2022 has been anything but ordinary, but one thing that remains a given is the end of financial year. As always, there are essential tax planning opportunities and matters to consider in the lead up to 30 June. This is also an ideal time to look at how you can boost your superannuation contributions. There are a number of advantages to contributing money to your superannuation, one of the most attractive being tax concessions.
The Reserve Bank has announced the first interest rate increase in more than 11 years taking the cash rate up to 0.35 percent. With all major banks deciding to pass the increase on in full this will add $65 a month to repayments on a $500,000 mortgage. This coupled with high inflation presents some challenges for those with high debt levels who may have to cut back on non-essential spending.
Have you had issues with your internet recently? Who hasn’t! A client told us of a call he received recently from a ‘NBN provider’ asking him if he had issues. It just so happened he was having problems and thinking this guy may be able to help, he allowed the ‘provider’ to access his computer remotely. Fortunately, he became suspicious when they began to search his files and shut the conversation and the remote access down before the scammer succeeded in getting the information he was after. These people are after your bank details, home address and personal details to use elsewhere. They can create havoc in your life, so it is best to be forearmed.
The Government recently announced its 2022-23 Budget. Like most years, the Budget announcement occupied the news cycle in the days following its release and you may recall news coverage of a range of proposed measures to help in rebuilding our economy as we continue pandemic recovery and other measures targeted at assisting with cost-of-living pressures.
