Rising SMSF Numbers Reflect Strong Investor Confidence The latest ATO Self-Managed Super Fund (SMSF) quarterly statistical report for December 2024 has confirmed that the SMSF sector is continuing its strong growth, with nearly 9,000 new SMSFs established in the last quarter alone. The total number of SMSFs now stands at 638,411, marking an increase of […]
SMSF Sector Growth Rising: Key ATO Insights for 2025 Read More »
Industry Groups Call for Urgent Legislative Update The NSW Payroll Tax Act is under scrutiny as industry leaders warn that its current classification of mortgage brokers as employees of aggregators could result in significant financial strain on independent brokers and small brokerage firms. The Mortgage and Finance Association of Australia (MFAA) is leading calls for
NSW Payroll Tax Changes Adding Major Costs for Brokers Read More »
Aussies Consider Longer Loan Terms to Ease Mortgage Stress As the cost of living crisis continues, one in three Australians say they would consider taking on a 40-year mortgage to reduce their monthly repayments, despite the significant long-term financial impact. New research from Finder shows that while extending the loan term can provide short-term relief,
40-Year Mortgages: Key Risks Every Borrower Should Know Read More »
Small Businesses Under Pressure as Insolvencies Reach Record Highs Western Australia has seen a staggering 42% increase in business insolvencies, with over 1,000 businesses shutting down between January and December last year. This dramatic rise, revealed by recent ASIC data, highlights the severe financial distress faced by business owners across the state. The construction and
WA Business Closures Rise—Protect Your Business Now Read More »
Westpac has cut its fixed mortgage rates as competition intensifies among Australia’s major banks, anticipating a potential Reserve Bank of Australia (RBA) rate cut next week. This move signals a shift in the lending landscape, providing borrowers with lower-cost options in a market that has been dominated by high interest rates. Westpac Leads Fixed Rate
5.69% Fixed Rate: Westpac Leads Banks in Mortgage Rate Cuts Read More »
The Australian share market experienced volatile trading as the corporate reporting season picked up momentum, with mixed earnings results influencing investor sentiment. Meanwhile, Commonwealth Bank of Australia (CBA) posted a strong profit increase, and several major lenders responded to shifting economic conditions by cutting fixed mortgage rates. ASX Swings as Earnings Reports Roll In The
ASX Updates: Earnings Season, CBA Results & Rate Cuts Read More »
Sweeping Changes to Foreign Resident Capital Gains Withholding Rules The Australian Taxation Office (ATO) has introduced significant changes to its Foreign Resident Capital Gains Withholding (FRCGW) regime, now requiring all Australian property sellers—not just foreign residents—to obtain a clearance certificate. Effective 1 January 2025, these updated regulations mean that anyone selling property in Australia must
ATO Introduces 15% Withholding for Property Sales in 2025 Read More »
Starting a business in Australia? One of the first steps is obtaining an Australian Business Number (ABN). Whether you’re a sole trader, partnership, company, or trust, an ABN is a crucial identifier that helps streamline business transactions and tax obligations. In this guide, we’ll break down what an ABN is, why it’s important, and how
Starting a Business in Australia? Why an ABN Matters Read More »
Superannuation is one of the most powerful wealth-building tools available to Australians. With compulsory employer contributions, generous tax incentives, and the ability to tailor investments to suit your financial goals, your super can be the foundation of a comfortable retirement. However, changing regulations, tax considerations, and investment choices can make navigating superannuation complex. At Boa
Is Your Super on Track? Wealth & Tax Efficiency Tips Read More »
As the Reserve Bank of Australia (RBA) signals potential interest rate cuts, hopeful home buyers are gearing up by securing financing in larger numbers. However, while lower rates will boost buyer sentiment, they may not unleash a massive surge in demand—at least not immediately. Mortgage Applications on the Rise, But No Floodgate of Demand Recent
Is Now the Right Time to Buy Property? Weighing Key Factors Read More »