By 2014, the online shopping rates will carry GST on overseas buys which is believed to be about $20. The current threshold for GST free transaction is $1000. After discussion with the Treasurer and the state treasurers in Canberra, Mrs Osmond revealed that the state and the federal government have agreed upon this decision. Continue reading
A study was conducted with 2000 families to compare their estimate of their annual spend for bills including taxes and compared it with the figures obtained by institutes like Ofcom, Ofgem and Ofwat. The result was found that on an average, the households underestimate their annual spending around 500 Euros. Continue reading
People generally don’t bother about changes in tax laws until they are ready to file their returns. However, this approach poses a big risk, especially when it is realized at the last minute that the tax bill could have been considerably lower only if some effort had been put in earlier to understand the implications of the new changes and take remedial actions. Continue reading
According to the Financial Ombudsman Service (‘FOS’), complaints and disputes between consumers and banks have fallen for the first time since the global financial crisis (‘GFC’). The number of recorded disputes declined by 11% to 32,307, a first since the 2008/09 GFC period.
The FOS attributes the fall to low interest rates, new rules on flood insurance, and regulatory changes to the hardship programs of banks. Chief Ombudsman Shane Tregillis said that much of the improvement was due to the 22% decline in financial hardship disputes. Disputes resolved without an Ombudsman’s ruling remained steady at 70%.
There are various types of loan products that are available for individuals today. However, the ones that are most sought after have remained the same in a while and their popularity still persists. Continue reading
The government of Australia is considering a demand for imposing a 10% consumption tax on online purchase of goods, below $1000. Continue reading
With the possibility of a hike in the interest rate, the first home buyers are warned not to let their budget, go out of control. The important cause for this increase in index is the rise in the house price in Melbourne and Sydney. Limited wage increase and soft labour market in Victoria and New South Wales are the other factors. Continue reading
The only problem with the Self-Managed Super Funds (SMSF) is that they bring up their own set of costs. The SMSF holders are charged more than $3000 for administration, tax return and other processes. This has put up SMSF behind, for a long time. The technological innovation and the internet have helped to provide a solution for it. Recently, the SMSF administrators are using online services to process transactions and charge the trustee for the number of hours, they spend. Continue reading
The big four banks are ready to announce a combined annual profit of $27 billion. It looks like the banks are making a record breaking profit. Does that by any chance affect the individuals? The answer is yes. Continue reading
Businesses need to consider a few essential matters when assessing a loan agreement, according to DynamicBusiness.com.au.
Businesses need to understand whether they should opt for a fixed or variable rate and what their repayments are schedules to be. Fixed rate loans provide more certainty but less flexibility with regard to early repayments. Variables rates vary in line with market conditions but offer more flexibility. It’s useful to check the default rate of interest which applies when the loan is in arrears.