Individuals finding themselves in financial strife with an ATO debt may be able to apply to be permanently released from the debt. There are conditions attached to the debt release
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The end of the 2020-21 financial year is close at hand, with 30 June on the horizon. Please consider a review of your existing personal finances, and see if there is anything you can do between now and then that could benefit your financial situation, goals and objectives.
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When investing via super, it’s important to understand that there is an accumulation phase and a retirement phase.
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When it comes to building and maintaining wealth, super is widely considered to be one of the most tax-effective investment structures available.
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The Federal Budget is a series of papers. These Budget papers provide us with important information on the current and forecast economic and fiscal position of Australia (including expenditure and revenue), as well as the Government’s policy priorities (and accompanying proposed policy measures to achieve them).
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Australia had one of the most important federal budgets in history with the government realised to take advantage of record low interest rates to plug the deficit following the mass stimulus deployed during the pandemic. Treasurer Frydenberg said Australia can grow its economy while maintaining “a steady and declining ratio of debt to GDP over the medium term as we continue to move towards balancing the budget.” Treasury’s projections are that nominal economic growth will exceed the nominal interest rate for at least the next decade.
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In Brief:
$106.6 billion deficit with net debt to peak at $980.6 billion by June 2025
GDP growth forecast at 4.25% in 2021-22
Unemployment expected to fall to 4.75% in mid 2023.
Family trusts, it’s a term that many of us have heard of before, perhaps in association with high net wealth families. However, a family trust is essentially just a trust where …
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Contractors beware, with the ATO having now received the taxable payments annual report from more than 158,000 businesses for the 2019-20 income year, it is now data-matching this information with what has been reported in the tax returns.
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