One of the key determinants of how much income tax you pay, and how much you get back as a refund depends on how well you’ve maximised the deductions you’re entitled to claim. Some people are better at this than others, which explains why the amount paid in tax, based on tax rates alone, isn’t a level playing field.
Following my previous post from last week, being aware of the emotions you are experiencing will help you maintain your focus on the bigger picture. Are you feeling anger, fear, apathy, distress or turmoil? If so, there’s a good chance that they are affecting your decisions in regard to day-to-day life and your financial situation.
At the moment, every day brings something different. Good and bad news reports, kids’ home learning journeys, adults’ experiences working from home, volatile share markets, government restrictions, social media challenges – you name it, they have become part of our lives since Covid-19 became a household name a little over a month ago.
The blanket coverage of coronavirus and its impact on the economy can lead to a lot of confusion right now. Some reports are hopeful of anti-viral drugs, others say a vaccine is at least a year away. There is talk of curve flattening but still rising cases and deaths. There is news of an easing in lockdowns but also worries about “second waves”.
In March 2020, the federal government announced early access to super as one of their measures to support people experiencing financial hardship during the COVID-19 pandemic. Find out some things to consider when looking at this option to take the pressure off your finances at this challenging time.
Share markets pushed higher again over the past week on the back of a declining number of new coronavirus cases in several countries raising the prospect of a relaxation in shutdowns, as policy stimulus measures continued to provide confidence that the economic downturn may be relatively short and as talk of a cut in global oil production boosted energy shares.
