Australian equities:

Australian shares followed global markets down through September as the focus shifted to the uncertain path of recovery and the ongoing public health risks due to the pandemic. The IT sector (-6.8%) was hit by the risk-off wave, with buy now pay later fintech Afterpay trimming 12.5% from a $26 billion market cap, while Consumer Staples (-6.6%) also took a sizeable hit during the month. A2 Milk (-17.4%) noted the company has experienced additional disruption to the corporate daigou / reseller channel, which has been impacted by the prolonged lockdown in Victoria. A2 expects Australia and New Zealand revenue to be materially below expectations for 1H21, with sales in the daigou channel representing a significant portion of infant formula sales in the segment.

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ASIC has recently conducted surveillance activity which identified two significant concerns in the labelling of financial products by managed funds. The first of which was confusing and inappropriate product labels across over half of the fund selected

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In its Budget reply speech, Labor has earmarked changes to the childcare subsidy should it win the next election which could occur as early as late 2021

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In the Budget, the Government announced that it will bring forward to 1 July 2020 the personal tax cuts (Stage 2) that were previously legislated in 2018 to commence from 1 July 2022. The Stage 3 tax changes remain unchanged and commence from 1 July 2024, as previously legislated.

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The ATO has outlined options for businesses struggling with the economic downturn including deduction of business losses and offsetting losses in future years.

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Would you like to semi-retire but are not at the age where you can access your super? Depending on your super fund you may be able to access a transition to retirement pension

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A new data matching program between the ATO and Centrelink is currently underway and will apply for the 2019-20 and 2020-21 income years.

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Prior to the Hayne Royal Commission, if you applied for a home loan you would generally state a single monthly living expenditure figure on your loan application.

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Australian equities:

The recovery in Australian shares was cut short in July amid reports of growing Covid-19 cases and anticipation of harsher restrictions in Victoria. Early in August, the Victorian government announced a state of disaster and moved to stage four lockdown, which will see an estimated 1 million people restricted from going to and from their workplace for at least six weeks, while only essential businesses including supermarkets and pharmacies may remain open. The S&P/ASX 200 Index gained 0.5% over the month, dragged down by the energy and health care sectors.

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