30 Mar Matrix Norwest – March 2022 Bulletin
A message from Our Board
It’s been another challenging start to the year in 2022 dealing with the effects of Omicron and the floods as well as the invasion of Ukraine. Along with these challenges, the new year has also brought a number of changes for our business internally which we think are important to share with you.
Matrix Norwest has been fortunate enough to continue to grow despite the setbacks of the pandemic. This growth has required us to reshape the roles that each of the active Partners serve within our business.
This has seen the following formal appointments:
- Matthew as Chief Executive Officer and Head of Advice
- Alison as Chief Financial Officer and Head of Tax
- Lachlan as Chief Operations Officer and General Manager
Refreshing our roles has positioned each of us within our strengths and capacities to best serve your needs moving forward.
This formalisation of our internal structure is a reflection of our commitment to you that we will continue to provide a quality, personalised and professional service while our practice continues to grow.
Matthew Stevenson, Rob Pedersen, Alison Stevenson and Lachlan Sue
Partners, Matrix Norwest
Reflective of our growth in the last two years is our need to resource up with quality staff. For these reasons, we would like to welcome to our team – Sally Woods, Lovelin Gandhi and Gail Gardener.
Sally joins us as Bookkeeper with 20 years of bookkeeping and accounting experience in a variety of industries. Having also run her own bookkeeping business dealing with clients from all walks of life, Sally brings a further depth in knowledge and a new perspective to our quality bookkeeping team.
Lovelin joins our expanding team as an Accountant who is currently completing her CA as well as her Masters of Professional Accounting. An academic at heart, she truly loves what she does and relishes in the tailored experience that she can provide to each client she serves.
Gail has joined us in the capacity of Administration Support for our tax team. With previous experience in a number of industries, Gail brings a breadth of knowledge and professionalism to our administrative support team. She will be one of the first contact points when you phone our office and eagerly awaits being able to assist you.
There are important changes around superannuation and retirement taking effect on 1 July 2022 that were announced in the May 2021 Federal Budget.
Look out for any changes that may effect you and your financial situation.
Expansion of the First Home Super Saver Scheme
The maximum withdrawal from the First Home Super Saver Scheme will increase from $30,000 to $50,000.
Abolishing the work test for retirees
The work test will be abolished on 1 July 2022. Under the change, retirees aged between 67 and 74 can top up their super without having to satisfy any test provided their total super balance is less than $1.7 million.
Expanding the Downsizer Scheme
The eligibility age for the Downsizer Scheme will be lowered from 65 to 60 years on 1 July 2022. The Downsizer Scheme allows eligible people who sell their home to make a one-off, $300,000 contribution to their super, outside the concessional and other rules. Couples can contribute $300,000 each.
Superannuation rules are constantly changing, and it is easy to overlook an opportunity you didn’t know existed. As always, this is a great opportunity to have a discussion with our advisers to see how we can assist.
The budget was brought forward to March this year from its usual delivery in May. While this year’s budget did not have the usual weight of tax reform warranting extensive coverage, we have identified a handful of updates that are relevant to individuals and small to medium sized businesses below:
- An immediate reduction in fuel excise by 22c per litre for the next 6 months.
- The Low and Middle Income Tax Offset (LMITO) has been increased from $1,080 to a maximum of $1,500 for the 2022 financial year to provide relief to recent cost of living increases.
- Small business incentives for external training and investment in technology through offering an additional 20% tax deduction for every dollar spent in these areas.
- PAYG and GST tax instalment reductions to assist with cashflow, deferring payment of these taxes until later dates.