Note: These changes are proposals only and may or may not be made law. Cost of living Energy bill relief : An electricity bill credit of up to $500 will be available in 2023/24 for: - Pensioners - Commonwealth Seniors Health Card holders and other concession card holders - Recipients of Carer Allowance and Family Tax Benefit A and B - Veterans, and - those eligible for existing State and Territory electricity concession schemes. Eligible small businesses will receive a credit of up to $650. The amount of the credit will vary depending on the location, with no further details revealed in the Budget. • Pharmaceutical Benefits Scheme changes: Individuals will be allowed to buy twice as many common medicines for the price of one script under changes to the Pharmaceutical Benefits Scheme from 1 July 2023. This will allow a patient access to 60 days worth of medicine for each script. The change will save general patients up to $180 a year per subsidised prescription. Concession card holders are expected to save up to $43.80 a year per medicine. Increased bulk billing: Children under the age of 16, pensioners and other Commonwealth concession cardholders will have increased access to free healthcare under this measure, with bulk billing incentives being tripled for the most common consultations. This includes face‑to‑face, telehealth and video conference consultations. Household energy upgrades: A number of low-cost loans will be provided to access energy-saving home upgrades, such as battery-ready solar panels, modern appliances and other energy efficiency improvements. Superannuation Better targeted superannuation concessions : The Government will reduce tax concessions on certain superannuation accounts for individuals with a ‘total super balance’ (TSB) of more than $3 million (unindexed). The earnings on any balance that exceeds the $3 million threshold will be subject to an additional tax of 15% (up to 30% in total). Individuals with a TSB less than $3 million will not be impacted by this change, and investment earnings on the accumulation balance will continue to be taxed at the maximum rate of 15%. Increasing the payment frequency of employer super payments: Employers will be required to pay their employees’ super at the same time as their salary and wages from 1 July 2026. Social security Increase to working age payments: The fortnightly rate of JobSeeker Payment and certain other benefits will increase by $40 ($1,040 pa) on 20 September 2023 The minimum age for the higher rate of JobSeeker Payment will also reduce from age 60 to 55 and over for those who have received the payment for nine or more continuous months. Single recipients aged 55 to 59 with nine continuous months on payment will receive an extra $99.40 pf as a result of both changes. Increasing Rent Assistance : The maximum rates of Rent Assistance will increase by 15% on 20 September 2023. This will provide recipients with up to $31 extra per fortnight. Increase to Home Care packages : As part of a package to improve the in-home aged care system, the Government will increase the number of Home Care packages by 9,500 in 2023/24. This may help reduce the wait time for individuals who are waiting for a package to be assigned to them. Personal taxation No changes to personal income tax: The Budget did not contain any measures announcing changes to personal income tax. This includes: - no changes to the Stage 3 tax cuts which will take effect from 1 July 2024, and - no extension of the Low and Middle Income Tax Offset, which ended 30 June 2022. Increasing the Medicare levy low-income thresholds: The Government will increase the Medicare levy low-income thresholds for singles, families and seniors or pensioners from 1 July 2022. This means low-income earners will be able to earn more income before being liable to pay Medicare levy. Small business taxation Small Business Energy Incentive: Small businesses with an annual turnover of less than $50 million may receive an additional 20% deduction on spending that supports electrification and more efficient use of energy. Up to $100,000 of total expenditure will be eligible for the incentive, with the maximum bonus tax deduction being $20,000 per business. Eligible assets or upgrades will need to be first used or installed and ready for use between 1 July 2023 and 30 June 2024. Examples of eligible assets include electrifying heating and cooling systems, upgrading to more efficient fridges and induction cooktops, and installing batteries and heat pumps. $20,000 instant asset write-off: Small businesses with an annual turnover of less than $10 million will also be eligible to immediately deduct the full cost of eligible assets costing less than $20,000 for assets that are first used or installed ready for use between 1 July 2023 and 30 June 2024. Small businesses can instantly write off multiple assets as the $20,000 threshold will apply on a per asset basis. Housing Changes to eligibility for home buyer guarantee schemes: From 1 July 2023, joint applications may be made by friends, siblings and other family members under the First Home Guarantee and the Regional First Home Buyer Guarantee. Non-first home buyers who have not owned a property in Australia in the last ten years will also be eligible. Eligibility for the Family Home Guarantee is also expanding to include eligible borrowers who are single legal guardians of children such as aunts, uncles and grandparents. The number of guarantees available and other eligibility criteria are unchanged. Any questions? If you have any questions, please speak with your financial adviser who can help you to understand how these proposed changes could apply to you. Important information and disclaimer Sources: www.budget.gov.au This communication has been prepared by Actuate Alliance Services Pty (ABN 40 083 233 925, AFSL 240959) (Actuate), a related entity of Insignia Financial Ltd ABN 49 100 103 722. The information in this communication is factual in nature. It reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue, and may be subject to change. In some cases, the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Examples are illustrative only and are subject to the assumptions and qualifications disclosed. Past performance is not a reliable indicator of future performance, and it should not be relied on for any investment recommendation. To the extent that the information in the communication contains general advice, it has been prepared without considering any person’s individual objectives, financial situation or needs. You should consider the appropriateness of the general advice in light of your own objectives, financial situation or needs. This communication is not available for distribution outside Australia and may not be passed on to any third person without the prior written consent of Actuate. Whilst care has been taken in preparing the content, no liability is accepted by Actuate or any member of the Insignia Financial group, nor their agents or employees for any errors or omissions in this communication, and/or losses or liabilities arising from any reliance on this communication.

Christmas is a time for families and the New Year is for resolutions. This year, combine the two by making a resolution to pay more attention to how your older parents are coping and start family conversations to develop a plan for future care and support. You may have been busy through the year and not noticed the small things. But how well parents are coping may become more obvious when you have time to catch up with family over the festive season. You might not want to face that your parents are getting older and may need help. If you are the older person, asking for help does not have to be the start of a slippery slope. Rather, it might be the first step to having greater control over your future independence and reduce some of the daily strain on yourself and other family members. Continue reading.... IMPORTANT INFORMATION: The information (including taxation) contained within this document does not consider your personal circumstances and is of a general nature only - unless otherwise stated. You should not act on it without first obtaining professional advice specific to your circumstances. RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429

The numbers can be alarming! The World Health Organisation estimates around 16% of people over age 60 have experienced some form of abuse. And most concerning is that this abuse is allegedly perpetrated by a trusted person (such as a friend or family member). World Elder Abuse Awareness Day is held every year on 15 June to shine a spotlight on issues around elder abuse and create greater awareness. The best ways to prevent abuse are awareness, education and engaging the right professionals to help with decision-making. Elder abuse can take many forms and can be physical, psychological, sexual or financial abuse. Sometimes the trusted person may not recognise that their actions are effectively a form of abuse. For example, using an Enduring Power of Attorney to start distributing a parent’s assets to family members after that person has entered residential care. You might hear this referred to as “inheritance impatience”. It may not look harmful, but if decisions are made in the family’s interests and not the older person’s best interests, this may be elder abuse. Life can change quickly. If we lose capacity and need help, we will need someone we trust to step in and make decisions for us. Who would you trust? World Elder Abuse Awareness Day gives us all a chance to think and reflect. But it is not just a one day a year issue. It is an ongoing issue and needs ongoing review. We aim to ensure all our clients are ready and have the right documents and systems in place. Talk to us today to review your frailty plans or for help with making the right decisions for an older loved one. It is never too early to start the conversation and set up appropriate arrangements. Call us on 02 6056 8777 to review your own financial situation or if you need help in your role as Enduring Power of Attorney. IMPORTANT INFORMATION: The information (including taxation) contained within this document does not consider your personal circumstances and is of a general nature only - unless otherwise stated. You should not act on it without first obtaining professional advice specific to your circumstances. RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429

Generations Personal & Professional Advice Bake-Off Winners. Thank you for supporting our fundraising event and for your generous hearts. It makes a real positive difference in the world.

As parents age and need more support, families may decide to move in together and create a granny flat arrangement. This can allow generations of family members to support each other, as well as provide financial benefits. For an older parent this may offer a great care solution, but not every family can successfully navigate the pitfalls. You may need to remove rose-coloured glasses to ensure you objectively consider the family dynamics as well as the financial implications. Click below to read more....

With almost half a million people living with dementia in Australia, and another 1.6 million people involved in their care, it is likely that we are all impacted in some way. This week is Dementia Action week, putting a spotlight on how to support a person living with dementia as well as support for the carers. Understanding the experience of dementia, and making a few changes can have a beneficial impact on the person’s quality of life and help them to live more independently. When we think of dementia, we think of a person’s loss of memory and the confusion this may cause with identifying loved ones or timeframes. But people living with dementia may also have different sensory perceptions, which makes them see things differently. Dementia Australia has a range of useful tools and tips for creating a dementia-friendly environment so that the home remains familiar, but is more accessible and safer. Some of the top tips include: • Consider colour contrasts between doors and walls and between doors and architraves • Perhaps have a different colour door for the toilet • Put up signs (in Arial or Helvetica font) or photos to indicate the function of a room • Use larger size light and power switches • Set up a whiteboard or calendar to post notes and reminders. Sometimes, the home environment is not safe enough and a move into residential care may be needed. When selecting the right provider, ask lots of questions to determine how the provider can meet the needs of a person with dementia.   If you are impacted by dementia or you are worried about a family member or friend, take a look at the range of information and tools at Dementia Australia’s website www.dementia.org.au . And call us on 02 6056 8777 to make an appointment to talk about the support available with Home Care Packages or residential care, what it will cost and how to manage your cashflow to pay for the care you need. IMPORTANT INFORMATION: © Aged Care Steps Pty Limited, 2021. Used with permission. The information (including taxation) contained within this document does not consider your personal circumstances and is of a general nature only - unless otherwise stated. You should not act on it without first obtaining professional advice specific to your circumstances. RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429

Moving into residential care is a move to a new home. Even though this is not a home you are buying, if you think about it in terms of a property transaction it might help you to build a checklist to make the right choice. When you last bought (or rented) a home, you probably did not start your research by looking for the cheapest option, but rather you began by thinking about where you wanted to live and what sort of lifestyle you wanted. This is also a good place to start when choosing residential aged care.

If moving into residential aged care, do you really have to sell your home? What are your choices? Myths and misunderstanding about the rules can add to anxiety and confusion. The stress of moving into residential aged care can be compounded by anxiety around selling the family home. Some people may find it hard to part with their home or may not be ready to sell. This can raise concerns about how to afford the fees. Knowing that you have choices, and accessing advice to understand these choices may help to reduce stress and create a better outcome...

The time may come when you need to make financial decisions on behalf of a parent as the Enduring Power of Attorney (EPoA). Is this an honour or a burden? It can be both, so the person taking on the role needs to understand both the legal obligations as well as family responsibilities. Making decisions using an EPoA A power of attorney is given the authority to make decisions and authorise transactions in relation to property and financial affairs. If it is an enduring power, this authority remains effective even after the donor has lost mental capacity – most important for an older person....