British working holiday visa holders in Australia have been forced to pay a flat rate tax higher than Australian residents without the tax-free threshold. The tax has been overturned as an English backpacker took Australia to court and won the favour of our High Court. The high court made the decision because the international…
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Small adjustments to our spending habits executed over our working life can have significant impacts on our retirement wealth, regardless of how little we earn. Take Susan for example who earns $750 per week. She rents an apartment in Perth and pays $400 per week in rent. She spends $200 on food and $150 on…
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If your accountant says you can legally save tax by storing your money in places inhabited only by penguins, seals and seabirds, red alarm bells should be ringing in your head. It’s time to find a new accountant. Whilst having money in overseas accounts is not necessarily against the law, deliberately evading paying tax by…
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If you have a subscription service such as TaxFitness that allows you to use newsletter content to send to your own clients, there is a very easy method to import the content into your own MailChimp account. If you don’t have a free Mailchimp account, sign up with Mailchimp here, otherwise proceed to step 1.…
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The Pandora Papers are 11.9 million financial records (2.94 terabytes) of shell companies and trusts leaked online from around the world. The records were shared online by the International Consortium of Investigative Journalists (ICCIJ). The leak opens our eyes to where the world’s politicians and super-rich keep their money. It turns out, tax avoidance through…
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The average engagement fee for a real estate agent to sell a property is $15,000. The pros of using a real estate agent are: Reach more potential buyers. Get the best offer from interested parties. Industry knowledge and advice e.g., know what your house is worth and how to get the most out of the…
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In the good times when there is a huge demand for a particular resource, it’s human nature to get the sense that demand is limitless. But economic principles and history show us that this is never the case. When demand is strong, we tend to ramp up production and everyone gets in on it. And then,…
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The banknote, bill or ‘paper money’ is a piece of paper created by a licensed authority such as a bank and used for the exchange of goods and services. As a rule, national banknotes are legal tender. In other words, the court of the country has recognised the banknotes as payment. The first banknote was…
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There are so many options for credit these days, it’s almost impossible for young people to stay out of debt. You are financially vulnerable between the age of 18 and 25 and credit companies take full advantage. Companies target young people with the aim of getting them into as much debt as quickly as…
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Life is challenging enough without the extra burden of disaster and pandemics such as COVID-19 or bushfires. Here are some tips and resources to help you take control of your finances when your life is turned upside down. Watch out for scams – Unfortunately, when we are vulnerable, scammers and criminals see opportunity. Be particularly…
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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2