December is here which marks the official start to summer, unfortunately we are already seeing the devastating impacts of the bushfire season. We would like to take this opportunity to express our heartfelt thanks to the firefighters, emergency services personnel and community members who have been working tirelessly to save lives and property.
On the economic front, interest rates remain on hold at 0.75%. Reserve Bank Governor Philip Lowe said he would only consider unconventional measures to stimulate the economy if rates fell to 0.25%. He ruled out negative interest rates but said he might consider buying government bonds.
Australia trade surplus rose for the 21st successive month in September, as our annual trade surplus with China hit a new record of $67.3 billion. Our exports have been supported by the weaker Australian dollar which eased in November from US69c to US67.7c.
Over $100,000 raised for Bendigo Health Cancer Centre
It’s pretty amazing when local businesses work together for a cause they are passionate about. On the first weekend of December the inaugural Motopostie GP was held, an event raising money for the Cancer Wellness Centre at Bendigo Health.
The race had over 80 postie bikes competing, which were allowed to be modified to any extent. John Hazeldene sourced the bikes from Australia Post from around the country, some coming from as far as Perth.
AFS Partner Graeme Stewart pulled on the leathers and raced around the track on his ‘AFS Racing Team’ postie bike, unfortunately not bringing home a win. AFS donated $1,000 to the cause, as well as providing all accounting services pro bono, to the value of almost $4,000.
Hats off to John Hazeldene and his team who brought this event together. A great achievement for the Bendigo community.
Also in this update:
- Inactive ABNs to be cancelled
- Benefitting from your business tax losses
- Health insurance and your tax: uncovered
- Sick leave win could flow on across Australian workplaces
- Capital Gains Tax update
- Superannuation update
- Thinking about setting up an SMSF?
We hope you enjoy this edition of the AFS Client Update. Should you wish to investigate any of these matters further, please contact our office on 03 5443 0344.
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