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Gross Disposable Australian Household Income rises by 58% from 2004 to 2012

The average gross disposable income of Australian households grew 58 per cent in the eight year period between 2003-04 to 2011-12, according to figures released by the Australian Bureau of Statistics (ABS). The following shows that prime growth area was… Read the rest

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Banks: NAB Transaction Fee Refund – VDC

Australian Banks: Transaction Fee Refund – VDC

A surprise credit on my Bank statement this month: I got $27.38 credit to my account with the words: “Transaction Fee Refund – VDC”. No clue what this was… Why did the bank… Read the rest

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Claiming Australian Superannuation back when leaving Australia

When leaving Australia for good, you may wish to claim as much of any Australian Super as you can. This can be reclaimed in some circumstances before you reach retirement age. australia.gov.au/service/superannuation-departing-australia If you are a former temporary resident, you… Read the rest

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Salary Sacrifice and Compulsory Super

Salary Sacrifice and Compulsory Super

Compulsory Super is the 9.5% (from July 2014) that an employer must pay you on top of your taxable wages. Salary Sacrifice can cover among other things, a contribution to your own Super. Add the… Read the rest

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Reserve Bank of Australia Cash Rate September 2013

Australian Reserve Bank Cash Rate 3rd September 2013

At its meeting today, the Board decided to keep the cash rate unchanged at 2.50 per cent. Other Key Information from the http://www.rba.gov.au Cash rate: 2.50% [effective 3 September 2013] Inflation rate:… Read the rest

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Medical Tax Offset

Medical Tax Offset The Net Medical Expense Tax Offset (NMETO) is to be phased out, and only the taxpayers who claim the offset for the 2012-2013 income year will be eligible to claim in future years. By 2019 this will… Read the rest

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Australian Tax on a Working Holiday Visa WHV

The Australian Financial year has now ended, and many are looking at doing their Tax Returns, and claiming back whatever tax they have overpaid during the year. Those visitors on a Working Holiday Visa are no exception, especially as they… Read the rest

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GBP v AUD June 2013

The value of the British Pound at the moment is appearing to be very good in the eyes of many, especially those that are new to watching this particular currency comparison. The next two graphs though show two very different… Read the rest

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May 2013: Australian Reserve Bank Cuts Interest rates

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 2.75 per cent, effective 8 May 2013. This seems to be an unexpected cut… (adsbygoogle = window.adsbygoogle || []).push({}); Adverts help to cover… Read the rest

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Compulsory Superannuation Scheme in Australia

The minimum Superannuation contribution from your Employer is rising to 9.25% from July 2013. The majority of Workers in Australia, have had individual Superannuation schemes since 1992 when the Compulsory Superannuation Scheme was first set up. From 1 July 2013… Read the rest

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Term Deposit Accounts and the Inactive Bank Account Legislation 2013

The Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012, has raised many questions about what happens to peoples money if they do not touch it for over 3 years, and the bank cannot contact them to keep the… Read the rest

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UK State Pension Changes from 2016, 2017

18 March 2013

On Monday 18 March, the Government announced that, subject to Parliamentary approval of the Pensions Bill, the single-tier pension will be introduced in April 2016. http://dwp.gov.uk/policy/pensions-reform/state-pension This reform will affect people who reach State Pension age from… Read the rest

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Superannuation information for temporary residents departing Australia

The vast majority of workers in Australia, will have superannuation (super) contributions paid by your employer into a super fund of your choice. This is to provide your financial benefits when you retire. However, if you are not staying in… Read the rest

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Unclaimed Australian Super rules

Unclaimed Australian Super rules New legislation affecting Superannuation Accounts that are considered “inactive” will come into effect soon. The two main changes to the Unclaimed Super rules are: Paragraph 24B(1)(b) Omit “$200”, substitute “$2,000”. 6 Paragraph 24B(2)(b) Omit “5 years”,… Read the rest

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Opening an Australian Bank Account from the UK

AUSTRALIAN BANKS with Facilities in the UK to assist in opening an Australian account Commonwealth Bank, Financial and Migrant Section, London EC4V 4HA, Tel: 0207 710 3990 HSBC Bank, International Branch Tel: 020 7991 7278 (HSBC UK now appear to… Read the rest

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Inactive, Dormant, Unused Bank Accounts in Australia

New rules change the inactive bank account law from SEVEN to THREE years, but now allow Interest to be paid. Inactive bank accounts in Australia, after SEVEN years of inactivity, have previously had any balance transferred from the holding Bank,… Read the rest

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Centrelink (Australia) and Department of Social Security (UK)

For those of us who left the UK sometime ago, this bit of info may be news to us: The Department of Social Security (DSS) is a defunct governmental agency in the United Kingdom, which was superseded by the Department… Read the rest

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November 2012: RBA Interest Rate unchanged at 3.25%

At the Reserve Bank meeting today, Tuesday, 6th November 2012, the Board decided to leave the cash rate unchanged at 3.25 per cent. Current Bank Variable Rate Home Loans: NAB: Base Variable Rate Home Loan 6.08% pa Choice Package $250,000… Read the rest

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