Tuesday 19 Mar 2019
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Resources to help understand and implement Single Touch Payroll (STP)
Big fines, prison on the cards as new SG penalties introduced
Extra website resources and tools is one way we offer you and your family more.
FBT Exemption for Various Work Vehicles
Tax payable on expenditure recoupments
ATO identifies SMSF contravention red flags
Who wins dispute about taxable income?
Australia - facts & figures March 2019
Strategies to handle scam phone calls and problem e-mails.
Instant asset write-off threshold upped to $25k
Jail time for GST fraud
Correcting GST Errors
Fuel tax credit rates raised
ATO set to contact clients for overdue TPAR
Reminder on Victoria Property Duties
How Australia is performing.
Global outlook summary: Down but not out
Bookkeepers remind on incoming TPRS obligations
Golden Rules for Deductions
How's Australia going - vital statistics?
Tax, SMEs set to be ‘political football’ in 2019 as election nears
Cap lifted on popular financing option for clients
Expiry of 900,000 interest-only loans set for January
Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
Tax Office sounds alarm on popular property strategy
Our Advent calendar for 2018
‘Please do not panic’: ATO boss addresses STP concerns
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Articles
Pension Payment Minimums for 2010/11
3 Tax Time Checklists - Company, Individual and Superannuation Fund
Overseas Investment in Australia – Confusion reigns.
Bank Fees Dropping
Personal Credit Ratings – Part 2
Develop a more complete understanding of your financial position by using the Calculators / Financial Tools on this site.
Henry Report - a note on the Report's recommendations
Income Tax Assessment Process Still Struggling
2010-11 Commonwealth Budget
End of Tax Payment Concessions
Australian Taxation Office (ATO)
Bank Fees Dropping
In response to market pressures, the major banks are reducing their standard fees.

Since September 2009 banks have taken the uncharacteristic step of reducing or eliminating many of their monthly account fees.  This was in response to business pressure because they were losing business to zero fee account providers such as ING and Suncorp and to Cash management Trust providers such as Macquarie and Colonial.

The abolition of overdrawn account fees by the NAB and significant reduction by others, should benefit many customers.  What time will tell, is whether customers will be able to overdraw an account in future without any prior arrangements.  This could cause some embarrassment and that may, for some, outweigh the reduction in fees.

If you were accustomed to overdrawing your account, then it is quite probable that in the future that ‘service’ will no longer be available.

You need to be alert to the fine print– for example although the ANZ overdrawn fee has reduced from $35 to $6, it will be charged daily rather than just once.

Many Credit Unions and Building Societies have offered better deals on fees for many years and still have ‘periods of grace’ within to fix errors.

It seems that banks have taken the view that all customers would prefer to pay no fees rather than receive interest and that consumers don’t care about the net result.  There was a time when pensioners particularly, could avoid bank fees and increase their pension, by leaving large amounts in cheque accounts no paying interest.  Banks were the winners, pensioners the losers.

It is still important to consider the interest earned options for surplus funds and the net result, with each banking facility.

 



11th-June-2010