You are never too smart to get advice.

“In life, you need many more things besides talent. Things like good advice and common sense.” Hack Wilson

In the financial world what constitutes good financial advice may not be seen straight away.
Recent news from the banking royal commissions and our increased access to information it is not hard to understand why people rely on family and friends or simply go it alone.
Usually, when we read about a financial guru we seem to isolate themselves as an oracle and the original source of that advice and therefore their success is purely self derived.
When we seek out answers, we look for definitive answers in which we don’t consider the moving parts of our lives. Where possible we try to abbreviate and spend as little time possible to achieve the best possible outcome with the least amount of money spent.
This may work in many other professions where there may be natural constraints or other concepts which can be relied upon, in the world of finance it is usually much more complicated.
In a recent post in which Andrew Aravanis a Bankruptcy Trustee shared the top 10 professions that are more likely to go bankrupt according to his data. These are:
  1. Managers (sales, marketing, PR, business administration, ICT)
  2. Machine and stationary plant operators
  3. Road and rail drivers
  4. Business, human resource and marketing professionals
  5. Health professionals (nurses and midwives)
  6. Design, engineering, science and transport professionals
  7. Construction trade workers
  8. Other labourers
  9. ICT professionals
  10. Electrotechnology and telecommunications trade workers
Although, this may not be definitive it does reveal that regardless of your education, status or income you are not immune to poor financial outcomes. In fact, in many of the professions listed above their income would be well above the average Australian and the educational requires extensive.
What gets unsaid about financial advice, is the separation between the information gathered and the decision making process.
Information is king, and it shapes how we investment. More importantly, we trust that the information is correct and verifiable and for the most part it is …. from a certain point of view.
Many of those at the top of the financial game, have vast infrastructures in place to ensure they get accurate and verifiable information in a timely manner. Additionally, those that present opinions and ideas are vetted.
They wont just be analysts either, it would be a diverse group of individuals experts including law, tax, accounting and subject matter experts.
All of this enables them to be the best decision makers possible by exploring all of the alternatives on the table, and selecting the right decision for them. They extrapolating their own point of view. Yet, this does not immune them from loss, sometimes loss affects everyone and they lose less than the rest of us.
For now, we can ask ourselves the following questions:
  • If I just read the financial section of the news what is the difference between that and the racing form guide? What about advice from Uncle Bob or my friend Suzy?
  • If I don’t ask critical questions of those offering advice, how good is that advice?
  • Do I have an infrastructure in place to help me make decisions?
  • What could go wrong with my investments? What are the consequences?
  • If I have outsourced my financial decision making, have I really gained control of my life?

Its always easier to be proactive and take the time to ensure you are on the right path. Call our office on 03 9846 6542 or email:

General Advice Warning

The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Taxation, legal and other matters referred to on this website are of a general nature only and are based on the author’s interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.







Taxable payments annual report (TPAR) – Cleaners and Couriers

From the ATO:

Cleaners and Couriers will need to lodge a Taxable payments annual report (TPAR) each year on contractors in their business. For this tax year (2019) the return will be due on the 29th of August 2019.

If this affects you please ensure you keep the following information as a minimum requirement, the contractor’s:

  • Australian business number if known
  • name
  • address
  • gross payment for the financial year (including GST).

To discuss further please call 0398466542 or email to make an appointment


Freedom of movement could be the wealth of the future: Top passports

Along with privacy, we could see freedom of movement be the realm of the wealth. Having the ability to easily move around and perhaps work in another country may be the difference, especially as technology disruptions become larger and more frequent.

According to the Age Newspaper and theHenley Passport Indexhere are the most powerful passports:

1. Japan 190 (number of countries a Visa is not required)
2. Singapore 189
3. Germany 188
France 188
South Korea 188
6. Denmark 187
Finland 187
Italy 187
Sweden 187
Spain 187
11. Norway 186
UK 186
Austria 186
Luxembourg 186
Netherlands 186
Portugal 186
United States 186
18. Belgium 185
Switzerland 185
Ireland 185
Canada 185
22. Australia 183
Greece 183
Malta 183

Be aware of missed call scam, using overseas number

From the ABC, but further information go to scamwatch:

Call back at your own risk

Australian Competition and Consumer Commission (ACCC) deputy chair Delia Rickard said Scamwatch received reports of similar scams last year, but only three involved phone calls from Ascension Island.

She said it was likely the Carrington family were victims of a wangiri scam, a Japanese word loosely translated to “one cut”.

“What typically happens is the scammer calls for just one ring then cuts the line leaving a missed call on the victim’s phone,” she said.

“Then the victim calls the number back and they could be put on hold, have music playing or they could try and chat.

“The objective is to keep them on the phone for as long as possible.”

Ms Rickard said scammers made their money by enticing people to call back a premium number similar to those used by psychic hotlines and sex lines.

“There’s a complicated billing structure but people are charged more when they’re communicating over these numbers and the money makes its way back to the scammer,” she said.

Australians lost $48,830 to premium service scam calls and texts in the past 12 months.

To avoid extra charges on your phone bill, Ms Rickard recommended ignoring calls from country codes you don’t recognise and from 19 or 1900 numbers in Australia.

“That’s an indication that it’s a premium number and it’s going to cost you extra to be calling that number.”

Blocking problematic phone numbers and not returning missed calls from unknown numbers can help you avoid becoming a victim.

“The other thing that we know in the past about premium services is sometimes if you call your mobile provider and tell them what’s happened, you won’t end up having to pay the charge,” Ms Rickard said.

“Some mobile providers are prepared to do that, so it’s worth a try if you want your money back.”

First home super saver scheme to assist with saving for a deposit

If you wish to explore the following exert further please contact the office on 039846 6542 or email

From the ATO

You can start saving by entering into a salary sacrifice arrangement with your employer to make voluntary contributions or by making voluntary personal super contributions. You can contribute into any super fund, although contributions made to a defined benefit interest or a constitutionally protected fund will not be eligible to be released under the FHSS scheme. It is also possible to contribute into more than one fund.

Note: Some employers may not offer salary sacrifice arrangements to their employees.

Before you start saving you should:

  • check that your nominated super fund/s will release the money
  • ask your fund about any fees, charges and insurance implications that may apply
  • be aware that if you receive FHSS amounts, it will affect your tax for the year in which you make the request to release. You will receive a payment summary, and you will need to include both the assessable and tax-withheld amounts in your tax return.

If you want to be considered under the financial hardship provision then you should ask us to determine if these provisions apply to you before you start saving.