Income Protection: How, what, why and who

MoneySmart (ASIC)   Income protection insurance pays up to 85% of your pre-tax income for a specified time if you’re unable to work due to partial or total disability. Each income protection policy has its own definition of partial or total disability that must be met before a claim is made. Check the insurer’s website […]

Carry-forward unused concessional contributions: Case study

(ATO)   From 2019–20, carry-forward rules allow you to make extra concessional contributions – above the general concessional contributions cap – without having to pay extra tax. The carry-forward arrangements involve accessing unused concessional cap amounts from previous years. An unused cap amount occurs when the concessional contributions you made in a financial year were […]

Why Most Parenting Advice is Wrong [TED Talk Video]

  Parenting books promise to show people how to raise happy, successful children, and in the process to reveal why each of us turned out the way we did. But the science of child development tells a different story about how parents influence children—a story that may shock, unsettle, and ultimately reassure anyone who has […]

Holiday homes

(ATO)   If you own a holiday home, you can only claim tax deductions for expenses to the extent the home is rented out or genuinely available for rent. Even if you don’t rent out your holiday home, there are capital gains tax implications when you sell it. Holiday home – not rented out If […]

Rapid recovery, RBA sticks with rate view

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   The Reserve Bank of Australia board believes the economy is expanding more rapidly than previously anticipated, but is sticking to its prediction that interest rates will remain at record lows until 2024. It wants to see inflation sustainably within its two to three per […]

UK trade deal means more jobs: Treasurer

Colin Brinsden, AAP Economics and Business Correspondent (Australian Associated Press)   Treasurer Josh Frydenberg has promised the government’s latest trade deal with the UK will further fuel job creation. Prime Minister Scott Morrison managed to finalise an in-principle deal on a free trade agreement with his British counterpart Boris Johnson during his official trip to […]

Farm production growing beyond $66 billion

Matt Coughlan (Australian Associated Press)   Australia’s farm production has been forecast to surge past $66 billion with a bumper crop pushing forecasts $400 million higher than expected. The federal government’s agriculture forecaster ABARES predicts production will reach $66.3 billion in 2020/21, an eight per cent increase on the drought-affected previous year. A new-record winter […]

Calculating the cost base for real estate

(ATO)   To calculate a capital gain or loss, you need to know the assets: cost base to calculate a capital gain reduced cost base to calculate a capital loss. The basic rules are the same for all assets, but for real estate there are some additional rules for: costs of owning cost base adjustments […]

Who receives national minimum wage rise

(Australian Associated Press)   AUSTRALIA’S NATIONAL MINIMUM WAGE RISE HOW MUCH IS IT? National minimum wage will be $772.60 a week. That’s a 2.5 per cent or $18.80 a week increase The increase is higher than last year’s 1.75 per cent and recognises the economic recovery from COVID-19 has been better than expected WHEN DOES […]

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