Staff Updates
It is with regret that we advise that Rose Geary, our financial planning assistant, has decided to pursue other opportunities and has left our employment. We wish her well in her new career direction. Any queries that you would have directed to her can be sent to Allison Reid at allison.reid@veritassolutions.com.au.
Monica Morabito has also decided to leave our team in order to focus on her family. She will remain with us until the end of October. After then, any questions you may have can be directed to Allison Burman at allison@veritassolutions.com.au.
Watch this space next quarter to be introduced to our new team members.
Simple Fund 360
As many of our SMSF clients know, we have been converting our accounts processing from desktop to cloud software using the same provider. The new software has lots of new features which we will begin using to provide you the best service available.
If you haven’t been sent a bank data authority email as yet, be prepared to receive an email or letter (it’s definitely legitimate!) with some forms attached which we would like you to sign. The forms allow your bank to directly transfer the transaction history to the cloud software, which will allow us to speed up the process of preparing your end of year accounts.
These forms do not allow us to transact on the accounts, we simply get a list of what has gone in and out – like a standard bank statement but in electronic form. If you have any questions though, please don’t hesitate to contact our office for further information.
Scam Alert!
If you get a phone call from a person from Microsoft who tells you there is something wrong with your computer, do not give them any personal information and do not give them access to your computer. Microsoft will never call you to advise you have an issue, they would expect you to call them. If the call is legitimate, they will provide a reference and when you call the main line, you can speak to anyone about it using the reference they give you. Most likely, the scammers will hang up when you insist on a reference number.
Another common scam involves callers who identify themselves as working for the ATO or Centrelink and advising you have a debt that can only be cleared with a ‘release fee’ or a ‘fine’ that can only be paid using iTunes gift cards. These phone calls sound legitimate but be sceptical! Ask for a reference number so you can call the main ATO or Centrelink phone number and call them back. These are also not legitimate. You will never be asked by the ATO or Centrelink to pay a debt using gift cards. There are also scammers pretending to be from Telstra advising they are trying to catch a hacker who will try to get you to buy iTunes gift cards.
The final warning for this quarter, are unknown numbers who call you and ask is this “your name”. When you say “yes” they record your voice and use it to agree to contracts over the phone such as contracts with Telstra for a new phone. As the voice print they use to say “yes” is your voice, it is very difficult to prove that you were not the individual who entered the contract. When answering calls from unknown numbers, if they ask if it is you, reply with “it is, who is this?”. Try not to say yes to them.
Important Macquarie Cash Management Updates
Adviser Initiated Payments
Are you having trouble using online banking and need to organise a payment from your cash management account? We now have the ability to initiate a payment on your behalf. This may be handy if you are having trouble with internet access or do not like to use online banking.
How does it work?
Our office can setup a Bpay or an Electronic Funds Transfer (also known as Pay Anyone) payment on your behalf. When the payment information is submitted, your mobile phone will receive a SMS with the details of the transaction and the code needed to approve the transaction. You would then call our office and verbally tell us the code and we then authorise the payment. You will receive an email and SMS confirmation of the payment. The authorisation code cannot be sent via email or SMS. We must talk to the individual that is sent the code.
We can set up future and recurring payments too if you need them.
What information do we need?
First and foremost, Macquarie Bank need your mobile number and email address to be up to date on their system. You can call Macquarie on 1800 806 310 to check your details and update them if necessary. This can take up to 48 hours to update on their system.
Once that information is up to date our office would need the following details from you to setup the payment transaction:
- Amount to be paid
- Bpay or Account details to where the payment is going – Account name, BSB, Account Number or Biller Code & Bpay Reference number
Note: we do not have authority to transact on your super fund cash accounts. This feature only allows our office to setup the payment and approve it with your permission.
Nominate a linked bank account for large fund transfers
Macquarie have a daily limit of $20,000 per day for electronic fund transfers. This limit can be increased by calling Macquarie when the need arises. However for regular large payments we would recommend you add a Nominated linked bank account. Once linked to your Macquarie CMA, there is no daily limit for electronic banking transfers to your nominated account. To add a nominated account you can do this over the phone by calling Macquarie on 1800 806 310.
Two factor authentication starting from 3rd October
Macquarie Bank have implemented two factor authentication to verify your internet banking transactions. This will start on the 3rd October for older bank accounts, new accounts opened more recently (e.g. within the last 18 months) will already have this in place.
How does this work?
When you request a payment transfer, to confirm your identity, the bank will send a secure code to your registered mobile number before you can make a transaction.
What you need to do?
You will need to make you have registered for two-factor authentication (2FA). Follow this link https://www.macquarie.com/cmaregister to find out more on how to do this. The step by step user guide available here is also worth reading as it provides good detail on how to best use the Macquarie online banking system.
Super Reforms – Concessional Contribution Changes from 1 July 2017
From 1 July the concessional cap has been reduced to $25,000 per annum. Concessional contributions are made up of Employer contributions (minimum rate is currently at 9.5% of salary), salary sacrifice (if available) or personal contributions claimed as a tax deduction.
Defined Benefit funds – Major change to what is included as a concessional contribution
For public service employees who are members of a defined benefit fund such as the CSS, PSS or Military Super, the amount of super that is allocated to your concessional cap is more complicated from 1 July. It now includes notional taxed contributions plus productivity payments and any salary sacrifice/personal deductable contribution amounts you have made.
CSS, PSS & Military super all offer estimators to work out your new concessional cap amount. Unfortunately for CSS & PSS, this estimator appears to be only available behind a member online services login and there is no access to the general public, making it difficult for financial advisers to assist their clients. We encourage all clients who are in the accumulation phase of their life to login and check their concessional cap estimate, particularly if you are making additional salary sacrifice/personal deductible contributions. You will need to check that you will not go over the newly reduced $25,000 cap.
The Commonwealth Superannuation Corporation who manages these funds has put out some excellent fact sheets. These are available on each scheme’s website under “Super Changes”.
https://css.gov.au/super-changes/
https://pss.gov.au/super-changes/
https://militarysuper.gov.au/super-changes/
Travel Deduction Changes for Residential Rental Property
From 1 July 2017, travel costs for individual investors inspecting, maintaining or collecting rent for residential rental properties will no longer be deductible. Travel costs will also not be recognised in the cost base of the property for CGT purposes.
This is an integrity measure to address concerns residential investment property owners are not correctly apportioning travel deductions or are claiming travel costs that are for private travel purposes.