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In The Loop with Prime [June]

In The Loop with Prime [June]

By Prime Advisory, 23 June 2023

It’s a hive of activity as we approach the end of the financial year. From superannuation reforms to sophisticated scams doing the rounds, we have the latest news to ensure your finance game is at its peak.

Scam Alert! Fraudsters Target myGovIDs

Most of us are accustomed to receiving dodgy texts or emails from scammers. 

In fact, Australia is one of the most popular targets for data thieves and other fraudsters. 

One of the latest scams involves the Federal Government’s digital identity app, myGovID. The scam has already claimed several victims, leading to the Australian Taxation Office (ATO) to issue an urgent warning to all users. 

Moreover, the ATO has a list of recommendations to help protect Australians from identity theft.

Learn more about the myGovID-related scam and the essential steps you should take to prevent your identity from being stolen.

SMSF Members Urged to Act Fast

The CEO of the SMSF Association has called on members to be proactive as the financial year-end fast approaches.

Industry leader Peter Burgess says there is an opportunity for individuals to make additional personal super contributions to boost retirement savings and receive a tax deduction in the process.

However, he also warned that proper procedure must be followed to avoid triggering excess contributions edicts.

Read more about your obligations as an SMSF member.

More Aussies Now Eligible for Seniors Card

Election promise kept.

More Australians are now eligible to receive the Commonwealth Seniors Health Card (CSHC) following new legislation that raises the income test threshold for low-income self-funded retirees. 

With this golden ticket in hand, individuals will have access to cheaper prescription medicines, bulk-billed visits to the doctor, increased Medicare refunds, and a range of other concessions.

Learn more about the seniors card, including whether you’re eligible to receive it, and how to apply.

Changes Slated for Super Payments

Are you an employer? If so, you’ll want to be across the latest news that affects the way in which employees will receive superannuation payments down the track. 

As part of a federal government initiative, employers will be required to pay their employees’ super concurrently with their salary and wages. 

The proposed change has been slated to take effect from July 1, 2026 and, according to the government, will benefit both employees and employers.

Read more about what this change means for you.

The Future is Yours

If you’re ready to see what’s possible for your financial future in business and in life, reach us at [email protected] or give us a call on 02 9415 1511 and let’s get started.


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      The information contained on this website has been provided as general advice only. The contents have been prepared without taking into account your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.