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    Latest Accounting News

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Hot Issues
Part 1 – Budget reminders. Under the Hood.
Part 2 – Budget reminders. Under the Hood.
Part 3 – Budget reminders. Under the Hood.
Comprehensive list of COVID-19 initiatives and packages.
Businesses not meeting obligations warned as ATO restarts compliance programs
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
‘Follow the spirt of the law’, warns ATO
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
Budget 2020 - A very comprehensive break down.
Budget 2020 - Fact Sheets
Budget 2020 - At a Glance, Overview, Outlook
Temporary home office expenses shortcut extended again
JobKeeper extension – changes implemented
JobKeeper Participants – are “workers”
Commissioner registers updated JobKeeper alternative tests
Varying Pay As You Go (PAYG) Instalments
Reminder of Medicare Levy Surcharge (MLS)
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
JobKeeper Phase 2 - Latest Update
Articles archive
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
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Quarter 3 of 2015
Articles
Individual Tax Returns – Medical Expenses 2015
Resources on our site to help you and your family.
Retirement Planning becoming more difficult
Salary and Superannuation after the death of an employee
Ambiguity in Shareholder Agreements - what you need to know
Five reasons the RBA will likely cut rates again
Consistency between Income Tax and Business Activity Statements (BAS)
Tax Time Checklist - Individual - 2015
Tax Time Checklist - Company Trust or Partnerships - 2015
Tax Time Checklist - Superannuation Funds - 2015
Retirement Planning becoming more difficult

 

Every person in the second half of their working life faces an increasing dilemma.



       


In one sense, it is great news because we are all living longer.  Gone are the days where we worked for 40 to 50 years and then retired for 7 to 15 years.  Our meagre savings was generally adequate.  If it wasn’t adequate, we had a pension from age 65 and with a life expectancy of only about 7 years; the burden on the government was minor.


How things have changed!  We now start work later and work less and live longer.  The result of course is that we all need to plan for up to 25 years of retirement expenses.


In one sense there is one easy answer – compound interest.  In other words, start young and let your investments in early years provide for the future.  Obviously it is not quite that simple, because our priorities in the first half of working lives are different and there is little interest in the need of retirement, which is much later.


And the lump sum on the death of a parent will on average arrive much later and might be split with a new younger spouse (step-parent).


Do you take an interest in how your superannuation funds are invested or simply let them be allocated to a balance fund by the fund manager as the default position?


Of course the good news is that we are living longer, but hopefully that is not stressing us so much that we bring an early demise.  Moderating our expenditure and expectations, achieving work-life balance and retirement plans is necessary for everyone.


 


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12th-September-2015
 
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