Federal Budget Report 2020

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Changes to super, the bringing forward of tax cuts, and two lump sum payments to those on the Age Pension are just some of the Government’s proposed measures from the big spending 2020-21 Budget - released by Treasurer Josh Frydenberg on Tuesday 6 October 2020. There’s no doubt that this year’s Budget holds particular importance in light of the events of 2020. And whilst the main focus of the proposed measures are towards creating more jobs to stimulate the economy after a record deficit, there’s plenty in the Budget for anyone who’s retired (or planning retirement) to consider too. We’ve put together this report to make sure you don’t miss any of the essential information. It’s worth noting that these proposed measures aren’t law yet – and could change.

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JOBKEEPER PAYMENT – FURTHER CHANGES ANNOUNCED

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The Government announced further changes to the JobKeeper Payment program, to assist more businesses qualify for the previously announced JobKeeper Payment extension that applies from 28 September 2020 to 28 March 2021.Under the changes, a business or not-for-profit will only be required to satisfy the turnover test in: Sept 2020 quarter…

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HomeBuilder explained

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Due to the Coronavirus pandemic, the Australian Government made a number of announcements about relief packages to help Australians through this difficult period. The most recent relief package announcement was to introduce the HomeBuilder scheme in an effort to stimulate the building industry, creating jobs and economic growth, and for those lucky enough to be able to take advantage of this, providing the opportunity to build or renovate the home of your dreams.

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10 practical tips for being mindful throughout a busy working day

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SuperFriend takes us on a journey to help us understand that mindfulness is about keeping our thoughts in the present - not thinking about what will happen next and not going over the past. It’s being aware of our current emotions and sensations, without reacting to them. Mindfulness is about keeping your thoughts in the present - not thinking about what will happen next and not going over the past. It’s being aware of your current emotions and sensations, without reacting to them. Sounds simple but the reality is most of us have busy working lives that can leave us feeling anxious, stressed and over-committed. Fortunately, there are a few simple things we can do to bring calm and focus into our workdays.

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Make technology work for you

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Are you a new technology pioneer, or a proud ‘technophobe’? Wherever you sit on the digital spectrum, the transformative power of technology is undeniable. What’s important is how you harness it. From energy to communications, cars to apps and beyond, there are a myriad of ways that technology can help you simplify your life, save money and lessen your impact on the environment. But while it can be easy to get swept up in the latest fad, it’s important to be able to identify the truly game-changing offerings for personal use and for investment potential. Whether you want to keep track of your income and expenses through good budgeting software or are thinking about investing in household technology to help you if you’ve started working from home for the first time - doing your research can help you both spend and save safely and wisely. Read on for information on technology solutions you can consider.

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Business Investment

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Small business loans – relief packageAustralian banks will provide support to eligible small businesses by deferring loan payments for up to six months, where assistance is required as a result of COVID-19. The intention is for banks to implement this as soon as possible. If you haven’t yet been contacted…

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Is your small business covered?

According to a 2018 survey by research firm East & Partners for Scottish Pacific, nearly 80 per cent of small and medium enterprises (SMEs) said cash flow issues caused them the most sleepless nights,1 whilst a 2019 survey by the same group highlighted that the number of SMEs planning to borrow from their bank to fund business growth has halved in the past five years to 18.3 per cent2. If small businesses are struggling with cash flow, but not willing to borrow from their bank what strategies are they considering to improve cash flow, grow their business and ensure longevity of their livelihood?

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Timeshare

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TimesharesBuying holiday timeTimeshares are a form of ownership or right to use a particular property or properties, such as a holiday villa, apartment or cabin for a set period of time. You can buy timeshares in Australia or overseas but be aware they are a long term commitment and can be…

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12 money tips for Christmas

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Save yourself this Christmas If the festive season usually leaves you out of pocket and feeling like you spent more time and money battling the crowds than relaxing with friends and loved ones, why not simplify things this year? Here are some quick and easy tips to help you enjoy the holiday season without breaking the bank.

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Tax Tips and Tax Return Checklist

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https://arcogroup.com.au/wp-content/uploads/2019/05/1326231592.mp4EOFY 2019 Tax tips and tax return checklist To help you complete your tax return, this checklist outlines income and expenses you need to disclose to the Australian Taxation Office (ATO) when lodging your return. We’ve also provided an overview of the types of tax offsets and deductions you may…

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2019 Federal Budget

In 2018/19 • Low and middle income earners will benefit from tax savings as a result of an increase in the low and middle income tax offset. • The instant asset write-off threshold will increase from $20,000 to $30,000 for small and medium sized businesses with aggregated turnover of less than $50 million. • A one-off payment will assist eligible social security and DVA recipients with the cost of energy bills. • Aged Care funding will increase. From 1 July 2019 • The Partner Service Pension will be available to former spouses of veterans. From 1 July 2020 • People aged 65 and 66 will be able to make voluntary super contributions without having to meet the work test. • The age limit for spouse contributions will increase to 74. • More flexibility will be provided when calculating exempt current pension income

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