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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).
Read MoreAustralia 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.
Read MoreIn 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 …
Read MoreContractors 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.
Read MoreWe’d all like to think that we’ll live forever, but perhaps the 2020 year has given us some pause to consider the fragility of life.
Read MoreA recent case decided by the Administrative Appeals Tribunal contains important reminders for anyone who has a self-managed super fund. First, the fund must have accounting systems in place.
Read MoreMany industries use jargon (technical words)—and the finance industry is no exception. In many instances, understanding this jargon can help you when making informed personal finance decisions.
Read MoreAlthough it is gone, it should not be forgotten by businesses that claimed the payments as the ATO has signalled that it will continue to maintain the integrity of the scheme through compliance activities.
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