Off the back of the latest Reserve Bank meeting, the following represents a snapshot of the latest economic news: Australian Economy The Reserve Bank has forecast the economy to contract by 6% this year before rebounding by 5% in 2021 Company Reporting Only 75% of the ASX 200 Companies reported a net profit in the year […]
It has been reported that more than 1.4 million Australians are currently experiencing mortgage stress. It is predicted that once JobKeeper ends, up to 100,000 homeowners could be in default of their mortgage repayments. Typically the property owners most affected by this conundrum are: Young families First home buyers Investors Holiday rentals As our income […]
When we assist taxpayers with the preparation and lodgement of their tax returns, we persistently hear taxpayers say that there are no tax deductions that they can claim, or that their employer pays for all their work expenses. Well, this year as a result of COVID-19, many of us have had to work from home. […]
The following superannuation changes came into effect on 1 July 2020. Here’s what you need to know: Early release of super You can withdraw up to $10,000 from your super account this financial year if you are suffering financial hardship due to the economic impact of COVID-19. This is in addition to the $10,000 you […]
Everyone seems to have an opinion on the direction of property prices – some economists are predicting little or no change whilst others are predicting a decline in value of up to 30%. So who is right? The principal reason property prices decline is there are more anxious sellers in the market than enthusiastic buyers. […]
On 21 July 2020, the Government announced an extension of the JobKeeper program to 28 March 2021 but with tighter access and reduced rates. Here’s what you need to know: In Summary If your business currently receives JobKeeper, your arrangements will generally remain unchanged until 27 September 2020. To continue to receive JobKeeper after 27 […]
Recently we have been made aware of the reputational damage sustained by Rio Tinto as a result of the destruction of 46,000-year-old archaeological treasures. Rio Tinto is Australia’s 12th largest company based on market capitalisation – a very large and profitable company with a very strong balance sheet. Based on the above should you remove […]
If you have been financially affected by COVID-19 you may be aware that you may be eligible to access funds from your superannuation. Eligible citizens and permanent residents of Australia or New Zealand can: apply for up to $10,000 in 2019-20; and apply again for up to a further $10,000 in 2020-21 To apply for […]
With interest rates at historical lows, the stock market negatively affected by COVID-19, banks cutting interest rates on term deposits and their dividends to shareholders. The property market’s value predicted to decline, there is no doubt that we can be attracted to investments offering a fixed income without the abovementioned volatility. The Australian Securities and […]
Do receive a superannuation pension, from your superannuation? Referred to as an account-based pension, then generally you will be over 65 or over 60 and retired. You would be aware that there are significant tax benefits on receiving an account-based pension. Essentially, the earnings on the assets in the superannuation are tax-free. That is, there […]