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Boost your heart health

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Paying attention to your heart can make the difference between life and death.

Many women are familiar with the warning signs of a heart attack that are typically experienced by a man such as crushing chest pain. Though in women, the warning signs can show up quite differently.

Women are more likely to experience fatigue, breathlessness, and pain between the shoulder blades. Nausea or vomiting is also more common in women. Because the signs can be more subtle when women take action to get help it is often too little, too late. They may present late, be less likely to get the required investigations, and slower to begin taking preventative steps. That can impact their recovery after a heart attack. Women are twice as likely to die a year after having a heart attack.

The causes of heart disease are also changing. Smoking rates have fallen but cardiometabolic health has worsened. Our lifestyles make us more prone to diabetes, high blood pressure, obesity, and a sedentary way of living.

If recent headlines have you worried, below are four ways to show your heart a little more love.

1) Schedule a heart check

Over 45 years you’re eligible for a Medicare-funded heart health check with a GP. Your GP will run the ruler over your medical history, family history, lifestyle factors, check blood pressure, and do a blood test. From that information – and possibly other tests such as an electrocardiogram and calcium score – they can calculate your risk of having a heart attack in the next five years. If you’re high risk your doctor may recommend medication. Those who are lower risk can help their heart health by modifying their lifestyle.

2) Stop smoking

You only have a look at a cigarette packet to see the impact they have on your blood vessels. Smoking narrows and clogs blood vessels which has the effect of reducing blood supply and oxygen throughout the body. Statistics show the impact smoking can have on the health of your heart.  People who smoke are four times more likely to die of heart disease and three times more likely to die of a heart attack.

3) Get active

Regular exercise has great benefits for your ticker. It lowers blood pressure and cholesterol and helps reduce stress. About half of the people with high blood pressure are unaware and half of those who are aware are undertreated. Plus, upping your activity levels can lower the risk of type 2 diabetes and keep your weight in check. Starting can be as simple as putting one foot in front of the other with a walking buddy or group.

4) Think nutritious and delicious

A healthier eating regime can begin with some quick food fixes. Cut down the salt, ditch the soft drinks and add more fruit and vegetables to your diet.

Your heart will thank you.

Don’t fall for ‘Finfluencers’

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If your social media feed is full of ‘finfluencers’ sharing their tips for investing in crypto or buying their first property before they hit 25, make sure you are aware of the full story behind the promises.

Financial influencers or ‘finfluencers’ range from entrepreneurs and ‘financial popstars’ to celebrities including actors, TV personalities, musicians, gamers, and elite sportspeople.

While they may be great at communicating about money or their own financial decisions, they could be straying outside the law by making recommendations.

And the Australian Securities and Investments Commission (ASIC) is concerned about the people who could be following more than just their feed.

According to a survey by ASIC, more than a third of young adults (18-21-year-olds) report following at least one finfluencer on social media.

And almost two thirds of them (64 per cent) who follow a ‘finfluencer’ have changed at least one of their financial behaviours as a result.

One 18-year-old woman reported that a YouTuber told her that ‘starting to save and learning the value of money young will make all the difference you need’. Members of Gen Z also reported turning to other sources for financial guidance.

About 80% of those surveyed felt comfortable talking with their parents or guardians about money and 77% said they would most like to learn about money from their parents or guardian.

They also look to employers, the education sector, financial institutions, and government for advice and guidance.

As someone already working with a financial adviser you are less likely to be drawn to finfluencers, however your family and friends might not be quite aware of the difference. For anyone looking to social media for financial guidance, here’s why you might want to be careful who you follow.

ASIC is cracking down on finfluencers who may be straying past regulatory boundaries by providing misleading or deceptive recommendations.

In March ASIC published an information sheet about discussing financial products and services online. It outlines how the financial services law applies to social media influencers and the Australian Financial Services licensees who use them.

The law prohibits conduct that is misleading or deceptive, or is likely to mislead or deceive, in relation to financial products or services.

Discussing different investment products is fine if no specific recommendations are made. Talking about budgeting and other money saving tips won’t cause a problem.

But misleading information – such as possible returns from a product or class of products – is likely to attract the regulator’s scrutiny.

Those finfluencers who are making an income out of their social media channels may be required to get an Australian financial services licence.An influencer can be deemed to breach the misleading or deceptive provisions even if they aren’t licensed. The information sheet also suggests influencers need to do their due diligence on anyone who is paying them or providing them with payment in kind.

Likewise, Australian Financial Services Licensees using influencers were reminded they need to monitor their activities to ensure they are adhering to the law.

Those influencers who don’t comply with the law risk being hit with substantial penalties for putting investors at risk. The penalties can include up to five years jail for individuals and fines in the millions for corporations.

At a glance: Federal Budget 2022

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Below are the key takeouts from the Federal Budget Summary 2022, as delivered overnight.

Taxes

  • Temporary reduction in the fuel excise – one of the first announcements was a halving of the fuel excise from about 44 cents per litre to 22 cents per litre for 6 months (starting from midnight on Budget night), at a cost of $3 billion. The fuel excise is a bit of a sacred cow and governments are loathe to meddle with it, but as instant sugar hits go, that’s about a $12 saving per tank for most people.
  • The Low and Middle Income Tax Offset (LMITO) will be increased by $420 for 2021-22 – while the LMITO is legislated to cease this year (and no announcement was made that it would be extended), the Government did announce a one-off $420 cost of living tax offset for the 2021-22 income year which will see the LMITO increased up to a maximum of $1,500 (for 2021-22 only).
  • No changes announced regarding personal tax rates – the legislated Stage 3 personal income tax cuts remain unchanged and will commence in 2024-25.
  • Digitalising trust returns – the Government has announced that from 1 July 2024, all trust tax return filers will be given the option to lodge income tax returns electronically.

Superannuation

  • Super pension drawdowns – the 50% reduction in the minimum annual payment amounts for superannuation pensions and annuities that was provided during the economic downturn caused by the pandemic will be extended by a further year to the 2022-23 income year.
  • Super Guarantee rate – the Budget did not contain any change to the legislated Super Guarantee rate rise from 10% to 10.5% for 2022-23.

Social Security

  • $250 cost of living payment – the Government announced that in April 2022, it will provide a one-off cost of living payment of $250 to eligible pensioners, welfare recipients, veterans and concession card holders.
  • Paid Parental Leave scheme will integrate existing schemes to give eligible families access to up to 20 weeks leave to use in ways that suit their specific circumstances.

Small businesses

  • Small business 20% deduction boost: skills training and digital adoption – businesses with aggregated annual turnover less than $50 million will receive a 20% uplift on deductions for eligible expenditure on external training courses and digital technology (the cost of business expenses and depreciating assets that support digital uptake), or, as the Treasurer described it, for every $100 spent, businesses can deduct $120. The measure will apply to eligible expenditure incurred from 29 March 2022 until 30 June 2024 (for skills training) and 30 June 2023 (for digital adoption).
  • Employee Share Schemes – the Government will expand access to employee share schemes and further reduce red tape so that employees at all levels can directly share in the business growth they help to generate. Where employers make larger offers in connection with employee share schemes in unlisted companies, participants can invest up to $30,000 per participant per year, accruable for unexercised options for up to 5 years, plus 70 per cent of dividends and cash bonuses; or any amount, if it would allow them to immediately take advantage of a planned sale or listing of the company to sell their purchased interests at a profit. The Government will also remove regulatory requirements for offers to independent contractors, where they do not have to pay for interests.

Please don’t hesitate to contact us should you have any questions on matters relating to the Federal Budget 2022.

Health insurance premium rises are here again

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Noticed a proliferation of private health insurers parading sign-up offers in recent weeks?

In the run-up to the annual April 1 premium rises insurers are doing their utmost to dazzle consumers with sign-up and switching incentives.

The enticements come in all shapes and sizes. This year, offers include one month to six weeks cover free; waivers of some benefit waiting periods; offers of money off the cost of cover; or rewards that can be redeemed as gift cards.

Some also introduced sweeteners for policyholders who refer a friend. As with any offer take the time to read the Terms and Conditions. Some are only attached to combined hospital and extras cover; some offers expire before April; or require payment by direct debit.

More importantly, look beyond the razzle dazzle to make sure you get the policy you really need. If you’re thinking of switching or taking out private health insurance cover for the first time here are three things to consider.

Be aware of the benefits 

Hospital cover helps with some of the costs of staying in hospital while extras cover is for out-of-hospital medical treatments such as physiotherapy, optical and dental. A combined policy covers both hospital and extras.

When you’re selecting a policy check the benefits, exclusions, and limits on any cover. If everyone in your family has glasses it might be a high priority to get extras cover that includes optometry, for instance.

Or you may choose a hospital policy that excludes certain services or conditions from your policy such as pregnancy and birth.

Extras have limits on what you can claim. The more comprehensive the cover the higher the limits are likely to be.

Check waiting periods 

Most health funds have a waiting period before you can claim. The length of the waiting period depends on the type of treatment you receive.

When you change funds you’re entitled to keep the waiting periods you’ve already served.

If you upgrade your cover or change to a policy with a lower excess or gap fees you are likely to have to serve a new waiting period for the difference in cover.

Some two- and six-month waiting periods may be waived to encourage people to sign-up or switch.

Waiting periods for extras vary. Major dental services might have a 12 month wait  and hearing aids 36 months.

You can claim a once-only waiting period exemption for mental health services.

Know the excess or co-payment

Agreeing to pay an excess if you need a hospital stay is one way to reduce your premium. An excess may apply every time you go to hospital in a year or it may be capped at a total amount if you go to hospital more than once in a year.

A co-payment or a daily excess means you agree to pay a set amount each day you are in hospital.

Need to trim your premium?

To keep a lid on private health costs:-

Compare policies via privatehealth.gov.au;

  • Renew your policy before April 1;
  • Pay by direct debit;
  • Secure a corporate or a youth discount.

Farewell armchair travel, it’s time to pack your bags again.

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As travel beyond the armchair becomes a possibility here are a few books guaranteed to make you want to pack your bags and take off.

For the globetrotter

Time to dust off that passport. Lonely Planet has scoured every corner of the globe to produce its Best in Travel 2022. It ranks the must-visit countries from Norway to Mauritius; cities from Gyeongju in South Korea to Florence in Italy; and regions from the Westfjords in Iceland to the Scenic Rim in our very own state of Queensland.

For the Australian explorer

Alternatively, bust across some borders and explore your own backyard through Lonely Planet’s Australia’s Best Trips. It features 38 amazing road trips, from the two-day whizz around to two-week adventures. It even includes suggestions for great places to stretch your legs and irresistible detours.

Marcia Langton’s Welcome to Country is a guidebook for people wanting to see Australia through the eyes of its traditional owners. The second edition of this book details indigenous languages and customs, history, native title, the Stolen Generations, and the Black Lives Matter movement. There’s also a comprehensive listing of indigenous owned- or operated-tourism experiences across Australia.

For the swimmer

Set yourself a challenge of taking a dip in every one of the 60 places featured in Places We Swim by Dillon Seitchik-Reardon and Caroline Clements. Wash away all your cares at Australia’s best beaches, pools, lakes, and waterfalls.

For Sydneysiders or visitors to the Emerald City there’s their follow-up Places We Swim Sydney, a book that takes you well beyond bodysurfing at Bondi and into neighbourhood pools and hidden bushland swimming holes.

For the walker

Don your sneakers and enjoy the delights of discovering places on foot. For the ultimate in bucket-list inspiration there’s Barry Stone’s 1001 Walks: You Must Experience Before You Die. It guides you to put one foot in front of the other on everything from a 90m stroll over the Ponte Vecchio in Florence to months-long cross-country expeditions such as the 24,000km Trans-Canada Trail.

If wandering the neighbourhoods of the Big Apple is more your speed look out for the May release of Walk With Me: New York. Photographer Susan Kaufman celebrates the beauty of its townhouses, parks, and streetscapes in her forthcoming book.

For the adventure-lover

Adventure travellers can get all the inspo they need to tackle some mountain climbing through the May release of Mick Conefrey’s book about George Mallory’s first attempt to summit Mount Everest. Titled Everest 1922: The Epic Story of the First Attempt on the World’s Highest Mountain it tells the tale of the expedition before the better known one in 1924 that ended his life.

For the train-lover

Trainspotters get on board Tim Richards’ Heading South, a 7000km trip from far north Queensland to Western Australia. Along the way he encounters floods, cancellations, and the joy of meeting random strangers.

For the nomad

Yearning for a nomadic life? Alex Waite’s Vanlifers: Beautiful Conversions for Life on the Road could be just what you need to make it a reality.