Time to review your income protection cover
June 1, 2021
If you’ve owned an individual income protection or salary continuance policy in recent years, you may have seen your premiums increase as insurers struggled to cover their large losses on these products.i Given the ongoing competition and generous features in some products, the Australian Prudential Regulation Authority (APRA) has decided it’s time for some new…
Salary packaging – worth the sacrifice
May 4, 2021
The principle of ‘salary sacrificing’ may not sound very appealing. After all, who in their right mind would voluntarily give up their hard-earned cash. But it can have real financial benefits for some in terms of reducing your taxable income, which could see you pay less at tax time. As we nudge ever closer to…
Granny flats: tax tips and traps
November 10, 2020
The idea of adding a granny flat to your property sounds like a great idea. A property to rent out to generate some welcome extra income, or a home for adult children or mum and dad in their later years. But there are important tax and personal considerations to consider before taking the plunge and…
JobKeeper Payment now officially passed by the Government
April 14, 2020
On April 8th, the JobKeeper package was passed by both sides of Parliament and legislated. This update offers further guidance on the scheme. Workers with multiple jobs If you are employed by multiple businesses, you are only eligible to receive the payment from your nominated primary employer. Timing The JobKeeper will be available from March…
Economic Stimulus Package – Boosting cash flow for employers
April 20, 2020
An economic stimulus package is being put in place to support businesses to manage cash flow challenges and assist them retain their employees to continue to stay viable through the coronavirus crisis. The Government is providing tax-Complimentary cash flow boosts between $20,000 and $100,000 to eligible businesses delivered through credits in the activity statement system…
Economic Stimulus Package – Supporting apprentices and trainees
April 20, 2020
The Government is encouraging and supporting businesses to retain apprentices and trainees to ensure continuity of skilled workers across our trade industries. Eligible employers can apply for a wage subsidy of 50% of the apprentice’s or trainee’s wage paid from 1 January 2020 to 30 September 2020. Where a small business is not able 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…
Coronavirus and Global Volatility
March 10, 2020
Special Update – Monday 9th March, 2020. Today the Aussie market suffered the worst decline since October 2008 with the ASX 200 -455.6pts or -7.33% to 5760.6pts. All sectors finished in negative territory with the energy producers the hardest hit due to plunging oil prices. The market is now at a 13 month low and…
Managing your side hustle
October 9, 2019
Whether it’s to pursue a passion or to make a little extra money, more Australians than ever now have a side hustle. But while Complimentarylancing, moonlighting and pursuing passion projects can be a great way to add value to your life, they can sometimes complicate how you go about managing both your time and finances….
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