weight lifting

When we consider breaking into weight lifting, most of us look at the physical benefits without really considering anything else. After all, muscle tone and strength gain are the most notable results on the table and, without them, we probably wouldn’t even think about breaching the weight section in the gym.

It’s certainly for these goals that we develop weight lifting targets alongside the best amino acids and protein powders to help get the job done. But, as with so many things in life, weight lifting has a great deal more benefits for our lifestyles than just what we can see on the surface. In fact, a healthy weight lifting habit could well provide you with everything you need to not only lift physical weights but to also keep on top of the daily lifestyle pressures that have sat on your shoulders for too long. Keep reading to find out just three of the reasons why that is, and how you can embrace these additional benefits with open, newly muscled, arms. 

weight lifting

Pushing you out of your comfort zone

The best exercise regimes will always push you far from your comfort zone, with weightlifting, especially, always focusing on higher weight classes and larger lifts. If you achieve your weight lifting goals for the month, then this mindset could well give you a boost to push yourself more often, whether that be with regards to going in for promotion or moving into a new family home. Either way; weight lifting will provide you with both the physical and mental muscle that you need to make it happen. 

Boosting your self-confidence

Weight lifting can also have a huge positive impact on self-confidence that’s running on empty, especially if you’re able to lift a set that once seemed out of reach. In some way this ties in with the point above, but it uniquely ensures that you’ll be able to face those new challenges without the pressure of self-doubt forever on your shoulders. This is invaluable for ensuring that you give yourself the credit you deserve when you deserve it, and also that you use this foundation to build a life that, pre-weight lifting, you never would have believed you deserved.

Putting you in the driver’s seat

In weight lifting, even if you have a personal trainer egging you on, no one but you will ever be in control, and this is our last and perhaps most importantly lifestyle lesson. After all, taking the helm in this one aspect of your life could prove the benefit of sitting in the driver’s seat for once, making you way more likely to stand up for yourself, recognise when suggestions aren’t helpful, and generally work harder to keep the pressure of other people’s expectations off your shoulders at long last.

Of course, with notable health benefits already on the table, weight lifting didn’t exactly need an extra selling point. Still, if you’ve been holding back because you don’t see the appeal of lifting weights for their own sake, then consider whether lifting these lifestyle pressures is worth diving in for instead. 


There are a lot articles offering generic side hustle ideas but how many good side hustles out there that might help you to make money real fast? We certainly don’t just want to hustle for nothing or very little reward for the work we do.

A lot people suggest doing online survey for extra income in those articles. But seriously? Do you know how much they pay for doing online surveys? You get a few cents for hours laboring online.

Blogging can be a good side hustle if you are persistent; have a lot good content to share and have large based audience. The thing is, you certainly can’t make money from blogging at early stages. Most people tried blogging but never managed to make any money out of it.

Being a part time cleaner will help bring extra income but how many of you out there would like to clean other people’s dirty toilet?

Good side hustles are the ones that bring you enjoy. They are flexible and will  pay you well for your effort fast.

I’ve personally had some good side hustles that I didn’t even consider them “hustles”.  Most of them are derived from my hobbies and personal interest. I do them so well and people are willing to pay for my expertise in that field. Some are accidental because one opportunity leads to another and things just happen naturally.  Many of these hustles could be built into a full time business/career. I know that not everyone wants to change career paths so often (it’s probably not a good idea financially any way). Hopefully those can draw some inspiration if you are looking for side hustle ideas to make good income fast.

Below are some good side hustles I’ve had that make money fast:

Resell online

You don’t have to buy and resell. Start with your own closet first.

Before even think of selling, I surly did more than enough buying. Being an impulsive person and someone who didn’t value money much, I splurged on clothes and accessories. Until one day, I sold a set of Louis Vuitton bracelets for what I paid for buying it brand new. That was an incidental good investment I’d say, considering I’ve had it for 10 years.

It also clicked that maybe preowned luxury designer items are highly sought after. So I started to look around the house and collect the ones that were not in use for sale. My sister gave me some of her designer bags and Louis Vuitton wallets to off load. All of them were sold out like hot cakes.

After all the personal collection were sold, I started to buy preowned Louis Vuitton handbags and accessories for resale on online auction site. I studied intensively on how to to tell which ones are real  and which ones are fake. Later I’ve written an article about how to buy authentic pre owned Louis Vuitton together with  a lot of designer handbag guide articles on this website to help people buy the real deal and save a lot of money.

Progressed to an online store

Back in 2009 when I started to sell preowned Louis Vuitton handbags online, there wasn’t any real competitors at all in Australia. It soon became a necessity to have my own e-commerce store. Eventually I had an online store to sell preowned designer handbags and accessories. There were a lot work evolved being an online store owner. My stock photography skills became better and better so many people thought those photos on my website were not taken by me of the real items I had. They thought they were stock photos from some other professional websites. I had to learn how to operate an online store by installing and using the applications, as well as optimizing SEO so there will be more visitors to the online store.


good side hustles

Some of the handbags sold online

good Side hastles - resell online

Designer accessories sold online

good side hussles

2012 -talking about my online store

There was so much to learn and it seemed never ending. The good news is that all the skills I’ve learned from this helped me to land other good side hustles.

Personally I’ve never had the aspiration (or perhaps the ability) to be a great entrepreneur and be super rich and famous. I’m just this introvert person who suffers from anemia and often lacks the energy that’s required.

When an opportunity came to sell the online business for a decent profit, I did. That was a great life experience and many great lessons were learned that will serve me for life.

One important lesson I’ve learned is: When you try to do something, do it really well – even just for a side hustle.

Photography Service

Photography is definitely an expensive hobby. Before smart phones came into play, you’d have to buy heavy and sophisticated cameras to take decent photos. You’d have to learn about the exposure triangle and all the different buttons and dials on the camera.

I’d always had an great interest in photography. One year of professional training at university taking photos was just a start. My online store taught me how to do stock photography really well. But I was too shy and awkward to deal with people directly. Photography changed that.

I started to take photos for friends and really studied how to interact and photograph people. Back in 2013, after I sold my online store, people were still willing to pay well for good photos taken for them. Within a year, I got another good side hustle that developed into a business. That lasted a good couple of years. At the peak, it brought close to $10K in one month, not too shabby.

But soon I realised carrying heavy photography gears and running after my objects are not my thing. So I scaled all the way back. But I’m forever grateful for what running a photography business’s taught me. Portrait photography is a very personal thing. You’ll have gain people’s trust before they can show their true personality. I became a people person and could make people feel at easy in front of my camera.

Private tutoring

There are a few other good side hustles led from professional photography service. One of them is private photography tutoring. I’ve got some good clients from photography and some of them offered to pay me to learn how to take photos for their travel. This is much less physically demanding than having a photography session and people do pay well for knowledge and experience.


Another exciting hustle derived from my photography is photojournalism. Because of my ability to take good photos, a friend of mine introduced me to an agent for celebrity event photography. I got invitations to different red carpet events in Sydney and saw some most famous people in real life close by. For me, it was pure excitement. I got to take photos Matt Damon! Brat Pitt! Cate Blanchett! …



I got to meet the stars of my favorite TV shows at the time: Game of Thrones! Nikolaj Coster-Waldau took this photo with me using my Cannon DSL because I didn’t know how to take selfies properly, haha.


March 2014 In Sydney

I was also lucky enough to be invited to be the official photographer for a few red carpet events (meaning no other photographer was present).

But I soon got over it. Side hustles means side hustles to me. The agent moved to LA for bigger ponds. I didn’t put enough effort to pursuit it any further. After the excitement worn off, I stopped doing it.

Good side hustles photographer

THE DALLAS BUYERS CLUB premiere & party 2014

Be a personal shopper/stylist

This one comes from my photography business too. I developed a niche of providing online dating portrait photography years ago. Many people need help with styling during the photoshoot. Quite a few clients want to pay for someone to go shopping with them and pick the best suited outfits. As shopaholic and a photographer who always help clients styling during photoshoots, it’s only nature that I picked up the gig of being a personal shopper/stylist.

Consulting Service

Having had a couple of businesses and knowing a great deal of photography, plus a thing or two of e-commerce, I landed a contract gig offering marketing consulting service. That nearly led into another full time employment but decided not going ahead. It could be more financially beneficial and secure to be full time employed with a big company. But it just felt that marketing is not my long term career. Maybe I’m more suitable jumping from one gig to another and not used to full time employment any more. Or, I just feel too old to keep up with 20 something  kids who are always full of energy. That was a hard decision but I’ve since moved on.

I’m still offering consulting service but it’s in an area that I’ve always been passionate about – tax consulting. The saying is: there are only two things are certain – death and tax. I guess in the tax consulting business, the older you are, the more experience you’ll have. And the more desirable you’ll be.

My point is, pick something you enjoy doing and be really good at.


Because I know so much about tax and have helped thousand of people a year doing their taxes, I was offered a side gig to teach at tax school.

The idea of teaching a class was a bit scary for me because as mentioned early, I’m naturally shy and low in confident. But eventually I took this opportunity to train myself to be more confident and it’s really been great journey. I’ve had so much fun teaching. In order to prepare the tax course and be prepared for all kinds of questions from student, I’ve learned even more about tax. It never hurts to learn more, right?

Attend marketing focus group

I wasn’t looking out for it but a client from my photography service put me into one of those market focus group meetings. All you need to do is to show up and offer your opinion.

That group meeting went for around 1 hour. A meal was offered and cash of $120 was paid. Not bad at all.

In conclusion

I’ve really enjoyed all the good side hustles mentioned above. And they all provided decent income immediately over the years. For various reasons I’m only still doing a couple of them.

Perhaps there are a lot of side hustles, some would list hundreds. But it’s not a numbers game. If you want to achieve a financial goal, be it making extra income or pay off your mortgage, choose a few good side hustles to invest your time in. Time is precious. No matter what you do, don’t waste your time. You want to enjoy whatever you choose to do and make money along the way.


personal super contributions saving for retirement

Are you making any personal Super contributions into your Super fund? If not, you need to seriously consider it.

I never wanted to make any personal Super contributions until later in life after becoming a tax consultant. It’s never late than ever. I finally learned how important it is to have Superannuation strategies to save tax and build wealth.

In case you don’t know, I’m naturally not good with handling my own money.

I always thought personal super contributions were not necessary until now

Along time ago, more than 10 years from now, I quit my corporate job and stopped contributing to my Superannuation altogether. Up until then, all my Superannuation balance was made up of compulsory employer contribution and earnings from that. Salary sacrifice to Super has been a thing for a long time but I was remarkably (also stupidly) confident on my own ability to invest and build wealth. During the 10 years being self employed, I never made any personal super contributions. It turns out, my Super performed much, much better than my personal investments outside Super. A decade is long enough to teach a money fool like me to finally learn to stop wasting my hard earned cash and my precious time. I’ll just concentrate on the most simple and effective way to build a next egg – through personal super contributions.

Understand the Tax advantage of Superannuation

First of all, tax on your Super investment income earning is 15 per cent. There’s no tax on investment income on the first $1.6 million of Super funds for people over age of 60.

We could save a lot of tax by using Superannuation to our advantage, considering most people’s average tax rate is higher than 15%.

Fair enough, you can’t access your super money until later in life. But paying less tax on your super investments means you’ll be able to keep more in your Super fund and grow personal wealth faster.

There are a few ways to to save tax and build your wealth at the same time. The Australian government allows Australians to contribute up to $25,000 from your after tax money now ( $27,500 from Financial Year 2022). This is your concessional Super contribution cap.

Concessional Contributions Cap

You can claim a deduction providing you don’t go over your concessional contributions cap. This concessional cap includes super guarantee payments made by your employer, as well as any salary sacrificed contributions.  The difference between those other contributions and you concessional cap is the max amount you could contribute personally and claim a tax deduction. The concessional cap for the 2020 and the 2021 years is $25,000. However this may be increased by unused concessional contributions brought forward from previous years (from 1 July 2019.)

You can claim a tax deduction on personal super contributions, which can save you a lot of tax dollars every year.

Most likely, you’ll be able to claim a tax deduction for personal superannuation contributions. Prior to 01 July 2017, only those who earned less than 10% of total income as an employee could claim this deduction. This 10% rule doesn’t exit any more. As a result, many Australians under 75 years of age can claim an income tax deduction for personal superannuation contributions made into an eligible superannuation fund. There are certain eligibility requirements.

Personal super contributions are amounts that you’ve paid from after-tax income to an eligible superannuation fund or retirement savings account (RSA). You can’t claim Salary-sacrificed contributions as tax deductions.

Most superannuation funds are eligible complying superannuation funds but this should be checked if a deduction is to be claimed.

Any deduction claimed can only reduce your taxable income to nil. It cannot add to or create a loss.

You must have done the following before claiming a personal super contributions as a tax deduction:

The following additional conditions must be satisfied:
  • the age-related conditions
  • the fund must not be a
    • commonwealth public sector superannuation scheme with a defined benefit interest
    • constitutionally protected fund or other untaxed fund that would not include the contributions in their assessable income, or
    • super fund that notified the Commissioner before the start of the income year that they elected to treat all member contributions to the
      • super fund as non-deductible, or
      • defined benefit interest within the fund as non-deductible.
Age Related Conditions
  • Aged 75 years old or older. You can only claim contributions made before the 28th day of the month following the month in which you turned 75 as a deduction. You must satisfy the work test.
  • 18 years old at the end of the year. You can only claim a deduction if you earned income as an employee or a business operator during the year.
  • Aged 67 – 74 years of age. You must satisfy the work test or meet the work test exemption criteria for the fund to accept your contribution.
Work Test

From 1 July 2020, there’s some change for a fund to accept personal superannuation contributions if you are over 67. You must satisfy the work test or meet the work test exemption. To satisfy the work test, you must have worked at least 40 hours during a consecutive 30-day period in the financial year. Otherwise, the superannuation fund won’t accept the contributions.  Prior to 1 July 2020, you needed to satisfy the work test. Or meet the work test exemption if you were over 65 years of age when the contribution was made.

The work test exemption applies from 1 July 2019. To meet the work test exemption criteria, the taxpayer must have:

  • Satisfied the work test in the financial year preceding the year in which the contributions were made
  • Have a total superannuation balance of less than $300,000 at the end of the previous financial year, and
  • Not previously used the work test exemption.

Australian 2021 federal budge has some update on the work test, as mentioned in this post.

Note: You Super will deduct a 15% contributions tax from any superannuation contribution that you intend to claim as a tax deduction.

If your average tax rate is below 15%, it won’t be a tax effective strategy. Low income earners could benefit from government super co contribution, which I’ll cover in another blog post.

From 1 July 2018, a tax payer like me with a total superannuation balance (TSB) of less than $500,000 on 30 June the previous financial year may be entitled to contribute more than the concessional contributions cap. We can make additional concessional contributions for any unused concessional cap amounts from previous years. The first year of entitlement to carry forward unused amounts is the 2019/20 year. Unused amounts are available for a maximum of 5 years.

So in 2019/2020 tax year, I made larger than ever personal super contributions based on unused concessional cap amounts from 2 years, to my Super fund. And claimed the whole amount as a tax deduction.

personal super contributions saving for retirement

Take advantage of carry-forward unused Superannuation concessional contributions

From 2019–20, carry-forward rules allow you to make extra concessional contributions. You can contribute above the general concessional contributions cap, without having to pay extra tax.

The carry-forward arrangements involve accessing unused concessional cap amounts from previous years. An unused cap amount occurs when the concessional contributions you made in a financial year were less than your general concessional contributions cap.

To use your unused cap amounts you need to meet two conditions:
  • Your total super balance at the end of 30 June of the previous financial year is less than $500,000.
  • You made concessional contributions in the financial year that exceeded your general concessional contributions cap.

The amount of unused cap amounts you will be able to carry-forward will depend on the amount you have contributed in previous years, starting from 2018–19. You can use caps from up to five previous financial years.

ATO will apply the oldest available unused cap amounts first. For example, unused cap amounts from 2018–19 would be applied to increase your cap first before unused cap amounts from 2019–20.

Unused cap amounts are available for a maximum of five years and will expire after this. For example, a 2018–19 unused cap amount which is not used by the end of 2023–24 will expire.

If, after applying all your available unused cap amounts, you still have excess concessional contributions, you may need to pay extra tax – divisional 293 tax. So be very mindful not to exceed your accumulated cap amount.

How to view your carry-forward concessional contributions

You can view and manage your concessional contributions and carry-forward concessional contributions using ATO online services through myGov.

Log in to ATO online services, select Super, then navigate to Carry-forward concessional contributions.

Be aware that due to the reporting timeframes of funds, the latest information may not be available in ATO online services. I would say the best way is to contact your super fund for the most up to date information. Your online super account should have all the information about your contribution history so you can easily keep track yourself too.

Dis I say It’s better late than ever? My super balance is still embarrassingly low compared to what it should have been now. But I’m finally playing catch-up and learning to use Superannuation as a financial vehicle to save tax and save for retirement.


Australian Federal Budget 2021  

The Treasurer, Josh Frydenberg, delivered the Federal Budget for 2021 tonight (11th May). It’s good to know the update of the key tax and superannuation measures for individual tax, business tax and superannuation. 

Individual tax

Low Income Offsets LMITO retained for 2021-22  

The low and middle income tax offset (LMITO) will continue to apply for the 2021-22 income year.  Otherwise, the LMITO was legislated to only apply until the end of the 2020-21 income year, with  the result that low-to-middle income earners would have seen their tax refunds in 2022 cut by  between $255 and $1,080 (for incomes up to $90,000 but phasing out up to $126,000).  

Taxable income (TI) Amount of offset
$0 $37,000 $255
$37,001 – $48,000 $255 + ([TI – 37000] x 7.5%)
$48,001 – $90,000 $1,080
$90,001 – 126,000 $1,080 ([TI  -90,000] x 3%)
$126,001 + N

The amount of the LMITO is $255 for taxpayers with a taxable income of $37,000 or less. Between  $37,000 and $48,000, the value of LMITO increases at a rate of 7.5 cents per dollar to the maximum  amount of $1,080. Taxpayers with taxable incomes from $48,000 to $90,000 are eligible for the  maximum LMITO of $1,080. From $90,001 to $126,000, LMITO phases out at a rate of 3 cents per  dollar.  

Consistent with current arrangements, the LMITO will be received on assessment after individuals lodge their tax returns for the 2021-22 income year.  

The low income tax offset (LITO) will also continue to apply for 2021-22 income year.

The LITO was  intended to replace the former low income and low and middle income tax offsets from 2022-23,  but the new LITO was brought forward in the 2020 Budget to apply from the 2020-21 income year. 

Taxable income (TI) Amount of offset
$0 $37,500 $700
$37,501 – $45,000 $700 – ([TI – $37,500] x 5%)
$45,001 – $66,667 $325 – ([TI – $45,000] x 1.5%)
$66,668 + Nil

The maximum amount of the LITO is $700. The LITO will be withdrawn at a rate of 5 cents per dollar  between taxable incomes of $37,500 and $45,000 and then at a rate of 1.5 cents per dollar between  taxable incomes of $45,000 and $66,667.  

Personal Tax Rates unchanged for 2021-22; Stage 3 start from 2024-25 unchanged  

In the Budget, the Government did not announce any personal tax rates changes, having already  brought forward the Stage 2 tax rates to 1 July 2020 in the October 2020 Budget. The Stage 3 tax  changes commence from 1 July 2024, as previously legislated.  

The 2021-22 tax rates and income thresholds for residents (unchanged from 2020-21) are:

Taxable income ($) Tax payable ($)
0 – 18,200 Nil
18,201 – 45,000 Nil + 19% of excess over 18,200
45,001 – 120,000 5,092 + 32.5% of excess over 45,000
120,001 – 180,000 29,467 + 37% of excess over 120,000
180,001+ 51,667 + 45% of excess over 180,000

The Stage 3 tax changes commence from 1 July 2024, as previously legislated. From 1 July 2024, the  32.5% marginal tax rate will be cut to 30% for one big tax bracket between $45,000 and $200,000.  The 37% tax bracket will be entirely abolished at this time.  

Therefore, from 1 July 2024, there will only be 3 personal income tax rates – 19%, 30% and 45%.  From 1 July 2024, taxpayers earning between $45,000 and $200,000 will face a marginal tax rate of  30%.  

The tax rates and income thresholds from the 2024-25 for residents (as already legislated) are:  

Taxable income ($) Tax payable ($)
0 – 18,200 Nil
18,201 – 45,000 Nil + 19% of excess over 18,200
45,001 – 200,000 5,092 + 30% of excess over 45,000
200,001+ 51,592 + 45% of excess over 200,000

Tax rates and income thresholds 

Rate 2020-21 2021-22 to 2023-24  From 1.7.2024  (unchanged) 
Nil  $0 – $18,200 $0 – $18,200 $0 – $18,200
19% $18,201 – $45,000 $18,201 – $45,000 $18,201 – $45,000
30%   $45,001 – $200,000
32.5% $45,001 – $120,000  $45,001 – $120,000  N/A


37% $120,001 –$180,000  $120,001 – $180,000  N/A


45% $180,001 + $180,001 + $200,001 +
Low and middle income tax offset (LMITO)  Up to $1,080 Up to $1,080 N/A
Low income tax offset (LITO) Up to $700 Up to $700 Up to $700

Foreign residents tax rates

For 2021-22, the tax rates for foreign residents (unchanged from 2020-21) are:  

$0 – $120,000 – 32.5%;  

$120,001 – $180,000 – 37%;  

$180,001+ – 45%.  

For 2024-25 and later income years, the tax rates for foreign residents are:  

$0 – 200,000 30%;  

$200,001+ – 45%.  

Working holidaymakers  

For 2021-22, the rates of tax for working holiday makers (unchanged from 2020-21) are:  

$0 – $45,000 15%;  

$45,001 – $120,000 – 32.5%;  

$120,001 – $180,000 – 37%;  

$180,001+ – 45%.  

For 2024-25 and later income years, the rates of tax for working holiday makers are:  

$0 – $45,000 – 15%;  

$45,001 – $200,000 – 30%; 

$200,001+ – 45%.  

Self-education expenses: $250 threshold be removed  

The Government will remove the exclusion for the first $250 of deductions for prescribed courses of  education. The first $250 of a prescribed course of education is currently not deductible  

A limitation on deductibility exists under s 82A of ITAA 1936 in respect of deductions that would  otherwise be allowable under s 8-1 if the self-education expenses are necessarily incurred in  connection with a course of education provided by a place of education (eg school, univeraity, college etc)  and undertaken by the taxpayer for the purpose of gaining qualifications for use in the carrying on of  a profession, business or trade or in the course of any employment. In those circumstances,  currently only the excess over $250 may be deductible.  

Primary 183-day test for individual tax residency  

The Government will replace the existing tests for the tax residency of individuals with a primary  “bright line” test under which a person who is physically present in Australia for 183 days or more in  any income year will be an Australian tax resident.  

Individuals who do not meet the primary test will be subject to secondary tests that depend on a  combination of physical presence and measurable, objective criteria.  

The new residency rules are based on recommendations made by the Board of Taxation in its 2019  report Reforming individual tax residency rules a model for modernisation. 

Medicare low income thresholds for 2020-21  

For the 2020-21 income year, the Medicare levy low-income threshold for singles will be increased  to $23,226 (up from $22,801 for 2019-20).  

For couples with no children, the family income threshold will be increased to $39,167 (up from  $38,474 for 2019-20). The additional amount of threshold for each dependent child or student will  be increased to $3,597 (up from $3,533).  

For single seniors and pensioners eligible for the SAPTO, the Medicare levy low-income threshold  will be increased to $36,705 (up from $36,056 for 2019-20).  

The family threshold for seniors and pensioners will be increased to $51,094 (up from $50,191), plus  $3,597 for each dependent child or student.  

Income Tax exemption for ADF personnel deployed to Operation Paladin  

The Australian Government will provide a full income tax exemption for the pay and allowances of  Australian Defence Force (ADF) personnel deployed to Operation Paladin from 1 July 2020.  Operation Paladin is Australia’s contribution to the UN’s Truce Supervision Organisation, with ADF  personnel deployed in Israel, Jordan, Syria, Lebanon and Egypt. 

Business Tax  

Temporary full expensing extended by one year  

The Government will extend the temporary full expensing measure until 30 June 2023. It was  otherwise due to finish on 30 June 2022. Other than the extended date, all other elements of  temporary full expensing will remain unchanged.  

Currently, temporary full expensing allows eligible businesses to deduct the full cost of eligible  depreciating assets. A business qualifies for temporary full expensing if it has an annual aggregated  turnover under $5 billion. Annual aggregated turnover is generally worked out on the same basis as  for small businesses, except the threshold is $5 billion instead of $10 million.  

Loss carry-back extended by one year  

Under the loss carry back measures, an eligible company (aggregated annual turnover of up to $5  billion) could carry back a tax loss for the 2019-20, 2020-21 or 2021-22 income years to offset tax  paid in the 2018-19 or later income years.  

The Government will extend the eligible tax loss years to include the 2022-23 income year. Tax  refunds resulting from loss carry back will be available to companies when they lodge their 2020-21,  2021-22 and 2022-23 tax returns.

Temporary loss carry-back also complements the temporary full expensing measure by allowing  more companies to take advantage of expensing, while it is available.  

Employee share schemes: cessation of employment removed as a taxing point  

The Government will remove the cessation of employment as a taxing point for tax-deferred  employee share schemes. Currently, under a tax-deferred ESS, where certain criteria are met  employees may defer tax until a later tax year (the deferred taxing point). In such cases, the deferred  taxing point is the earliest of:  

  • Cessation of employment;
  • In the case of shares, when there is no risk of forfeiture and no restrictions on disposal; 
  • In the case of options, when the employee exercises the option and there is no risk of  forfeiting the resulting share and no restriction on disposal;  
  • The maximum period of deferral of 15 years.

The change announced in the Budget will result in tax being deferred until the earliest of the  remaining taxing points.  

30% Digital games tax offset from 1 July 2022  

A 30% Digital Games Tax Offset will apply from 1 July 2022 for eligible businesses that spend a  minimum of $500,000 on qualifying Australian games expenditure.  

Games with gambling elements, or that cannot obtain a classification rating, will not be eligible.

Intangible assets depreciation: Option to self-assess effective life  

The income tax law will be amended to allow taxpayers to self-assess the effective life of certain  intangible assets (such as intellectual property and in-house software), rather than being required to  use the effective life currently prescribed in the table in s 40-95(7) of the ITAA 1997. 

This amendment will apply to patents, registered designs, copyrights and in-house software.  Taxpayers will be able to bring deductions forward if they self-assess the assets as having a shorter  effective life to the statutory life.  

The self-assessment of effective lives will apply to eligible assets acquired following the completion  of temporary full expensing, ie to assets acquired from 1 July 2023.  

Tax Exemption for grants made to businesses affected by storm and floods  

The Government will provide an income tax exemption for qualifying grants made to primary  producers and small businesses affected by the storms and floods in Australia.  

Qualifying grants are Category D grants provided under the Disaster Recovery Funding Arrangements  2018, where those grants relate to the storms and floods in Australia that occurred due to rainfall  events between 19 February 2021 and 31 March 2021. These include small business recovery grants  of up to $50,000 and primary producer recovery grants of up to $75,000. The grants will be made  non-assessable non-exempt income for tax purposes.  

Small business to be able to pause ATO debt recovery  

The Government will introduce legislation to allow small businesses to pause or modify ATO debt  recovery action where the debt is being disputed in the AAT.  

Specifically, the changes will allow the Small Business Taxation Division of the AAT to pause or  modify any ATO debt recovery actions such as garnishee notices and the recovery of GIC or related  penalties until the underlying dispute is resolved by the AAT. This measure is intended to provide  an “avenue” for small businesses to ensure they are not required to start paying a disputed debt  until the matter has been determined by the AAT.  

Small business entities (including individuals carrying on a business) with an aggregated turnover of  less than $10 million per year will be eligible to use the option.  


Superannuation contributions work test to be repealed from 1 July 2022 

The superannuation contributions work test exemption will be repealed for voluntary non – concessional and salary sacrificed contributions for those aged 67 to 74 from 1 July 2022.  

As a result, individuals under age 75 will be allowed to make or receive non-concessional or salary sacrifice contributions from 1 July 2022 without meeting the work test, subject to existing
contribution caps. However, individuals aged 67 to 74 years will still have to meet the work test to make personal deductible contributions.
Currently, individuals aged 67 to 74 years (ie under 75) can only make voluntary contributions (both concessional and non-concessional), or receive contributions from their spouse, if they work at least 40 hours in any 30-day period in the financial year in which the contributions are made.

Super guarantee $450 per month to be repealed

The Superannuation Guarantee $450 per month eligibility threshold will be removed from 1 July 2022. As a result, employers will be required to make quarterly Super Guarantee contributions
on behalf of low-income employees earning less than $450 per month (unless another Super Guarantee exemption applies).

Downsizer contributions eligibility reduced to 60

The minimum eligibility age to make downsizer contributions into superannuation will be lowered to age 60 (down from age 65) from 1 July 2022.
The proposed reduction in the eligibility age will mean that individuals aged 60 or over can make an additional non-concessional contribution of up to $300,000 from the proceeds of selling their home. Either the individual or their spouse must have owned the home for 10 years.
The maximum downsizer contribution is $300,000 per contributor (ie $600,000 for a couple), although the entire contribution must come from the capital proceeds of the sale price. As under the current rules, a downsizer contribution must be made within 90 days after the home changes ownership (generally the date of settlement).

First Home Super Saver Scheme to be extended for withdrawals up to $50,000

The mTaximum amount of voluntary superannuation contributions that can be released under the First Home Super Saver (FHSS) scheme will be increased from $30,000 to $50,000 with effect from the start of the first financial year after Royal Assent of the enabling legislation, expected to be 1 July 2022.
Voluntary contributions made from 1 July 2017 up to the existing limit of $15,000 per year will count towards the total amount able to be released (which includes voluntary concessional and non – concessional contributions).
Currently, the FHSS scheme allows for future voluntary contributions up to $15,000 per year (and $30,000 in total) to be withdrawn for a first home purchase. To be eligible, a person must be 18 years or over, have not used the FHSS scheme before and have never owned real property in Australia. Withdrawals of eligible FHSS contributions (and associated earnings) are taxed at the
individual’s marginal rate less a 30% tax offset.

For your interest, there’s an ABC news commentary that summarised the winners and losers in simple terms.

There’s nothing to say that extra curly and wavy hair can’t be beautiful. In fact, we know that to be true. However, some people simply don’t want to invest all the time necessary to keep unruly hair looking kept together. To that end, here we’re going to look at the steps you can take to bring it under control, both short-term and long-term.

Cut it shorter

One of the easiest ways to deal with hair that’s a little wilder is to have less of it to deal with in the first place. Getting your hair cut might not be the most ideal solution for those who want to keep their hair long, but it’s definitely one way to freshen up your look. It’s then also much easier to take care of frizzy hair. What’s more, it can help you get rid of the dry, dead ends that might’ve started cropping up.

Protect it from the heat

For a lot of women, their hair might be manageable enough until the summer rolls around, then it can be a minefield of messy tangles. Aside from avoiding things like hot showers and using curling irons, you can also make use of heat-protectant sprays that can reduce damage to your hair overall. These need to be applied on a regular basis.

Taking the irons to it

Of course, one way to make your hair much easier to deal with is to get rid of any of the frizz in the first place. Hair straighteners are a tried and true method, but it’s also well known that it’s not the healthiest approach for your hair, either. To that end, you should look up methods of straightening your hair safely. Aside from using the sprays mentioned above, it’s recommended you use the right smoothing conditioners to prepare your hair.

Take a longer-lasting approach

If you don’t want to spend every day sitting down with a pair of straighteners, then there are treatments that can help you make your hair easier to keep straight for a longer time. A keratin treatment is one of the most effective options available. It usually lasts around two to two and a half months and smooths over your hair to make it both more manageable and also to give it a glossy, healthy look.

Style with care

If you don’t want to take as long-lasting an approach as the treatments mentioned above, then you should look at what styling products you use to care for your hair. Hair oils and waxes, especially those that contain argan oil, can make unruly and thick hair much easier to manage and style, while also offering the hydration and nutrition that can help you avoid frizziness and dead ends in the first place.

If you love having hair that’s more natural, then, by all means, rock it. However, if you would rather settle things down a little, then hopefully the tips above can help you. It’s all about what makes you feel confident about your own look.