On Farm Connectivity Program

Program provides eligible Equipment Suppliers with a rebate for sales of digital farming technology to eligible Primary Producers to help improve connectivity and productivity.

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2024 Tax Planning now

As the EOFY nears, it’s time to review your tax and business. To book a detailed analysis of your tax position before 30 June, call our tax team on 07 4669 9800.

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Transitioning to retirement?

Adjusting to your post-work years requires open-mindedness and a knack for dealing with uncertainty. If you’re feeling some apprehension about your upcoming retirement, here are a few things to keep in mind.

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Winding up your SMSF

If you find yourself in a position where you want or need to wind up your SMSF there are a number of key considerations and tasks involved.

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How to tell a real message from a phishing scam

Have you ever received a message from your bank asking you to share private information, move money from one account to another, or perform some other eyebrow-raising task? Chances are the sender isn’t actually who they’re claiming to be, but how can you be sure?

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New Market Wrap November 2023

In November, a bond yield reversal boosted both defensive and growth assets, with growth assets returning 4.9%, Australian equities up 5.0%, and defensive assets outperforming amid eased US inflation and Fed rate cut speculation.

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Losses in crypto investments

Over the last few years the ATO has seen instances of SMSF trustees losing their crypto asset investments. Trustees thinking of investing in crypto need to be aware of the ways that crypto can be lost, including via scams and how they can avoid them.

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Market Wrap November 2023

In October, global shares performed poorly and the US S&P 500 and Australian shares both declined. The Utilities sector was the only positive performer, while IT was the worst-performing sector. Concerns about sustained US inflation contributed to the global downturn.

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Market Wrap October 2023

Global shares had a tough September and the US S&P 500 price index was down. However, the Energy sector managed to return 1.3% while all other sectors faced negative returns. The Australian dollar lost 0.3% against the USD$ which benefitted from resilient domestic growth. Despite this, labour markets are still robust.

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5 household hacks to help you cut your bills

With rising living costs, cutting discretionary spending on luxuries is one option, but a simpler and more attractive approach is to review and trim your so-called fixed household expenses. Here are the top five household hacks for saving money.

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Farm Relief Tool

The Farm Relief Tool connects farmers with Australian Government financial assistance and community support to help prepare for, and recover from drought, natural disaster or biosecurity events.

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4 hacks to help turn your finances around

Whether it’s our approach to saving and spending or our willingness to take on debt, psychology plays a big part in determining our relationship with money. Fortunately, there are plenty of ways you can shift gears mentally to get a better handle on your finances.

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Market Wrap September 2023

Australian shares lost ground over the month, with the S&P/ASX 200 Accumulation Index losing 0.7%. The best-performing sectors were Consumer Discretionary and Property Trusts. Utilities was the worst performing sector for the month.

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Market Wrap August 2023

In July, Australian shares showed positive growth. The Energy and Financials sectors led the gains, however the Healthcare sector faced a decline while the Aussie dollar appreciated against the US dollar. Inflation dropped driven by slower goods inflation, while services inflation reached its highest point since 2001.

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Market Wrap July 2023

Australian shares rose over the month — the best performing sectors were Materials and IT. Healthcare was the worst performing sector for the month.

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Navigating the Year Ahead

As the calendar turns to July, business owners and farmers find themselves at a crucial juncture, reviewing the year ahead and considering strategies for success. The challenges and opportunities that lie ahead require careful planning.

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Market Wrap June 2023

During May, Global Share performance was mediocre with Australian shares falling with the broad market index, the S&P/ASX 200 Accumulation Index, losing 2.5%. The best-performing sector was Information Technology, which shot the lights out, gaining 11.6% for the month.

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5 ways to save tax before 30 June

The lead up to EOFY can be an ideal time to conduct a personal finance health check and reconsider your EOFY tax planning strategies. Here are a few things that could help with minimising your tax bill before year end.

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Market Wrap May 2023

Australian shares rose during April, with the broad market index, the S&P/ASX 200 Accumulation Index gaining 2.6%. The best-performing sectors were Property Trust and Information Technology.

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Small Business Tax Planning

As a small business or farm business owner, tax planning should be top of mind as the end of the financial year approaches. It’s essential to start with a solid tax planning strategy.

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Federal Budget 2023

The 2023 Federal Budget focuses on providing cost of living relief through lower power bills, higher welfare payments and more support for small business and housing.

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Market Wrap April 2023

During March, Global Share performance was solid but the Australian dollar and Australian shares both fell slightly. The best-performing sectors were Materials, Communication Services and Utilities.

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The super ‘death tax’ you need to be aware of

If you pass away before receiving your super, it will be paid out as a death benefit to your nominated beneficiaries or your estate. Adult children who are not ‘tax dependants’ may face a whopping tax bill, so it’s essential to plan and minimise tax implications.

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Farm tax planning 2023

Read why tax planning is essential for primary producers. It can have a significant impact on the financial well-being of your farm or farming business.

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Market Wrap January 2023

Australian shares lost ground in December with all sectors producing negative returns. Fixed income returns for the month were disappointing, but the Aussie dollar rose against a weakening $USD.

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3 ways to protect the Bank of Mum and Dad

With Australians living longer and the cost of retirement on the up, deciding whether to help children out financially can be a conundrum for some parents. There are, however, a few ways that you can help protect yourself and your children.

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5 tips to reduce holiday season spending

The festive season is a time to wind down, recharge and enjoy some quality time with family and friends. But it can also be an expensive time that wreaks havoc with our finances (and stress levels). Here are 5 tips to reduce your holiday season spending.

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Market Wrap November 2022

During October, the RBA raised the Target Cash Rate by 0.25% to 2.60%, the sixth consecutive hike. The annual inflation rate climbed to 7.3%. This was the highest figure since Q2 1990, boosted by higher prices for construction, fuel and food.

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Q&A On when to retire

Retirement is a major life change, and ultimately, when and how you choose to retire is a very personal decision. Here are a few things to think about when contemplating your own retirement timeline.

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Success through small steps

Financial success is often made by taking small steps to get there. It may seem daunting and overwhelming but like anything, if you have a professional guiding you along the way, small steps can lead to something great. Here are some tips to get you on the right track.

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Apply for director ID before 30 November

Final reminder for directors to apply for their director identification number (director ID) by 30 November 2022. If you have a corporate trustee for your self-managed super fund (SMSF), then you’re a company director and need a director ID.

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Toowoomba City Golf Club team social

The whole team got together in October for a social day out at Toowoomba City Golf Club. We may have sliced, hooked and shanked our way around the minigolf course but we gave away some well-played cups, welcomed our new team members and managed to dazzle with some golfer’s garb on the green.

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Market Wrap September 2022

Global shares had a poor month but Australian shares produced positive returns for August and outperformed their global counterparts. The Australian dollar took a significant hit during the month of August versus the $USD.

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Be in control of your retirement

Are you approaching retirement? Then chances are the funding of your lifestyle in retirement may be on your mind. Take steps now to avoid getting caught short on retirement income and live the retirement lifestyle you want.

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A better way — business by design

Business advisory is a growing service in the accounting community, as accountants increasingly prove themselves to be the preferred advisers for small businesses. But what does it mean to be more than ‘just accountants’?

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Market Wrap August 2022

During July, the RBA raised the Target Cash Rate by 0.50% to 1.35%, the third consecutive hike (it subsequently made a fourth increase in August). Australia’s unemployment rate decreased by 0.4% to 3.5%. In addition to the lowest unemployment rate since 1974, labour underutilisation fell to its lowest level since 1982. Headline inflation continued to rise.

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Market Wrap July 2022

Global unhedged and hedged shares had a poor month. As expected, unhedged outperformed hedged in a “risk-off” environment, helped by a depreciation in the Australian dollar. Aussie shares and particularly small cap stocks were hit hard during June.

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ESG investing

With ESG investing continuing to be on the rise in Australia, we look at potential considerations when thinking about your investment portfolio.

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Market Wrap June 2022

It was another difficult month for the asset class with hedged and unhedged declines, although some markets were able to eke out gains. Aussie shares were sharply lower for the month — small caps were the laggard.

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Retirement trends survey

The Household, Income and Labour Dynamics in Australia (HILDA) Survey collects information on many aspects of life. We have published the key findings of HILDA’s 2021 Retirement Trends survey.

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Farm Succession – When the Planets Align

This year when considering your annual tax planning, it is more important than ever for multi-generation farming and grazing enterprises to be thinking about what their future is to look like and how the possible scenarios for farm succession could be planned for, in the most financially effective way.

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Market Wrap April 2022

Australian Equities perform well with all GICS sectors positive. Global shares had a mixed month, Australian shares performed well and the AUD$ gained against the USD$ but fixed income returns for the month were again exceptionally poor.

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Why does insurance matter?

Life does not always go the way we plan. Having a plan in place if things do take an unexpected turn can mean that our health, lifestyle and family are better protected.

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Market Wrap March 2022

Global shares fell, Australian shares performed reasonably well during February, fixed income returns for the month were again very poor and the Australian dollar gained against the US dollar, which basically offset last month’s loss.

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Market Wrap February 2022

Global shares fell in unhedged and hedged terms but global emerging markets rose over the month. Australian shares performed poorly during January. The leading sectors were Energy and Utilities with IT being the worst-performing sector for the month. Fixed income returns for the month were also poor. The $AUD lost against the $USD and the Yen.

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Market Wrap January 2022

Global shares rose and with that Australian shares performed reasonably well during December. Fixed income returns ended the month fairly flat but the Australian dollar rose against the USD$ and the Yen.

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Market Wrap December 2021

Recent GDP figures showed economic growth contracting in the September quarter as expected given the COVID19 restrictions imposed, however, going forward leading indicators suggest the economy is continuing to bounce back strongly.

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Planning for aged care

In our retirement years, a time may come when we need to consider aged care services to help with looking after ourselves. In this article, we outline several different types of aged care options.

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Is it a scam?

Find out how SMSF specialist advisers can play a critical role in assisting trustees and self-directed investors avoid cybercrime and investment scams.

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COVID-19 financial support measures

Unfortunately, the potential to experience financial difficulty due to COVID-19 still persists. In this article, we provide a brief overview of two key Government COVID-19 financial support measures.

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Market Wrap October 2021

Aussie shares outperformed global shares, falling 1.9% in September. Mining underperformance as investors reacted to selloff in iron ore prices. Fixed income returns also poor. The AUD$ fell against major currencies incl US$. Concerns over China amidst the unravelling of Evergrande weighed on AUD$ support.

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Director identification numbers

All directors of companies, registered Australian bodies, registered foreign companies or Aboriginal and Torres Strait Islander corporations will need a director ID number. Directors can apply for a director ID from November 2021 and Carrick Aland is here to help to make sure our clients get it right.

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Electronic signing with FuseSign

One of our highest priorities is getting documentation out to our clients as quickly and securely as possible and with FuseSign we can achieve both of these effortlessly while providing you with the best experience possible.

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Changes to granny flat arrangements

New capital gains tax exemption will make it easier for older Australians to enter formal granny flat arrangements with the added protection from possible financial abuse if circumstances within the family change.

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Market Wrap September 2021

Economic growth for the June quarter surprised on the upside with strong household and government spending offsetting export weakness (production issues and high commodity prices).

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Keeping your super safe

Keeping your super safe? The ATO reports an increase in the number of Australians being targeted by scams and falling victim to identity theft, leading to stolen super.

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Market Wrap August 2021

Carrick Aland’s summary of global markets as COVID19 lockdowns extend throughout Australia, including major asset class performance and currency markets.

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Cash flow management

Working with a professional financial adviser can help you to see where there are gaps and opportunities in your financial management plan. Knowing what is happening with your money is not enough; you need to know how to make it work harder for you!

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Personal insurances snapshot

When it comes to personal insurances, there are many different offerings out there, each with its own varying degrees of protection. Therefore, when it comes to an appropriate personal insurance plan, it’s not a one-size-fits all or set-and-forget approach.

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QLD Business Boost Grants Program

QLD Business Boost Grants provide support to businesses to advance improvements in efficiency and productivity. Grant opens 30 July 2021 at 9AM and will remain open until all funds are exhausted.

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Increase in SMSF membership

From 1 July 2021, self-managed super funds (SMSF) and small APRA funds (SAFs) will be able to have up to six members. If you are considering expanding your fund, you will need to consider things such as what your fund’s trust deed allows, the structure of your fund and its reporting requirements.

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QRIDA First Start Loan

QRIDA’s First Start Loan offers up to $2 million to aspiring young producers enter the agriculture industry or take over the reins of their family property.

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3 Changes to superannuation

Bills containing important superannuation measures which may impact you have passed both Houses of Parliament. These measures have now also received Royal Assent, which is the final step required for a parliamentary bill to become law.

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Market Wrap June 2021

Carrick Aland’s summary of global markets as the pandemic still lingers, including major asset class performance and currency markets for June 2021.

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Choosing a retirement lifestyle

If you are in, or nearing, the retirement phase of your lifestyle you might be considering whether you want to stay in your current accommodation, or look for something to suit your needs as they change over the coming years.

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Market Wrap May 2021

Carrick Aland’s summary of global markets as the pandemic lingers, including major asset class performance and currency markets for May 2021.

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Budget update 2021/22

The Budget proposes positive changes to superannuation, an extension of the low and middle-income tax offsets and a boost to aged care services. We summarise some of the key points from the Budget but, remember, these are subject to the passing of legislation.

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Four ways to teach children healthy money habits

As a parent, you try to ensure your children have the skills to make smart financial decisions. For example, you tell them about the importance of saving or the power of compounding interest. But did you know that you could be sending them negative money messages without meaning to?

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Tax treatment of cryptocurrencies

If you invest in cryptocurrency you may need to include a capital gain or loss in your tax return. Find out how capital gains tax applies to cryptocurrency and the types of records that need to be maintained.

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ATO’s taxable payments reporting system

More than 60,000 businesses haven’t complied with lodgement requirements under the Taxable payments reporting system for 2019–20. The TPRS is a black economy measure that helps the ATO identify contractors who don’t report or under-report income.

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Economic Update @ February 2021

Over the month of February, the economic data that was released showed mixed results and share markets were volatile. However, optimism over medium-term growth and the global economic recovery continues to outweigh short-term concerns. Falling COVID-19 cases and vaccine deployment has reduced restrictions and economies are expected to reopen soon.

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Duty, super and succession

In a planning process that establishes independent, financial security for the exiting generation as the priority, taking advantage of the significant taxation concessions associated with participating in this investment environment cannot be overlooked.

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Economic Update as at January 2021

Over the month of January, economic data signalled a short term hit due to pandemic-related restrictions. This overshadowed a strong fourth quarter experienced by China. The continued global roll-out of…

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Small steps to great success

If you want to get ahead, financially, it’s necessary to take some steps to get there. It may seem daunting and overwhelming but like anything, if you have a professional guiding you along the way, small steps can lead to something great.

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The financial impact of a furry friend

There are over 29 million pets in Australia with approximately 61% of households owning one of these 29 million pets. Of that 61%, most are dog owners at 40%, followed by cat owners at 27%. In 2019, over 60% of dog and cat owners considered their pet as a member of their family – which means we want to treat them well and keep them in good health for a long and happy life, but at what cost?

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What financial mistakes have you made? Could they have been avoided?

Have you made a big financial mistake in the past? One that cost you a lot of time and money to fix? One that caused you a big headache?
Financial stress can be a major trigger for a lot of people, it is a big burden to carry around, but not one you need to carry alone. Speaking to a professional Financial Adviser can set your mind at ease once you have a plan in place and a financial goal to build towards.

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Capital Gains Tax and succession

The focus of a well-orchestrated succession planning process must be around discovering and addressing the wants of individuals in a manner that ensures ongoing business viability along with the achievement of alignment and a sense of family equity. Read how.

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Economic Update as at December 2020

Over the month of December, markets broadly achieved positive returns as vaccine roll-outs and another fiscal stimulus package in the US offset bad news on the virus front. Restrictions tightened in many countries as new COVID-19 cases across the developed world surged, as a new more infectious COVID-19 strain began to spread globally. However, vaccination programs have given markets hope that economies will fully reopen over the next year.

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The Roll of Wills and Other Legal Agreements in Succession Planning

Whilst not an exact science, following a structured framework in analysing differing concepts of equity not only assists in providing comfort in the context of “having done the best possible for all” but is also an effective tool in educating and conveying reason, to all family stakeholders, for what may be seen as tough, “knock on” implications of the concepts adopted.

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Staying Cyber Safe This Year

With the increased activity online – be it due to working from home, home schooling, or simply because we have found a great availability of engaging and interesting content and streaming services, we are online a lot more and need to consider if we are adhering to safe cyber practices at home. This means having the right protective measures in place, and ensuring we are discussing safe cyber practices with other members of our household. 

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Back to work in agriculture incentive scheme

QLD agricultural employees could be eligible for payments of up to $1,500 to assist with accommodation & transport costs associated with travelling and staying remotely. Applications close once all funding has been allocated or before 30 June 2021.

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Carrick Aland and the year that was 2020

As we farewell what was a very challenging year we would like to wish you all – your families and friends – a wonderful festive season. We look forward to seeing you in the new year! Please note that Carrick Aland’s office will be closed from 24th December 2020 and will reopen on 4th January 2021.

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Economic Update as at November 2020

While COVID-19 cases continued to soar in the US, UK and Continental Europe over November, markets shrugged off short-term developments and soared on the back of positive vaccine news and the US presidential election results. Domestic and developed overseas share markets achieved strong positive returns for the month, with outperformance in sectors that are expected to benefit from a removal in restrictions next year, such as energy.

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Succession planning and family equity

Economics dictates that succession in a farming environment can rarely directly involve all family members of the next generation. Economics also dictates that farming successors require what can often be viewed as a ‘leg up’ to ensure the successful continuation and future viability of farming or grazing operations. Read why.

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Super re-contribution strategy explained

Super re-contribution is a process where, upon you meeting a condition of release, you withdraw money from super fund and then re-contribute the funds back into your super fund as a personal non-concessional contribution. This process is used to increase the tax free portion of your super fund benefit.

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Economic Update as at October 2020

Overseas shares posted negative returns in October 2020 as fears of a slowdown in the recovery materialised with onerous restrictions being re-imposed amid resurgence in COVID-19 cases. Overseas shares fell back into negative territory returning -3.2%, in hedged terms, over October. Global economic data for Q3 is showing a rebound from a similar sized economic collapse but forward looking data is already indicating another slowdown ahead, especially in Europe and the United Kingdom (UK) as further cases have brought back restrictions.

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The Financial Impact of a Furry Friend

There are over 29 million pets in Australia with approximately 61% of households owning one of these 29 million pets. Of that 61%, most are dog owners at 40%, followed by cat owners at 27%. In 2019, over 60% of dog and cat owners considered their pet as a member of their family[1] – which means we want to treat them well and keep them in good health for a long and happy life, but at what cost?

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Double check ABNs at natural disaster time

As the risk of natural disasters increases at this time of year, check your Australian business number (ABN) details are current and refresh if needed. Emergency services and government agencies can use ABN details to provide help to you in times of emergency.

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Federal Budget farm machinery write-offs

Under the Federal Budget handed down this month, farmers can instantly write off the full value of machinery purchases. Previously, a portion would have been tax-deductible in the first year, and the rest would have depreciated over future years.

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Activity supplement

You can claim an activity supplement if you get Farm Household Allowance. Activity supplements help pay for activities in your Financial Improvement Agreement and can add up to $10,000 in total.

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Succession planning: need and timing

There is a lot of good to be achieved when succession planning is taken on proactively and within a structured process. Having wholesome conversations that discover the objectives and desires of all involved and dealing with challenging decisions without delay makes the process much easier and rewarding for all.

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Economic Update as at September 2020

Over the month of September, markets experienced a reversal in investor sentiment. Apart from Overseas Small Caps and Emerging Markets, which returned 1.0% and 1.5% respectively for the month, equity markets broadly experienced negative returns.

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Impact of Cotton report

Cotton with a Conscience report examines the contribution that cotton makes to our economy, the investment in the health, safety, education and prosperity of its workforce, and the ways in which cotton community businesses and individuals give back locally through financial, time and in-kind contributions.

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Wage theft now a criminal offence in Queensland

The Queensland Criminal Code has been amended to enable employers to be prosecuted for stealing if they intentionally fail to pay or underpay their employees’ wages or other entitlements. If you’re an employer, do you know what’s required in relation to the new wage theft offence?

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2020/21 Federal Budget Summary

The Federal budget is out and it’s a once in a generation budget to rebuild and tame the recession. Business is at the heart of our economic recovery with a range of support measures and the creation of jobs.

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Succession planning for farming families

By failing to commence a transition, farming families could not only miss out on the business advantages that come from nurturing and developing another level of management autonomy, but also run the risk of missing out on real financial opportunities that have the potential to deliver a significantly enhanced the outcome for all.

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Know your boosts inside and out

If you’ve received a cash flow boost, you may be wondering if the amounts you’ve received affect your income or deductions this tax time. Here are the four essentials you need to know when lodging your tax return.

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Economic Update as at August 2020

For the month of August, growth assets performed well as investor momentum remained strong. Economic data continued to be encouraging with another strong set of US nonfarm payrolls. As the world continues to open up, retail sales for the US, UK and Eurozone are now back at pre-COVID-19 levels, following the worst quarterly GDP declines on record for most countries. Purchasing manager indices remain in expansionary territory. Australian small caps was the strongest performing equity market, returning 7.2% over August whilst overseas hedged investors realised greater relative gains from the continued appreciation of the Australian Dollar.

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2021 Science and Innovation Awards

Grant applications are now open for the 2021 Science and Innovation Awards for Young People in Agriculture, Fisheries and Forestry. If you’re 18-35 and want to make a difference in agriculture, this is your chance to apply for a grant of up to $22,000 to fund your project that will benefit Australia’s primary industries.

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QLD Volunteer grants open now

Volunteering Queensland, on behalf of the Australian Government, is offering 2020 Supplementary Volunteer Grants to organisations across Queensland to support the efforts of volunteers in building stronger, more resilient communities.

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Discuss Your Financial Goals Online!

If you are not able to visit us in person, or it is more convenient to work with us digitally, we have the capability and technology to make it easier for us to connect with you. We have also considered how we can do this in a safer online environment.

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Cash Boost for P&Cs

The ATO Not-for-Profit team are keen to ensure all eligible P&Cs receive their Cash Boost entitlement. In order to streamline the process, P&Cs are invited to complete a survey.

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2020 ‘mini-Budget’

On 23 July 2020, a ‘mini-Budget’ was delivered by the Treasurer Josh Frydenberg. We provide a summary including the announcements made in relation to the COVID-19 early release of super and more. Due to the COVID-19 pandemic, the full 2020-21 Federal Budget will be delivered on 6 October 2020.

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Economic Update as at July 2020

The month of July generally saw positive returns across asset classes, as growth assets continue to gain. Emerging Markets were the strongest performing market in equities, with the MSCI EM Index (UH) returning 4.6% over the month. On the domestic front, Australian small caps outperformed large caps and overseas hedged investors realised greater gains from the appreciation of the Australian dollar.

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Five Financial Moves to Make in your 40s

Being in your 40s often involves balancing many responsibilities that it becomes easy to neglect your own financial wellbeing. But it’s not too late to secure your future. Here are some tips that may help you financially make the most of your 40s.

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Get Insurance While You’re Still Bulletproof

According to research by TAL insurance provider the cost of personal insurance soars after the age of 35. This is also the time in our lives that you may be going through significant change such as marriage, children, a bigger mortgage and more responsibilities.

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Economic Update as at June 2020

Growth assets continued to recover over June, but at a slower and more volatile pace than in May. Markets were encouraged by the gradual reopening across the developed world and by economic activity indicators, such as non-farm payrolls, but the optimism was tempered by evidence of the pandemic regaining pace in the US and some large emerging market countries such as India and Brazil.

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Paid a tradie or other contractor to help you?

For anyone in building and construction, cleaning, courier, road freight service, IT or security, if you’ve paid a tradie or other contractor for building and construction services in the last year, check if you need to lodge a Taxable Payments Annual Report (TPAR) by 28 August.

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Small Steps to Great Success

If you want to get ahead, financially, it’s necessary to take some steps to get there. It may seem daunting and overwhelming but like anything, if you have a professional guiding you along the way, small steps can lead to something great.

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Tax time toolkit for agriculture employees

Carrick Aland’s own tax team is comprised of many local farmers who know firsthand that the devil is in the detail when it comes to getting your tax right. If you’re an employee in the agriculture industry it pays to learn what you can claim at tax time.

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Key FY21 changes to note

HAPPY FY21! Some changes help minimise tax. Others reduce exposure to an ATO tax audit. We have outlined these action points to assist you. Please carefully consider this information and contact us immediately if you have any questions we can answer or assist.

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Last Minute Tax Minimisation Tips

This has probably been the most difficult year ever for business owners due to the impact of COVID-19. And this makes Tax Planning for 2020 and key actions before 30 June more important this year than for any previous year. As a business owner, there are many obligations that you need to consider and action just before and after 30 June.

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Economic Update as at May 2020

Following the strong rebound in risk assets over April, the recovery continued into the month of May. Markets were encouraged by the slowdown in new COVID-19 cases and the gradual relaxation of lockdown restrictions across a number of US states, European countries and the United Kingdom.

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$150,000 instant asset write-off extended

Farmers have applauded the federal government’s decision to extend its $150,000 instant asset investment write-off offer until December after many businesses highlighted the previous deadline was too short to make practical use of the incentive.

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2020 Business Tax Planning Guide

Imagine what you could do with tax saved? Use our guide for strategies you can use to minimise your business tax and talk with us before the 30 June 2020 deadline for assistance to reduce your tax!

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Farm Financial Plans

Carrick Aland has farmers covered with Farm Advisory services including your Farm’s Financial Plan. Call us 07 4669 9800 to get your Farm’s Financial Plan underway with a free no-obligation demonstration to see your FY21 farm budget in a new light.

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QLD Small Business Adaption Grant Program

The objective of this program is to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions announced by the Queensland Government, to adapt and sustain their operations, and build resilience.

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Economic Update as at April 2020

The fiscal and monetary stimulus packages implemented by governments and central banks globally have helped markets rebound fairly strongly over the month of April. Central bank interventions and massive asset purchase programs, including high yield bonds and direct lending to companies, helped restore liquidity in the global financial system.

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JobKeeper Payment phone scam

⚠️ The ATO is receiving reports of scammers pretending to be from the ATO calling members of the public and asking them to provide their bank account details. They are saying that their employer has registered them for JobKeeper, but that the ATO needs their bank account details to deposit the funds into their account. Do not provide the information requested. If you are unsure if an ATO call is legitimate, hang up and phone 1800 008 540 to check.

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COVID-19 and residential rental property

The ATO has developed some information to assist clients with residential rental property to understand their tax obligations during COVID-19. Check the frequently asked questions link for help with answers to common questions.

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Queensland Small Business Month 2020

May is the month to show your support for Queensland’s small businesses. Shop locally and show how you support small business on social media with #supportsmall. Find information on immediate support available for small businesses as a result of COVID-19.

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Economic Update as at March 2020

COVID-19 has continued to spread rapidly around the world and was declared a global pandemic by the World Health Organisation. This has caused a severe shock to the global economy and financial markets have responded with sharp drops in share prices, a rise in credit spreads and a flight to defensive assets over March.

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Increase in Scams Targeting Superannuation

The ACCC has advised that scammers are taking advantage of people financially impacted by the Coronavirus crisis by falsely selling products or services online and using fake emails or text messages to try and obtain personal data.

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Summary of COVID-19 stimulus announcements

Please review our summary of economic stimulus as each currently stands and contact Carrick Aland to discuss further your options and what may be available for you. We have outlined details for 13 Federal and State Government initiatives.

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Understanding Changes to Centrelink Entitlements

Are you concerned about your Social Security (and Department of Veterans’ Affairs) pensions and other income support benefits due to the Coronavirus situation? Recent changes in the value of your investments due to market movements may increase your social security entitlements, or you may become eligible for a benefit.

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FREE Working from Home ATO factsheet

If you work from home right now, remember to keep records and receipts for your home office expenses, along with a record of the hours you work from home. Keeping good records now will help to get your deductions right at tax time. The ATO has a PDF poster you can download to help understand what you can claim.

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Coronavirus and Australian workplace laws

Find out about your workplace entitlements and obligations if you’re affected by the outbreak of COVID-19, including information about stand downs from work, working arrangements impacted by school closures, and pay and sick leave entitlements.

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Coronavirus JobKeeper Payment

The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus.

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QRIDA COVID-19 Jobs Support Loans

The Queensland Government’s $1 billion COVID-19 Jobs Support Loan scheme is closed. QRIDA has updated its COVID-19 Jobs Support Loan page to indicate what successful candidates can expect for ongoing management of their loan.

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Income support for Individuals

To help with cash flow pressures during the coronavirus epidemic, the Commonwealth Government has made available an additional $550 per person per fortnight eligible for Farm Household Allowance as part of the updated economic stimulus package. We urge you to call us now on 07 4669 9800 to check your eligibility and for help with the application.

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Coronavirus Economic Stimulus Package UPDATE

The Commonwealth Government yesterday released the second stage of its stimulus plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. A total of $189 billion is being injected into the economy by all arms of Government in order to keep Australians in work and businesses in business.

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Economic Update as at February 2020

Coronavirus fears drove losses across equity markets and sparked a flight to defensive assets over February. Global equity markets reached fresh highs in mid February, then sold off sharply alongside other risky assets shortly thereafter. The sell-off in markets stem from investor concerns regarding the spread of COVID-19, with an acceleration in reported cases outside mainland China, specifically in Italy, Iran and South Korea and the ramifications on global economic growth.

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PAYG instalment variations

The ATO is expected to adopt a ‘benign approach’ to PAYG instalment variations in the wake of recent disasters. Business and farm operators should seek assistance to talk with us about where your profit is year to date and what options you may have to vary instalments.

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Markets fall on coronavirus fears

Share markets fell last week with the Australian market experiencing one of its worst weeks since August 2011 (when people thought the EU would break up). Negative returns in any given period can happen in the share market with this week standing out for its severity. However, we also see historically shares have lost value in approximately 22 weeks out every 52 weeks since 1980. It is not a rare thing to see in the share market.

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Ergon Energy drought relief

If you’re a farmer living in a drought-affected area, Ergon Energy may be able to help. They offer drought relief in the form of waived charges and deferred payments.

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Strategies For Dealing With Market Volatility

Financial markets by their nature are volatile. However, the more worrying time for investors is during periods of high volatility when prices move rapidly and unpredictably.
Market volatility can be a curse or a blessing. It all depends on how ready you are to deal with it.

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Income Protection Insurance Is Changing

From 31 March 2020, insurance companies must stop providing ‘agreed value’ policies that are based on the income you advise at the start of cover, regardless of any subsequent change in income. This means no more ‘agreed value’ contracts can be bought or sold after 31 March 2020.

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Economic Update as at December 2019

Global equity markets staged a strong finish to 2019, with investors favouring riskier assets amidst declining trade war concerns and easing geopolitical tensions. US equities posted solid returns over December, as Hedged Overseas Developed Shares increased by 2.3%.

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Economic Update as at November 2019

Equity markets extended their rally in November with major indices reaching new highs. Markets were encouraged by reported progress on trade negotiations between the US and China, coupled with stable economic readings in the US and initial signs that growth deterioration in Europe may have bottomed.

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Bushfires November 2019

If your business or residential address is in one of the bushfire impacted postcodes, the ATO will automatically grant a two-month deferral for activity statements lodgments and payments due.

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Scooters for Salvos

Carrick Aland is delighted to be able to donate scooters and balls with funds raised from our team so that the Salvation Army can give these out to deserving kids this Christmas.

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Fringe benefits tax and Christmas parties

Reminder of the potential fringe benefits tax (FBT) implications for celebrating with employees this festive season. FBT obligations depend on the amount spent, when and where a party takes place, who attends and the value and type of gifts given.

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Australian digital business growth

Almost half of Australian bricks and mortar small business owners (48%) predict their business will operate entirely online in the future, with more than a quarter (26%) of these businesses foreseeing this happening in the next three years.

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Economic Update as at 31 October 2019

Equity markets returned mixed results during October. The US equity market rallied higher with major US indices reaching fresh highs. Hedged Overseas Developed Shares increased by 1.8% over the month. Markets were encouraged by the progress made on the US-China trade negotiations front and economic readings, which suggest that global growth may have stabilised.

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The risks with log-books

Close enough is not good enough. This case shows how pedantic the ATO – and AAT – will (and can) interpret the rules re a valid log book. Get some dates wrong and double up some odometer readings and it is not a valid logbook.

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Successful Investor Secrets

Successful investing can be one of your biggest allies in the quest for long-term financial security. Unfortunately, unsuccessful investing can leave you wishing you’d kept your money in the bank.
So what are the secrets to making your investments achieve what you want them to achieve? Here are some of the tactics used by successful investors around the world.

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The Power of Regular Investing

One of the world’s most admired investors, Warren Buffett, is famous for saying “Don’t save what is left after spending; spend what is left after saving.”
While this approach may not always be possible, investing even just a small amount regularly can make a big difference over the long term.

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Cotton farm curbs bookkeeping with cloud upgrade

Xero Certified Renae was already proficient in operating Xero with Carrick Aland’s clients and had experienced very positive outcomes using it, so it was a no brainer when it came to bringing her family’s farm onto a cloud bookkeeping system. We look at some of the key ways Renae helped to streamline the cotton farm’s bookkeeping.

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Carrick Aland mentioned in Federal Parliament

Carrick Aland received a Federal Parliamentary mention from the Hon Dr John McVeigh MP, who congratulated our team for being announced as the winner of the Professional and Business category at this month’s Heritage Bank Business Excellence Awards.

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Economic Update as at 30 September 2019

Equity markets rebounded over September, closing out a mixed and volatile third quarter with Hedged Overseas Developed Shares increasing by 2.3%. Investors looked past global trade friction, softer global manufacturing activities and macro uncertainties, with additional monetary stimulus helping to alleviate investor concerns.

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Farming on the Front Foot Update

With unfavourable seasonal conditions expected to further reduce soil moisture levels in QLD cropping regions, we look at the impacts and the steps producers can take to plan and be prepared this summer.

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Toowoomba Accountant Renae Clapham

Cloud accounting technology is exciting for Renae, from mobile accessibility to intuitive learning and new features being added all the time. Working alongside Cameron Sorley in Toowoomba, cloud accounting is the predominant tool Renae reaches for when processing tax returns and doing BAS.

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When will I be a millionaire?

Many people dream of becoming a millionaire. For most people, it stays a dream. Why? A million dollars is certainly a lot of money, but despite how impressive it sounds it’s a target which is well within reach if you take into account the three key factors.

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Economic Update as at 31 August 2019

Volatility returned to markets in August, driving equities lower while safe-haven assets enjoyed solid gains. The downturn in equity markets was largely driven by increased trade tensions and geopolitical uncertainties.

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Four ways to teach children healthy money habits

As a parent, you try to ensure your children have the skills to make smart financial decisions. For example, you tell them about the importance of saving or the power of compounding interest. But did you know that you could be sending them negative money messages without meaning to?

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Free E-Book: Get Inspired to Become a Better Gift-Giver!

Did you know, Australia is a generous country and spends nearly $20 billion a year on gifts? That’s about $1,200 per person per year or equivalent to buying a $4 coffee every weekday! Discover interesting insights around Australians and their spending habits as well as attitudes towards giving and receiving gifts.

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The human cost of late payments

Small business owners have enough on their plates. Running a business is hard enough as it is, without losing sleep over a late invoice. But there are things entrepreneurs can do to better manage late payers and bring more positivity to your workplace.

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The value of having a financial adviser

Having an appropriate financial plan in place covers more than just investments and insurance. The same goes for a financial adviser – there are some you will just click with, who can help improve your financial future.

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Economic Update as at 31 July 2019

Global equities increased modestly in July, with Overseas Developed Shares rising 1.1% in hedged terms. US equities in particular reached fresh highs in the second half of July, largely driven by technology stocks, however markets pulled back following an indication from the US Federal Reserve (Fed) that the 0.25% rate cut, to a range of 2.00% to 2.25%, was not necessarily the beginning of an easing cycle.

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QRIDA Rural Economic Development Grants

Grants are available up to a maximum of $250,000 with a 50 per cent cash contribution requirement from applicants. Example projects eligible could include the development of new products or markets, or improved business processes where such investment creates employment.

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ABN applications

The ATO has tweaked its Australian business number application process to ensure applicants are entitled to an ABN, giving it greater visibility over an applicant’s history.

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Future Drought Fund

The Coalition’s Future Drought Fund passes the Lower House, clearing the way for farmers to access $100 million for drought preparations and response from next year.

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Deductions you can claim

Everyone wants a great tax refund (or the lowest tax to pay). We’re here to help you claim every last dollar you can, by working for you, not Mr Taxman. Here are 4 key essentials to get you started.

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Cotton grant program

Aussie Cotton Farmers Grow Communities is a grant program that aims to help support cotton-growing communities across Queensland and New South Wales. Applications close 30 August 2019.

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Economic Update as at 30 June 2019

Global equities rebounded in June following the sharp sell-off in May, with overseas developed shares rising 5.9% in hedged terms. Progress on trade talks and strong indications from central banks to move to more accommodative monetary policy supported the risk-on environment for investors.

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Let us know what you think to win

Competition time! Leave Carrick Aland a Recommendation on Facebook or a Review on Google MyBusiness by 31 August 2019 and you’ll go into the prize draw for a $250 gift card from RM Williams. Good luck!

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Tax, super and minimum wage changes

Another financial year dawns and already we’re inundated with changes to tax, superannuation and payroll. From tax concessions to a super overhaul, plus changes to the minimum wage and child care subsidies, use this guide to help you get across everything you need to know.

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Salary and wage earner deductions

You can claim a deduction for the cost of buying and cleaning occupation-specific clothing, protective clothing and unique, distinctive uniforms, but your record keeping needs to be spotless.

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EOFY Tax tips for primary producers

Learn why some of the best tax planning measures available to primary producers are effectively utilising the farm management deposits scheme, income averaging and other primary producer-specific tax concessions this tax time.

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Financial literacy case study

It can be easy for financial professionals to assume their clients understand their financial statements but we still come across those who don’t. Read why we’re redoubling our efforts to ensure our clients understand the basics from their financials.

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No tax deductions for unmet tax obligations

To ensure that you don’t lose your tax deduction for your employee or contractor payments, lodge your BAS on time, lodge your STP events every time you pay wages and withhold the correct amounts from your payments to employees and subcontractors. Read why.

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Economic Update as at 31 May 2019

Global equities experienced a sharp sell-off during May, with Overseas Developed Shares falling 6.0% in hedged terms. The turnaround in market sentiment, from the first four months of the year, was sparked by increased trade tensions between the US and China, as well as President Trump’s announcement of tariffs on Mexico.

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2019 Tax Planning

Now that the Federal Election has been won by the Coalition, our combined focus needs to be on how you can save tax before 30 June 2019! Read on for more information on how the tax offset may directly reduce the amount of tax you have to pay.

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New Minimum Wage announced

The Minimum Wage Panel on 30 May 2019 handed down its minimum wage decision for 2019. From the first pay period commencing on or after 1 July 2019, the National Minimum Wage will increase to $740.80 per week, or $19.49 per hour.

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