Personal Finance

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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Are you prepared for a financial rainy day

Are you prepared for a financial rainy day?

When the unexpected happens and unplanned financial expenses occur, do you have the funds at call ready to cover them or are you someone who uses credit to bail yourself out? Whilst it may be tempting to rely on your credit card to cover unplanned expenses, unless you are good at managing the repayments in full and on time, these expenses…
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The 5 traps banks are setting for home owners

The 5 traps banks are setting for home owners

Lenders are throwing the kitchen sink at borrowers to, well, own the deed to their kitchen sink. In tough coronavirus times, tens of thousands of Aussies every month now are being enticed by cheap rates and bonuses, but many are not actually getting a better deal. In fact, lenders are luring mortgage customers SO aggressively…
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