The Art of the Non-Deal

Well, Barnaby Joyce has sure gotten our attention recently.  It’s as old as the hills:  Two people get together, one is older and already has kids, and the younger one is female. And a similar story should get our attention this week.  In this case, one man was older, and very rich, while she hardly […]

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Clothing deductions hung out to dry

The Australian Taxation Office is closely examining work-related clothing and laundry expense claims of taxpayers submitting their 2017-18 tax returns. The ATO says that clothing claims are up nearly 20% over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible clothing, claiming for something without having […]

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Market Update

US economy grows at an annualized rate of 4.1% in the second quarter, the fastest since 2014. Strong consumer spending, solid business investment and surging exports all contributed. US and the EU make a joint statement on trade, pledging to work together to reduce tariffs. However, similar progress between the US and China is yet […]

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Your essential EOFY Checklist

No one wants to pay more tax than they need to or face unnecessary risks. We’ve compiled a list of our top tips for you. Super Co-Contributions (Money for free) – If you are a low or middle-income earner and make personal after tax (non-concessional) contributions to your super fund, the federal government will also […]

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Digital Assets & Estate Matters: What happens to your online data after your death?

In today’s world nearly everything is digital, cloud storage is used for your personal files, Facebook for your social calendar and LinkedIn for your career. Most people have adjusted to technology taking over their life, but few realise that their digital footprint can also pose a real problem after your death. Digital platforms are required […]

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What the ‘trade wars’ mean for investors

Two weeks ago, US President Trump announced he was putting tariffs on Chinese exports to the sum of US$50 billion, escalating the so called ‘trade war’ between China and the United States. Dr Shane Oliver, Chief Economist, explains what this could mean for investors. This year I’ve been talking a lot about many of the geopolitical […]

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Tax Deductions: The danger zones

A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed – $22 billion worth to be exact.  In Australia, tax deductions are available for expenses incurred in producing assessable income. These are generally work-related deductions or investment related deductions. And, unlike some other countries, these […]

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Australian’s love affair with debt – how big is the risk?

Key points Household debt levels in Australia are high compared to other countries and are still rising. The rise is not as bad as it looks because it’s been matched by rising wealth and debt servicing problems are low. However, this could change as interest rates rise and if home prices fall sharply. The trigger […]

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Is your Trust paying a Land Tax surcharge?

Changes to the NSW Land Tax Legislation – unintended consequence for all Trusts which own residential property A new land tax duty surcharge applies to residential land owned by foreign persons. Discretionary Family or Hybrid Trusts are automatically caught by these new provisions irrespective of whether a foreign individual is associated with the trust. We […]

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There are tens of thousands of SMSFs currently hanging in the balance

It is no surprise that with the raft of changes recently introduced that the Australian Taxation Office (ATO) are once again focussing their attention on Self-Managed Superannuation Funds (SMSFs). Recently the ATO’s outgoing director of superannuation indicated that around 40,000 funds had not met their lodgement obligations and were at risk of being made non-complying […]

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