and may be eligible to access;

  • Recovery grants of up to $50,000 (tax-free)
  • Concessional loans of up to $500,000 for eligible small businesses (including farmers, fishers and foresters) and non-profit organisations who have suffered significant asset loss of significant loss to revenue. The loan would be for up to 10 years and used for the purposes of restoring or replacing damaged assets and for working capital.
  • A range of State Government grants are also available.

The brave volunteer firefighter in NSW and QLD are also eligible for payments of up to $300 per day, with a cap of $6,000. The payments are not means-tested and are tax-free, NSW and QLD.

If you have been affected by the fires this bushfire season and would like assistance in claiming and understanding your eligibility, please get in touch with the team today 9415 1511 or email reception@primeadvisory.com.au.

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‘Lifestyle assets’ – the next ATO target

‘Lifestyle assets’ – the next ATO target

As the ATO cracks down on taxpayers with their recent data matching program rollout,  this will now allow the matching of “lifestyle assets” such as yachts, fine arts and thoroughbred horses by requesting insurance policy information from 30 insurers this will automate compliance activity.  The existence of an insurance policy could alert the ATO of the taxpayer’s wealth and identify where the taxpayer has non disclosure their all their assets.   

The ATO expect 350,000 taxpayers to be impacted by this review as they reveal undisclosed or unreported income from the 2015-16 financial year to today. Deputy Commissioner Deborah Jenkins says, “If a taxpayer is reporting a taxable income of $70,000 to us but we know they own a three million dollar yacht then this is likely to raise some red flags,” Deputy Commissioner Deborah Jenkins said. 

The ATO is looking for: 

  • under-reporting of income and mismatches between lifestyle assets and reported income,  
  • the purchase of assets in a company name but where those assets are used for private purposes (incorrect claims or non-reporting of GST credits, FBT, Division 7A, capital gains tax), and  
  • lifestyle assets purchased by self-managed superannuation funds that might breach the sole purpose test. 

Unsure what that may mean for you and need some advice? Get in touch today 02 9415 1511 or email reception@primeadvisory.com.au. 

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Joyce putting a smile on the faces of her community.

Joyce putting a smile on the faces of her community.

Last month we shared the contributions Chathuri is making in her local community. This month we shine a spotlight on Joyce from client services and how she contributes to her community while doing what she loves.

Joyce has been an avid singer her whole life beginning when she sang a duet with her best friend for the Salvation Army church at the age of 5. She always had a flair for music playing the cornet and tenor horn in the band for 6 years before returning to singing after she had kids.

After having some time off singing she has most recently joined  ‘Coastal a Cappella’, an all-female acapella group located on the central coast. Joyce started in the group as a candidate and quickly progressed to become a member after sending her audio for approval by her section leader and musical director. She has also recently auditioned to join the choir, traveling to Hobart in May to perform in the international competition.

Joyce describes the incredible sound created by the group that made her cry when she first listened to everyone singing, ‘This is Australia’. She was inspired and is now composing an arrangement of her own. She loves performing and seeing the enjoyment and reaction of others when listening to their performance with people smiling, stopping and children dancing.

Most recently, the group has performed Christmas carols at Mingara and participated in a Cancer fundraiser performing at Westfield. Joyce loves not only the social aspect and community but loves to give back and be part of her community.

PrimeAdvisory would like to congratulate Joyce on all her vocal achievements.

The next performance is scheduled for friends and family on Sunday, April 5 2020 at Narara Valley High Performance Space at 2:30 pm.

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Changes to capital gains tax forcing expats and foreigners to consider listing their homes.

Changes to capital gains tax forcing expats and foreigners to consider listing their homes.

Are you an expat, foreigner or know someone who is? Share this article before it’s too late.

In late 2019, legislative changes were made that will exclude tax non-residents from accessing the capital gains tax (“CTGT”) main residence exemption, directly impacting foreigners and expats who continue to hold onto their family home / main residence in Australia.

Key takeaways:

  • If you are a tax non-resident of Australia, you are now excluded from accessing the CGT main residence exemption.
  • Limited exemptions will continue to apply for non-residents if certain ‘life events’ occur.
  • If you don’t satisfy the conditions for a ‘life event’, your Australian property sale will be taxed on the full value of the capital gain (utilising the original acquisition price for all post 1985 properties).
  • A limited transitional window applies for properties sold prior to 30 June 2020.

Transitional rules expiring on 30 June 2020

Transitional rules are now in place until 30 June 2020 which will allow non-residents to sell their family home in Australia and still access the main residence exemption.  However, the property must have been acquired before 9 May 2017 and contracts for the property’s sale must be exchanged no later than 30 June 2020.  Therefore, this only provides non-residents with a very limited period of time in which to find an agent, market and then sell their property by 30 June 2020.

‘Life events’

If you would have been able to access the main residence exemption under the prior rules, and have been a non-resident for six years or less, then there is a limited exclusion to the new rules where certain ‘life events’ occur including:

  • Your death or the death of your spouse or child (under 18 years);
  • Terminal illness of you, your spouse or your child; and / or
  • Marriage breakdown and divorce.

Under these limited circumstances, non-residents can continue to access the main residence exemption.  For example, if you or your spouse dies while living overseas and it has been six years or less since you became a non-resident, the property can continue to be treated as your main residence upon its sale.

However, if you have been a non-resident for greater than six years, you will not be entitled to the main resident exemption upon the property’s sale, irrespective of whether a ‘life event’ has occurred.

If you need advice on how to best maintain your financial position with these changes please call the team 02 9415 1511 or email reception@primeadvisory.com.au, we are here to help!

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