The COVID-19 crisis has seen many Australians taking steps to stay afloat with their finances. With women more likely than men to withdraw super to make up the shortfall in their income, what does this mean for their long term financial wellbeing? Fran Hughes CFP®, Head of Financial Solutions explores the reasons why a super withdrawal at this time could leave women financially vulnerable.
There are only two things certain in life – death and taxes – and let’s face it, nobody likes the idea of either! And while paying tax is something that most of us just grin and bear, it’s one of those necessary inconveniences that help ensure we continue to enjoy the quality of life we often take for granted living in this great country.
The past week has seen a flurry of concerns about a “second wave” of coronavirus cases. It started when US infectious disease expert Anthony Fauci warned the coronavirus outbreak is not over and media started to focus on more than 20 US states seeing a rising trend in new cases, and then over the weekend, China reported a cluster of cases in Beijing around a market.
We are experiencing a high numbers of calls, resulting in long wait times. To save time, check the answers to our most commonly asked questions about JobKeeper, early release of super and cash flow boost. We are working hard to help people understand and access the government’s COVID-19 economic assistance measures.
When you know the big picture – which is exactly what you need to live on per day, week, month and year - it helps to you to stop bad habits, reduce overspending and reach your goals. Consistency is the key to helping you achieve your goals. I’m going to give you a couple of steps that will help you on your way.
With the financial impact of COVID-19 being felt by many individuals and families, perhaps you’re looking to lodge your next tax return quickly to benefit from a refund. Before the end of the financial year arrives on 30 June, it’s worth looking at ways to maximise any tax offsets, deductions and contributions – for your super and for working from home.
Major global share markets, with the exception of Chinese shares, rose solidly over the last week on optimism regarding the development of a vaccine for the coronavirus, reopening from lockdowns, dovish comments from US Federal Reserve (Fed) Chair Powell and moves towards a common bond in the eurozone, despite escalating US/China tensions seeing some of the gains reversed.
One of the key determinants of how much income tax you pay, and how much you get back as a refund depends on how well you’ve maximised the deductions you’re entitled to claim. Some people are better at this than others, which explains why the amount paid in tax, based on tax rates alone, isn’t a level playing field.
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