New Laws on Accepting Credit Card Payments

From 1 October 2026, Australian businesses will no longer be able to add surcharges for debit, credit or prepaid card payments.

For customers, this will feel like welcome news. No one enjoys seeing an extra fee added at the checkout.

For business owners, however, the cost of accepting card payments does not disappear. It becomes another operating expense that must be absorbed, managed or built into pricing.

At The Hrkac Group, we are already speaking with clients about what this change means for pricing, profitability and cash flow, particularly for businesses where most customers choose to pay by card.

What is changing?

Currently, many businesses pass on the merchant fee charged by their payment provider.

From 1 October 2026, these surcharges will no longer be permitted for EFTPOS, debit card, credit card and prepaid card transactions.

The cost of processing those payments remains however, so instead, it becomes another business expense.

Are card surcharges really “hidden fees”?

Recent announcements have referred to card surcharges as “hidden fees”. For many small businesses, that description is frustrating.

In reality, many businesses have displayed card surcharges clearly for years. Customers were given the choice of paying by cash or card, and those choosing card simply paid the cost charged by the payment provider.

This change doesn’t remove merchant fees. It simply changes who pays them.

Ultimately, the cost of electronic payments still needs to be funded.

What could this mean for your business?

If your business processes hundreds or thousands of card transactions each month, merchant fees can add up quickly.

Although each transaction may only cost around 1% to 2%, the annual impact can be significant. Depending on turnover and payment volumes, this could represent thousands, or even tens of thousands, of dollars in additional expenses.

Businesses with lower profit margins may find they need to:

• Review their pricing
• Improve operational efficiency
• Reduce unnecessary expenses
• Reassess their payment systems
• Budget for higher operating costs

For many businesses, modest price increases across products or services may become necessary to maintain profitability.

Before increasing your prices

If you are considering increasing prices to cover merchant fees, use this as an opportunity to review the bigger picture.

Ask yourself:

• Are your current prices still aligned with rising business costs?
• Are you using the most suitable payment provider?
• Could negotiating your merchant rates reduce costs?
• Are there opportunities to improve cash flow elsewhere?

The cheapest payment provider isn’t always the best option.

Some systems provide valuable features such as customer management, reporting, automation and business integrations that may justify a slightly higher processing fee. The key is understanding the total value, rather than simply chasing the lowest percentage.

Every transaction matters

Another area worth reviewing is how payments are collected.

For example, businesses that split customer payments into deposits and final balances may unintentionally pay multiple transaction fees on the same sale, depending on their payment provider’s fee structure. Across hundreds of transactions each year, these costs can become significant.

Small adjustments to your payment processes can often improve profitability without affecting the customer experience.

Now is the time to review your business

This legislative change is a timely reminder that operating costs continue to evolve.

Rather than reacting once October arrives, now is an ideal time to review:

• Pricing strategies
• Cash flow forecasts
• Merchant service costs
• Business profitability
• Budgeting for the year ahead

Planning ahead gives you more options and helps avoid rushed decisions later.

How The Hrkac Group can help

Whether you are a sole trader, growing business or established company, understanding the financial impact of these changes is essential.

Our team can help you assess how the removal of card surcharges may affect your business, review your pricing strategy, forecast cash flow and identify practical ways to protect profitability.

If you would like to discuss how these changes could impact your business, contact The Hrkac Group today. Together, we can help you plan ahead with confidence.

For further reference:

• https://www.victorianchamber.com.au/news/credit-card-surcharges-to-be-abolished-in-australia
• https://www.accc.gov.au/consumers/pricing/card-surcharges
• https://www.rba.gov.au/payments-and-infrastructure/review-of-retail-payments-regulation/2026-03/conclusions-paper/faqs/

General Advice Warning
This information has been provided as general advice. We have not considered your financial circumstances, needs, or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication. Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither nor its related entities, employees, or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.

Back in March, we discussed how global events could affect Australian businesses, particularly through rising fuel prices, shipping disruptions and pressure on cash flow.

Several months later, those challenges haven’t disappeared. While markets have experienced periods of stability, renewed tensions involving Iran and ongoing uncertainty surrounding global energy supplies and shipping routes continue to create volatility for businesses worldwide. Analysts continue to point to energy prices, freight costs and inflation as key risks if disruptions persist.

For businesses across Geelong and beyond, the biggest challenge isn’t predicting what will happen next. It’s making sure your business is financially prepared for whatever comes next.

 

Why global events still matter locally

When international events dominate the headlines, it’s easy to assume they only affect large corporations or global markets.

In reality, many local businesses feel the effects surprisingly quickly.

Potential impacts include:

• Higher fuel costs
• Increased freight and transport expenses
• Longer supplier lead times
• Rising operating costs
• Delayed customer payments
• Greater uncertainty around future pricing

For many businesses, these pressures don’t arrive all at once. They gradually place strain on day-to-day cash flow, making it harder to invest, grow or confidently plan ahead.

 

Cash flow remains one of the biggest risks

One of the biggest lessons from the past few years is that profitable businesses can still experience cash flow pressure.

Many businesses continue to absorb higher supplier costs while waiting 30, 60 or even 90 days for invoices to be paid.

When combined with fluctuating interest rates, changing consumer spending and ongoing global uncertainty, this timing gap can quickly become challenging.

Working with an experienced business accountant Geelong businesses trust can help identify potential cash flow issues before they become larger problems.

 

Planning gives you more options

While no one can control global events, businesses can control how prepared they are.

Now is a good time to review:

• Cash flow forecasts
• Available finance facilities
• Working capital requirements
• Business budgets
• Upcoming tax obligations
• Investment and expansion plans

Small adjustments made today can often prevent larger financial pressures later.

Whether you’re reviewing your tax position with a tax accountant Geelong businesses rely on or planning future growth, proactive financial management is becoming increasingly important.

 

Don’t overlook opportunities

Periods of uncertainty don’t only create challenges.

They can also create opportunities for businesses that are financially prepared.

Businesses with healthy cash flow and flexible finance arrangements are often in a stronger position to:

• Invest in equipment
• Purchase stock strategically
• Expand into new markets
• Employ additional staff
• Acquire competitors or assets

Preparation allows businesses to respond confidently rather than react under pressure.

 

A whole-of-business approach

At The Hrkac Group, we understand that business decisions are rarely made in isolation.

Our integrated team works across accounting, taxation, financial planning, mortgage broking and SMSF advice, allowing us to help clients consider the bigger financial picture.

Whether you need professional accounting services Geelong businesses depend on, guidance from an experienced SMSF accountant Geelong clients trust, or support with finance and cash flow planning, our team can help you make informed decisions with confidence.

 

Looking ahead

Global events will continue to influence the Australian economy, whether through energy prices, supply chains, inflation or business confidence. While nobody can predict exactly what will happen next, having the right financial strategy in place can help you navigate changing conditions with greater certainty.

If you’d like to review your business cash flow, financing arrangements or overall financial strategy, speak with The Hrkac Group’s team of Accountants, Lenders, and Financial Planners. A proactive conversation today could help put your business in a stronger position for whatever the months ahead may bring. Contact us via email or phone (03) 5224 2366.

If you missed our earlier article explaining how global events first began affecting Australian businesses, you can read it here.

General Advice Warning
This information has been provided as general advice. We have not considered your financial circumstances, needs, or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication. Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither nor its related entities, employees, or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.

 

From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will come into effect, bringing accounting professionals within the scope of regulations that already apply to banks, mortgage brokers and financial planners.

As a trusted accountant Geelong businesses and individuals rely on, The Hrkac Group is committed to making these changes as simple and straightforward as possible for our clients.

While the new requirements may mean we ask for additional information from time to time, these changes are designed to help protect Australians and strengthen the integrity of our financial system.

What are AML and CTF laws?

Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws are designed to prevent criminal organisations from disguising illegally obtained funds and to help stop the financing of terrorism.

The reforms, introduced by the Australian Government and overseen by AUSTRAC, expand existing legislation to include additional professional services, including accounting and SMSF services.

These changes bring Australia into closer alignment with international standards and help protect businesses and consumers from financial crime.

What services will be affected?

From 1 July 2026, certain accounting and SMSF services provided by The Hrkac Group may fall under the new AML/CTF requirements.

Our mortgage broking and financial planning teams already operate under similar obligations, and from July 2026 these requirements will extend to parts of our accounting and self-managed superannuation services.

Not every service will require the same level of verification. The checks required will depend on the nature of the engagement and whether it falls within the scope of a designated service under the legislation.

As a leading provider of accounting services Geelong businesses trust, we will assess each engagement individually and guide clients through any requirements that may apply.

Why might we ask you for more information?

Under the new laws, we may be required to collect and verify information about our clients before providing certain services.

Depending on the circumstances, we may request:

• Photo identification, such as a driver’s licence or passport
• Proof of address
• Company ownership information
• Trust or SMSF documentation
• Information relating to the source of funds where required

These requests are a legal requirement and are not a reflection on you or your transaction.

For clients seeking support from a business accountant Geelong companies have trusted for more than 30 years, our aim is to make the process as efficient and convenient as possible.

Will existing clients need to complete these checks?

Yes.

Even long-standing clients may be required to complete identity verification if they engage The Hrkac Group for a designated service after 1 July 2026.

This is because the legislation applies to the services being provided, rather than how long someone has been a client.

While some clients may have already completed similar processes through our financial planning or mortgage broking divisions, others may be asked to provide information for the first time.

How will my information be protected?

Protecting client information is extremely important to us.

The information collected will only be used to satisfy our legal obligations under the AML/CTF legislation. This may include:

• Verifying your identity
• Conducting due diligence
• Supporting ongoing compliance and monitoring requirements

Your information will not be used for marketing purposes, sold, or shared beyond what is required under Australian law.

Under AML/CTF legislation, certain identification and verification records must be retained for seven years.

The Hrkac Group will utilise secure technology provided by BGL to assist with identity verification and compliance requirements. Our privacy policies will continue to evolve alongside these legislative changes to ensure your information remains protected.

Why these changes shouldn’t be a concern

Although these requirements are new for accounting services, similar identity checks have existed for many years within the banking, mortgage broking and financial planning industries.

For most clients, the process will be straightforward and involve only a small amount of additional documentation.

If you currently work with an SMSF accountant Geelong clients rely on, or engage our accounting team for business or taxation advice, you can expect the same professional service and support you have always received.

Looking ahead

While the new requirements may mean a few additional questions and documents, they are designed to help safeguard Australia’s financial system and protect businesses and individuals from financial crime.

At The Hrkac Group, our focus remains unchanged, providing professional accounting and SMSF advice while making the process as simple, secure and efficient as possible.

Whether you’re looking for a tax accountant Geelong families and businesses can depend on, or require specialist advice for your business or self-managed super fund, our team is here to help.

Have questions?

If you have any questions about the upcoming AML/CTF changes, or would like to discuss your accounting or SMSF requirements, please get in touch with The Hrkac Group.

Our experienced team is here to help you understand what these changes mean and ensure the process is as smooth and hassle-free as possible.

Contact Us to speak with our experienced team today.

[Download further information here].

 

General Advice Warning

This information has been provided as general advice. We have not considered your financial circumstances, needs, or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication. Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither nor its related entities, employees, or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.

 

$18.9 Billion in Lost Super: Could Some of It Be Yours?

 

Australians are being urged to check their superannuation accounts after the Australian Taxation Office (ATO) revealed that the total amount of lost and unclaimed super has surged to $18.9 billion, up $1.1 billion since 2024. This staggering figure highlights the importance of staying on top of your super to ensure you’re not missing out on money that could significantly boost your retirement savings.

 

What Is Lost Super?

Lost super refers to money held in superannuation accounts that have become inactive or disconnected from their owners. This can happen when people change jobs, move house, change their name, or forget to update their contact details with their super fund. In some cases, individuals may have multiple super accounts and not realise they’re paying fees on each, which can erode their savings over time.

 

Who Might Have Lost Super?

Anyone who has ever worked in Australia and received super contributions could have lost or unclaimed super. You don’t need to be currently employed to have super sitting in an account somewhere. If you’ve changed jobs, moved overseas, or haven’t consolidated your accounts, it’s worth checking.

 

How to Check for Lost Super

The easiest way to check is through your myGov account:

1. Log in to myGov and ensure it’s linked to the ATO.
2. Navigate to the Super section to view all your super accounts.
3. You’ll be able to see any lost or unclaimed super and take steps to consolidate it.

If you don’t yet have a myGov account, you can visit the ATO website for instructions on how to create one and link it to the ATO.

 

How to Recover Lost Super

Once you’ve identified lost super, you can:

• Consolidate your accounts by transferring funds into your preferred super fund. This can usually be done directly through myGov.
• If you’re aged 65 or older, or the amount is less than $200, you may be eligible to have it paid directly to you.
• Keep your contact details up to date with both your super fund and the ATO to prevent future loss.

 

Why It Matters

Even small amounts of lost super can make a big difference over time, especially when compounded with investment returns. Recovering and consolidating your super can reduce fees, simplify your finances, and help you make better decisions for your retirement.

 

Take Action Today

With billions of dollars sitting unclaimed, now is the time to do a quick super health check. It’s free, easy, and could uncover money you didn’t know you had. Visit ato.gov.au to learn more and take control of your super. Alternatively, ask your financial adviser to check for lost super on your behalf.

If you don’t have a financial adviser, the Geelong team of financial advisers at The Hrkac Group are happy to meet with you. As part of their service to you, they can check for lost super on your behalf and assist with tailored retirement planning strategies and investment advice Geelong clients can trust.

Get in touch today if you’d like assistance locating lost super, or if you feel it may be time to review or adjust your retirement plans and investment strategies. Our team can help provide guidance tailored to your financial goals and future plans.

 

The content within this blog has been sourced from our Licensee, Alliance Wealth’s blog ‘Realise Your Dream’.

General Advice Warning

This information has been provided as general advice. We have not considered your financial circumstances, needs, or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication. Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither nor its related entities, employees, or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.

 

What global events mean for your cash flow, and how to stay ahead.

 

When something happens on the other side of the world, it can feel far removed from day-to-day business in Geelong. However, recent global disruptions, including tensions affecting major shipping routes, are already having a real impact on Australian businesses.

For many small to medium businesses, the pressure isn’t just about rising costs, it’s about cash flow timing. And that’s where having the right financial structure in place becomes critical.

 

Why this matters right now

Recent global events have created a ripple effect across several key industries. While the situation may seem distant, the financial impact is being felt locally.

Some of the key pressures include:

• Fuel and transport costs
  Diesel prices have increased significantly, which directly impacts trades, logistics, and service-based businesses that rely on vehicles every day.
• Agriculture and primary industries
  Rising fertiliser costs are putting pressure on seasonal cash flow, especially where upfront investment is required before income is realised.
• Importers and wholesalers
  Shipping delays and increased freight costs are pushing up the cost of goods and extending delivery timelines.
• Construction and fabrication
  Material costs continue to rise, tightening margins on projects that were quoted months ago.

At the same time, businesses are still operating on standard payment terms. Many are paying higher costs upfront while waiting 30 to 60 days, or longer, to receive payment. This gap is where cash flow strain begins.

 

The hidden challenge: timing

It’s not always the cost itself that causes stress, it’s the timing.

• Expenses are increasing immediately
• Payments from clients may be delayed
• Supply chain disruptions extend project timelines

This creates a squeeze that can impact your ability to operate smoothly, take on new work, or invest in growth.

 

How the right finance structure can help

This is where working with a mortgage broker or finance specialist can make a real difference. At The Hrkac Group, the focus isn’t just on loans, it’s about creating flexible solutions that support your business as conditions change.

Some of the strategies we’re helping clients with include:

• Working capital buffers
  Setting up overdrafts or lines of credit to cover short-term gaps and provide peace of mind.
• Invoice and trade finance
  Accessing funds tied up in unpaid invoices so you don’t have to wait for payment cycles.
• Refinancing existing facilities
  Reviewing current loans to ensure they remain competitive and flexible as costs rise.
• Leveraging equity
  Using available assets to unlock cash and improve liquidity.

These aren’t one-size-fits-all solutions. The right approach depends on your industry, cash flow cycle, and long-term goals.

 

A local perspective

For businesses across Geelong and the surrounding region, these challenges are very real. Whether you’re in construction, agriculture, or a service-based trade, small shifts in costs and timing can have a big impact.

The key is to be proactive rather than reactive.

Having a conversation early can help you:

• Plan for potential cost increases
• Create a buffer before pressure builds
• Position your business to take advantage of opportunities

 

Stay one step ahead

Global events will always be outside our control. However, how you prepare and respond to them is something you can influence.

If you’re starting to feel pressure on your cash flow, or simply want to ensure your finance structure is working as hard as it should, it’s worth having a conversation.

The Hrkac Group’s Mortgage Broking team is here to help you navigate these changes with clarity and confidence.

Get in touch to discuss your options and make sure your business is set up to handle whatever comes next, contact us via email or phone (03) 5224 2366.

General Advice Warning: This information has been provided as general advice and does not take into account your individual objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information with regard to your personal circumstances and seek professional advice.

If you own property – especially an investment property or a family home – a recent ATO draft update is worth paying attention to.

 

The latest update (TD 2026/D1) focuses on what happens tax-wise to a property when someone passes away, and more importantly, who is allowed to live in the home without triggering capital gains tax (CGT) later on.

It might sound technical, but the message is actually very simple.

 

The key idea (in plain English)

If someone is meant to live in your property after you pass away, the will must clearly say so.

If it doesn’t, the property could lose valuable tax protection — even if everyone involved agrees on what was “intended”.

 

Why this matters

Under the tax rules, a home can sometimes stay CGT-free after death if:

• it was the deceased person’s main residence, and
• a specific person has the right to live there

• Informal arrangements don’t count
• Side agreements don’t count
• The executor allowed it” doesn’t count

Only what’s clearly written in the will matters.

 

A real-world example

Let’s say:

• A property owner passes away
• Their spouse or adult child continues living in the home
• Everyone agrees they’re allowed to be there

But…

The will doesn’t clearly say ‘that person has the right to live in the home’

The ATO’s view is that the property may lose its CGT exemption, which could mean tax is payable when the property is sold.

This often comes as a shock – especially years later.

 

What does work (according to the ATO)

• The will clearly names the person
• It clearly states they have the right to live in the property
• The right comes directly from the will itself

 

Why the ATO is taking this approach

The ATO wants certainty.

They don’t want tax outcomes to depend on:

• family discussions
• informal promises
• decisions made after someone has passed away

Their position is basically:

“If it matters for tax, it needs to be written down properly.”

 

What this means for you

If you are:

• a business owner
• a property investor
• planning your estate or succession
• acting as an executor or trustee

This is a strong reminder that tax, estate planning and accounting all need to work together.

A will that isn’t drafted with tax outcomes in mind can unintentionally create:

• avoidable tax bills
• family disputes
• long-term financial consequences

 

The HRKAC Group perspective

At HRKAC Group, we regularly see situations where:

• intentions were clear
• paperwork wasn’t
• and tax outcomes didn’t line up with expectations

This ATO update reinforces why good accounting advice isn’t just about compliance – it’s about planning ahead.

If you’re unsure whether your current structure, property ownership, or estate plan could be affected, it’s worth reviewing it now – not years down the track when a property is sold and tax becomes unavoidable.

 

Final takeaway

If someone is meant to live in your property after you’re gone, make sure it’s clearly written into your will – and reviewed with tax advice in mind.

If this raises questions about your personal situation, our team of Geelong accountants can help guide you through the financial considerations and ensure everything is structured appropriately.

The Hrkac Group is a multi-division firm focused on creating positive outcomes for your future financial growth located in the heart of Geelong. A collective of financial advisers, mortgage brokers, and accountants, focused on creating positive outcomes for your future financial growth

Where legal advice is required, we can also refer you to our trusted business partners at MMH Lawyers, who can assist in reviewing or updating your Will to ensure it complies with current requirements and aligns with your intentions.

Taking a coordinated approach helps provide clarity and peace of mind, knowing your financial and legal affairs are working together.

 

Don’t wait, Contact Us to speak with an experienced accountant today!

General Advice Warning

This information has been provided as general advice. We have not considered your financial circumstances, needs, or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication. Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither nor its related entities, employees, or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.

 

 

 

Retirement planning in Geelong: Do you really need $1 million in super to retire comfortably?

 

When it comes to retirement planning in Geelong, one of the most common questions we hear is whether you really need $1 million in superannuation to retire comfortably. It’s a figure often repeated in the media, but for many Australians planning their future with a financial planner in Geelong, it can create unnecessary pressure.

The reality is that retirement planning in Geelong is far more personal than a single number. Let’s break down the facts and look at what a comfortable retirement in Australia really involves, and how clear financial advice in Geelong can help you plan with confidence.

 

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The $1 Million Super Myth

 

The idea that $1 million is the magic number for retirement is widespread, but it doesn’t reflect how most Australians actually retire.
Research shows that 94 percent of Australians who retired in the past five years did so with less than $1 million in superannuation.

Many retirees live comfortably with lower balances, particularly when they own their home and are eligible for the Age Pension. This is where thoughtful retirement planning, supported by local Geelong financial advisers, can help you make the most of what you already have, rather than chasing an unrealistic figure.

 

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What Does a “Comfortable” Retirement Really Mean?

 

To help define what “comfortable” means, the Association of Superannuation Funds of Australia (ASFA) publishes its Retirement Standard. As of June 2025, ASFA estimates that a comfortable retirement lifestyle requires an annual income of approximately:

 

This level of income allows for everyday living expenses, leisure activities, domestic and occasional international travel, private health insurance and a reliable car.
Based on these assumptions, ASFA suggests super balances at retirement age (67) of:

 

These figures assume you own your home and receive a part Age Pension, and they sit well below the often-quoted $1 million mark. For many people, this provides reassurance that retirement planning in Geelong is more achievable than they may have thought.

 

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The Role of the Age Pension in Retirement Planning Geelong

 

The Age Pension remains a crucial part of retirement income for many Australians. Around two-thirds of people aged 65 and over receive some form of government support.

When combined with superannuation and other assets, the Age Pension can significantly reduce the amount of super you need to maintain a comfortable lifestyle. Research from Super Consumers Australia suggests that:

 

• A single homeowner may only need around $310,000 in super
• A couple may need around $420,000, assuming they receive the Age Pension

 

This highlights why personalised financial advice is so important. At the Hrkac Group, financial planners’ in Geelong can help you understand how superannuation, government support and other investments work together as part of a broader wealth planning strategy.

 

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Retirement Planning in Geelong Is Personal

 

There is no one-size-fits-all approach to retirement.
Some people want to travel regularly or pursue hobbies, while others value time with family, community involvement or a quieter pace of life. These lifestyle choices have a significant impact on how much income you will need in retirement.
Other key factors include:

• Whether you own your home
• Your health and life expectancy
• Your spending habits
• Your existing investments and assets

This is where professional retirement planning and wealth management in Geelong can make a real difference. A clear, tailored plan helps ensure your finances support the life you want to live.

 

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So, Do You Really Need $1 Million in Super?

 

For most Australians, the answer is no.
While having more super can provide greater flexibility and peace of mind, many people retire with less than $1 million and still enjoy a financially comfortable retirement. The key is thoughtful planning, realistic expectations and understanding how all parts of your financial position fit together.
Rather than focusing on a single number, effective retirement planning looks at income, lifestyle and long-term sustainability.

 

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How The Hrkac Group Supports Retirement Planning in Geelong

 

The Hrkac Group provides financial planning and wealth management services for individuals, families and business owners across Geelong and surrounding regions.
Our financial advisers work alongside accountants and mortgage brokers under one roof, allowing us to take a holistic view of your financial position. Whether you are reviewing your superannuation, planning for retirement or seeking long-term financial advice, our team helps you plan with confidence and clarity.

 

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Final Thoughts

 

Instead of fixating on a million-dollar super balance, focus on building a retirement plan that reflects your personal circumstances and goals.
Online calculators can be helpful, but personalised financial advice ensures your strategy remains realistic, flexible and aligned with your future plans. Retirement is about more than money, it’s about living well, with purpose and peace of mind.

 

 

If you are considering retirement planning, our team is here to help.

Book an appointment with one of our Financial Planing Advisers today or call our Geelong office.

For all General and Accounting enquiries, phone (03) 5224 2366
For all Financial Advisory enquiries, phone (03) 5221 2355

 

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FAQs

How much super do I really need to retire comfortably in Australia?

The amount of super you need depends on your lifestyle, whether you own your home and your eligibility for the Age Pension. Many Australians retire comfortably with less than $1 million, especially with good retirement planning advice.

Is $1 million in super realistic for most Australians?

For most people, reaching $1 million in super is not necessary. A financial planner can help you understand what is realistic based on your income, savings and retirement goals.

How does the Age Pension affect retirement planning?

The Age Pension can significantly supplement your retirement income. Understanding how it interacts with your superannuation is an important part of retirement planning in Australia.

Should I speak to a financial adviser before retiring?

Yes. A financial adviser can help you assess your super, investments and retirement income options, ensuring your plan is tailored to your circumstances and future needs.

 

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The content within this blog has been sourced and adapted from, Alliance Wealth’s blog ‘Realise Your Dream’.

General Advice Warning

This information has been provided as general advice. We have not considered your financial circumstances, needs, or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication. Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither nor its related entities, employees, or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.

Updates in Workplace Mental Health Regulations – December 2025

What Employers Need to Know:

From 1 December 2025, the Occupational Health and Safety (Psychological Health) Regulations will take effect in Victoria. These changes expand on the existing requirements of the Occupational Health and Safety Act 2004, which already require employers to provide a working environment that is safe and without risks to health including psychological health.

These changes formalise the need for all workplaces to identify, assess and manage risks that may affect employees’ mental wellbeing.

 

What Employers Now Need to Consider:

Section 5 of the OHS Act defines health as including both physical and psychological health. The new Regulations reinforce the expectation that employers must treat psychosocial risks with the same seriousness as physical hazards.

 

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Key Responsibilities from 1 December 2025

Identifying Psychosocial Hazards:Employers will be required to identify workplace factors that may contribute to psychological harm, such as:

a. High or sustained job demands
b. Low job control
c. Bullying or harassment
d. Poor role clarity
e. Exposure to traumatic events

 

Assessing and Managing Risk:

After identifying hazards, employers must assess their potential impact and either eliminate or minimise risks as far as reasonably practicable. This may involve reviewing work design, improving communication, adjusting workloads or strengthening supervision.

 

Consultation With Employees and Human Resources

Employers must consult employees and, where applicable, Health and Safety Representatives (HSRs) when: identifying psychosocial hazards, determining risk-control measures, and reviewing or changing workplace processes.

This ensures risks are understood from multiple perspectives and that control measures are practical and effective. Employers must consult workers and Health and Safety Representatives (HSRs), where applicable, when identifying psychosocial hazards, deciding on controls and reviewing workplace changes.

More information: Consulting Requirements for Employers

 

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Why These Regulations Matter:

The changes reflect the growing number of psychological injury claims in Victoria and highlight the importance of prevention. Employers will be expected to demonstrate a structured approach to psychological health and safety from December 2025.

Non-compliance may lead to enforcement action under the OHS Act.

 

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Practical Steps to Take Before the Regulations Commence:

Review Existing Policies and Systems

Assess whether your current processes identify and manage psychosocial hazards effectively.

Implement Stronger Control Measures

Where risks are identified, consider whether changes to work design, communication, staffing or organisational structure may be required.

Keep Clear Records
Document hazards identified, risk assessments, consultations, and any steps taken. This will help demonstrate compliance once the Regulations commence.

 

The introduction of the Psychological Health Regulations on 1 December 2025 represents a significant update to workplace safety laws in Victoria. By understanding the changes and preparing early, employers can ensure they meet their legal obligations and contribute to healthier, safer workplaces.

More Information

To learn more about the new Psychological Health Regulations and employer requirements, visit:
WorkSafe Victoria – Psychological Health

 

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The Hrkac Group has been providing Geelong businesses and individuals with their expert services in:
Accounting, Taxation, Financial Planning, Investment, Mortgage Broking and Finance in Geelong for over 30 years.

If you need local advice or wish to get more information about how The Hrkac Group could help you or your business:

Book an appointment today

Contact us via email or phone (03) 5224 2366.

The Australian Government has proposed a significant new policy called Payday Super, set to take effect on 1 July 2026. Payday super changes how superannuation contributions are managed. This initiative impacts both employees and employers, making timely planning essential for business owners, managers, and staff alike.

What is Payday Super?

Currently, superannuation contributions are typically paid by employers quarterly or monthly. Payday Super requires contributions to be paid on the same day as employees receive their wages (every payday). This change means both employees and employers will experience a shift with super contributions made each payday, rather than in a quarterly lump sum.

For Employees:

• Consistent, frequent contributions mean potential for better long-term growth in superannuation balances, especially important for those planning retirement.
• Greater transparency as regular contributions show up in your fund, giving you better financial oversight.
• Peace of mind with increased visibility over your retirement savings.

For Employers:

• Cashflow planning becomes critical:
  Shifting from quarterly to more frequent payments may affect business cashflow and payroll management.
• Compliance obligations:
  Payments to be made on the same day as wages is required to avoid ATO penalties.
• Need for updated systems:
  Payroll and bookkeeping processes must adapt for the new schedule, with help available from our trusted team of Business Accountants right here in Geelong.

General Advice Warning

This information has been provided as general advice. We have not considered your financial circumstances, needs, or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication. Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither nor its related entities, employees, or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.

From 20 September 2025, the Australian Government will increase the deeming rates used to calculate income from financial assets for Centrelink and DVA income-support payments.

This is the first change in five years, and it could affect how much Age Pension, Disability Support Pension, or Veteran Payment you receive. If you’re unsure what this means for your personal situation, The Hrkac Group’s Financial Planning Advisers can help you understand and prepare for these changes. Here’s what the new Centrelink deeming rates mean for pensioners, retirees, and veterans, and how The Hrkac Group can help.

What Are Centrelink Deeming Rates?

Deeming rates are used by Centrelink and the Department of Veterans’ Affairs (DVA) to estimate how much income you earn from financial assets like bank accounts, shares, and superannuation. Instead of looking at your actual earnings, the government assumes a set rate of return.

From 20 September:

• The lower deeming rate will rise from 0.25% to 0.75%.
• The upper deeming rate will rise from 2.25% to 2.75%.

These rates apply to:

• Singles: First $64,200 of financial assets at the lower rate; anything above at the upper rate.
• Couples: First $106,200 combined at the lower rate; anything above at the upper rate.

Who Will Be Affected?

About 460,000 Age Pensioners and thousands more on DVA and other income support payments will be impacted. If you’re receiving a part pension and have financial assets, your deemed income will increase, which could reduce your pension or other income support payment.

For example:

The new deeming rates mean your deemed income will be higher, so your pension may reduce sooner than before. However, the government is also increasing pension rates through indexation, which may offset some of the impact.

The new deeming rates mean your deemed income will be higher, so your pension may reduce sooner than before. However, the government is also increasing pension rates through indexation, which may offset some of the impact.

 

Selling Your Home? You May Get an Exemption

If you sell your principal home and plan to buy, build, or renovate a new one, the sale proceeds can be exempt from the assets test for up to 24 months.

During this time:

• You’ll still be assessed as a homeowner.
• The exempt funds will be deemed at the lower rate only (0.75 % from 20 September).

This exemption helps retirees who are downsizing or relocating avoid losing their pension while they transition to a new home.

What You Can Do

How The Hrkac Group Can Help

Navigating Centrelink rules and pension thresholds can be complex. Our experienced Financial Planning Team
can:

• Review your assets and income to assess potential impacts.
• Advise on strategies to minimise reductions to your payments.
• Support you with Centrelink correspondence and applications.

 

You don’t have to manage these changes alone,
book an appointment with one of our Geelong Financial Planing Advisers today to ensure you’re making informed financial decisions.

 

The content within this blog has been sourced from our Licensee, Alliance Wealth’s blog ‘Realise Your Dream’.

General Advice Warning

This information has been provided as general advice. We have not considered your financial circumstances, needs, or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication. Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither nor its related entities, employees, or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.

Buying your first home is an exciting milestone, but navigating the process, and the paperwork, can feel overwhelming. Thankfully, there’s a range of government grants and schemes available to support first home buyers in Australia. Whether you’re trying to save for a deposit or looking to reduce upfront costs, understanding your options with a Mortgage Broker is a great place to start.

Below, we break down some of the most popular grants and initiatives designed to help Australians take their first step onto the property ladder.

 

First Home Owner Grant (FHOG)

The First Home Owner Grant (FHOG) is one of the most well-known forms of assistance for first home buyers. Although it’s a national scheme, it’s administered at a state and territory level, meaning eligibility requirements and payment amounts can vary depending on where you live.

 Key Features:

• The FHOG is typically available for those purchasing or building a new home.
• The grant amount varies by state. For example:
  • In New South Wales, eligible buyers may receive $10,000 for new homes valued up to $600,000 or new home builds up to $750,000.
  • In Queensland, the grant ranges from $15,000 to $30,000, depending on location.
• The grant is usually paid at the time of settlement or during the construction process.

 Things to Keep in Mind:

• Existing homes typically do not qualify for the FHOG.
• There are property value caps that differ from state to state.
• This grant is often used in conjunction with other schemes.

 

First Home Guarantee (FHBG)

Saving for a deposit is one of the biggest hurdles for first home buyers, but the First Home Guarantee (FHBG) aims to make this process a little easier. This scheme is part of the government’s broader Home Guarantee Scheme and helps eligible buyers purchase a home with a deposit as small as 5%, without needing to pay Lenders Mortgage Insurance (LMI).

 Key Features:

• The government acts as a guarantor for up to 15% of the property’s value.
• Helps buyers avoid LMI, which can be costly.
• Available to Australian citizens and permanent residents, aged 18+.
• Income thresholds apply:
  • Up to $125,000 for individuals
  • Up to $200,000 for joint applicants

 Eligibility Notes:

• Property price caps vary based on location (capital city vs. regional).
• Applicants must intend to live in the property.

 

 First Home Super Saver Scheme (FHSSS)

For those looking for a smarter way to save, the First Home Super Saver Scheme (FHSSS) lets first home buyers make voluntary contributions to their superannuation fund to build their deposit more efficiently.

 How It Works:

• Contributions are made through salary sacrifice or after-tax payments.
• These contributions are taxed at a concessional rate, typically lower than your marginal tax rate.
• You can later withdraw these contributions, plus any associated earnings, to put toward your first home deposit.

 Why Consider It?

• Potential for tax savings while you build your deposit.
• Encourages structured, disciplined savings through your super fund.
• May allow you to access your deposit sooner.

 

Regional First Home Buyer Guarantee

If you’re buying in a regional area, you may be eligible for the Regional First Home Buyer Guarantee, another component of the Home Guarantee Scheme.

 How It Helps:

• Supports first home buyers in regional locations with similar benefits to the FHBG.
• Allows for a 5% deposit without needing to pay LMI.
• Helps address housing affordability in regional communities.

 Eligibility Criteria:

• Must intend to live in the property.
• Property and income caps apply.

 

 Additional Assistance: Stamp Duty Concessions & State-Specific Schemes

Beyond these national schemes, many state and territory governments offer additional incentives to help first home buyers, such as:

 Stamp Duty Concessions:

• Some states offer full or partial exemptions on stamp duty for first home buyers.
• Eligibility usually depends on property value thresholds.

 Examples of State-Based Support:

• Victoria: First home buyers may be eligible for stamp duty exemptions on homes valued up to $600,000 and concessions on homes valued up to $750,000.
• ACT & WA: Varying grants and concessions depending on location and property type.
• Queensland & NSW: Often the most generous with grants and schemes targeting new builds and regional buyers.

 

What Should First Home Buyers Consider?

Before applying for any grant or scheme, it’s important to understand your specific eligibility and how these programs can impact your financial situation.

 Here’s what to keep in mind:

• Eligibility criteria vary widely between schemes and states.
• Check for property price caps and whether new or existing homes qualify.
• Consider how using these grants could influence your loan structure or borrowing capacity.
• Seek professional financial advice to determine which option best suits your circumstances.

 

Why Work with a Mortgage Broker?

Navigating the maze of first home buyer incentives can be tricky. Working with an experienced mortgage broker can help you:

• Understand your borrowing capacity.
• Identify which grants and schemes you’re eligible for.
• Compare loans across a range of lenders.
• Streamline your paperwork and application process.
• Ensure you’re maximising your entitlements while finding a loan that fits your future goals.

At The Hrkac Group, our lending experts specialise in guiding first home buyers through this process with clarity and care.

 

Final Thoughts

Buying your first home is one of the biggest financial decisions you’ll make, but it doesn’t have to be overwhelming. With a little knowledge and the right support, you can take advantage of the grants and schemes available and make your homeownership dream a reality.

If you’re ready to explore your options, book an appointment with our team today. We’re here to help you through every step of the journey. To make an appointment to meet with one of our friendly Geelong Mortgage Brokers, contact us via email or phone (03) 5224 2366.

General Advice Warning: This information has been provided as general advice and does not take into account your individual objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information with regard to your personal circumstances and seek professional advice.

Liability limited by a scheme approved under Professional Standards Legislation.

Tax returns Geelong

With 1 July just around the corner, now is the time to check in on your tax-time readiness. Whether you’re lodging your own return or meeting with an accounting professional, being across the latest changes can help avoid costly mistakes and unnecessary delays.

 

What’s changing in 2025?

 

From 1 July 2025, interest charged by the ATO will no longer be deductible. This means:

• General Interest Charges (GIC) and Shortfall Interest Charges (SIC) you incur on or after this date can’t be claimed as a deduction
• Even if the debt relates to an earlier income year, the interest is still non-deductible
• However, charges incurred before 1 July 2025 are still deductible in your 2024–25 return

 

This change applies to individuals, businesses, and entities with a substituted accounting period (SAP). If you’re unsure what this means for your next return, our accounting team can help.

 

 

Your tax time checklist

Tick off the essentials to make sure you’re ready to lodge:

 

 1. Income statement

Your employer must finalise your income statement and mark it as “Tax Ready” by 14 July. Don’t lodge your return until this status is confirmed in your ATO portal—doing so early could result in needing to amend your return later.

 

2. Private health insurance

Most health funds provide your tax information directly to the ATO by the end of July, but it’s worth checking your records. You may be liable for the Medicare Levy Surcharge if you or your family didn’t hold appropriate cover for the full year.

 

3. Other income

Interest from bank accounts, dividends, and distributions from managed funds should be visible in your ATO pre-fill data. Make sure everything has been captured before you lodge.

 

4. Home office deductions

If you’ve worked from home during the year, you can claim running expenses. Choose between:

• Fixed rate method: 70 cents per hour worked from home (2024-25) (requires a record of hours worked)
• Actual cost method: Claim based on actual expenses and work-related usage (requires detailed documentation)

 

5. Work-related expenses

Uniforms, protective clothing, tools, subscriptions, and travel may all be deductible—provided you keep valid receipts and can show how the expense relates to your job.

 

6. Super contributions

Did you make any personal super contributions? You may be eligible for a tax deduction, but you’ll need to submit a Notice of Intent to Claim to your super fund before lodging.

 

7. Donations

Only donations to registered charities are tax-deductible. Keep receipts and ensure the charity has DGR (Deductible Gift Recipient) status.

 

8. Rental property income and expenses

If you own an investment property, gather all income and expenses, including mortgage interest, maintenance costs, property management fees, and depreciation reports.

 

9. Capital gains and losses

Sold shares, property, or crypto? You’ll need to calculate your capital gains or losses—even if the gain is exempt, it must be reported.

 

10. Small business owners

Make sure your books are in order:

• Take advantage of the $20,000 instant asset write-off by ensuring eligible assets are acquired and installed ready for use by 30 June.
• Finalise STP payroll by 14 July.
• Ensure all superannuation contributions are received by the employee’s fund before 30 June to be eligible for a tax deduction in the 2024–25 financial year. Super is only deductible in the year it is paid and received by the fund.
• Review any staff bonuses or director payments and ensure they’re recorded properly.
• Review your Accounts Receivables and Accounts Payables for accuracy and write off any bad debts in your Accounts Receivable.
• Complete a Stock Take as at 30^th June to ensure you have accurate Closing Stock on Hand/Work in Progress.

 

 

Tax returns Geelong with the Accounting experts at The Hrkac Group

If you need assistance with lodging your tax return or you have any questions about how to best prepare for tax time and maximise your return, The Hrkac Group team of accountants have the knowledge and are here to help make your life easier.

 

Get in touch and book your tax appointment with the Hrkac Group Accounting professionals today! Call us on (03) 5224 2366 or book an appointment online.

 

General Advice Warning: This information has been provided as general advice and does not take into account your individual objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information with regard to your personal circumstances and seek professional advice.
Liability limited by a scheme approved under Professional Standards Legislation.