Personal Finance

12 best ways to make money in 2021

12 best ways to make money in 2021

We all know 2020 was a year like no other. It was a year defined by Covid-19, self-isolation and the resulting global recession. A pandemic that brought the global economy to its knees. But dozens of experts believe 2021 will be defined by the reopening of the Australian – if not global – economy. So…
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A Living Will Advanced care directives

A ‘Living’ Will: Advanced care directives

We generally expect that our wishes for medical treatment will be respected, but what happens when we are not able to make decisions, due to an accident, sudden illness or a progressive disease that impacts our decision-making capacity? An advanced care directive (ACD), often referred to as a ‘Living Will’, is a document that describes…
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Trauma Exploring beyond the big four

Trauma: Exploring beyond the big four

Trauma insurance is a type of personal insurance designed to assist you financially if you suffer a life changing medical event. It potentially meets a gap that exists between your other personal insurances – Income Protection, Total and Permanent Disability and Life cover. Many people think of Trauma insurance as financial protection for four key traumatic medical events – heart attack, stroke,…
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Can you claim tax on your compensation pay out

Can you claim tax on your compensation pay-out?

Life doesn’t always go to plan. Some time, through no fault of your own, you can be affected by events outside your control that conspire to throw a spanner in the works. In these sorts of situations, it is quite possible that you’ll receive compensation to cover you for the economic or personal loss arising…
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Holiday period saving tips

Holiday period saving tips

The holiday period is a time in which you may find that your spending increases considerably from what you are usually accustomed to throughout the year. According to a recent survey, Australians on average spend $955 per person over the holiday period when taking into account: 1. Gifts ($591) 2. Entertaining friends and family at…
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Taxation update Personal Income Tax Plan

Taxation update: Personal Income Tax Plan

As part of the Government’s aim at supporting economic recovery and creating jobs, some of the proposed measures announced in the recent 2020-21 Federal Budget, centred on changes to individual taxation. These changes involved several amendments to the previously legislated Personal Income Tax Plan. Importantly, a Bill* including these changes recently passed through parliament and became law. *Treasury…
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How the taxman can pay for your new car

How the taxman can pay for your new car

The centrepiece of the recent Federal Budget was the introduction of a new ‘full expensing’ scheme for businesses. ‘Full expensing’ will allow eligible business to claim an immediate tax deduction for the full cost of eligible assets acquired between 7:30pm AEDT on 6 October 2020 (Budget night) and 30 June 2022. So, if you run…
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An exercise on financial literacy for kids

An exercise on financial literacy for kids

In our article, ‘The 2018 HILDA Survey: Financial literacy quiz’, we discuss the fact that financial literacy is an important life skill. For example, it can aid an individual in making sound financial decisions (i.e. via healthy financial attitudes and behaviours) and achieving financial wellbeing (i.e. via positive economic outcomes). We also noted the marked…
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Don’t take a gamble put a plan in place

Don’t take a gamble: put a plan in place.

Most people have goals in life. Whether they be small ones, such as eating healthier and exercising more, or large ones like buying a home or starting a business. We all know that sometimes we need to start acting today to realise our goals in the future, however sometimes it can be hard to know what action…
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