Latest news with #Centrelink
Yahoo
10 hours ago
- Business
- Yahoo
Easy monthly habit to save an extra $8,364 a year: 'Get ahead'
Most people think that to save more money you need to cut back harder - pinching pennies, cancelling subscriptions, and guilt tripping yourself out of your next holiday. But the truth is, you don't need to sacrifice more to save more - you just need to be smarter. The data shows that the top Aussie savers have a household saving rate of 12 per cent, which compares to the average household saving just 3.8 per cent of income. Based on the average Aussie income of $102,000, this means the difference between saving $3,876 vs $12,240, or $8,364 every single year. Saving money is about optimisation, not deprivation. And if you want to get ahead with your money without giving up on your lifestyle, there are smarter levers to pull. I've outlined the top ways you can increase your savings without giving up the things you really enjoy. RELATED $500 ATO cash boost that Aussies have weeks to claim: 'Hard to beat' $1,831 Centrelink payment change coming within weeks: 'You'll get more' ATO warning over popular tax deduction Aussies try to claim each year: 'Not claimable' The simplest, and one of the most effective ways to save more money is to flip your saving and spending. When most people get paid, they pay their bills and do their spending first - with the aim of saving what's leftover - but it hardly ever works out this way. Instead, make your saving the first thing that happens when you get paid, and spend what's left. This way your saving happens before you get a chance to spend it, and you'll save more. This is the highest ROI move you can make with your money management. If you don't have a solid system for how you manage your spending and saving, it's easy to get caught up in the juggle. Money moving around to different accounts, paying bills, clearing the credit card, money in different accounts and even with different banks. If your money is in a bit of a mess, it's easy to lose track throughout your pay cycle - and this makes it harder to get the results you're looking for. Instead, if you have different bank accounts for different buckets of money; bills paid from one account, your general spending in another, a holiday fund set up, and separate savings account - you can automate your money management and ensure you have the right money, in the right places, at the right time. The biggest expense for most households is your mortgage or rent, so if you want maximum bang for buck with reviewing spending, look here first. Saving just 0.5 per cent on the average Australian mortgage of $665,978 will give you a saving of $277 per month, and finding even a slightly cheaper rental will also make a big difference to how much you can save. There's a limit to how much you can reduce your spending, but there's no limit to how much you can increase your income. And increasing your income allows you to save more directly without having to sacrifice a single thing. You can do something as simple as asking for a pay rise, work towards getting a promotion, or failing that, consider changing roles or industries, pick up a side hustle or second casual jobs for a short-term income boost. The statistics show that changing jobs results in an average pay increase of 9 per cent, which based on the average Australian income of $102,000, means an extra $9,180 pay bump - and this money can go straight to your savings bottom line. Every dollar of tax you save is an extra dollar you can save, invest, or spend today. And the best part is that saving tax doesn't require you to work any harder or sacrifice anything - it's simply about being smarter with the rules and using them to your advantage. Most people pay more tax than they have to simply because they don't know what they can claim, and they don't keep good records - being on top of this will make a meaningful difference when it comes time to do your tax return. Further, you should consider strategies like deductible super contributions, negative gearing, debt recycling, or tax-effective investing to reduce your tax bill even more. You probably have money leaking out of your income without you even noticing. Unused subscriptions, bank fees, and utilities where you haven't reviewed the pricing in years - even small savings here when bundled together will add up quickly. Another opportunity to drive some easy cash savings is through the unused things you have around your home. Research shows that the average household has $5,300 of unused stuff just lying around the house. It takes a small amount of work, but selling off things you no longer need on a marketplace will give you an immediate savings boost. Saving money is a good start, but it's also something that will never help you truly get ahead - to make real progress you need to put your money to work. Whether it's investing in shares or ETFs, building your super, or paying down your mortgage, you want to get your savings working harder. For example, saving just $20 daily and investing it into the sharemarket will see the money grow to around $658,000 based only on the long term sharemarket return of 9.8 per cent. This is the power of compound interest, and why it's so important once you're saving to get that money working for you. Saving doesn't have to mean doing less of the things you love, it just means doing more of what works. Be smart with your system, boost your income, be smarter with tax, and put your money to work. When you get this right, you make more progress without compromising on your lifestyle and level up your future. Ben Nash is a finance expert commentator, podcaster, financial adviser and founder of Pivot Wealth. Ben's new book, Virgin Millionaire; the step-by-step guide to your first million and beyond is out now on Amazon | Audiobook. If you want some help with your money and investing, you can book a call with Pivot Wealth here. Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it, and where appropriate, seek professional advice from a finance in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Centrelink issues warning to retirees over payment freeze threat: ‘Fake'
Services Australia has warned Australian age pensioners not to fall for misinformation they might see online. Scammers have been trying to trick people into thinking they need to update their personal and financial documents, or risk their Centrelink payments being cut off. A number of online articles and social media accounts have claimed age pension recipients must submit updated personal, identity and financial documentation by a certain date. They claim failure to do so will result in 'suspension or cancellation' of payments. Services Australia confirmed to Yahoo Finance this information was fake and pensioners do not have to submit updated documentation. RELATED $1,831 Centrelink payment change coming within weeks Coles and Woolworths checkout move that there's no coming back from Aussie couple making $1,200 a day from job anyone can do 'There are fake reports about changes to identity and document requirements,' Services Australia has warned. 'Some unofficial websites say your payment might stop unless you re-confirm your identity or provide documents. This is not true.' Services Australia said these were 'clickbait' websites that were designed to get a lot of traffic through flashy headlines. They may claim there are new document requirements for Centrelink pensioners, new eligibility and verification processes for age pensioners. They may also claim your payments will be cancelled, suspended or halted if you don't meet new requirements or guidelines, or you could get a fine or debt if you don't take action. These are not true. Aussies lost $119 million to scams in the first four months of 2025, Scamwatch data found, despite the overall number of scam reports dropping by nearly a quarter to 72,230. Phishing scams accounted for $13.7 million in losses, nearly tripling compared to $4.6 million in early 2024. The Australian Taxation Office (ATO) has issued a similar warning after noticing clickbait websites claiming there would be changes to superannuation preservation and withdrawal rules from June 1. ATO deputy commissioner Emma Rosenzweig said it was 'classic fake news' and urged people to consider the source of information they see and to go to trusted sources like the ATO website, your super fund, tax agent or financial adviser. 'Beware of websites that might be trying to harvest your personal information such as your TFN, identity details or myGov login details,' she said. 'Think twice before acting on information heard from third-party sources, including non-official websites or on social media.' Services Australia has encouraged people to only trust information online about its payments and services from its official website, myGov or its official social media accounts. 'If a website URL doesn't end in . then it isn't an official government website,' Services Australia said. Services Australia also has information about scams targeting Australians on its website, which is updated regularly.
Daily Mail
2 days ago
- Business
- Daily Mail
Centrelink recipient wins massive $250,000 payout after his insurer refused to pay up when his $65,000 BMW was wrecked
A Centrelink recipient has been awarded $250,000 after his insurer refused to pay him out when his $65,000 BMW was damaged while parked on a street. Insurer IAG had rejected the man's claim after his BMW was written off following a collision, but the owner of the vehicle hit back and filed a case with the Australian Financial Complaints Authority (AFCA). IAG rejected the man's case on the basis the collision scenario was 'implausible', the Daily Telegraph reported. In the case filed with the AFCA, the man refuted every allegation made against him and won. The insurance giant said the man, who has not been identified, claimed the driver had 'motive' to make a false claim because he stood to benefit financially from the claim and Centrelink benefits appeared to be his main income. Hitting back at the insurer, the man said he earned up to $40,000 a month trading on the stock market and with cryptocurrencies. The man had purchased the BMW for $65,000 days before initially insuring the vehicle for $280,000 and subsequently lowering it to $250,000. AFCA's adjudicator revealed phone recordings showed the man hadn't known how much to insure the car for, with the insurer informing him the average value for his BMW was between $175,000 and $325,000. The collision took place seven months later after the man and his partner had left it parked on a street and taken an Uber to a restaurant. IAG said the man had 'opportunity' and questioned why he hadn't taken the car to the restaurant or found a secure car park for the vehicle. The man said that he and his partner had decided they would have a drink at the restaurant. He also explained that because the street had no parking restrictions he saw no reason why he should waste time driving his car home before the meal. Although the adjudicator accepted these explanations, the insurer continued to lodge further allegations. IAG said the man had not been frank as he failed to mention he was disqualified from driving, he had a previous claim and he didn't call the police after discovering his car was damaged. The insurer also said the damage to the BMW was 'malicious'. A report from the insurer's crash investigator said the collision likely occurred due to a reversing truck doing a three-point turn on an unsuitable stretch of road. 'The report does not provide any specific information as to why the roadway is not conducive to a three-point turn being conducted,' the adjudicator said. The unnamed adjudicator ruled in the complainant's favour and the man received $250,000 plus interest. 'I accept there are inconsistencies, but I am not persuaded these alone, even when considered together, satisfy the burden of proof to establish the complainant has acted fraudulently or failed to be truthful and frank, to the degree where it would allow the insurer to decline the claim,' the adjudicator said. An IAG spokesman said an investigation can be required for certain claims due to the cost and importance of identifying possible fraudulent claims. But the financial settlement was immediately awarded to the man in question as soon as AFCA stated the decision.
Daily Mail
2 days ago
- General
- Daily Mail
Bruce Lehrmann's shock new job as selfie emerges of disgraced political staffer's low-key lifestyle while he lives off Centrelink benefits
Former political staffer Bruce Lehrmann has moved interstate to become a full-time live-in nanny. Lehrmann, 29, has reportedly found his 'happy sanctuary' living with a close family friend and watching their two children, outside of NSW. The children, aged under 10, call Lehrmann 'the Manny' and 'Uncle Bruce'. It's understood Lehrmann took the unpaid role in exchange for a space in the family's home following two criminal court cases and a defamation defeat which left his reputation, and finances, in tatters. Lehrmann, who relies on Centrelink benefits, was hired by the family 18 months ago. A photo showed Lehrmann smiling directly at the camera while sitting next to one of the children at a cinema. Lehrmann was dressed in a light, blue collared shirt with a cap and sunglasses resting on his head, while the child held a Village Cinemas popcorn bucket. His lawyer Zali Burrows told the Daily Telegraph the job has been a haven for his client. 'Bruce relishes the trusted role he has in the children's lives and the family really adores him,' she said. 'It's been a safe, happy sanctuary, away from the mental and financial turmoil.' In August 2021, Lehrmann was identified as the Liberal Party staffer accused of raping Brittany Higgins inside Parliament House in 2019. Ms Higgins had shared her alleged sexual assault with Channel 10 journalist Lisa Wilkinson in an interview aired on The Project. Lehrmann has always denied the allegations. Lehrmann faced the ACT Supreme Court in late 2022 but the case was dropped after a juror brought outside research into the deliberation room. A second trial was also aborted, citing concerns for Ms Higgins' mental health. In 2023, Lehrmann launched legal proceedings against Wilkinson and Channel 10, claiming he'd been defamed by The Project episode. The ruling of the lawsuit left Lehrmann in ruin with Justice Michael Lee finding, on the balance of probabilities, he raped Ms Higgins. He has appealed the ruling with the case to go before the Federal Court of Australia in August. Lehrmann is also fighting allegations he raped a woman in Queensland in 2021. The woman alleged Lehrmann assaulted her twice on the morning of October 10, 2021, after they met in a strip club the previous night in Toowoomba, 150km west of Brisbane. She claimed she and Lehrmann ingested cocaine during the night out and had consensual sex at a house in east Toowoomba about 4am. The woman alleged she was woken about 10am by Lehrmann sexually assaulting her. Lehrmann's former defence barrister Andrew Hoare said at a prior committal hearing the alleged victim was too intoxicated to remember giving consent and Lehrmann could have mistakenly believed he had consent for further sex acts. The case is set to return to court on June 20.
Yahoo
4 days ago
- Business
- Yahoo
Driver's $200 fuel cost exposes Aussie car hire company: 'Said it was our fault'
Welcome to legal column where lawyers Alison and Jillian Barrett from Maurice Blackburn tackle problems everyday Aussies face — whether it be consumer, property, money matters impacting relationships or work. This week, a holidaymaker feels ripped off by a car hire service. Question I booked a hire car through a third-party website for a recent trip and specifically booked a hybrid as we'd be covering a lot of kilometres. The booking said it would be a Toyota Corolla hybrid "or similar". The car hire place was a bit chaotic and they just handed us the keys and told us to find it in the car park. It wasn't until we had driven away that I realised it wasn't a hybrid. We spent over $200 on fuel and when I took the car back the manager was really rude and said there was nothing they could do and it was our fault for not noticing sooner. Is there anything I can do to claim some money back? Answer Booking a hire car can sometimes lead to unexpected issues and frustration, especially when the vehicle provided does not match the description promised at the time of booking. When you hire a car, you enter into a contract with the car hire company. This contract is based on the terms and conditions outlined on the website at the time of Bank of Mum and Dad warning over common mortgage issue: 'Seek legal advice immediately' Australia's most in-demand jobs revealed with $125,000 salaries up for grabs $1,831 Centrelink payment change coming within weeks Further, under the Australian Consumer Law, consumers are entitled to certain guarantees when they purchase goods and services. These guarantees include that the goods will match the description provided at the time of booking. If the booking confirmation stated that you would receive a Toyota Corolla hybrid "or similar', the car hire company is obligated to provide a car that meets this description. If they fail to do so, they may be in breach of contract or the Australian Consumer Law. Review the booking confirmation: Carefully check your booking confirmation and any terms and conditions (likely emailed to you) provided by the third-party website. You should specifically look for any clauses related to vehicle type and substitutions. Gather evidence: Collect all relevant documentation, including the booking confirmation, receipts for fuel expenses, notes of conversations and any correspondence with the car hire company. This evidence will be crucial if you need to pursue a legal remedy. Contact the car hire company: Write a formal complaint to the car hire company using their internal dispute resolution service, outlining the issue and requesting reimbursement for the additional fuel costs. Be sure to reference the contract and include all evidence. Escalate the complaint: If you can't resolve it with the car hire company, escalate the complaint to the third-party website through which you made the booking. They may have a dispute resolution process you can use. If your dispute remains unresolved there are more formal avenues you can pursue. The Australian Car Rental Conciliation Service provides a free mechanism for resolving disputes between disgruntled customers and certain car rental companies that have agreed to abide by the Car Rental Code. Additionally, you can report the issue to the Australian Competition and Consumer Commission, which oversees consumer protection. They may investigate the complaint, however won't assist in resolving the dispute or requiring a refund or compensation be paid to you. Finally, each state and territory has their own Civil and Administrative Tribunal which will allow you to lodge a claim against the car rental company to claim your money back. There is often a small fee to lodge a claim, so you'll need to consider the cost of that compared to your actual loss to ensure it is financially worthwhile lodging a claim. This legal information is general in nature and should not be regarded as specific legal advice. If you need legal advice, you should consult a solicitor.
