Housing market: shaken but not stirred
July 13, 2020
With Australia in a COVID-induced recession, residential property is not immune to falling economic activity. Yet housing prices are proving surprisingly resilient. Only months ago, economists were forecasting a housing price slump of 20 per cent or more. Now, most have revised their forecasts to price falls of between five and 10 per cent. The…
Tax Alert June 2020
June 30, 2020
With COVID-19 dominating everyone’s thoughts, employers are being offered a brief window of opportunity to get their tax affairs in order with the new Superannuation Guarantee (SG) amnesty. There is also a range of virus related assistance on offer to help affected business and individual taxpayers. Here’s a roundup of some of the latest tax…
How COVID-19 changes tax time
June 30, 2020
As this financial year draws to a close, it will be viewed as a year like no other. COVID-19 (coronavirus) has impacted everybody’s life, albeit in different ways for different people. For some, staying at home has meant you have greater savings; for others, the virus has meant lower wages or even the prospect of…
Instant asset write-off extended
June 23, 2020
To further support Australian businesses through the fallout resulting from COVID-19, the government has extended the $150,000 instant asset write-off for an additional six months to 31 December 2020. Initially announced on 12 May and intended to last until 30 June, the government’s $17.6bn stimulus package in part temporarily increased the threshold of the instant…
End of Financial Year checklist
June 4, 2020
It always takes some planning to get your finances in order for the end of financial year, and this year may look a little different, come June 30. The COVID-19 pandemic may have impacted your circumstances and therefore your situation could be looking different to normal. Perhaps you have been working from home, your wages…
9 retirement planning myths debunked
June 3, 2020
We’ve all read internet fake news and passed down family stories about common retirement “rules of thumb”. Google the word “retirement” and you’ll get 748,000,000 results in 0.65 seconds. It’s no wonder there’s so much confusion. There’s rarely a one-size-fits-all solution to planning for retirement. So, don’t buy into the hype, stick to the fundamentals…
Time to reassess your financial priorities
June 1, 2020
At a time of uncertainty about the economy, not to mention unexpected social isolation, people are rethinking their personal and financial priorities. Whether you are spending less by necessity or because you are living more simply at home, this could be a good time to reassess your spending and review your household budget. Our spending…
Starting over: how to bounce back after 60
May 11, 2020
Have you ever gone through a major life event that forced you to start again? For some, it’s a scary time filled with change, anxiety and confusion. But it doesn’t have to be that way. You’re human and starting over is not something you have to do alone. That’s what bouncing back is all about….
Withdrawing Super: what to consider
May 11, 2020
The federal government has been releasing details of financial support available to Australians who have lost income due the economic impact of the COVID-19 pandemic. A huge number of us have been affected in some way and many have been left feeling stressed and confused about what to do to keep afloat. Although concern about…
Why you need to keep your identity safe
May 7, 2020
Have you received an unexpected email or text asking you to ‘confirm’ personal details by clicking on a link or opening an attachment? It could be an attempt to steal your information for financial gain. Identity theft is on the rise, so it’s important to know how to protect yourself. It’s hard to believe people…
The Big Differences between the Great Depression and Covid-19
May 7, 2020
Global economic activity has grounded to a halt, prompting fears the world is in for a re-run of The Great Depression. While there might be similar scenes, the parallels are not as strong as you may think. Without a doubt, countries worldwide are in for sharp, deep recessions as they rightly sacrifice economic growth in…
New tax shortcut for employees working from home
May 6, 2020
With many people now working from home because of COVID-19, some of the expenses your employer normally pays – such as electricity, heating and cooling – are now coming out of your wallet. Although some employers may provide a daily allowance to help with these additional costs, if you’re not receiving anything it’s important to…
Temporary Relief for Financially Distressed Businesses
April 14, 2020
The coronavirus is first and foremost a health crisis, but as measures are being taken to reduce the spread of the virus throughout the community, many profitable businesses may temporarily suffer financial hardships. The Government announced the following initiatives to assist these businesses to make it through the crisis and resume normal business. Temporary higher…
Accelerated depreciation deductions to benefit businesses
April 20, 2020
The Government has accelerated depreciation deductions for the next 15 months. Up until June 30, 2021, businesses turning over less than $500 million will be able to deduct 50 per cent of the cost of any eligible asset the moment it’s installed. It’s predicted these two tweaks to the investment rules could benefit up to…
Economic Stimulus Package – JobSeeker or JobKeeper
April 20, 2020
In a rapidly evolving response to the spread of COVID-19, the Federal Government announced in March a new suite of welfare packages to help Australians who’ve found themselves out of work. Among them are the JobSeeker and JobKeeper payments. Here’s a rundown of how they work: JobSeeker This initiative was devised in mid-March, prior to…
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