July 2013

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July 2013

July 2013
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Message from our CEO

In March we announced our plan to merge with Alliance One Credit Union in order to further strengthen our position in the Australian financial services market.

This merger will further strengthen Community CPS’ position in the Australian financial services market and build on our ongoing commitment to regional Australia providing a real alternative to the major banks.

Alliance One holds similar values, philosophies and strategic aims – we are fiercely committed to returning value for our members, and we actively support the local communities in which we operate.

Alliance One was established in 1970 and has a proud history in regional South Australia. The Credit Union has more than 16,000 members, employs over 50 staff and manages a combined $233 million in assets. Alliance One has branches in Whyalla, Port Lincoln, Roxby Downs, and Clare.

Together, we will be able to provide all of our members with an expanded range of products and services.

The merged entity will have a combined membership base of 200,000 members across Australia, approximately $4 billion in assets under management and around $295 million of funds under advice.

If you have any questions regarding this process please feel free to contact us on 13 25 85 or email your comments to contactus@beyondbank.com.au

Robert Keogh

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Steering a good deal with a car loan

Car buyers are currently in the driver’s seat when it comes to getting a good deal on a car loan.

It’s that time of year when thousands of Australians take advantage of the end of financial year car sales, so it’s a good time to remind our members to do their homework first before driving away with their new wheels.

While it’s easy to get swept up in the excitement of shopping for a car, if you just do your homework and sort your finance first, you could end up saving hundreds of dollars.

Our top five tips for members to consider when securing your car finance include:

  1. Research your loan options.
  2. Before you start test-driving, arrange a pre-approved car loan.
  3. Understand all the terms and conditions of your car loan, not just the interest rate – do you need a deposit, is it a short-term agreement, can you make extra payments?
  4. Read and understand the fine print of your contract.
  5. Consider all your expenses, not just the cost of the car – this includes stamp duty, insurance, running costs and the interest.

Our member, Shane from East Maitland in the Hunter Valley decided to arrange pre-approved finance with us for a new work vehicle, before shopping around to help make the process easier.

“I knew from past experiences that the buying process would be easier if I got pre-approved finance for my Toyota Hilux first because I’d know how much I had to spend and could negotiate a deal with the provider straight away.”

“Thanks for helping me work out a realistic loan amount which was affordable and allowed me to buy the heavy duty car I needed for my building business,” Shane said.

For more information on our car loans, visit our website or give us a call on 13 25 85.

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Call for nominations – 2013 directors’ elections

Three directors are to be elected in accordance with the Constitution of Community CPS Australia Limited (‘Community CPS’).

Directors Geoff Knuckey, Steve Nolis and Heather Webster offer themselves for re-election. Other members may also be nominated for these positions.

Community CPS is subject to the requirements of the Corporations Act which, together with a number of common law obligations and prudential requirements, imposes specific duties and significant responsibilities and accountability on directors.

Community CPS being an authorised deposit-taking institution (‘ADI’) is subject to the Australian Prudential Regulation Authority’s (‘APRA’) Prudential Standard CPS 520 Fit and Proper (‘F&P Standard’). The F&P Standard sets out the minimum requirements that ADIs must apply in determining the fitness and propriety
of individuals who hold positions of responsibility with the ADI which includes directors.

In accordance with the Community CPS Constitution every candidate must submit to an interview by the Nomination Committee. The role of the Nomination Committee is to assess each candidate and determine whether it is satisfied that:

  • the person has demonstrated an ability to be a director as assessed against the Board approved model criteria; and
  • the person is fit and proper to be and act as a director by reference to the Community CPS fit and proper policy which incorporates the requirements of the F&P Standard.

It would be prudent for any member considering whether to be nominated to acquaint themselves with the duties imposed on directors by the general law and by the Corporations Act, and also the Community CPS Constitution accessible on the Community CPS website www.communitycps.com.au.

Members requiring more information may obtain it from the Company Secretary, Mr Gianni Milani, by telephoning 13 25 85 who can also provide the nomination ‘pack’. Nominations close at 5.00pm AEST, on 26 July 2013.

Gianni Milani
Company Secretary

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Tax Time Advice

Tax time is here so it’s time to start getting together your PAYG summaries, statements and receipts.

Once you’ve gathered all your paperwork, it’s important to understand exactly what you can claim to help make the most of your return.

Work Related Expenses

You are entitled to claim deductions for some expenses that are directly related to earning your income.

You are also entitled to claim deductions for expenses that directly relate to your work as an employee (work-related expenses), or your investment income.

There are basic rules for deductions, and records that you must keep.

The most basic rules for claiming a deduction are:

  • Claim the deduction in the same year that you made the purchase.
  • You can’t claim an expense that you will be reimbursed for.
  • You can claim expenses that you incurred while earning your assessable (taxable) income, but not private, domestic, or capital expenses.
  • Keep written records.

Examples of General Work Related Expenses

  • Work-related car expenses – you can claim car expenses directly connected with your work.
  • Work-related travel expenses – you can claim travel costs if they directly relate to earning your assessable income.
  • Work-related clothing, laundry & drycleaning expenses – you can claim a deduction for the expense of buying and cleaning.
    • Clothing that is specific to your occupation, eg. checked pants a chef wears.
    • Protective work clothing, and footwear, eg. steel capped boots.
    • Your work uniform if it has a logo, or specifically designed and made by your employer.

Other Common Work-Related expenses

  • Buying a computer to use for work (computer is depreciated over useful life if over $300).
  • Business percentage of telephone calls, and internet usage.
  • Work-related repairs & maintenance, eg. for your computer.
  • Reference books, technical journals, and trade magazines.
  • Union fees, subscriptions to trade, business or professional associations.
  • Donations – You can claim a tax deduction if your donation to charity or deductible gift recipient is over $2.00.
  • Cost of managing tax affairs.

Tax Offsets

Net Medical Expense Tax Offset.

The Net Medical Tax Offset will be income-tested from 1 July 2012.

Individuals with an adjusted taxable income above $84,000 for singles, and $168,000 for a couple or family in 2012/13 year will be affected. The family threshold will increase by $1,500 for each dependant child after the first. These individuals/families will only be able to claim a reimbursement of 10% for eligible out-of-pocket expenses in excess of $5,000.

Individuals with an adjusted taxable income below these thresholds will be unaffected. These individuals will continue to be able to claim a reimbursement of 20% for net medical expenses of $2,120 when they lodge their 2012/13 tax return.

Low Income Tax Offset

As the tax-free threshold has increased to $18,200 for the 2012/13 year, the Low Income Tax Offset has been reduced to $445 for individuals earning up to $37,000. Effectively, this means that a low-income earner’s effective tax-free threshold is now $20,542. The offset is phased out between the incomes of $37,001-$66,667, with nil offset over $66,667.

No Flood Levy for the 2012/13 year

The Flood Levy which was in place for the 2011/12 year to assist with the Queensland Flood Disaster has been removed for the 2012/13 year.

To make an appointment with one of our tax accountants please give us a call on 13 25 85.

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Want to know more about Self-Managed Super Funds?

Did you know that in Australia, Self-Managed Super Funds now hold over $450 billion dollars in assets, growing more than 25% in the last three years (Dec 09 – Dec 12).

Self-Managed Super Funds are primarily used to give people greater control and choice over their investments and future, but there are also a number of compliance obligations on Self-Managed Super Funds that need to be actively managed. For example, in some circumstances people with Self-Managed Super Funds have the ability to borrow money, but due to recent tax changes, anyone borrowing money within a Self- Managed Super Fund could find their nest egg affected.

Despite these changes, and impacts that may occur on Self-Managed Super Funds, only a third of people with Self-Managed Super Funds are obtaining regular wealth management advice.

So while ‘Self-Managed’ means you can have the final say in your investment decisions, it’s equally as important to engage a professional’s skills and expertise to ensure you’re making the right moves for your future.

Our subsidiary, Eastwoods, can offer a range of products and services for Self-Managed Super Funds, including financial planning, accounting and taxation.

To make an appointment with one of our financial planners please call our Member Contact Centre on 13 25 85.

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How can your old car win you a new car?

Take out Allianz comprehensive car insurance through us before 26 July 2013 and you could be driving home in something a little bit newer than your car - a brand new Mazda3.*

That’s not the only reason to choose Allianz as your insurance provider though. With a safe driver discount for eligible drivers, tailored excess options, and the provision of a hire car after theft, Allianz car insurance is designed to give you more, for less.

Allianz is also big on choice - if your car is damaged, you can choose your own repairer. And, if it’s a total loss within the first two years of original registration, your car will be replaced with a brand new one.

These are just some of the ways we’re doing our bit to drive home value and choice.

For a competitive quote call 13 25 85 or visit our Car Insurance page.

*Your financial institution arranges this insurance as an agent for the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL No 234708. Before making a decision, please consider the Product Disclosure Statement available here. 1Promotion runs 01/06/13- 26/07/13. Must be 18 years or older. Prize drawn 19/08/13 at Allianz, Lvl 11, 2 Market St Sydney. Winner’s name published in The Australian 21/08/13. Authorised under NSW Permit No: LTPS/13/02239, ACT Permit No: ACT TP 13/01165, SA Licence No: 13/573, VIC Permit No: 13/779. Full terms and conditions available here or at allianz.com.au/prize.

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Community Notice Board: Fundraising for South Australia Ambulance

The South Australian Ambulance Service is an integral part of the state’s health system, providing emergency medical assistance, treatment and transport to the people of South Australia.

Whilst no one really ever wants to call on their services, recently one of our staff had to.

Hannah who is 18 years old, became gravely ill with Meningococcal, but thanks to the quick thinking paramedics from SA Ambulance who administered her with lifesaving antibiotics, we are pleased to say Hannah is still here to tell the story, and has fully recovered.

When we asked Hannah’s mother Judy, who also works at Beyond Bank, how we could help her family during this time, she asked if we could raise funds for SA Ambulance in honour of the outstanding care they provided Hannah.

And so fundraise we did, raising $3,500 for the ambulance service who saved our work colleague Hannah.

The funds will now be used for staff training and to purchase medical equipment.

On behalf of Beyond Bank, Hannah and her family, we’d like to say a big thank you to all the heroes at SA Ambulance Service.

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Community Notice Board: Boundless Canberra – A playground for everyone to enjoy

Boundless Canberra is a project aiming to create the first space in the ACT where children of all ages and abilities can play together, be challenged, socialise, and have lots of fun.

In April, construction began on the all abilities playground with Chief Minister Katy Gallagher turning the sod.

The $3.5 million playground is set to become a place for all children and their parents, with eight different play areas designed to represent Canberra and the surrounding region.

The initial stage of the park will include a fort module, swing module and sand play module. The swings will include large swings for multiple children and swings where the carer can sit with the child. There will be a range of purpose-built play equipment that can be easily accessed by children of all ability levels including a climbing module, a water play module, a labyrinth and a sensory garden.

Full wheelchair access, colour and textual variations, vibrating musical sculptures and the use of braille will attract children from interstate and serve a symbolic purpose. With support from the community we can make this state-of-the-art playground a reality.

Donations can be made via our helpbuildboundless.com.au website or at any Branch. Also for every Community Reward Savings Account opened with Boundless Canberra nominated as the charity of choice, we will make a donation to this project.

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Riding for the Disabled

We are pleased to announce that thanks to the generous support of the Wagga community, we have reached our goal in raising over $65,000 to assist with the purchase of a special access vehicle for Riding for the Disabled.

At a special event held in May at the RDA grounds, the keys to the vehicle were handed over by General Manager Community, Peter Rutter to RDA President, Bev Amery.

“We are proud to be associated with Riding for the Disabled. We hope this vehicle will help the many volunteers, specially trained riding instructors and children to enjoy their
experiences daily with Riding for the Disabled,” Peter said.

Ms Amery said that she has been overwhelmed by the community’s generosity and would like to thank everyone who donated to the fundraising appeal. The new vehicle will
make a huge difference for the children, it means instead of coming in private cars, we can now pick them up in one go.

“I think we will now have access to more schools because they don’t always have
teachers or parents available to transport the children to the centre for our programs”.

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This information is general in nature, and does not consider your personal financial objectives, situations or needs. Before making an investment decision you should seek appropriate financial planning and/or tax advice and consider the relevant PDS to determine whether it is suitable for you. Accounting and Taxation Services are provided by our subsidiary Eastwoods Accounting and Taxation Pty Ltd ABN 32 008 214 033, which is a Registered Tax Agent. Financial Planning Services are provided by Eastwoods Wealth Management Pty Ltd ABN 94 008 618 193 AFSL 237853

The information contained in this newsletter has been drawn from sources believed to be reliable. Every care has been taken to ensure the accuracy of the information contained in this newsletter. However we take no responsibility for any errors or omissions. Investment stories are intended for guidance only and do not take into account your financial objectives, situation or needs. We recommend that you seek appropriate advice before making any investment decision. Copyright is reserved throughout this publication and may not be reproduced or printed without the express consent of the publisher. Beyond Bank Australia is a trading name of Community CPS Australia Ltd ABN 15 087 651 143 AFSL/Australian Credit Licence 237856.