The October Federal Budget appeals to families, patients accessing medicines, renters and home buyers, and those in vocational training. An estimated $28.5 billion in revenue will be clawed back in this Budget through a variety of means, including tax compliance…
With inflation rising, low bank interest rates and volatile markets, here are a few tips to help you think about what you could do to boost your household’s bottom line. Recheck your eligibility for the Age Pension. If your assets or…
The Australian Taxation Office (ATO) have created some helpful videos to assist you in understanding what your record-keeping obligations are if you own or are investing in a rental property. The videos include the following: An introduction to rental property…
Budgeting and financial planning are both processes designed to boost your financial wellbeing. And while there are striking similarities between the two, there are key differences in how the two work to help you achieve your financial goals. Budgeting As…
To demonstrate the difference between an Australian that has been financially advised to an unadvised, the Financial Planning Association (FPA) has released an inaugural Value of Advice (VoA) Index. Some of the key insights: Advised Australians are better off Australians…
Financial planning helps people identify and work towards achieving their financial and lifestyle goals. Essentially, it helps you be more in control of your income, expenses, and investments so you can make informed decisions about managing your money and achieving…
What is a record Records are written evidence of your income or expenses that can either be in paper or electronic form. These records are important documents that are used for doing your tax during the income year. In most…
To manage your tax and super on the go the Australian Taxation Office (ATO) have created an app that you can download and install on your mobile device. Download the ATO app The app is free to download and use…
The global economy is continuing to face headwinds and growth has been slowing since early this year. In April, the International Monetary Fund (IMF) explained that ‘global economic prospects have worsened significantly’ and ‘the outlook has deteriorated largely because of Russia’s…
Personal protective equipment (PPE) To claim a deduction for personal protective equipment (PPE) you have purchased to use at work, the expense must be incurred by yourself. A deduction cannot be claimed if your employer: pays for the items provides…