Stamp Duty: The Facts
Paying taxes is a fact of life for Australian Investors. Whether you purchase a car, real estate or other assets, the seller or the purchaser pays tax in some form, depending on the value of the transaction. For property transactions, this is called Stamp Duty. Stamp Duty is a legal tax requirement that needs to be paid within 30 days of the property transaction or settlement. The money collected from Stamp Duty is then used to maintain public services, such as education, healthcare and public safety. Stamp Duty is required in property transactions, however, certain exceptions are made for certain [...]
What’s in store for the Australian economy for 2015?
The Australian economy has seen drastic changes in 2014 and the effects are expected to ripple through this year. What are the expected changes and how will the Australian landscape look for 2015? Australian Dollar. The AU dollar has fallen to US81 cents. This is favourable to help the economy transition to non – mining activity, but will make overseas travel and purchase more expensive. Interest Rates. The official cash rate has been on hold for 16 months at 2.5%. The current rates have stimulated housing construction. House prices are strong especially in Melbourne and Sydney, with house prices growing [...]
The Northern Territory Government on rising House Prices
In an effort to subdue rising house prices, the NT Government has issued a land release program to assist homeowners as the market shifts towards high investor activity. Last year, 935 titles were released, up by 38% from 2013’s 677. Minister for Lands and Planning Peter Chandler believes that it is necessary to assist homeowners and help alleviate living standards as the housing market is dominated by home investors. The land release program has produced almost 6,000 dwellings in the Greater Darwin area alone in just over 2 years. This initiative is encouraging activity in the housing sector, as more [...]
Customers Knocked Offline as NAB Online Goes Down
NAB’s Internet and Phone services have caught the ire of customers as it went offline Tuesday morning, as majority of their customers were welcomed into the New Year with the message: "NAB internet banking is currently unavailable". A spokesman for the bank said that services are coming back online, with several customers airing out their frustration on the NAB Facebook page. In 2012, NAB’s internet banking site also crashed, causing customers to not have access to their online services for 3 hours. Read more about this on the Age website. [/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
Property Market Performance for 2014
How did the Australian Property Market fare in 2014? Looking back at the start of 2014, there were many skeptics expecting a price drop for the year after a very strong performance in 2013. That didn’t happen, as property prices closed at a 7.9% annual increase, according to the CoreLogic RP Data Home Value Index. 2014 saw the rise in new dwellings to meet the growing demand and rising property prices. Because of these movements, property purchase is more expensive than rents, as reported in the State of the Market report in May. Despite this, property is still within the [...]
SMSF Grows the Fastest Among Super Funds
Self – Managed Super Funds have increased by 29% in 5 years, making it the most popular and fastest growing super fund, nearly hitting the $560 billion mark. The Australian Taxation Office showed that SMSF’s account for a staggering 99% of the number of super funds across Australia, accounting for 30% of the $1.9 trillion total superannuation asset in the country. Contributions for SMSF’s have also increased by 5%, with member contributions exceeding employers by 3 to 1. With the growth in the SMSF sector, the Australian Securities and Investments Commission has called on auditors to adhere to the standards [...]
QLD Tourism targets Chinese travellers
The Regional Tourism Organisation for Tropical North Queensland is making a serious bid to entice foreign travellers after securing a $3 million fund to launch Cairns as a tourist destination. The Tourism organisation is targeting Chinese travellers and plans to secure direct flights from mainland China to Cairns, making it a prime tourist destination in the country. In their initial plan, Chinese cities Wuhan, Shanghai and Guangzhou are being considered for direct flights to Cairns via China Eastern Airlines. Read more about this on the Cairns Post website. [/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
Consumer Confidence Slumps to Lowest Point in 3 years
Respondents to the latest Westpac – Melbourne Institute survey showed a bleak consumer outlook for 2015. The Consumer Sentiment Index dropped by 5.7% - the lowest it has been for 3 years, plummeting from 96.6 to 91.1. Westpac’s Chief Economist expressed concern over the results, calling it “disturbing”, as more people become worried about the stability of the economy and job security. Westpac was the first of the 4 big banks to change their forecast on the interest rate, predicting rate cuts as early as February and March of next year. Read more about this on the Sydney Morning Herald [...]
AU Dollar Drops to 4 ½ Year Low
The Australia dollar dropped below US83¢ for the first time in 4 ½ years, dipping by as much as US82.90¢ as the US economy mounts pressure on the local currency. US job data showed that in the past month, 321,000 jobs were created, way above the forecast of 230,000. This has been the biggest monthly total for the United States since 2012. Economists, including major financial players such as Goldman Sachs, Deutsche Bank and Westpac are now turning to the RBA to drop interest rates below the record low 2.5% to stimulate the local economy. Read more about this on [...]
Next to Comfort, Coffee Keeps Your Workers Happy
A recent study by Nespresso with Comres of 2,500 workers from various sectors showed that small perks in the office can improve retention and morale. The survey showed that coffee, next to ergonomic office equipment ranks as the 2nd most important among small perks in the workplace. 36% of respondents said that they are most likely to resolve a business problem with coffee and surprisingly, 11% said that they will reject a job offer outright if the coffee served during an interview is not to their liking. Read more about this on the Broker News website. [/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
ASIC in Hot Seat for Blocking 250,000 Websites
The Australian Securities and Investments Commission will face the senate for their actions in 2013 when they blocked 250,000 websites under investigation for fraudulent investment activities. The Senate Communications Committee will conduct a public hearing tomorrow to question ASIC’s actions to block websites – even that of the Melbourne Free University. The ASIC has released a submission to the inquiry defending their actions, stating that they only intended to block a small number of websites in April 2013, but inadvertently blocked 250,000 websites instead. Since the event, the ASIC has not requested for blocking websites, but instead encouraged submission of [...]
Is the PM Guilty of Buying Facebook “Likes”?
Prime Minister Tony Abbott’s sudden surge of Facebook likes from 18 – 34 year olds from New Delhi, India has raised speculations that he purchased Facebook likes to increase engagement to his social media account. The PM has denied these allegations, saying that the recent visit of India’s Prime Minister Narendra Modihas attracted the said audience. The Facebook account of India’s PM has over 25 million likes, and his most recent picture post with Abbott has garnered over 700,000 likes and shared over 11,000 times. The Bondi Hipsters, a comedy pair was credited for bringing attention to the recent activity [...]