ATO says hundreds of thousands missing out on refunds.....................
The ATO found 200,000 Australians who didn’t lodge a tax return last year would likely have received a refund, and fears the same will happen this tax time.
Collectively, there are “millions of dollars” in unclaimed refunds, according to the ATO.
The Tax Office is also concerned by the portion of those non-lodgers who may be owing tax in a certain income year.
Tax refunds are typically issued within a 10 day period.
Visiting your accountant is good for your health...... In a somewhat surprising finding, business owners who regularly visit their accountants tend to have lower rates of anxiety. However, accountants are feeling the pressure as mental health issues among their SME clients soar. Mental health for small business, as an issue, has almost reached epidemic proportions. More than 90 per cent of SMEs report that engaging with their accountant significantly lowers their anxiety. Accountants nationwide are increasingly becoming a sounding board for the mental stresses facing business owners, alongside their financial concerns. The simple act of speaking with someone outside of the business, yet who understands the everyday stresses of operating a business, is increasingly becoming a lifeline for many business owners.
Five steps to wealth creation...............
1. Consider using a budget tracking tool
2. Think about your mortgage repayment plan
3. What about borrowing money to invest in property or shares?
4. Try to give extra to superannuation
5. Chat to an accountant about tax variation schemes
Aussie tricked out of more than $19m in scams........
In the eight months to September, Australian investors have lost more than $19 million to scams, with male investors copping more than two-thirds of the pain.
According to figures from the Australian Competition and Consumer Commission (ACCC), male investors have lost more than $12 million to scams in the 2017 calendar year to September while female investors have lost just over $6 million.
In August alone, $3.95 million was lost, with the lion’s share coming from phone scams ($1.6 million) or social networking ($1.6 million).
Age Pension – So many Rules…. Australia is obsessed with creating them
From 1 July 2017, the Age Pension age effectively increases to 65.5 years (from its current 65 years)until it reaches age 67 from July 2023. Your Age Pension age is the age at which you are eligible to apply for the Age Pension, and this will depend on your date of birth. Australian residents born on or after 1 July 1952 and before January 1954, will have an Age Pension age of 65.5 years. Anyone born before July 1952 has an Age Pension age of 65 years (although women before 1949, have a younger Age Pension.