The end of the tax year is fast approaching and many people scramble to reduce the dreaded tax bill. Paying money to the tax office that could have been used to benefit your own position can be painful, however there are still some last minute tax strategies that can help you and hopefully with effective tax planning for next year you can reduce your need to panic when June rolls around again. [Read more…]
What does it mean for you?
Treasurer Wayne Swan released the Government’s third Federal Budget on Tuesday, 11 May 2010. It has been reported to be a budget with a “few surprises”, however there is potentially a number of proposals that may impact you.
The proposed changes still need to be legislated before becoming effective, therefore the final form of these proposals may differ significantly. It is important to seek professional financial advice in relation to the impact these measures may have on your personal financial position.
The budget aims to return us to a surplus by 2012/2013 after a budget deficit for 2009/2010, estimated at $57 billion. [Read more…]
A 50% tax break on a new car makes that new car sound like a bargain; it’s a very tempting offer. It also sounds like a great idea to reduce tax for small business owners. But when considering taking the government up on their offer, you really need to think about the real cost of the new car. Any new assets for your business can be a significant cost to your business, so buying one needs to be a purely business decision. [Read more…]
From reports on TV and in the newspapers the world’s financial house of cards is said to be falling. But we all know that the more sensational the story the more newspapers and television programs will be watched. The world economy is not in the best shape at the moment mainly due to the credit crisis. How has this happened and how will it affect you?
The basis of what’s going on in the world economy stems from the credit crisis or credit crunch in the United States. What is a credit crunch? Credit crunch simply means that the amount of money available from savers to be lent has decreased and the lenders are also asking more interest on the money they are going to lend. Why is it that this seems to be causing so many problems? [Read more…]
Would you and your family really be covered by the insurance in your super?
Many Australians choose to be insured through their super as a low cost option and an option that only requires a tick in a box. This option is not underwritten which means that you can be insured without undergoing any medical assessment. Sounds great to most people and there is nothing extra to organise. However there are a number of pitfalls in taking this option. [Read more…]