Every year the Australian Tax Office releases it’s own version of it’s ‘Hottest 100.’ Well, not really. What the ATO actually does is ask us to imagine that there are only 100 taxpayers in Australia – and then give us a profile of what that 100 people look like, according to their tax returns. This helps us put our taxpaying efforts in perspective.
You have paid $100 for gold class movie tickets. About a third of the way through, you realise that this is the worst film you have ever seen. Do you leave now or do you stay until the bitter end? Your answer might have big implications for your financial future.
If you are looking for a gift this coming summer, here is a present we do not suggest: a wallet or a purse. One day soon, carrying physical money will be a very unusual thing to do.
This week we came across an interesting little read from Fidelity International, an international fund manager. Their article examined the composition of Australian household wealth as of the end of 2020, which is about as recent as the data gets when it comes to this kind of thing.
The National Disability Insurance Scheme, or NDIS is an insurance scheme that funds supports to people with a permanent disability. The idea is that those supports work to reduce or remove things that disable a person. It is currently helping almost 450,000 people, so it affects a lot of us either directly or indirectly.
You will often hear it said that the family home is a tax-free investment. This reflects the fact that there is no capital gains tax paid on your principal residence when you sell it. But capital gains tax is only part of the story. There is more than one way for tax to be incurred, and an often-overlooked tax might be partly the reason for the current boom in house prices.