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June was a big month in an eventful year for the local and global economy, with inflation and interest rates continuing to dominate. With inflation sitting at 5.1% in Australia, cost of living pressure is mounting. The Reserve Bank lifted the cash rate to 0.85% in June, with more rises anticipated. June also saw a global sell-off in shares, with the ASX 200 posting its worst month since March 2020.
Read MoreAs baby boomers shift into retirement, Australia is on the brink of the nation’s biggest ever intergenerational wealth transfer. Yet estate or inheritance planning is rarely discussed by families.
Read MoreAs interest rates start to increase after a lengthy period of historical lows, it’s a good time to think about how your money is working for you and whether your investing style and strategy is still in line with your goals.
Read MoreNew rules coming into force on July 1 will create opportunities for older Australians to boost their retirement savings and younger Australians to build a home deposit, all within the tax-efficient superannuation system.
Read MoreRetirement means starting a new chapter of your life, one that gives you the freedom to create your own story, as you decide exactly how you want to spend your time. While retirement may not be part of your immediate plans, there are advantages to giving some thought as to what retirement looks like for you and how to best position yourself, well before you leave the workforce behind.
Read MoreAs the end of the financial year approaches, now is a good time to check your super and see what you could do to boost your retirement nest egg. What’s more, you could potentially reduce your tax bill at the same time.
Read MoreRising interest rates are almost always portrayed as bad news, by the media and by politicians of all persuasions. But a rise in rates cuts both ways.
Read MoreCost of living pressures, inflation and interest rates were major concerns in the lead-up to the May federal election. The Reserve Bank of Australia (RBA) lifted the cash rate for the first time in over 11 years from 0.1% to 0.35%, as inflation hit 5.1%. This followed the US Federal Reserve’s decision to lift rates by 50 basis points, the biggest rate hike in 22 years as inflation hit 8.5%.
Read MoreA series of reforms and changes will commence on 1 July 2022.
Read MoreThere are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership isn’t available to most people. And yes, the Tax Office has heard all the arguments before about how keeping fit reduces sickness and therefore is important to earning an income, and ‘…the way I look is important to my job’.
Read MoreThe Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates.
Read MoreIt’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction.
Read MoreThe economic event that overshadowed all others in April was the increase in inflation. The release of the March quarter Consumer Price Index (CPI) showed inflation up 2.1% in the quarter and 5.1% on an annual basis. This was the biggest increase since 2001 and well above the Reserve Bank’s target of 2-3%.
Read MoreTrying to time investment markets is difficult if not impossible at the best of times, let alone now. The war in Ukraine, rising inflation and interest rates and an upcoming federal election have all added to market uncertainty and volatility.
Read MoreSuccession planning can be difficult at the best of times without dealing with the added pressures farmers have recently faced with droughts, fires and floods.
Read MoreThe phrase 'no man is an island' is from a poem written by John Donne and expresses the idea that humans need to be part of a community to thrive. That’s certainly true, by nature we are social creatures and connection is a core human need. So why do some many of us feel alone and what can we do to feel more connected?
Read MoreThe war in Ukraine added a major new source of uncertainty to the local and global economic outlook in March. Inflationary pressure continued as global economies recover from the pandemic and as crude oil prices surged due to economic sanctions against Russia.
Read MoreAustralia’s superannuation system is based on individual accounts, with men and women treated equally. But that’s where equality ends. It’s a simple fact that women generally retire with much less super than men.
Read MoreThere is a saying ‘a fool and his money are often parted’ but with scammers becoming ever more devious and sophisticated in their methods, it pays for everyone to be aware of the latest tricks being employed.
Read MoreWith all eyes on the Federal Budget and balancing the nation’s books, it’s a good time to review your personal balance sheet. If it’s not as healthy as you would like, perhaps it’s time to do a little budget repair of your own.
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