14 Million Jobs Worldwide Will Vanish
Australia has a bit of a problem. Wage rates are very high. The government, via Fairwork, likes to increase wages every year by inflation. This makes sense if sales and income increase by at least inflation, but there is no guarantee that will happen. There’s more. Increasing wages every year makes sense only if productivity […]
Superannuation- Lifesaver?
When I came to Australia some 16 years ago, it took me a while to get around Superannuation. It did not click with me at the time what a fantastic system it was. In many ways, it gave people a false sense of security. Why save and invest when your employer is doing it for […]
9 Out of Every 10 Landlords Submit a False Tax Return. The ATO is Not Happy.
This is according to the ATO. Now, I don’t always believe the ATO, and I know that a lot of tax returns relating to landlords are completed by tax agents, including myself, so I don’t like being accused of falsifying legal documents. Nevertheless, landlords have been warned that the ATO is being vigilant when it […]
Never Thought the ATO Would Get Excited About This
I have known about this for years—more than a decade, in fact—and I am sure I am not the only one. There are probably thousands of accountants out there who think the way I do. For years, we have been hoping and, those who are religiously minded, praying that the ATO never get excited. I […]
It’s a gift …. Or a loan…..
As you know, Australia is a country built on immigration. And that may mean that assets are held abroad, or income could be generated abroad. According to Australian tax law, an Australian taxpayer is liable for their worldwide income even if it was taxed overseas. With the ATO receiving so much information from other countries, […]
Investments – Act Dead or Be Disengaged!
A little while back, I wrote about the share market and how it had received a hammering. A few weeks later, it happened again, but it was a lot worse. If you read the news or listened to it, it sounded like an absolute bloodbath. And maybe to some, it was, but you would have […]
Joint tenants vs tenants in common – What do you choose?
Few people can afford to buy a property alone. If you are a couple, the chances are you will buy together. If you are not a couple, you could buy with parents, other siblings, or even friends. When you purchase a home with someone else, there are two ways of organising the ownership: joint ownership […]
The Price Tag of Refinancing
I hate refinancing. This is because it usually means meeting with bank people and finance brokers. I am lucky because I am an accountant. And that means I get to meet with myself if I want to refinance. You? Well, you don’t get to be so lucky. You have to meet the bank people, the […]
The Bank of Mum & Dad – Beware!
We are all told that our kids will come to us with begging bowls in the hope that their parents’ bank will bail them out for a house deposit. Many will tell you this has all to do with the consumption of avocado and toast at your local café. But I am not so sure. […]
Use that Tax Cut Wisely …..
The Government has made a big deal about the tax cuts that came into effect on 1 July 2024. From the way they were reacting, you would think that the Government front bench is full of geniuses with an IQ higher than infinity. There are many undeserved high 5s. Which is strange. That is because […]
