Budget 2018: The need for stability vs the lure of popularity

Budget 2018: The need for stability vs the lure of popularity

The 2018 Federal Budget was always going to be a tale of temptation. For months, the government had been trailing in the polls but edging ever closer towards parity.

With the Election window around a year away, the seductive powers of delivering an electorate sweetener that gently but immediately swayed the balance of perception in favour of the incumbent was going to be hard to resist.

Your Guide to the end of the Financial Year

With 30 June quickly approaching, now is a good time to assess your current position and ensure your year-end strategies are in place.

These fact sheets highlight some of the key tax law changes that have taken effect thus far in the 2017/18 income year, and the changes that will shortly take effect which may impact on your personal or business year-end tax planning decisions.

Who is an employee and why does it matter?

Contracting is becoming more popular as an alternative to the traditional employment relationship. As contracting and employee mobility become more popular, the difference between an employee and a contractor becomes less clear. However, there are dangers in engaging a worker as a “contractor” without having a proper understanding of the various employer obligations.

Mandatory Notifiable Data Breaches Scheme Information

While regulated entities have been legally obligated to take reasonable steps to maintain the security of personal information held, there was previously no obligation to notify individuals if their personal information was compromised. A lack of awareness around data breaches and the regulations around data reporting has hindered individuals from taking preventative action against crimes and identity theft by, for instance, cancelling credit cards or changing passwords.

At What Point Does a Hobby Become a Business?

The pursuit of a hobby by an individual may be to supplement wages, create income after having lost a job, test the waters for a new commercial venture or simply follow a passion. The pursuit of a hobby is not the same as carrying on a business for taxation purposes, which means that money derived from a hobby is not income and therefore is not assessable. Conversely, hobby expenditure is not tax deductible.

Figures Show Surge in First Home Buyer Benefits

We can arguably say that following the 2017/18 Federal Budget there was speculation that first home buyers had no hope, particularly in the Sydney property market.

According to the latest data from Australian Bureau of Statistics (ABS), stamp duty incentives in New South Wales and Victoria have supported jumps of 55 per cent and 35 per cent respectively in the value of first home buyer commitments in just two months.

Investors Turn to Brokers

The demand for mortgage broker services has continued to rise over the last couple of years with now well over 50% of residential mortgages being written through the third-party channel. That number is even higher when it comes to property investors, due to the ongoing regulatory changes and tightening of credit regarding investor lending.

Cyber Security – An issue that will not go away

There was a time when cyber security was a term familiar only to technology professionals. That time has long gone. Today, cyber security is a real issue for everyone, regardless of whether you are an individual or a large multi-national company. Alarmingly, experience is telling us that cybercrime will continue to be a permanent risk to our personal security and looks to be a long term issue facing modern society.