For anyone who watched the 1929 Great Depression Part 1 we posted earlier, you may remember mention of John J. Raskob’s August 1929 article in “Ladies Home Journal” several months before “Black Thursday”, we have provided the article here EverybodyOughtToBeRich (002) (Note the average wage in the US Wage was $15,000 in 1929.) This is…
Read MoreSMSF – Related party transactions
Video of the week ….Robert J. Shiller: “Phishing for Phools”
Wisdom from …. Lincoln
I have talked with great men, and I do not see how they differ from others. Abraham Lincoln
Read MoreVideo of the week ….The Ascent of Money: A Financial History of The World by Niall Ferguson
Wisdom from ….Smith
What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience? Adam Smith
Read MoreVideo of the week … Hitler and Economics Thomas E. Woods, Jr.
Wisdom from…. Celente
If you don’t prepare, you could lose everything. If you prepare for the worst and nothing happens, you’ve lost nothing.- Gerald Celente
Read More
You are never too smart to get advice.
“In life, you need many more things besides talent. Things like good advice and common sense.” Hack Wilson In the financial world what constitutes good financial advice may not be seen straight away. Recent news from the banking royal commissions and our increased access to information it is not hard to understand why people rely…
Read MoreTaxable payments annual report (TPAR) – Cleaners and Couriers
From the ATO: Cleaners and Couriers will need to lodge a Taxable payments annual report (TPAR) each year on contractors in their business. For this tax year (2019) the return will be due on the 29th of August 2019. If this affects you please ensure you keep the following information as a minimum requirement, the…
Read More
Wisdom from: Dalio
It all comes down to interest rates. As an investor, all you’re doing is putting up a lump-sump payment for a future cash flow – Ray Dalio
Read MoreVideo of the week: 1929 The Great Depression
Be aware of missed call scam, using overseas number
From the ABC, but further information go to scamwatch: Call back at your own risk Australian Competition and Consumer Commission (ACCC) deputy chair Delia Rickard said Scamwatch received reports of similar scams last year, but only three involved phone calls from Ascension Island. She said it was likely the Carrington family were victims of a…
Read More
First home super saver scheme to assist with saving for a deposit
If you wish to explore the following exert further please contact the office on 039846 6542 or email info@townshendassociates.com From the ATO You can start saving by entering into a salary sacrifice arrangement with your employer to make voluntary contributions or by making voluntary personal super contributions. You can contribute into any super fund, although…
Read More
New HELP Repayment schedules
From 1st of July 2019 a new payment minimum of 1% at income of $45,881 and a maximum threshold of 10% at $134,573 For comparison here are this years HELP rates: 2018–19 repayment income thresholds and rates for HELP, SSL, ABSTUDY SSL and TSL Repayment income (RI*) Repayment rate Below $51,957 Nil $51,957 – $57,729…
Read More
The Age: More on Tax & Bitcoin Scam
From today’s age: Don’t be afraid to hang up. Victorians have been warned against a cryptocurrency scam after fraudsters posing as debt collectors convinced victims to deposit more than $50,000 into a bitcoin ATM. The victims, who are all from the eastern suburbs and believed to be migrants, were told they would be arrested if…
Read More
Crypto Record Keeping requirements
The Australian Tax Office (ATO) requires the following records to be kept in relation to cryptocurrencies. the date of the transactions the value of the cryptocurrency in Australian dollars at the time of the transaction (which can be taken from a reputable online exchange) what the transaction was for and who the other party was…
Read More
Home attached to your business? Better read this
Cross-posted from mybusiness.com.au An insolvency specialist is warning business owners to be alert to the risks associated with falling property prices, given the family home is often used as security for business finance. Trent Devine, a partner at Jirsch Sutherland, suggested that the huge boom in values – particularly on Australia’s east coast – has…
Read More
Lodged your tax return. How long will it take?
So you have lodged your tax return and expecting a refund, now when do you receive it? Typically, if you have lodged your return electronically with your account details it should take around 12 business days (so exclude weekends), however it may take longer. Apart from any arrangements you may have with us the ATO…
Read More
Thoughts on stopping you from a business failure.
Martin North from Digital Finance Analytics posed the following insight over the weekend. After a loan is secured for a business venture we often feel vindication that because the bank gave us money our business shall be a success. The assertion is that you have just outsourced your due diligence. (Click to watch his video…
Read MoreHow to keep records for GST
Video of the week …. The third industrial revolution (Sharing Economy) by Vice
SMSF- What happens when a member dies?
Video of the week …..Forget Cloud Computing, Blockchain is the Future
Get ready for Single Touch Payroll 19 employees or less
Call us to discuss how we can assist you in navigating the new payroll requirements From the ATO Find out how your payroll software provider will offer STP reporting – this may be through an update to your existing software, or an additional service. Also remember to: check if they have a deferred start date…
Read More