To help pay for the public health system which we call Medicare, you’re required to pay a 2 percent Medicare levy as part of your income tax. While the low-income tax offset can reduce your individual tax liability, sadly it does not reduce the Medicare levy per se, which can make it that little bit harder to get ahead with your savings.
If you don’t know your current financial position, how will you know if your wealth is growing?If you want to build your wealth, making a list of all your assets and liabilities is a great place to start. You can revisit the list every year to see how much progress you’re making towards building a wealthier future.
Ongoing geopolitical tensions, overshadowed by the US-China trade war and Brexit, are expected to stunt global economic growth in 2020. Weaker global growth will have a flow-on to investment markets, fuelling further periodic bouts of volatility, and investors should factor in the likelihood of subdued returns.
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