Money Matters

Thumbnail image for Tax Amendments for Austudy & Abstudy Recipients
By June 10, 2011

A lot of our clients have received an unexpected additional tax refund as a result of the ATO amending tax returns of eligible Youth Allowance recipients to include a deduction for study expenses. This came about thanks to the High Court decision in  Commissioner of Taxation v. Anstis. In the same way that ...

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Thumbnail image for Become MoneySmart with your Smart Phone
By June 5, 2011

You can now work out your finances on the go with new MoneySmart mobile phone apps. The new apps, which can be downloaded for free onto your iPhone or Android handsets, have been developed by the Australian Securities and Investments Commission (ASIC) as part of the new MoneySmart.gov.au website. “These ...

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Thumbnail image for Government Clarifies RESC Definitions
By May 27, 2011

Australians receiving government financial assistance will no longer need to worry that additional superannuation contributions, prescribed by law or the rules of their super fund, will be considered when determining their eligibility to receive that financial assistance. The Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, today ...

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Thumbnail image for Anstis Case follow-up
By May 14, 2011

I was met with a mix of both scepticism and delight this week as I contact taxpayers who have received an unexpected, addition tax refund as a result of the Anstis case. (Let’s face it, it’s not often I call people to say “Hey, the Tax Office have sent us money for ...

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Thumbnail image for New Work Bonus for Pensioners
By February 11, 2011

Legislation introduced into Parliament today will support older Australians on the age pension to stay connected to the workforce through a new, more generous Work Bonus. The new Work Bonus is set to commence on 1 July this year and will encourage older Australians to continue contributing their skills and ...

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Thumbnail image for Super Savings Hit $1.23 Trillion
By January 20, 2011

Yesterday APRA released it’s Annual Superannuation Bulletin for the 2010 financial year.  According to the report, total superannuation assets increased by 13.9 per cent during the year to $1.23 trillion.   Where is this trillion bucks?   Well, $722.6 billion are held by APRA-regulated super entities and $390.9 billion are held by self ...

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Thumbnail image for Flood-affected residents urged to apply for assistance
By January 5, 2011

Acting Attorney-General Brendan O’Connor and Minister for Human Services Tanya Plibersek today encouraged the thousands of residents significantly affected by some of the worst flooding in Queensland’s history to lodge a claim for the Australian Government’s Disaster Recovery Payment (AGDRP). Mr O’Connor said the payment of $1000 for each eligible ...

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