Culture News

The Office (Pekada edition) – November 2020

While the physical office locations have been gathering dust, the Pekada team has been keeping busy working from home. While absence does make the heart grow fonder, I am pleased to report that our regular virtual morning tea is going to be replaced with a very analogue in-person lunch next Thursday. Zac wasted no time after Dan Andrews announced an easing of restrictions to secure our team Christmas Party lunch down in what he describes as God’s Country (Mornington Peninsula) at Ten Minutes By Tractor. Very excited to get the band back together after not being in the office since March, and hope you understand us taking the afternoon out of the office.

  • Pekada’s favourite things of 2020 is worth checking out if you are stuck for gift ideas. The options where money is not an issue really highlight how much the team love to travel. Hopefully this is back on the cards soon!
  • Pete has been participating in the “Adviser Wellness Survey” run by Deakin University and Dr Adam Fraser, a peak performance researcher. This is the first-ever national wellbeing and mental health study for financial advisers. His thoughts and summary the research findings to follow in the next edition.
  • Work from home has been the norm this year and well and truly embraced by the Pekada team. I feel the next iteration of this will be a hybrid of the physical office and “work from anywhere”. So next time you are on a video call with one of the team pay attention to the background. That beachside, outback or in Mardy’s case aurora borealis background may be the real deal! In terms of our team, at this stage (all things going well) we will return to the office in the new year. Not sure what this looks like exactly, but we will be sure to keep you informed.
  • Zac has been putting the hard work nurturing his facial hair for Movember. It is his best effort yet, which makes me think he has a secret weapon hair growth formula.
    • A pretty poor attempt, even with the Vitamins, apologies to anyone who may have had a zoom call with me and has had to look at it! – Zac

 

  • In case anyone was wondering whether those seedlings planted during lockdown have progressed. It was looking pretty lush prior to harvesting this week!

how it started : how it’s going

 

 

  • Zac and Pete reached the 100 episode milestone for The Wealth Collective Podcast, and took the opportunity to record the episode in person (safe distancing of course).

 

 

  • The Pekada team participated in the JPMorgan Corporate Challenge which was a virtual event this year. Lots of fun in spite of a very buggy app for us iPhone users. Manu and Mardy swear it was fine on Android, but we will never know for sure. The team got moving with either a walk, jog, or run fpr the same Corporate Challenge distance that has been used since the 1977 debut in Central Park– 3.5 miles or 5.6327 kilometers. To confirm we completed this successfully, we have “finisher” t-shirts as proof and look pretty cool. haha!

 

 

Until next time!

-The Pekada team

 

 

 

 

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Happy New Financial Year!

Happy New Financial Year!

If you are anything like me, you are hoping that the end of the financial year is the reset we need for 2020. Bring on the 2021FY, I say!! There is something about milestone dates that shifts you into ‘planning and reflecting’ mode, and this start to the 2021 financial year is no different for me.

In recent weeks, my team and I have received some wonderful comments from our clients who have reached their significant milestones/goals. This is welcomed positive vibes considering what this year has dished up so far… and if we are honest, who doesn’t like a little ego boost now and then!

A couple of these really stand out, as their planned early retirements have been part of on ongoing planning process for over a decade each. Not even the “Covid curveball” has stood in the way of it becoming a reality (and on schedule) in 2020.

What I love most about these milestones, is that we were able to play a role in ensuring these “plans” became a reality despite the many curveballs over the years. It is not always smooth sailing and often resembles a rollercoaster more than the beautifully smooth graphs used in the initial plan and modelling to set course. Call me crazy, but I like the rollercoaster and challenge of it all. On some subconscious level, I am sure it makes the success that much sweeter.

Planning is personal, and as advisers, we are fully invested in our clients achieving what is important to them. It is a privilege and why I got into and love financial planning.

Here’s to an awesome 2021 Financial Year!

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ATO provides tax relief for bushfire victims

The ATO has provided details about support offered to victims of the Australian bushfires which have devastated so many communities. It is nice to see them try and support people impacted to reduce any distraction or worry related to their taxation requirements in these tough times.

The ATO have said that they will look to support and help in some of the following ways:

  • give you extra time to pay your debt or lodge tax forms such as activity statements
  • help you find your lost tax file number (TFN) by using methods to verify your identity such as your date of birth, address and bank account details
  • re-issue income tax returns, activity statements and notices of assessment
  • help you re-construct tax records that are lost or damaged
  • fast track any refunds owed
  • set up a payment plan tailored to your individual circumstances including interest-free period
  • remit penalties or interest charged during the time you have been affected.

 

For full details of the support available, you should check out the ATO post at the following web address: https://www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Specific-disasters/Bushfires-2019-20/

The ATO have noted “For identified impacted postcodes, we’ll automatically grant deferrals for lodgments and payments due. You or your agent don’t need to apply for these deferrals.” To see if you are automatically included by way of your residential address a list of impacted postcodes by state are available below:

If you have been impacted and your postcode is not on the list then you can contact the ATO Emergency Support Infoline on 1800 806 218.

Should you need any assistance then please contact the Pekada team and we will be happy to assist. Stay safe.

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The Office – Christmas 2019 Edition!

It has been a busy few months heading into Christmas at Pekada HQ!

Rhiannon and Zac both sat there FASEA exam in late September, all financial advisers must sit and pass the exam before January 2021 as part of the new education requirements for advisers. The exam tests general financial planning concepts and knowledge along with an emphasis on the ethical obligations we have. I’m glad to say that they both passed with flying colours!

Rhiannon contributed and was featured in one of Australia’s most well known and highly regarded financial planners who has since retired, Noel Whittaker’s, latest book ‘Making Money Made Simple’ giving her insights on financial advice. We still have a few copies left if you’d like one just shoot us a message

We also have a brand new website! You may see a few familiar faces on the main page but hopefully you enjoy the new look website as part of our slightly new branding. If are unsure how to navigate the site or locate your regular pages then please contact us at clientservices@pekada.com.au and we will be happy to assist.

Fresh off the plane after a trip to Myanmar (Burma) in December, Zac recorded a podcast with Pete discussing their best financial and general travel tips. Be sure to have a listen here.

 

What many describe as the most highly anticipated shopping guide of the year – The Oprah’s Favourite Things 2019 List Is Here! Oprah lists 79 perfect presents on her list. Not to be outdone, the Pekada team thought we could offer a few suggestions of our own ‘favourite things’ from stocking stuffers to the extravagant for 2019. So here it is..

Stocking stuffers (under $25)

Nature Republic Shea Butter Steam Cream: An essential in my book. Here’s my favourite – Mardy

Transformazing Sheet Mask: Love this mask to make me look half human in this period of my life (2 little ones = minimal sleep!). I also love that its a Melbourne based business doing awesome things – Rhiannon

 

T2 Sips: A great accompany with a great book! My favourite? English Breakfast Tea that is a little on the sweet side – Kirsty

New Look oversized t-shirt – black: Can’t go wrong with a plain black tee – Zac

Ecoya Vanilla Bean Mini Diffuser: A great accompany to any room at home – Manu

Hey Tiger chocolates: Ethical, Chocolate and made in Melbourne… enough said! Delicious and you won’t be getting any complaints on this gift. Highly suggest you try “The Weekend” for yourself which is a mix of caramel and cracker crumb.

When you are trying to impress (Up to $200)

Nanoleaf Light Panels: Put simply, a great edition to any room. Great, fun, artistic lights – Mardy

 

Riparide Story Voucher: Love this as it does all the thinking for a unique local getaway (where to stay, things to do, places to eat) at a variety of price points – Rhiannon

 

Kindle Paperwhite: My pride and joy – Kirsty

 

Comme Des Garcons Wonderoud: One of my favourite fragrances – Zac

 

Crown Spa Melbourne: Once in a while, you must splurge on yourself – Manu

 

Good Food Gift Card: This is the gift that keeps giving as it gets the initially warm and fuzzy feeling from getting a gift, but also gets the recipient to take some time out with a friend or loved one to share a meal. There is life after Uber Eats!

 

Sky is the limit (imagining we just won lotto and price is not a consideration!)

Audeze LCD-2 OR Devialet Phantom Gold – Eargasm? Yes please! Depending on your preference for listening to music or watching movies – Mardy

Tickets and travel to the Tokyo 2020 Olympics – Good timing for this one as it only comes around every 4 years and is in a brilliant city to boot! With 55 Olympic and Paralympic Sports to choose from it is a sport lovers paradise. For what it is worth, my pick would be the gold medal game for the basketball. After embarrassing themselves in the World Cup, team USA will be out to make a statement and I am tipping all of the big names including LeBron to be there.

Original Artwork by Grotti Lotti: Amazing artist from my hometown, every now and then some original artworks come up for sale – Rhiannon

 

Bunnings voucher for home renovations: I’ve ran out of paint and I need a whole new garden. Yes please! – Kirsty

Courtside tickets to the NBA Lakers vs Clippers game: Would love to see Lebron James and Anthony David take on Kawhi Leonard and Paul George – Zac

 

Family holiday to Disney Land: Yes please! – Manu

 

 

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5 Common mistakes to avoid this EOFY

Leaving it too late

Like in most other cases, the earlier you consult your financial adviser in the lead up to tax time, the better! Why? Well, the more time you give yourself to discuss your EOFY strategy, the more time you’ll have to act on it. Leaving your consultation too late may result in missed opportunities to carry out your tax time plan. Financial success starts with planning, so give yourself a head start by getting in there early.

Ignoring your superannuation

While it is not uncommon for individuals to approach superannuation with a set and forget attitude, it is definitely in your best interest to make use of the extra cashflow with your future in mind. Come June 30, personal contributions and salary sacrifices will greatly benefit your future financial longevity and will assist in growing your retirement fund so that when the time comes, you are prepared, comfortable, and stress-free. So check to see if you might benefit from any of the superannuation contribution related benefits including spouse contributions, personal deductible contributions or government co-contribution to name a few. You can check out our recent blog on this here.

Going in blind

The EOFY is more often than not an extremely busy period. Taking the time to plan, organise and understand your financial position in the lead up to tax time will not only help you consolidate your strategy, but will also help you save on time and money. Avoid the notorious tax time headache and ensure you are organised for a quick and painless June 30. Common financial advice related deductions could include income protection premiums, investment related expenses and in some cases your financial advice fees – so be sure to confirm these with your tax adviser ASAP to avoid missing out on deductions.

Spending it all at once

Before committing to that fancy new car, nice pair of speakers or brand new lounge suite, it is essential to have devised a cashflow strategy for tax time. While your inbox might be full of the latest promotions and sales from your favourite stores, don’t be fooled! Chewing through your tax return is something worth avoiding, particularly when there are so many other great ways to utilise the extra funds. Speak to your adviser about alternative uses for your tax returns to help you grow your money rather than lose it!

Overclaiming expenses

One of the biggest, and most overlooked, traps during the EOFY period is overclaiming expenses. This year, the ATO have warned they will be paying close attention to those extra expenses that often fly under the radar, particularly those associated with work-related clothing and laundry expenses. Keep it simple and swim between the flags – no proof, no claim.

As always, if you have any queries, require assistance or would like to clarify any particular details relating to EOFY, please don’t hesitate in contacting me at pete@pekada.com.au.

 

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