Blog
More than 5 million Australians Struggle with Mortgage Repayments
According to a recent study, more than 5 million Australians are struggling with mortgage repayments. This is attributed to various factors such as rising living costs, stagnant wage growth, and high property prices.
ATO Fires Warning Shot on Trust Distributions: Key Considerations When Distributing Trusts
The Australian Taxation Office (ATO) recently issued a warning regarding trust distributions, stating that they will be closely monitoring and scrutinising these distributions to ensure they comply with tax laws. The ATO is concerned about potential abuse of trust structures to avoid tax obligations.
The Essential 30 June Tax Guide: Preparing for End of Financial Year
With the end of the financial year rapidly approaching, it is critical to both look into ways to take advantage of your tax deductions and get ready for any prospective ATO inspections. You can navigate the tax landscape more competently if you know which areas the ATO may focus on more and how to use tactics to maximise deductions. Let's explore these important areas to make sure you're prepared to succeed in the upcoming financial year.
How to Recognise Scams and Safeguard Your Money
Have you ever received an email, phone call or text message from a scammer? If you have, you are not alone. Fortunately, there are a few obvious warning indicators that you can watch out for to avoid becoming a victim. Know when you're most vulnerable to scammers and protect yourself from them. Here are some tips for avoiding money scams.
The “Blue Zones’” Secret: Lifestyle Practices for Longevity
Some of the world's oldest and healthiest people live in the Blue Zone regions. They typically follow plant-based diets, exercise frequently, consume moderate amounts of alcohol, get enough sleep, and have positive relationships with their families, friends, and spiritual community, despite slight differences in their lifestyles. Therefore, it has been demonstrated that each of these lifestyle characteristics is linked to a longer lifespan.
Planning the Best Use of Super: How To Maximize Your Superannuation
Planning the best use of superannuation involves considering factors such as your age, retirement goals, risk tolerance, and investment strategy. It is important to regularly review your superannuation fund's performance and fees, as well as consider consolidating multiple super accounts to save on fees. Here are some of the considerations for the popular options.
Tax Cuts: What Will the Changes in Taxes Mean for Me?
Tax changes can impact individuals in various ways, depending on the specific changes implemented by the government. These changes could affect income tax rates, deductions, credits, and other tax-related factors. It is important for individuals to stay informed about tax changes to understand how they may be affected financially.
Tips for a Happy Retirement: Planting the Foundation for a Joyful Retirement
What will you do after retirement? When we retire, we finally have the time and freedom to pursue our passions, whether they be travelling, learning new skills, taking up hobbies, or simply spending time with the people we love. Here are some steps toward fulfilling your journey and make it a happy retirement.
Tax Compliance: The Problem When the Evidence Doesn’t Match What the Taxpayer Tells the ATO
The problem when the evidence doesn’t match what the taxpayer tells the ATO is a common issue in tax compliance. This can occur when the ATO receives information from third parties, such as employers or financial institutions, that does not align with the information provided by the taxpayer on their tax return. This can lead to discrepancies and potential audits or investigations by the ATO.
Investment Rules Within SMSF: Can a SMSF Invest in Property Development
The involvement of Self-Managed Super Funds in property developments often catches the attention of the ATO. Can you invest in real estate development with your SMSF? Find out here if investing in property development projects through an SMSF is allowed and the pros and cons of this strategy.
The Updated Stage 3 Personal Income Tax Cuts for Australian Taxpayers
Stage 3 Personal Income Tax Cuts were part of the government's plan to simplify and flatten the tax system. When Stage 3 tax cuts take effect in July 2024, they will be the most costly and inequitable tax cuts in Australian history, costing $320 billion in lost tax revenue in their first ten years.
Changes in Victoria Property Market in 2024: 8 Major Events are Expected to Happen This Year
Victoria’s housing market continues to defy expectations! When major government-mandated reforms take effect, real estate professionals have warned buyers and homeowners that they are in for one of the most challenging years in the history of the state’s real estate market.