Client update | October 2019

It’s October, a turning point in the year when the days begin to get longer and many states switch to daylight savings. Time to spring clean your home, your finances or your business ahead of the summer rush.

Economic update

The start of the month saw interest rates at historic lows with a cut to 0.75%. Australia’s budget deficit shrank to $148 million in the year to May, effectively balanced and below estimates at the time of the April Budget. Trade surplus hit a record $52.3 billion in the year to July, underpinned by another record surplus with China.

September was a month of continuing uncertainty on the global stage. The ongoing US-China trade dispute, political turmoil in the UK with Brexit and a drone strike on a Saudi Arabian oil processing plant all weighed on financial markets. Oil prices initially spiked then eased to finish the month up almost 5%. As a result, Australians are paying more for fuel, with the average price of unleaded petrol rising to $1.49 a litre by the end of September, 8c above the 12 month average.

Unemployment edged up to 5.3% in August, the highest level in 12 months, while job vacancies fell 1.9% in the year to August, the biggest decline in over five years. The Australian dollar rose slightly to US67.5c.

A helping hand for HeyVan

Funds raised from the AFS/Venture team for casual cash this quarter are being donated to HeyVan, an initiative of Haven; Home, Safe that launched earlier this year.

HeyVan is a mobile street-based service that aims to prevent and respond to homelessness, stopping at various locations in Bendigo and providing basic foods and essential items to those living rough.

HeyVan has assisted more than 100 rough sleepers in seven months, with funding available to assist up to 120. The program initially began in Bendigo and has since expanded its service to Swan Hill with a ute known as the HeyYou-t.

Our donation will be used to purchase Essential Cards. Donations also cover everything from basic ready to eat foods, bottled water, blankets, sleeping bags, phone cards and more for those most vulnerable in our community.

For more details visit heyvan.com.au or to support with a donation consider signing up to the Workplace Giving Scheme.

 

Also in this edition:

  • Outrageous tax deduction claims
  • Claiming work trips for business owners
  • All employers should now be reporting STP
  • How to improve cyber security in your business
  • Positives and negatives of gearing
  • Queensland bushfire appeal
  • Loans becoming easier to get as banking regulator eases restrictions.

 

Our October client update covers a range of local community news, tax updates and business owner tips. 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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