Really Simple Money Team

A Greek tragedy?

OUR THOUGHTS ARE WITH RESIDENTS OF GREECE AT THIS DIFFICULT TIME The Greek economy has been in a state of depression for years already. Now people are standing in line for hours to withdraw the maximum daily allowed amount of €60 euros from ATMs, and mothers are stocking up on medicine and baby formula.

How much superannuation is enough?

“TODAY’S DOLLARS” All the figures on this page are ‘in today’s dollars’ which means they’ve been adjusted for inflation. And it makes a big difference: save $500 per month for 35 years at 5% p.a. and you’ll end up with $570,913. Hooray! Job done! …except that in 35 years inflation will erode the purchasing power of that money and it won’t buy you the lifestyle it would today. That’s why these figures - and the calculators we link to - must and do adjust for inflation.

Contents Insurance Tips

PLANNING TO BE AWAY? Many policies deny cover if you don’t “maintain your home in good repair and condition” or if you leave your home unoccupied for 60 consecutive days and don’t keep it “in a lived-in state” by: • keeping the lawns mowed and garden tidy • stopping regular mail and newspaper deliveries, and • organising someone to check inside and outside your home at least once a week.

Watch out for the latest scam

THINK THEY MIGHT BE TRYING TO SCAM YOU? If you receive a phone message that claims to be from the ATO threatening legal action, ignore it. If you are unsure, phone the ATO on 13 28 69 to check. If you receive an unsolicited email claiming to be from the ATO, forward the entire email to ReportEmailFraud@ato.gov.au.

Making tax time as painless as possible

WORK THE TIMING If you’re expecting a tax return, get your return in as quickly as you can to receive the money earlier. If you’re expecting to make a payment, hold off your return until close to the deadline. For most of us, that is 15th May in the following year (unless you lodge it yourself in which case it’s 31st October in the current year). Check ATO lodgment dates for individuals, if you’re not sure.