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This week Australia’s national savings scheme, the superannuation guarantee system, celebrates 30 years since inception by then Treasurer Paul Keating. Superannuation was a genius idea that has underpinned the wealth of every Australian and the stability of our financial system and economy. Keating’s legacy has been enormous. He also deregulated the financial system, floated the… Read more »
Around 8 per cent of Australians own an investment property and this year the ATO will be paying close attention to rental income, deductions, and capital gains. So a couple of housekeeping tasks as we close the financial year. These will make sure you get things right and don’t attract the taxman’s ire. 1. Keep good… Read more »
Those on a fixed-rate mortgage could be in for a huge shock when their fixed term ends. RateCity analysis of the big four bank half-year results and APRA loan book data show approximately 38 per cent of home loans are currently fixed, in dollar terms, with the peak of people coming off their fixed rates… Read more »
This week the Reserve Bank (RBA) started to rebuild its credibility and get ahead of the inflation curve by lifting official interest rates by a higher than expected 0.5 per cent to 0.85 per cent… the biggest rate hike in 22 years. It follows well behind similar rate rises by Central Banks in the UK,… Read more »
NAB has launched of its new Buy Now, Pay Later (BNPL) product, NAB Now Pay Later, with NAB customers now able to pre-register for early access to the service. Unlike some other BNPL products, NAB’s offering has no late fees, no interest and no account fees. This makes it a potentially cost effective option when compared… Read more »
The Labor Government’s new Help to Buy scheme will be open to 10,000 Australians each financial year. Under the scheme, you can access an equity contribution of up to 40 per cent of the purchase price of a new home and up to 30 per cent of the purchase price for an existing home. The… Read more »
The housing affordability ‘crisis’ has been in the media for months, but all is not what it seems. I know, I’m just as surprised as you. But these are the facts. It goes against every report in the media – and what every adult child is telling their parents – that it has never been… Read more »
You know it’s tax time when the Australian Tax Office releases its annual ATO hit list of the areas they are targeting for special attention. This year the ATO hit list is focused on: record-keeping; work-related expenses; rental property income and deductions; and capital gains from crypto assets, property, and shares. “The ATO is targeting… Read more »
Rents are skyrocketing across Australia, but it’s all just a matter of supply and demand. In March REA reported a huge reduction in rental listings, highlighting the challenges faced by those seeking a rental property. The number of total properties listed for rent nationally fell a further 11.6 per cent over April and is down… Read more »
Let’s go through the facts and disprove some of the mistruths currently being sprouted by the media and politicians about interest rates. Yes, the Reserve Bank surprised everyone by raising official interest rates 0.25 per cent (instead of the expected 0.15 per cent) to 0.35 per cent. Yes, home loan monthly repayments will rise almost… Read more »
