In recent years, the Australian government has implemented significant tax reforms aimed at providing cost of living relief to taxpayers. Most notable are the stage 3 tax cuts, which come into effect on 1 July 2024. These changes will amend personal income tax rates and thresholds, offering tax relief for all income earners.

This provides a timely juncture to review your financial plan. Get in touch with your adviser about the best solution for your individual circumstances to ensure you maximise potential benefits of these tax savings.

On Tuesday evening, the treasurer Jim Chalmers handed down his third Labor Budget. A Budget surplus of $9.3 billion is forecasted for 2023-24 which will be short-lived with an underlying cash deficit of $28.3 billion is expected in 2024-25 (and a $42.8 billion deficit for 2025-26). The Budget noted a weak and uncertain global economy where growth is forecast to remain subdued over the next few years.

The end of financial year is just around the corner, and this is a great time to give your retirement savings a boost and possibly save on tax. There are several strategies you can look at depending on your circumstances and it is always wise to consult your adviser about what is best for you.

With the emergence of AI, cybercrime is increasingly sophisticated and the need for vigilance can’t be overstated. Scammers are usually after your bank details, home address and personal identification details to use elsewhere. They can create havoc in your life, so it is best to be alert to the red flags, so you don’t become their next victim.

 Here are the top scams to look out for in 2024:

Most of us are partial to the odd New Year Resolution but financial resolutions are really about goal setting. We suggest getting serious and writing them down if you want to see a successful outcome at the end of the year. Setting intentions and taking action is the key.