July 2013 Investment Viewpoint

Morgan Stanley here in Adelaide have released their July Investment Viewpoint. 

"In June, Australian equities were unnerved by - 1) US Federal Reserve comments on the winding down Quantitative Easing (QE); 2) A spike in money market interest rates in China; and 3) Concerns over a domestic downturn...Nevertheless, an imminent resources production boom, the lagged impact of stimulative monetary policy, and even a change in Government, are some tailwinds that should mitigate the downside (in our firm’s view)."

Read more: Morgan Stanley Investment Viewpoint July 2013

Posted: July 03, 2013 | 0 comments

Individual tax refunds now EFT only

From 1st July 2013, the Tax Office will require individuals expecting a refund to provide bank account details to process the refund via EFT. This means the days of receiving a cheque for your refund, attached to the bottom of your assessment notice, are over. All refunds arising from the lodgement of individual income tax returns will now be electronically transferred.

Naturally, if you're a Dewings client, we'll make sure that we have asked you for your bank account details before lodging your return, to ensure there is no disruption to the timely receipt of your refund.

You can read more about the change at the Tax Office website.

Posted: July 02, 2013 | 0 comments

Compulsory employer super increased to 9.25%

The compulsory employer superannuation contribution rate for employees increased on 1st July 2013, from 9% to 9.25%.

This is the first stage in the Government's plan to grow retirement savings through increased superannuation. The compulsory rate will increase gradually over the next few years until it reaches 12% by 1st July 2019.

You can find more details, including a table of the rates that will apply and when they take effect, at the Tax Office website.

Please make sure you update your payroll and accounting systems to ensure that the new rate applies from 1st July.

Posted: July 01, 2013 | 0 comments