News

Read the latest Australian Finance, Banking and Business news, updates and reports.

  • Four priorities for the ATO this tax time

    The Australian Taxation Office (ATO) has today announced four key focus areas for Tax Time 2022. The ATO will be focusing on: record-keeping work-related expenses rental property income and deductions, and capital gains from crypto assets, property, and shares. These ATO priority areas will ensure that there is an appropriate level of scrutiny on correct reporting of deductions and income, so that Australia continues to have a strong tax system that can support the Australian community. Taxpayers can take steps to lodge right the first time. Assistant Commissioner Tim Loh explained that “The ATO is targeting problem areas where we…

  • Tax offset v tax deduction: What’s the difference?

    This year’s Federal Budget was full of talk about one-off support for households in the form of tax offsets, but most people are a bit hazy on the difference between a tax offset and a tax deduction. Both can help reduce the amount of tax you pay each year, but a tax offset generally results in a bigger dollar tax saving than a tax deduction of the same amount. The key difference is the point at which they are applied to your income when calculating the final amount of tax payable. What is a tax deduction? A tax deduction is…

  • Selling to upgrade

    One of the most critical factors to consider when selling your house is ensuring that you have priced it correctly and have set the right asking price. The Dilemma Pricing is all about supply and demand. Demand can wane after your home is on the market for over 21 days. Of course, there’s nothing stopping you from dropping your price later, but this may require a larger discount if demand continues to wane. These are the basic components of the process Factors to consider A starting point is to work out the value of the land component of your property.…

  • Tips to help you plan for a comfortable retirement

    It is important to understand where this income will come from, how long it will last, and whether your retirement investments are on track, or whether some adjustments need to be made to get you there. Work out how long your super or account-based pension will last There are many variables that come into play when calculating how long your super or account-based pension will last in retirement, and it can be challenging to figure it out alone. If you’ve transferred your super to a pension account already, then you can use the MoneySmart calculator to help estimate how long your pension…

  • The cost of not investing

    For many people, the phrase “investing in the share market” is framed by either gains and losses. For the “gains” group, the thought of increasing their wealth and having the potential to generate returns is what propels them to invest. For the “losses” group, the thought of losing money is what keeps them out of the market and from investing their hard-earned monies into what they might perceive as a risky endeavour. But while past performance is not an indication of future performance, research shows that $10,000 left in the bank since 1991 would grow to $40,000 at an approximate…

  • The value of having a budget

    The cost of coffee made headlines a few weeks ago when it was reported prices could reach up to $7 a cup. Although counter reports came out sceptical of such a price hike, it’s undeniable that Australians are experiencing a creeping rise in expenses across the board. From petrol to groceries to travel, things are feeling more expensive because, well, they are. So, it’s understandable that the rising cost of living is on the minds of many investors. In times like these, creating a budget could prove to be an invaluable source of comfort. Not only can it help keep…

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