In The Loop with Prime [June]
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.