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Scams are everywhere, targeting people from all walks of life and costing Australians billions of dollars each year. Whether it’s fake emails, unexpected phone calls or online schemes, scammers always find new ways to gain your trust and steal your money or personal information. But 3 small steps can help keep us all safe from scammers. Stop. Check. Protect. How to stay safe from online scams Reduce your risk of being scammed and pay close attention to the content of text messages or emails. Before making a payment, always check for a padlock symbol in the URL bar, on the left hand side. This indicates that you’re on a secure website. Any time you log on to online banking or shop online, make sure that the websites you visit has the correct website address in the address bar, which should include the correct extension (such as ‘.com.au’) .au indicates an Australian website. If you receive a spam email, avoid opening it. If you do open it, never click on any links or open any attached files. Emails or links may contain malicious software (also known as malware) that can infect your computer or device and steal your information over time Avoid responding to text messages or missed calls that come from numbers you don’t recognise. Keep your personal details like name, address, date of birth, license number, tax file number, bank account numbers and online banking passwords safe. Never give these things out willingly. Remember an organisation may ask for things like name, address or date of birth  in an attempt to identify you over the phone, which should only happen if you have called them. You should rely on reputable sources for scam information, and how to protect yourself online. These websites may also include the latest scams that are circulating. Scamwatch Services Australia – Australian Government ACCC Australian Cyber Security Centre How to spot a fake message Scammers will use content that mimics the look and feel of official messages – scammers will use official company names and logos in communications, leading you to believe the message is legitimate. Spelling mistakes and incorrect grammar is a key indicator of a scam message. Other things to look out for include a generic rather than a personal greeting, the names of made up organisations that don't exist, poorer quality presentation, overly official or forced language. Be cautious if you're being asked to forward money or if you're told you've won a prize. Another tactic is to threaten you with arrest, even though you have done nothing wrong. Any email or text that asks you to confirm, update or share personal or banking information has been sent from a scammer. Legitimate communications from banks, internet and phone providers will never ask you for your personal details via email or text message. If there is an urgent call to action, such as asking you to unlock or verify an account, claim a prize or log in to a site and pay an infringement notice or outstanding debt. Protect your money and bank details Never give money, credit card details or online account details to anyone you don’t know and trust Keep your receipts for a period of time as proof of transactions Check your bank account and credit card statements regularly. A good way to do this is every time you get paid, receive government benefits or other income to your accounts Report any unexplained transactions to your bank. Keep your Visa cards safe and never hand them over to anyone else to use. Make sure nobody else knows your PIN number. You can usually reset your PIN at an ATM supported by your bank, by visiting a branch or if you bank with Horizon, you can do this from within our app. Simply log in, click on cards > change PIN. Don’t keep old cards or chequebooks lying around. Return them to your financial institution to be destroyed and to ensure they are no longer active. Avoid being a victim of identity fraud - cut up expired cards through the magnetic strip and chip. Cut through the card numbers and dispose of the pieces in different bins so they cannot be pieced back together. How to protect yourself - Don’t Click On That Link! Press and hold a link on a smartphone to inspect it first if you’re unsure whether you should click on it. Contact the business or organisation using a phone number from their website before you reply to any suspicious looking emails or text messages. If you receive a suspicious email or text message and haven't engaged with its contents, such as clicking a link or replying to it, report it to Scamwatch and the relevant organization then delete the message. If you have provided your online banking password to a scammer, give us a call immediately so we can assist you. If it is on the weekend, you can reset your password using the password reset link on the Online banking login page. If you have a Visa card you should report it to the Visa Hotline and also mark your card as lost or stolen in our app, as presumably the scammers will attempt to use it. If you've clicked a link or opened an attachment from a scam email, close your browser, empty your browser cache and clear your browser history. Then perform a virus scan on your computer using anti-virus software. If you're on a mobile device, make sure you have updated your operating system, and run an antivirus scan if one is available on your device. If you receive a call from a scammer posing as someone from a reputable organization, do not give access to your computer. Remote access means the scammer can look at your personal information and even install malware on your computer. Getting support after being scammed If a scam has caused you problems with debt, talk to a financial counsellor. They can help you get your finances back on track. If you think someone has stolen your identity, you can contact iDcare - a free government-funded service which will work with you to develop a specific response plan to your situation and support you through the process. You can apply for a Commonwealth Victims' Certificate - which helps support your claim that you've been the victim of identity crime.  Protecting Yourself & Your Data Online If you use the online world for shopping, banking or using social media, it’s important that you do this safely. Visit Scamwatch for more tips on staying safe online and how to spot a fake scam. The team at Horizon Bank are always here to help and answer any questions. Get in touch with us today and let’s work together to create a safer online experience. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

As inflation and living costs continue to rise, focusing on practical budgeting techniques is essential to regain control of your finances. This guide offers practical tips to help you save money, reduce expenses, and stay financially resilient even during challenging times. Everyone is feeling the crunch of the cost-of-living crisis, and it seems far from over. Many of the essential expenses such as groceries & bills are starting to feel as though they are outpacing earnings. Recent data reveals there was a 4% surge in the Consumer Price Index (CPI) for the year ending in May 2024. Of this, housing and transport costs lead the charge. Although the government has taken some measures to offer some respite such as tax cuts and energy bill relief, it is important to be proactive and take steps to save & ease the financial pressure. Here are some tips: 1. Mastering Your Budget: Tips for Effective Financial Planning Your best tool in these challenging times is a well-structured budget. This can be a simple excel spreadsheet, a traditional paper planner or even a more advanced tool such as a budgeting app. The main goal is to be able to track your income & expenses, and from there, set limits for different categories such as groceries, dining out, transport and leisure to help you take control of your spending and feel on top of your finances. Extra Tip:  Check out the MoneySmart budget template for a helpful starting point. You can customise it to fit your spending habits. 2. Smart Shopping Strategies to Beat Rising Grocery Costs Groceries are a major but necessary expense, but you can still help keep your spending down in this category: Meal planning: Planning or ‘prepping’ your meals for the week is a great way to help keep spending down at the grocery store. If you have your meals planned out, you can make a specific shopping list of only the things you need for those meals. Going in with a list and a plan helps avoid impulse buying or overbuying as you only purchase what you need. Compare prices: Check the different supermarkets to look for the best prices. You can look at the catalogues for the week to see the specials, you may even end up making a plan to buy certain items at one supermarket and others somewhere else to help save money.   Weekly specials: You might even decide to plan your meals for the week around what you have found is discounted at the different supermarkets. Bulk buying: Items that are non-perishable, for example canned goods, toilet paper & toiletries, you can stock up on when they are on special for a good price. There are also cons to bulk buying. Be wary of overspending and buying more than you actually will need. Work out whether you’re getting a good deal and what‘ a reasonable amount to buy. Pack your lunch: When you’re planning your meals each week, also plan for your lunches to take to work. Bringing your own lunch to work helps you save money compared to buying takeout or eating at restaurants every day. Generic brands: Opting for the homebrand products over pricier name-brand products is a great way to save money. A lot of the time the products are pretty much the same. Seasonal produce: Choose fruits and vegetables that are in season for maximum savings. The pricing will likely be more reasonable than something that’s out of season and therefore the demand is higher than the supply. Rewards Programs: Check out the rewards programs or loyalty cards that shops offer. Earning points can save you money off your future shops and often there will be additional savings that are available to those joined up to the programs. 3. How to Cut Monthly Expenses and Save More It’s important to review your regular expenses and scrutinise where you could be making potential savings: Cancel subscriptions: If you have subscriptions or memberships that you’re paying for that you’re not using or aren’t relevant anymore, take the time to cancel them. If you’re keeping them, check to see if you get a discount for an annual subscription rather than a monthly one. Shop around: Explore all your options by researching prices for essential things such as energy or insurance to ensure you’re getting the best deal you can. This also applies to other spending. Shop around to ensure you are getting the best price. Negotiate bills: Although it may be daunting, don’t be afraid to reach out to your current providers to see if there are any better deals you could be getting. A regular review is worth doing if it can save you money! Use public transport, carpool or walk: Using public transport whenever possible, carpooling with your friends, family or even colleagues, riding a bike or even walking depending on the distance. All these options can help you save in costs such as petrol which you could split when carpooling and reduces wear and tear on your vehicle too. Energy efficiency: Looking into options to increase energy efficiency can help you save money. Reduce your energy consumption by unplugging electronics when they’re not in use, only using air conditioning when necessary or even opting for LED lights which are more energy efficient. Make sure your water taps are set to cold. Doing this means you’re not trying to heat water each time you turn a tap on and therefore reducing your gas or electricity energy bill. Free & low cost activities: Explore free or lower-cost activities in your local areas such as parks, museums, libraries or community events. Borrow instead of buy: Borrowing things such as books, movies, or games from libraries or family & friends instead of purchasing them. 4. Planning for Big Expenses: A Guide to Financial Preparation Don't let unexpected costs derail your budget: Create a calendar: Plan for upcoming expenses such as insurance renewals, car registration or strata levies are due, that way you can be prepared and plan your finances accordingly. Save gradually: Set an amount to put into savings each month to help cover these bigger, or unexpected, costs when the arise. Putting aside small amounts more frequently will mean you don’t feel as much of a pinch, and the pool of money will grow. You can read our blog on why you need an emergency fund for more information on planning for unexpected costs. Automatic transfers: Following on from the previous point, you can set up automatic transfers from your main account to a designated savings account each month to ensure consistent progress towards your savings goals. High interest savings account: Do your research and make sure that the accounts you have are earning you the best interest on your savings. At Horizon Bank we have a range of popular savings accounts to suit whatever your financial goals or needs are, contact us today to discuss your options. Seeking Help for Debt and Financial Strain If you're struggling with debt or feeling overwhelmed by the cost of living, there are resources that you can reach out to for help: Talk to your bank or credit union: Discuss financial hardship assistance options or payment plans if you're facing difficulty with your loan repayments. Financial counselling: You can contact the National Debt Helpline (1800 007 007) for free financial advice and support. Mental health support: Reach out to Lifeline (13 11 14) or Beyond Blue (1300 224 636) if you need emotional support.   Remember, even the small changes can make a big difference. By implementing these tips and taking control of your finances, you can ease the burden of the cost-of-living crunch. Looking for tailored budgeting support? Contact Horizon Bank, your Illawarra & South Coast based customer-owned bank, to learn about budgeting tools, low-interest accounts, and financial hardship assistance options designed to help you navigate today’s economic challenges. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.

We all know how competitive the current rental market is, so finding somewhere to call home can be an overwhelming task. Scammers are unfortunately using this to prey on unsuspecting renters. “Rental scammers exploit the desperation of those seeking housing, particularly when the cost-of-living is high and available properties are scarce, compounding the challenges of an already difficult market,” COBA Chief of Financial Crimes and Cyber Resilience Leanne Vale said. “Becoming a victim to a rental scam can be a devastating experience, both financially and emotionally,” she added. In this blog, COBA’s Financial Crimes and Cyber Resilience team have shared some of their expert tips on how you can spot and avoid rental scams. How rental scams work Scammers prey on people who are searching for rental accommodation, which includes holiday rentals as well as residential rentals, and there are various tactics the fraudsters use. A common method used involves advertising fake properties known as “phantom rentals”. These are listings that have photos and descriptions that have been taken from legitimate listings. Often these listings will be very enticing with appealing rental prices, locations or even exclusive amenities. This is how they lure victims in. One other tactic the scammers may use is taking legitimate rental listings from reputable websites & platforms, then reposting them but with different contact information or photos. This means any enquiries or payments will be diverted to the scammer, as they’ve tricked the unsuspecting tenants into believing the scammers are the real property owner, real estate agent or property manager. A sense of urgency such as pressure for upfront payments especially via methods that aren’t traceable like wire transfers or cryptocurrency can be a red flag also. They’ll claim it’s necessary to secure the rental. The scammers could also request personal information such as bank account details or ID documents, under the pretence of conducting rental or background checks. They can use this information to steal the identity of the victim or commit fraudulent activities. Rental scam indicators You can protect yourself by being alert to the signs of a rental scam. Here are some red flags to be aware of: An ad for a rental property seems too good to be true. This could be that the price is low, little information is requested of you, and it’s available for the exact time you want. You’ve found that there are duplicate ads for the same property with different contact details – this can include a listing on a trusted site. The ‘landlord’ or ‘property manager’ uses a strong sense of urgency to get the renter to make immediate decisions and/or payments to secure the property and not ‘lose out to someone else interested’. If there is not an availability for an in-person meeting or property inspections due to many reasons. They will always have an excuse as to why they can’t meet. Requests for funds to be sent by methods that are hard to trace, such as wire transfers, prepaid cards, or cryptocurrency. There is a lack of documentation, with no formal rental agreements, no receipts for payment, or refusal to provide any verifiable information about the property or landlord. How to report a rental scam If you encounter a suspected rental scam, report it to your bank if you have provided any payment or identification information. It’s important that if you do encounter a suspected rental scam, that you report it. If you have provided any payment or personal banking information, report it to your bank immediately. Even if you've managed to avoid losing money, reporting is still crucial to help prevent further fraud and assist other potential victims – report the scam to National Anti-Scam Centre (NASC) - Scamwatch. If you suspect you have been a victim of a scam, contact us immediately on 1300 366 565 or fill out this form so we can secure your accounts and assist you further. Customer-owned banks are dedicated to safeguarding their customers from scams and fraud. In November, 55 mutual banks and credit unions demonstrated this commitment by joining forces to launch the Scam-Safe Accord. This industry-wide initiative represents a united front against scammers and reinforces the banking sector's determination to strengthen consumer protection. Find out more about the Scam-Safe Accord here.   Stay informed and protect yourself from rental scams. Share this blog with friends and family to spread awareness and potentially stop someone else being scammed. If you suspect a scam, report it immediately to help prevent financial fraud and support others in staying safe. For more resources and assistance, visit Horizon Bank and discover how they can help ensure financial safety and scam prevention. You can find more information about how Horizon safeguards your banking on our security page. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.

We will never, ever ask you for a One-Time-Password!   Doing your banking has become increasingly convenient by utilising online and mobile banking services. However, this convenience also comes with a downside: the rise of sophisticated cybercrimes, such as bank impersonation scams. These scams involve fraudsters who may pretend to represent Horizon Bank or other financial institutions and trick you into sharing sensitive information, including one-time passwords (OTPs). In this blog post, we will explore the dangers of bank impersonation scams and emphasise the importance of safeguarding your OTPs.   Understanding Bank Impersonation Scams Bank impersonation scams typically begin with fraudsters attempting to gain your trust through various means, such as phone calls, emails, or text messages. They may pose as someone calling from Horizon Bank or customer service agents, using convincing tactics to deceive you into believing their authenticity. The scammers often claim that there is a security issue with your account or a fraudulent transaction, creating a sense of urgency and panic.   What is a One-Time-Password (OTP)? One-time passwords are temporary codes sent to your registered mobile number or email address to authenticate your identity during online transactions. They provide an additional layer of security, ensuring that only the rightful account owner can complete the transaction. They should never be shared with anyone. However, scammers have devised cunning ways to trick individuals into sharing their OTPs, compromising their bank accounts.   The Dangers of Sharing Your OTP Sharing your OTPs with anyone, including individuals claiming to be bank representatives, can lead to severe consequences. Here are some risks associated with sharing OTPs:   Unauthorised Account Access: Scammers may be able to gain access to your online banking account by using the OTPs you provide. Once given access to your account, they can conduct unauthorised transactions, transfer funds, or even change your account details, leaving you financially devastated. Identity Theft: OTPs are a valuable piece of information for cybercriminals seeking to commit identity theft. By obtaining your OTPs, fraudsters can use them to verify their identity and gain access to other sensitive accounts, leading to potential financial loss and reputational damage. Malware and Phishing Attacks: Scammers often employ sophisticated techniques, such as phishing emails or text messages, to trick you into disclosing your OTPs. Clicking on malicious links or downloading attachments from these messages can infect your device with malware, allowing criminals to steal your personal information.   Protecting Yourself from Bank Impersonation Scams To safeguard yourself from falling victim to bank impersonation scams, follow our essential tips:   Verify Caller Identity: If you receive a call from someone claiming to be a Horizon team member or representative, don't share any sensitive information. Instead, hang up and contact us directly. This way you can verify the legitimacy of the call before proceeding. Be Wary of Unsolicited Emails and Messages: Exercise caution when receiving emails, text messages, or social media communications requesting your OTPs. Legitimate banks and financial institutions will NEVER, EVER ask you to provide your OTPs or any other insecure communication channels. Educate Yourself: Stay informed about the latest scams and fraud techniques. Banks often issue security advisories and updates on their websites or through mobile banking apps. Read these alerts to familiarise yourself with common fraud tactics and learn how to protect your personal information. We recommend staying updated via the Horizon Bank Facebook page and by visiting ScamWatch. If you’d like to learn more about how we at Horizon safeguard your banking visit our security page. If you suspect you have been a victim of a scam, contact us immediately on 1300 366 565 or fill out this form so we can secure your accounts and assist you further. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.

Data from Scamwatch reveals that scammers’ favourite tools are text messages, emails and phone calls, these are the top three ways scammers are contacting victims to obtain their sensitive information. “Phishing scams are a constant threat, and the only way to truly protect yourself is to remain vigilant with any type of unsolicited contact. Don't be fooled by seemingly trustworthy entities; legitimate companies will not ask you to provide sensitive information through unsolicited texts, emails, or calls,” COBA Chief of Financial Crimes and Cyber Resilience Leanne Vale said. COBA’s Financial Crimes and Cyber Resilience team have provided some top tips to help you outsmart phishing scams and prevent you from falling victim. What is phishing? Phishing is when scammers impersonate trusted entities, targeting individuals through phone calls, emails or text messages. They have impersonated banks, telecommunication companies & government agencies such as the ATO or myGov for example. The websites & emails that the scammers use are designed to mirror the branding and logos of the company or institution they’re imitating so that they look legitimate. Their aim is to extract personal information from you such as credit card details, usernames, codes and passwords. Common tactics they use include: The ‘technical error’: The scammers may claim there has been a system error or glitch that has erased customer data and urge you to re-enter your details. The ‘security update’: You’ll be asked to update your details for ‘security reasons’. The ‘unauthorised activity alert’: Scammers may raise alarms about some suspicious activity or transactions on your account and ask for your details so they can investigate further. How can you spot phishing attempts? Scammers use phishing scams to obtain your personal information and often will include malicious links they want you to click. When it comes to spotting phishing attempts, we suggest that you always stop & think before you click, and if you’re unsure if it’s legitimate, contact the company directly. When doing so, use their official website, phone number or mobile app so you can try verifying the request you received and never use the contact details that are within the call, text message or site you receive. Here are some red flags to look out for: Suspicious sender: Although the message or email may appear to be from a known and trusted company, the number or email address can be unfamiliar or not match the official contact details. Urgent language: Look out for the sense of urgency in the language. Scammers will often use language such as ‘Your account is locked!’, ‘Payment overdue’ or ‘Immediate action required!’ to try to pressure you into acting quickly and without thinking. Suspicious links: Stop, think & don’t click! Never click on links within unsolicited text messages or emails. As mentioned earlier, it’s best to go directly to the company’s website or app, or contact them by phone directly. Requests for personal information: Legitimate companies don’t ask you for personal information such as passwords, codes or credit card numbers via a text message or phone calls. Suspicious attachments: Be careful not to open any attachments you receive from unknown senders or suspicious senders. They may contain harmful malware. What should you do if you spot a phishing scam? Reporting a phishing scam is crucial, even if you’ve managed to avoid falling victim to one or losing money. By reporting the scam and sharing your story you can help protect others and stop the criminals. Report the scam to National Anti-Scam Centre - Scamwatch. If you’d like to learn more about how we at Horizon safeguard your banking visit our security page. If you suspect you have been a victim of a scam, contact us immediately on 1300 366 565 or fill out this form so we can secure your accounts and assist you further. Customer-owned banks are dedicated to safeguarding their customers from scams and fraud. In November 2023, 55 mutual banks and credit unions demonstrated this commitment by joining forces to launch the Scam-Safe Accord. This industry-wide initiative represents a united front against scammers and reinforces the banking sector's determination to strengthen consumer protection. Find out more about the Scam-Safe Accord here. Protect your personal information from phishing scams. If you suspect a phishing attempt, report it immediately to help prevent further cybercrime. For more resources and assistance, visit Horizon Bank and learn how we can support your cybersecurity efforts and scam prevention. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.

With the world constantly on the move, it has become ever more important to have access to your money while you're on-the-go. The Horizon app provides banking at your fingertips and is available for both Apple and Android. It provides customers with real time access to accounts and branch information  – anytime, anywhere.   Horizon Bank App features Access to account information Transfer to & from accounts Pay bills Transfer funds via Osko® Activate cards Lock and unlock cards A few things to remember Don’t keep your Member Number and Password with your mobile device. Make sure you logout when you’re finished with mobile banking. Get in touch with Horizon Bank immediately, if you’ve lost your mobile device or feel that someone may know your login details. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.

Three claims the ATO is watching for this year Last month we saw the beginning of the new financial year and the closing of the last, which means if you earned an income in the last 12 months, it’s time to go through your income and deductions so you can prepare and file a tax return. Many Australians are hoping for a tax refund to relieve cost-of-living pressures. Being aware of what the Australian Tax Office (ATO) is targeting at the moment, can help get your return processed quickly and seamlessly. The ATO has given advice to taxpayers not to rush through their tax returns, as any mistakes or omissions will likely hold up their refunds. “We see lots of mistakes in July where people have forgotten to include interest from banks, dividend income, payments from other government agencies and private health insurers,” ATO assistant commissioner Rob Thomson said. The ATO have also announced 3 key focus areas for this tax season, so here’s what you should be paying extra attention to before you file your tax return. 1. Work-related expenses Many workplaces have adopted flexible working arrangements since the COVID-19 pandemic, which allows some Australians to now have hybrid roles where they work from home part of the week, rather than being in the office full time. With working from home there are a variety of expenses that are valid, but you are required to have valid records to support these expenses. The ATO is watching for taxpayers who may overclaim for these expenses without the valid records. There are two methods that can be chosen from when filing a return, one being the ‘fixed rate’ method and the other being an ‘actual cost’ method.  The ‘fixed rate’ method means you can claim 67 cents an hour, but to do so must be able to substantiate your time working from home. An easy way to do this is by keeping a diary or a spreadsheet of your work from home time. “Copying and pasting your working-from-home claim from last year may be tempting, but this will likely mean we will be contacting you for a ‘please explain’. Your deductions will be disallowed if you’re not eligible or you don’t keep the right records.” Mr Thomson said. 2. Rental property claims There are a number of legitimate expenses you can claim if you own an investment property, however the ATO have said its common that owners get their income tax returns wrong. This can hold up the process and raise red flags. Because of this, rental property claims will be firmly in the ATO’s sights this year. “We encourage rental property owners to carefully review their records before lodging their return and take care to ensure they are claiming deductions correctly,” Mr Thomson said. Common mistakes when it comes to investment property claims include not keeping proper records and claiming an immediate deduction for renovations (which are classed as capital improvements). 3. Additional income As mentioned earlier by Mr Thomson, pre-filled tax information isn’t always readily available and in by 1 July.Taxpayers can end up having to make amends to their returns once additional information comes through because of this. Additional information can include dividends, extra work income or health insurance information. “We know some prefer to tick their tax return off the to-do list early and not have to think about it for another 12 months, but the best way to ensure you get it right is to wait for just a few weeks to lodge,” Mr Thomson said. “You can check if your employer has marked your income statement as ‘tax ready’, as well as if your pre-fill is available in myTax before you lodge. That way, an amendment doesn’t need to be made later, which could result in unnecessary delays.”If you’d like to learn more about what you can and can’t claim, visit the ATO website.   Navigating tax season doesn't have to be a stressful ordeal. By understanding the Australian Tax Office's key focus areas, including work-related expenses, rental property claims, and additional income reporting, you can prepare your tax return with confidence and accuracy. Remember to keep meticulous records, double-check for any missing information, and consider waiting until all pre-filled data is available before lodging your return. Taking these steps will not only help you avoid common mistakes but also expedite the processing of your refund. Stay informed and proactive, and you'll find that tax season can indeed be pain-free. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.

From time to time we all have surprise expenses that come up, but the financial pressure can pile on when you’re hit with an especially large, unexpected cost & it can quickly blow out your budget. For when these surprises come along, an emergency fund can help cover you and your family. We’ve looked at a few reasons why this safety net is important and some steps you can follow to get one set up. What’s the purpose of an emergency fund? Unfortunately, this fund isn’t for fun spending such as a holiday or shopping spree. An emergency fund is designed for expenses that aren’t anticipated that you may need to cover in a short time period such as: Medical or dental bills Urgent home repairs Car repair costs A loss of income for a period of time Emergency travel If you don’t have an emergency fund, you might have to tap into your savings, take out a loan or extend a loan to cover the unexpected costs which can be stressful. How to build an emergency fund 1. Set up a new account An emergency fund is usually a dedicated bank account. That way, you can see how much is in it and don’t have the temptation of taking money out for reasons other than urgent costs. Speak to your customer-owned bank about establishing a new account. You may even reap the benefits of a bit of extra interest if you save regularly.Usually an emergency fund will be a dedicated bank account. By having it that way, you can easily see how much you have in it as well as removing some of the temptation to take money out of it for reasons that aren’t urgent costs. You can speak to your local branch or contact us to discuss your options when establishing a new account, you may even be able to benefit from some extra interest if you save regularly depending on the account you go with! Check out our popular savings accounts or our popular everyday accounts. 2. Establish a target Although it’s hard to know exactly how much you may need in the future for life’s unexpected events, having a ballpark figure in mind can help you with your saving.The Australian Securities and Investments Commission’s MoneySmart suggests putting aside three months’ worth of living expenses. The site has a budget planner you can use to see what this may look like for your household. 3. Think about regular payments Work out how often you will make payments into the emergency fund. If you’re starting from scratch think about putting money into the emergency fund weekly, fortnightly or monthly. This could depend on the frequency of your pay. You may opt to have automatic deductions from your main account to your separate bank account set up for your emergency fund, this way you don’t have to think about it. 4. Consider adding any windfalls to your emergency fund If you get a pay rise, inherit some money or receive a tax refund, consider directing some or all of it into your emergency fund. Adding a larger payment can help build the fund up quickly. Adding a larger payment to your emergency fund is a good way to help build the fund up quicker. If you happen to get an inheritance, a good tax refund or a pay rise for instance, you may consider directing some or all of those funds to your emergency fund. 5. Set up some rules for tapping into the fund Having some ground rules around when or how you can use the funds in your emergency fund is important so that you don’t tap into it too often. Keeping the emergency fund at the right level is key. For example, things such as smaller car repairs or dental bills you may just want to use money from your other accounts rather than the savings in your emergency fund so it isn’t being used too often, saving the funds in there for more major incidents. Building an emergency fund will provide you with peace of mind that you’ll maintain financial stability should unexpected expenses come up. By setting up your dedicated account, establishing your savings targets, making regular payments and setting yourself clear ground rules for its use, you can create a great financial safety net that will protect you and your family from unanticipated expenses. Don't let surprise costs derail your financial plans. Start taking steps today to build your emergency fund and secure your future. Speak to your local Horizon Bank branch team for more information on setting up a dedicated account or you can get in contact with us online. Remember, the key to financial resilience is preparation, and an emergency fund is your first line of defence. Ready to take control of your finances? Begin building your emergency fund now and enjoy the confidence that comes with being prepared for life's unanticipated events.Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.

If you locked in a fixed-rate loan before interest rates began to rise, you may be worried about the upcoming increase in your mortgage when the term you locked in comes to an end. Here are a few tips on how you can avoid a budget shock when your mortgage reverts to a variable rate. When the interest rates first began to rise from their record-low rates, many homeowners rushed to lock in a fixed-term rate to secure a lower, stable rate. The Reserve Bank of Australia estimates that close to 1 in 4 mortgages were ‘fixed’ at the end of last year, which essentially means the rate was locked in for a period. Usually, banks will offer a fixed-rate period of 1, 2, 3 or 5 years. However, for homeowners who had locked in a fixed rate earlier, such as in 2020 or 2021 when rates were much lower, will likely feel the pinch a lot more when their fixed-term ends than those who opted for a fixed rate in 2022 or 2023. This is because the rates jumped up from around the 2 per cent mark to closer to the 6 per cent mark, and this could potentially add hundreds or thousands of dollars to their repayments in interest, depending on the size of the loan. It's difficult to know what the market is going to look like in the future when opting for a fixed-rate, which is usually done from the perspective of knowing exactly what your repayments will look like for a certain term. Unfortunately, all those fixed terms will eventually expire, and homeowners will return to a variable rate, usually paying more interest. Some may fix their loan again when it comes to this time, but it will likely be at a higher rate than the one they were offered in their previous fixed-mortgage term. If you’re finding yourself in this position, here are a few ways you can make the transition a smoother, and hopefully a less stressful experience. Build a buffer A good idea to test how you will be able to manage the higher repayments is to start putting a bit extra into savings between now and the end of your fixed rate mortgage term. A starting point for this could be to use a mortgage calculator to identify a ballpark of what your new repayments will be when the fixed term ends, and put the difference into a savings account. This will give you an idea of how the household budget will be affected, plus you may even benefit from extra interest in the savings account too. Some fixed-term loans also allow you to make extra repayments, which could help ease the burden when the mortgage increase occurs. At Horizon, we allow up to $30,000 in extra repayments each loan anniversary year, which helps reduce the term of the loan. Horizon also allows you to redraw on those funds free of charge if you require them. Adjust the budget If you work out the new higher repayment and it’s looking tight budget-wise, you may need to look at making some cutbacks. Firstly, look at scaling back discretionary spending where it’s feasible, such as limiting dining out or getting takeaway meals and subscriptions or entertainment activities that are not necessary. Reviewing your budget is always a good idea to ensure you are using or saving your money effectively for your household. Many online tools can help with budgeting and identifying leaks, such as MoneySmart’s budget tool.  Horizon Bank also has some budgeting tools and tips to help out.  Come up with a plan of action It’s important to have an action plan before the fixed-rate term ends so you’re prepared for the change in repayments. A good start is to discuss with your lender everything you need to know before the rate changes; for example what rate you will be offered if you were to fix the mortgage again, or what rate you will be offered if you were to stay on a variable once it reverts. Sometimes there’s a difference between what a new customer and an existing customer would be offered ratewise. If you’ve been with your bank for a while and have always made repayments on time, you may find your bank is willing to negotiate to keep your business. If you’ve paid off more than 30% of the value of your property, you may find you’re eligible for a rate discount. If you want to go into another fixed term loan, it’s also wise to think about that in advance so you can do the sums and get things started promptly.  However, if you decide that you want to refinance to another lender, don’t forget to weigh the costs against the savings. Some lenders will charge exit and application fees, so it’s worth doing your calculations to see if refinancing makes sense for you and your situation. Finally, if you’re having trouble paying your loan and this is causing you anxiety, you can always speak to your lender’s hardship team or a financial counsellor for free via the National Debt Helpline: 1800 007 007.   The end of a fixed-rate mortgage term can be a challenging transition, especially in an environment of rising interest rates. However, you can navigate this phase with minimal financial discomfort with careful planning and strategic decision-making. Building a financial buffer, adjusting your budget, and outlining a clear plan of action are all effective ways to prepare for the increase in repayments. Remember, open communication with your lender is key. Understand the new rate you'll be offered, negotiate if possible, and consider all your options, including another fixed term or refinancing, always weighing the costs against potential savings.   With the right approach and resources, you can manage this transition smoothly and maintain control over your financial future. For more information on home loans and navigating changes in mortgage rates, visit Horizon Bank today. We’ve got the Illawarra and South Coast covered with branches located in Thirroul, Wollongong, Albion Park, Berry, Nowra, Ulladulla, Moruya, Bega, Bermagui and Merimbula.  

We know that navigating tax season can be daunting but throw in the increasing threat of tax scams and it’s even trickier. By remaining vigilant and informed, you can protect your personal information and financial security. Below are 10 simple tips you can follow which will help you recognise common scams and how to avoid them. These 10 practical tips to identify phishing emails & reporting suspicious activity will enable you to safeguard your identity & prevent any financial losses during this upcoming tax season. 1. Beware of phishing emails: Phishing emails are frequently being sent out by scammers, in this instance they will be pretending to be from myGov or other related government agencies. Often phishing emails ask for you to provide personal information & other sensitive details such as your myGov username and password. 2. Verify email sources: A quick and easy way to help determine if an email from myGov or government agencies is legitimate before responding, is to always double check the sender’s email address. Typically, any official emails from myGov will come from addresses ending in @my.gov.au 3. Avoid clicking on links: Think before you click! Be cautious of any links that are included in emails that are allegedly from myGov. Instead of clicking links, you’re best to manually type in the myGov website address to your browser to access your account. 4. Watch for urgency or threats: Often phishing emails will create a sense of urgency or be threatening to try coercing you into taking immediate action. Always be sceptical of emails that claim your myGov account could be suspended or you may face penalties if you don’t respond to the email promptly. The same goes with offers of refunds or overpayments. 5. Never share personal information: Remember that official representative of myGov or government agencies won’t ever ask you to provide them with personal information via email. This includes your password, tax file number or banking details. If you receive unsolicited emails, avoid sharing this information in response. 6. Report suspicious emails: It’s important that if you receive any suspicious emails claiming to be from myGov or other government agencies, you report them to the Australian Cyber Security Centre (ACSC) or even the myGov help desk. If the email you receive is regarding taxation, you can forward the email to the Australian Taxation Office (ATO). To do this you can: Phone the ATO on 1800 008 540. Forwarding the scam email to ReportScams@ato.gov.au Take screenshots of fake social media posts and email them to ReportScams@ato.gov.au 7. Use two-factor authentication: A good safeguard of your myGov account is to enable two-factor authentication if possible (2FA). By adding 2FA you add an extra layer of security by requiring a second form of verification in addition to your password when logging in, such as a code sent to your mobile phone. 8. Stay informed: Keeping up to date with the latest scam alerts and security advice from the ATO, myGov and any other relevant government agencies. Often these organisations will provide information around common scams and ways to protect yourself against them. 9. Educate others: Tell your friends, family and colleagues about myGov phishing scams so you can spread awareness. Encourage them to also be vigilant and to report any suspicious emails they receive. 10. Regularly monitor your accounts: Keep a close eye on your account activity on your myGov account and linked services such as the ATO, Centrelink, Medicare or Department Veterans Affairs. If you notice any suspicious or unauthorised activity, or changes to your account, report it immediately.  You can review further information about active scams and examples of myGov impersonation scams on their website. By making sure you’re aware of the risks associated with the myGov phishing emails, and making sure you are proactive in taking measures to protect your account, you’re able to safeguard your personal information and minimise the risk of falling victim to a scam. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.