There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. (more…)
"Grandpa, please don't buy me any birthday, or Christmas presents, instead invest the money for me".
Assuming an initial investment of $2,000, and Grandpa making regular monthly contributions of $150 with an average return of 5.00% after tax (managed funds, shares etc.), little Sam would have accumulated $67,000 at age 21.
If the monthly contribution was increased by another $50 to $200 a month the accumulated savings at age 21 would be $88,000.
A regular savings plan, because of compounding (e.g. interest on interest) makes a significant difference.ASIC's Money Smart site has a calculator that shows the outcome of making an initial deposit and then regular set and forget monthly payments. Try out different scenarios based on your situation. [ASIC - Compound Interest Calculator]
So much for the downturn! Australia’s housing affordability is at crisis levels as the number of expensive suburbs TRIPLES
The number of suburbs with ridiculously unaffordable house prices has tripled despite Australia being in the grip of a record property market downturn.
During the last real estate boom in June 2014, just 3.2 per cent of Sydney suburbs had a median price of more than $2million, CoreLogic data showed.
That number has more than tripled in just five years, with 10.6 per cent of houses in Australia's biggest city being in this situation. (more…)
- The number of Australians with basic cover is an entire percentage point lower than the same time last year, and the lowest since 2007
- The decrease comes as health insurance premiums rose almost 2.8 per cent over the June quarter
- Meanwhile, the report also found out-of-pocket costs vary greatly depending on location
The Australian Taxation Office has turned its sights on more than $100 billion held in offshore bank accounts in a crackdown on undeclared foreign income.