For Allan McGregor, financial advice is all about building connections and helping clients reach their goals. “I enjoy guiding clients on their journey and seeing the joy they feel when they achieve what they set out to do,” he says. “Building relationships along the way makes it even more meaningful. Whether it’s taking a dream holiday, buying a home, or stepping confidently into retirement, there’s nothing better than seeing our clients succeed.”

From chemical engineering to financial advice

Allan’s journey into financial advice was shaped by personal experience. “After being a client of a financial adviser for nearly 10 years and having a strong interest in financial management, transitioning into the profession felt like a natural step when I decided to change career paths”

The role of family in his career

When asked about the key influences in his career, Allan points to his family. “My family has always been the biggest influence on my professional journey, instilling in me the core values that shape my approach to work. Their support helps me relate to what our clients experience in their own lives and understand the importance of their goals and how to achieve the best outcomes for them.”

Did you know?

Allan also shared a couple of fun facts about himself. “Aside from the fact that I’m 50 (though everyone insists I don’t look a day over 49!), before making the jump to financial advice, I was a Chemical Engineer working with hazardous chemicals. Also, in a brush with fame, I once sat next to one of John Farnham’s backup singers on a flight!”

Life outside of work

Outside of work, Allan enjoys a well-balanced life. “I love watching sports, travelling, and spending time with my family—including our Golden Retriever. I’ve also researched my family history, which has been a fascinating and rewarding journey.”

With a strong focus on relationships and a deep passion for helping others, Allan brings dedication and expertise to every client interaction, ensuring they feel confident in their financial journey.

When considering aged care for yourself or a loved one, one of the biggest questions is: Can I afford it? The first step in answering this is understanding the various aged care fees and costs, particularly accommodation expenses.

What are accommodation costs?

Accommodation costs cover a resident’s room or bed in an aged care home.

A means test is conducted upon becoming a permanent aged care resident. This is based on your financial situation as of your date of permanent entry. For couples, the assessment includes the assessable assets and income of both partners.

There are three categories that determine accommodation costs:

• Low means – fully concessional/supported resident: If you are assessed under this category, the government will cover your accommodation costs.
• Low means – partially concessional/supported resident: You will not pay the full market rate for accommodation but will contribute an amount based on your assessed assets and income. This amount may increase or decrease as your financial situation changes. The maximum daily contribution is $69.79 (indexed).
• Accommodation-paying resident: You will pay for your accommodation at the market rate.

If you have been assessed as a low-means resident, your accommodation costs will always be supported by the government unless you move. However, the level of support may change between full and partial assistance.

In addition to accommodation costs, there are other aged care expenses you may need to pay.

Basic Daily Fee

This fee is payable by all residents to cover day-to-day services such as meals, laundry, and cleaning. It is set at 85% of the basic aged care pension for a single person.

Means-Tested Care Fee

This co-contribution helps cover a resident’s personal and clinical care costs. The government assesses how much a resident can afford to pay based on their assets and income.

Extra/Additional Services Fees (from 1 July: “Higher Everyday Living Fees”)

Many aged care homes offer additional services for a fee, providing extra comforts to enhance residents’ quality of life. This fee is set by the aged care home, and the government does not contribute to its cost.

What fees will you pay?

Low means – concessional/supported resident

• Accommodation:
  • 100% concessional: The government will pay your accommodation costs.
  • Partially supported: The government will assess how much you can afford to contribute towards your accommodation costs.
• You will pay the basic daily fee.
• You will initially have $0 means-tested care fee. However, if your financial situation changes in the future, you may be required to pay a means-tested care fee.
• You will need to pay for medicine and may also have to cover other services, depending on what is agreed upon with the aged care home.

Accommodation paying resident

• Accommodation:
  • You will be required to pay an Accommodation Payment, determined by the residential aged care home. This amount is listed on the My Aged Care website, where you can search by location or provider.
  • You can choose to pay this as a lump sum (Refundable Accommodation Deposit), a daily payment, or a combination of both.
• You will pay the basic daily fee.
• You may have a means-tested care fee. As your financial situation changes in the future, this fee may increase or decrease.
• You will need to pay for medicine and may also have to cover other services, depending on what is agreed upon with the aged care home.

What if I can’t afford care – financial hardship?

Aged care is designed to be affordable for everyone, with safety nets in place to ensure you can continue to receive the care you need as your financial situation changes.

Financial hardship assistance helps cover aged care costs. If you are eligible, Services Australia may pay for expenses such as accommodation costs, the means-tested care fee, and even the basic daily fee. However, financial hardship assistance does not cover extra service fees or additional service fees.

Eligibility for financial hardship assistance 

To qualify for financial hardship assistance, you must meet specific criteria to lodge an application with Services Australia. Eligibility is assessed based on:

• Your current assets, which must be below the threshold (currently $44,811 per person).
• Whether you or your spouse have given away cash or assets in the past five years.

If you have a spouse, your home will be exempt from asset calculations while your spouse continues to live there. If you do not have a spouse living at home, you may be wondering whether to sell or keep your family home. More information is available in a previous article, written by Alteris Financial Group, here: https://alteris.com.au/should-i-keep-or-sell-the-family-home-when-entering-aged-care/

When financial hardship assistance may apply

If you are unable to afford your aged care costs for reasons beyond your control, financial hardship assistance may help. One common example is when you co-own a property with someone other than your spouse, and that person does not meet the protected person criteria to make the property exempt. In such cases, it may be considered unreasonable to force the other owner to sell or mortgage the property.

Seek financial advice first

If you think you may need to apply for financial hardship assistance, seek professional aged care financial advice from Alteris’ Lifestyle and Care Team before making any changes to your financial situation. This includes:

• Gifting cash or assets
• Changing ownership of assets
• Making an accommodation payment.

We are here to help, every step of the way

Alteris’ specialist division of financial advisers are accredited in aged care advice and can talk you through all available options and explain the various financial considerations. Their team can also provide full support with ensuring the fees and pension are correct by working directly with your accommodation provider, Services Australia and the relevant government departments. Learn more about Alteris’ accredited aged care financial advisers.

With more older Australians looking to downsize and younger generations eager to get a foot on the property ladder, building a granny flat or a second dwelling in your backyard has become an increasingly popular and affordable solution.

In 2023, a CoreLogic analysis of residential properties in Sydney, Melbourne, and Brisbane identified more than 655,000 sites suitable for constructing a granny flat. ^I  The demand has grown so much that numerous businesses now offer modular buildings as an alternative to designing and constructing a custom build.

Before taking the leap, be sure to check local council regulations, restrictions, and permit costs. Rules vary between councils and typically include limitations on size and location.

Granny flat tax implications

It’s also important to know there are potential tax implications – particularly capital gains tax (CGT).

While a granny flat may be considered a secondary dwelling on a property, eligibility for a CGT exemption requires a written agreement granting someone the right to occupy the property for life. ⁱⁱ This agreement can be made with any party, including family or friends, and will be exempt from CGT provided the person with the ‘granny flat interest’ has reached pension age or requires assistance with daily activities due to a disability.

Granny flat or investment property?

There are important differences between a granny flat arrangement, building a secondary dwelling on your property as an investment, and renting out a room in your home.

A second dwelling on your property used for short- or long-term rental purposes is considered a commercial arrangement. The rent you receive is assessable income and is taxed at your marginal rate.

As with most income-producing activities, you are entitled to claim the usual expense deductions against the rental income.

Granny flat arrangements, on the other hand, must not be commercial in nature.

Capital gains

Capital gains tax (CGT) can be a key consideration when setting up a granny flat arrangement. If you don’t follow the rules, you may face an unexpected tax bill when you eventually sell your home.

Generally, a granny flat arrangement is exempt from CGT, provided it is not commercial in nature.

This means that if the person living in the granny flat makes payments at market rates—such as rent—CGT will apply. However, if they only contribute to ongoing household costs, such as electricity and water, the ATO is unlikely to consider it a commercial arrangement.

To qualify for the CGT exemption, the property owner must be an individual, at least one person must hold an eligible granny flat interest in the property, and both parties must have entered into a written and binding granny flat arrangement.

The CGT exemption applies only to the creation, variation, or termination of a granny flat arrangement.

Other CGT events unrelated to the arrangement remain subject to standard CGT rules. For example, if a property previously used for a granny flat arrangement is later sold, it will still be assessed under the normal CGT rules.

Tips for a successful arrangement

While adding another dwelling to your property may increase its value, it’s essential to bring all parties together to discuss potential future scenarios before signing the written agreement. This helps prevent issues further down the track.

The agreement should outline who is involved, the circumstances under which it can be varied or terminated, and what happens if such a situation arises.

It’s also wise to discuss how any disputes or financial conflicts will be resolved and to seek professional legal advice before signing.

If you or someone you know is considering a granny flat arrangement, our expert financial advisers can help you understand the tax rules, key considerations, and how it fits with your financial situation and goals.

i Untapped granny flat potential in largest capitals could boost housing supply | CoreLogic Australia

ii Granny flat arrangements and CGT | Australian Taxation Office

Much of the 2025 Federal Budget was already known, following a volley of pre-election spruiking for votes. However, Treasurer Jim Chalmers had one surprise up his sleeve—$17 billion in tax cuts.

The first round of cuts will take effect on 1 July 2026, with the second round commencing on 1 July 2027. Once fully implemented, these cuts will save the average earner $536 per year.

The Treasurer also outlined five priorities for his fourth budget: easing the cost of living, strengthening Medicare, increasing housing supply, investing in education, and boosting economic growth.

He described it as a plan for “a new generation of prosperity in a new world of uncertainty” that would help “finish the fight against inflation.”

The big picture

The Budget deficit has made an unwelcome—but not surprising—return. The Albanese government has been clear that Australia was heading back into the red, and Treasurer Jim Chalmers says the $42.1 billion deficit is smaller than forecast at both the last election and the mid-year update.

Gross debt has been reduced by $177 billion to $940 billion, saving around $60 billion in interest over the decade.

Nonetheless, Australia is navigating choppy international waters amid a “volatile and unpredictable” global economy.

The country will feel the shockwaves from escalating trade tensions, two major global conflicts—in Russia-Ukraine and the Middle East—and slowing economic growth in China. Treasury predicts the global economy will grow by 3.25 per cent annually over the next three years, marking the longest stretch of below-average growth since the early 1990s.

However, the Treasurer says Australia is well positioned to manage these difficult conditions.

The Australian economy has “turned a corner” and continues to outperform many advanced economies. Inflation has moderated “significantly,” and the labour market has exceeded expectations. Meanwhile, growth is predicted to rise from 1.5 per cent to 2.5 per cent by 2026–27.

Addressing the cost of living

With the rising cost of living expected to be central to the upcoming election campaign, the Budget aims to provide greater support for those doing it tough. Key measures include further tax cuts, changes to Medicare and the Pharmaceutical Benefits Scheme (PBS), reductions in student debt, and wage increases for aged care and childcare workers.

Beyond the new tax cuts set for 2026 and 2027, the government will raise the Medicare levy low-income thresholds from 1 July 2024.

Energy bill relief is also being extended until the end of this year. At a cost of $1.8 billion, every household and around one million small businesses will each receive $150 off their electricity bills, paid in two quarterly instalments.

The government claims this energy bill relief has contributed to a 25.2 per cent drop in electricity prices across 2024.

Students aren’t overlooked in the Budget, with a $19 billion reduction in student loan debt. All outstanding student debts will be reduced by 20 per cent, alongside a promised reform to make the student loan repayment system fairer.

The government is also targeting cost-of-living pressures at the checkout. It plans to support fresh produce suppliers in enforcing their rights, simplify the process of opening new supermarkets, and crack down on “unfair and excessive” card surcharges.

Look for a clean bill of health

Almost $8 billion will be spent to expand bulk billing—the largest single investment in Medicare since its creation 40 years ago.

Treasurer Chalmers says that by the end of the decade, nine out of ten GP visits should be bulk billed, with an additional 4,800 bulk-billing practices.

There will also be 50 more Urgent Care Clinics nationwide, bringing the total to 137. Meanwhile, public hospitals will receive a $1.8 billion funding boost to help cut waiting lists, reduce emergency room wait times, and address ambulance ramping.

Cheaper medicines

The cost of medicines is also in the government’s sights. The maximum cost of drugs on the Pharmaceutical Benefits Scheme (PBS) will be lowered for everyone with a Medicare Card and no concession card. From 1 January 2026, the maximum co-payment will be lowered from $31.60 to $25.00 per script and remain at $7.70 for pensioners and concession card holders. Four out of five PBS medicines will become cheaper for general non‑Safety Net patients, with larger savings for medicines eligible for a 60‑day prescription.

An extra $1.8 billion is also being invested to list new medicines on the PBS.

Increasing the housing stock

The government’s previously announced target of 1.2 million new homes over five years has resulted in 45,000 homes being completed in the first quarter.

The Budget includes an additional $54 million to encourage modern construction methods and $120 million to help states and territories cut red tape.

With building activity set to increase, more apprentices are needed. To address this, the government has announced financial incentives of up to $10,000 to encourage more people to take up apprenticeships in building trades. Some employers may also be eligible for a $5,000 incentive for hiring apprentices.

The Help to Buy program, which allows homebuyers to enter the market with lower deposits and smaller mortgages, will be expanded with an additional $800 million. This funding will raise property price and income caps, making the scheme more accessible.

To help increase housing supply, foreign buyers will be banned from purchasing existing dwellings for two years from 1 April 2025. Land banking by foreign owners will also be outlawed.

Recovering and rebuilding

The damage from ex-Tropical Cyclone Alfred and subsequent rains in Queensland and northern New South Wales is so extensive that it is expected to reduce quarterly growth by a quarter of a percentage point.

Flooding has damaged infrastructure and disrupted supply chains, as well as agricultural production, construction, retail, and tourism activity.

The government anticipates disaster support costs of at least $13.5 billion. As a result, the Budget includes $1.2 billion for a contingency fund to improve responses to future disasters.

Looking ahead

With escalating rates of family violence and an alarming increase in the incidence of violence against women, the Federal Budget includes funding to support a range of programs.

More than $925 million will be spent over five years to provide support for victims leaving a violent intimate partner relationship and a program to strengthen accountability for systemic gender-based violence in higher education.

The government will invest more than $56 million over four years to improve access to sexual and reproductive healthcare for women, including training GPs to provide better menopause care.

A newly released national gender equality strategy will drive government action on women’s safety, sharing, economic equality, health, leadership, and representation.

In a move to take the pressure off parents, superannuation will be paid on government funded Paid Parental Leave (PPL) for parents of babies born or adopted on or after 1 July 2025.

Looking ahead

Despite concerning events on the world stage, Australia’s economy is emerging “in better shape than almost any other advanced economy.”

Inflation and unemployment are falling, and wage growth is expected to be stronger. To support ongoing economic growth, the Federal Budget adds $22.7 billion to the government’s Future Made in Australia agenda.

This includes additional investment in renewable energy and low-emissions technologies, as well as an expansion of the Clean Energy Finance Corporation. The plan also includes more than $15 billion in support for private investment in hydrogen and critical minerals production, clean energy technology manufacturing, green metals, and low-carbon liquid fuels.

As the trade war escalates, the Budget allocates $20 million to a Buy Australian campaign.

“The plan at the core of this Budget is about more than putting the worst behind us. It’s about seizing what’s ahead of us,” the Treasurer says.

If you have any questions about the Federal Budget measures announced and how it may impact your financial future, please don’t hesitate to contact our financial advice team.

Information in this article has been sourced from the Budget Speech 2025-26 and Federal Budget Support documents.  It is important to note that the policies outlined in this article are yet to be passed as legislation and therefore may be subject to change.

Moving into aged care can be both an emotional and costly experience. When a couple requires care at the same time, many prefer to move in together on the same day to avoid separation and to support each other. While this makes emotional sense, the financial implications of moving into permanent residential care on separate days can be significant. A staggered entry approach—where a couple enters aged care on different days—can help manage costs and optimise financial outcomes.

When a couple enters permanent care on the same day, their assets and income are generally assessed as a 50/50 split, regardless of whose name the assets or income are in. Additionally, their family home is assessed at a capped value ($206,663) each for the aged care means assessment. Regardless of other assets, both individuals will then be required to pay the Refundable Accommodation Deposit (RAD) or the Daily Accommodation Payment (DAP) or a combination of the two.

An alternative approach is a staggered entry into care, so they enter permanent care on different days. This results in the property being exempt for the first person to enter care. Depending on the value of their other assets, this could lead to the first person being assessed as a low-means resident, significantly reducing their aged care costs. As a low-means resident, their accommodation costs would be subsidised, and they would pay a Daily Accommodation Contribution (DAC) instead of a DAP. They would also have the option to pay a Refundable Accommodation Contribution (RAC). When the second member of the couple enters care, the family home is then assessed at the capped value, and they would be required to pay a DAP or RAD.

Scenario

To illustrate the financial implications, let’s examine a case study involving a couple who recently entered care.

Dan and Joan both required residential aged care. They owned a home together valued at $950,000, had $195,000 in cash assets, $5,000 in lifestyle assets, and received the full couples’ Age Pension. They were quoted a RAD of $750,000 each for two single rooms.

If Dan and Joan entered care simultaneously, their assets would be assessed at $306,663 each (capped value of the family home plus 50% of their combined other assets). They would each pay a DAP of $167.88 per day (assumes MPIR 8.17%).

However, if Dan moved into care first, he would be assessed as a low-means resident, with his assessable assets totalling $100,000 (the family home would temporarily be exempt as Joan is a protected person). Dan would initially pay a DAC of $18.51 per day. When Joan enters permanent care, the family home would no longer be exempt, and its capped value would be included in the asset assessment. Consequently, Dan’s DAC will increase to the maximum of up to $69.79 (indexed) per day. This is considerably lower than the DAP of $167.88 a day.

This example highlights how staggered entry can reduce initial accommodation costs and provide greater financial flexibility.

Important considerations for low-means residents

Low-means residents will have their assessed DAC vary as their circumstances change, including:

• Protected person status being lost
• Changes to the resident’s assessable assets including the sale of the former home
• Death of a spouse

Changes to the facility’s circumstances can also affect DAC, such as:

• A change in the ratio of low-means residents
• The facility being classified as significantly refurbished

Once assessed as low-means, a resident will always remain a low-means resident regardless of future financial changes, unless:

• They move facilities and are reassessed (after 120 days from the initial assessment)
• They leave the aged care system for 28 days or more

It is important to know some aged care providers may not accept low-means residents or may offer them limited accommodation options, such as sharing a room or a bathroom. Other providers, however, may offer the same standard of accommodation for both low-means and full RAD-paying residents.

We are here to help, every step of the way

Moving into aged can be complex and it is important that residents and their families understand the implications of being assessed as a low means resident. Getting the right advice before entering aged care will ensure residents and families make the right decisions and understand their implications, reach out to Alteris’ Lifestyle and Care team today.

Alteris’ specialist division of financial advisers are accredited in aged care advice and can talk you through all available options and explain the various financial considerations. Their team can also provide full support with ensuring the fees and pension are correct by working directly with your accommodation provider, Services Australia and the relevant government departments. Learn more about Alteris’ accredited aged care financial advisers.

The Australian Taxation Office (ATO) has kicked off 2025 by announcing its key focus areas for small businesses. In this Tax Alert March 2025, the ATO has also signalled a tougher stance on super guarantee (SG) compliance and GST fraud. Here’s a roundup of the latest tax news.

The regulator has announced its key small business tax issues for this financial year. The three main areas the ATO is focusing on are:

• Deductions and concessions, including non-commercial losses and small business CGT concessions.
• Incorrect use of business income, such as using business money and assets for personal benefit.
• Businesses operating outside the system, particularly GST registration and undeclared income in taxi, limousine, and ride-sourcing services.

The ATO plans to review and publish quarterly focus themes to help small businesses identify and address issues in these areas.

GST fraud warning

The ATO-led Serious Financial Crime Taskforce is warning businesses against attempting to cheat the tax and super system through GST fraud, stating that it is actively monitoring for potentially fraudulent activities. ⁱ

New information shared between government agencies reveals that some businesses are using complex financial arrangements to disguise transactions to obtain larger GST refunds.

These arrangements include:

• False invoicing between related entities.
• Deliberately misaligning GST accounting methods across a group.
• Duplicating GST credit claims.
• Claiming GST credits for fake purchases.

Tax penalties increase

The cost of penalty units imposed by the ATO for failing to meet tax obligations has increased again, rising from $313 to $330 per unit. ⁱⁱ

The new rate applies to infringements occurring on or after 7 November 2024. For example, the penalty for failing to keep or retain tax records as required is 20 penalty units (20 × $330 = $6,600).

Other penalties apply to:

• Missed or late super guarantee (SG) payments.
• Individual and corporate SMSF trustees.
• GST obligations when buying or selling new residential properties.

GST and fuel tax credit time limits

The ATO is encouraging businesses eligible for GST and fuel tax credits to claim their credits within four years of the due date of the earliest Business Activity Statement (BAS) where a claim could have been made.

Once the time limit passes, you are no longer eligible to claim the credits. Lodging an amendment to an original assessment or requesting a private ruling does not count as making a claim.

Old credits can still be claimed in your next BAS (provided it is within the eligibility period) by:

• Lodging a revised BAS for the original period via ATO Online Services, or
• Lodging a valid objection within the time limit to preserve your entitlement to the credits.

Change to myGovID

The Australian Government’s digital ID app, myGovID, which is used to access government services, has been renamed myID.

The app provides secure access to government services using your existing login details (including your email address), with the identity strength remaining unchanged. Existing app users should find the app automatically updated on their smart device, or it can be manually updated via the Apple App Store or Google Play.

The ATO is warning users that scammers are attempting to take advantage of the name change. Any message or email asking you to set up a new myID or reconfirm your details is a scam.

By taking proactive measures, staying informed, and seeking professional financial advice, you can navigate the evolving landscape of personal and business tax compliance with confidence. Our financial advisers can work with you to understand your tax situation and safeguard your financial wellbeing.

Sources

i Taskforce issues GST fraud warning to dishonest businesses | Australian Taxation Office

ii Penalty units | Australian Taxation Office

iii Our SG compliance results are here | Australian Taxation Office

More than half of us set a new financial goal at the beginning of 2025, according to ASIC’s MoneySmart website. While most financial goals focus on saving money and paying down debt, the months leading up to 30 June present an opportunity to review your super balance and explore ways to boost your retirement savings.

What you need to consider

If you have more than one super account, consider consolidating them into a single account. Doing so could save you from paying multiple fees and make it easier to keep track of your super.

When transferring your super into one account, do your research and compare options—your current fund may not be the best choice.

Boosting your retirement savings

Making additional contributions on top of the super guarantee paid by your employer can significantly boost your retirement savings, thanks to the power of compounding interest.

Ways to boost your super before 30 June

Concessional Contributions (before tax)

These contributions can be made from your pre-tax salary via a salary-sacrifice arrangement through your employer or by using after-tax money and depositing funds directly into your super account.

In addition to increasing your super balance, concessional contributions may also reduce your tax liability, depending on your marginal tax rate.

Check your year-to-date contributions to ensure any additional contributions do not exceed the concessional (before-tax) contributions cap, which is $30,000 from 1 July 2024. Work test restrictions apply for claiming a tax deduction on personal contributions if you fall in the 67-74 age bracket.

If you exceed the concessional contributions cap of $30,000 per annum, any additional contributions will be taxed at your marginal tax rate, with a 15 per cent offset to account for the contributions tax already paid by your super fund.

Non-Concessional Contributions (after tax)

Provided you are under age 75, you can make personal contributions to super. These are made from your after-tax income, also known as non-concessional contributions. It is important to stay within the non-concessional contributions cap, which is set at $120,000 from 1 July 2024.

Exceeding the non-concessional contributions cap will result in a tax rate of 47% on the excess contributions.

Carry forward (catch-up) concessional contributions

If you have had a break from work or have not reached the maximum concessional contributions cap in the past five years, you may be able to use catch-up contributions to boost your super—especially if you have received a lump sum, such as a work bonus.

These contributions utilise unused concessional caps from the previous five financial years and are available only to those with super balances below $500,000 on 30/06/2024 (for contributions made until 30/06/2025).

Strict rules apply to this type of contribution, making it essential to seek advice from one of our expert financial advisers before making a catch-up contribution.

Downsizer Contributions

If you are over 55 years old, have owned your home for at least 10 years, and are looking to sell, you may be eligible to make a non-concessional super contribution of up to $300,000 per person—or $600,000 as a couple.

The contribution must be made to your super within 90 days of receiving the proceeds from the sale of your home.

Spouse Contributions

There are two ways you can make spouse super contributions:

• Contribution splitting: You can rollover certain contributions you have already made to your own super into your spouse’s super. This is known as a contributions-splitting super benefit.
• Direct contribution: You can contribute directly to your spouse’s super, which will be treated as their non-concessional contribution. If your spouse earns less than $40,000 per annum, you may be eligible for a tax offset of up to $540 per year (based on a $3,000 contribution).

As with all super contributions, there are restrictions and eligibility requirements to consider.

Meanwhile, the fate of the proposed Division 296 tax, which would apply to super balances over $3 million, remains uncertain. It has yet to be debated and voted on in the Senate.

Maximising your super contributions before 30 June can significantly boost your retirement savings and improve your financial future. If you or a loved one needs assistance, we’re here to help— contact your adviser or our team to start planning for a secure and rewarding retirement.

As we say goodbye to the heat of summer, we can look forward to enjoying the cooler days ahead. Along with the drop in temperature, the RBA brought much relief to mortgage holders by cutting the cash rate by 25 basis points in February. The cash rate is now sitting at 4.10 per cent following the first rate reduction since November 2020.

Inflation remained steady in February at 2.5 per cent, with core inflation at 2.8 per cent. However, the RBA remains cautious and has not guaranteed further cash rate cuts in 2025. Some economists are predicting additional cuts this year, but time will tell.

While ongoing tensions persist between Russia and Ukraine, as well as in the Middle East, and with a looming trade war due to Trump’s proposed tariffs, the global economic outlook remains unpredictable.

US markets reacted to lower-than-expected consumer spending and continued geopolitical uncertainty, resulting in another month of volatility.

It has also been a turbulent period for the Australian share market, with the ASX 200 losing ground earlier in the month, bouncing back to reach an all-time high, only to start falling again, closing at its lowest point in two months.

A similar pattern has been seen with the Australian dollar, which climbed to a high of $0.64 USD in mid-February before losing momentum and now hovering around $0.63 USD.

If there is something affecting your financial situation that you would like to discuss, please do not hesitate to reach out to our team.

We’re excited to welcome Gary Gleeson to The Investment Collective team! Joining us in January as our Managing Adviser in the Melbourne office, Gary brings a wealth of experience and a deep passion for financial planning.

For Gary, the path to becoming a financial adviser wasn’t a complicated decision—it was clear from the beginning. Straight out of school, he found himself working with a small financial planning firm in Little Collins Street in Melbourne.

“I took a couple of detours along the way,” Gary recalls, “but financial planning was always my first love.”

Those early years gave him the skills and experience to build the rewarding career he has today.

The drive to make a difference

What Gary loves most about his job isn’t just the numbers—it’s the people.

“I really enjoy working with my clients and my team,” he shares. “The best part is seeing the difference we make in people’s lives through our advice.”

For Gary, each client’s success feels personal, and helping them navigate important life decisions is what drives him every day.

Gary doesn’t point to a mentor or life-changing experience that shaped his career. Instead, it was a simple realisation that financial planning was the best way for him to connect with people and make a tangible difference.

“I always knew I wanted to work closely with people, and financial planning just made sense,” he says. “Someone once told me that if you love what you do, you’ll never work a day in your life—and that’s exactly how I feel.”

Interests away from the office

Outside of work, life is just as busy and fulfilling. “I’m married with two adult kids at university,” Gary shares. “We also have two very active (and slightly chaotic) dogs—a Hungarian Vizsla and a Dalmatian.”

When it comes to hobbies, golf is the big one. “I’m a member at Peninsula Kingswood, and now my wife and son have taken it up too. We’re all pretty competitive!”

Gary’s dedication to client success

As Gary continues to grow in his career, one thing hasn’t changed—his commitment to helping his clients. His down-to-earth approach and genuine passion for financial planning make him a trusted adviser for those looking for real, practical advice.

Looking for expert financial advice with a personal touch? Contact Gary to start planning your financial future today!

Every adviser has a story, and for Liz Whalley, being a financial adviser is about more than just numbers—it’s about people. “We really do ride the highs and lows together,” she says. “I love listening to what drives my clients and feel privileged when someone trusts me to help them along the way.”

For Liz, the most rewarding part of her job isn’t just helping clients reach their financial goals—it’s the relationships she builds along the way. Whether celebrating milestones or navigating challenges, she’s there for the entire journey, offering guidance, support, and a listening ear.

A unique path to financial advice

Liz’s journey into the financial planning industry wasn’t conventional. “After initially deciding university wasn’t for me, I was lucky enough to get a traineeship with a financial planning company. I thought, ‘Wow, look at all the people the advisers help—I want to be part of that.’” However, career shifts led Liz to work in the accounts department for a nationwide bearing and power transmission company—where she met her husband. Eventually, she returned to financial planning and her studies, starting at the reception desk and working her way up through client services, paraplanning, and finally, becoming a financial adviser.

Throughout her career, Liz has been fortunate to work with inspiring mentors. “Alan Larsen, my previous boss at Godfrey Pembroke, started me on my path, and more recently, David French took me under his wing for my professional year. It was a fantastic learning experience.”

Interests away from the office

Outside of financial planning, Liz has a love for muscle cars and the thrill of the dragstrip. “Growing up, my dad was a diff builder, and we were frequently at drag races. The smell of burnt rubber reminds me of those times, and I find it very comforting.” She also enjoys snorkelling and has a deep passion for travel.

Empowering women through financial literacy

Liz believes that knowledge is power and strives to create a safe space where clients feel comfortable discussing their financial situations. “I never judge or assume what someone knows. I take the extra time needed to build their knowledge and confidence.”

Her advice to women seeking greater financial independence? “It’s never too late to start, and there’s no such thing as a silly question. I think finances are still a bit of a taboo topic, and I want to encourage more conversation around them. That’s why I believe the Alteris Women initiative is such a fantastic movement.”

Through her dedication, expertise, and genuine passion for helping others, Liz continues to make a meaningful impact on the financial well-being of her clients—one conversation at a time.

If you’re looking for a financial adviser who truly listens and supports you every step of the way, Liz would love to help. Whether you’re planning for the future or navigating financial challenges, she’s here to provide guidance and confidence. Get in touch today to start the conversation.