The Australian Taxation Office (ATO) has announced four key areas it would be focussing on for tax returns this year. Target areas include any profit from investments in cryptocurrencies, claims relating to working at home (expected to be a hot area after the pandemic lockdowns), record keeping and expenses against rental properties. ATO Assistant Commissioner…
Read more
Wage growth continues to fail to keep pace with the rate of inflation, according to new figures. The Consumer Price Index rose 5.1% in the year to the March quarter, but wages grew only 2.4%, according to the Australian Bureau of Statistics (ABS). The disparity between the rates of inflation and wage growth represents a…
Read more
Businesses will need to prepare for increases in contributions to employee superannuation, which will take effect from July 1,the start of the financial year. The super guarantee (SG) rate will move from 10% to 10.5%. Every employee now qualifies for a contribution regardless of how much they earn, following the removal of a $450 per…
Read more
Business owners and flood victims have been warned to be wary of potential scams following separate warnings from Westpac Bank and the Australian Taxation Office (ATO). Westpac said it was likely there would be fake donation sites for the Lismore flood victims, as well as scammers posing as insurers, business executives and government staff claiming…
Read more
Labor’s promised home affordability policies will be in the spotlight during the first 100 days of the new Albanese Government as thousands of first-time buyers hope to break into the property market. A centrepiece of Labor’s victorious election campaign was its Help to Buy scheme – a $329 million initiative to take equity stakes of…
Read more
The recent increase to 0.35% in the Reserve Bank’s target cash rate has changed the mood of many homeowners who have a variable interest rate with their lenders. The question now beckons whether to move to a fixed-rate loan as protection from future interest rate increases, which most commentators agree are inevitable to fight spiralling…
Read more
Struggling supply chains have caused a fall in car sales, signalling the need for buyers to plan well ahead to organise finance and order their next vehicle. Some 12.2% fewer vehicles were sold in April compared with the corresponding period last year, according to the latest data. The Federal Chamber of Automotive Industries (FCAI) says…
Read more
Fast-rising rents and subdued prices have opened the door to investors seeking to start a portfolio or return to the property sector after many sold to reap the profits when values hit their peak last year. New rental listings have fallen 12.2% to their lowest level since 2003, and total supply in March was down…
Read more
Now that higher mortgage interest rates have become a reality, it’s worth considering a few hacks to make a successful home loan application. For first-time buyers, the prospect of applying for a loan is one of the scariest tasks of the property-buying experience. The size of your mortgage determines not just your budget but it…
Read more
Whether you’re looking for a new home, considering a new job or a life venture, it won’t be long before you put the task of refinancing your mortgage on your priority list. With the pandemic and Great Resignation in our thoughts, thousands of Australians are contemplating their future and how to achieve their dreams. With…
Read more
