The biggest news of the month saw the Reserve Bank of Australia cut the cash rate to 1.25% after almost two years steady at 1.5%.
The end of the election uncertainty and the investor friendly policies of the coalition produced a relief rally on financial markets. The Australian dollar bounced back above US69c after falling to three year lows the day before the election, while local shares surged to an 11 year high before losing some of their gains the following day.
Supporting our community – Righteous Pups
Our casual cash recipient this quarter is Righteous Pups Australia. In May our team members Alisha, Jess and Jessica attended a morning tea at ANZ Bendigo where they heard from Joanne Baker, Managing Director of Righteous Pups.
Righteous Pups is a not for profit organisation established in 2003 with a mission to raise and train assistance dogs. From a young age the puppies are trained for autism assistance, medical alert and therapy roles which empower children, teenagers, adults and their families to live with greater independence and quality of life.
The charity is currently seeking more funding to provide a local family with an assistance dog for their daughter with severe autism, anxiety and schizophrenic tendencies. They are currently $4,000 away from being able to have the dog permanently with the family.
If you would like to donate to this worthy cause please visit: www.righteouspups.org.au/donate
ATO HOT SPOTS THIS FINANCIAL YEAR
We have broken down some of the main areas and industries that the Australian Taxation Office will be focusing on this year. See page 3 of the newsletter for full details.
- ATO to ramp up ABN investigations and cancellations
- ATO audits to double for rental deduction claims
- Fringe Benefits Tax: rates, thresholds and ATO focus for 2019–2020
- New ‘TPAR’ reporting for a range of industries
Also in this edition
- Global economic update
- National Blood Donors Week
- Getting prepared for tax time
- Increased instant asset write-off changes now law
- Single Touch Payroll: low cost solutions now available
- Take your leave with you – new laws for long service leave
- Endeavor Finance – finally good news for borrowers.