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Newsletter – January 2021

21/01/2021 by Pascoe Partners Accountants

Newsletter – January 2021

 

January 2021

Happy New Year! As 2021 gets underway, we hope you and your families enjoy a safe, happy and prosperous year ahead. While we are not out of the woods yet, there is cause for optimism.

December was a busy month on the economic calendar. Global equity markets surged on optimism about the imminent rollout of several promising coronavirus vaccines and the prospect of another US stimulus package. And in a pre-Christmas miracle, the UK signed a last minute, post-Brexit trade agreement with the European Union.

In Australia, the government’s Mid-Year Economic and Fiscal Outlook (MYEFO) projected a $197.7 billion budget deficit this financial year, down from the $213.7 billion forecast in the October Budget, as our economy recovers quicker than expected from the COVID-19 recession. Growth rebounded 3% in the September quarter, on continued support from low interest rates and government stimulus. Unemployment fell from 7% in October to 6.8% in November, which no doubt helped push consumer sentiment to a decade high in December.

Consumer confidence was also evident in the market for new detached homes, with sales up 15.2% in November, a decade high. High demand lifted residential property values 3% on average in 2020, with Melbourne the only market with falling prices. Regional prices (up 6.9%) outshone capital cities (up 2%). We also splurged on cars, with new car sales up 12.4% in the year to November and used cars sales up almost 30% in 2020. The Aussie dollar stood at US77c on New Year’s Eve, up 10% over the year.


Soaring to success in 2021

Soaring to success in 2021

The start of a new year is a great time to reassess where you are in life, your career or business – decide what you want to achieve and put some strategies in place to work towards achieving even your most ambitious goals.

The start of this new year is a little unusual as for many of us, 2020 was a challenging year. The hopes and dreams we had for 2020 may not, in many cases, have come to fruition as planned, whether they were related to your business, your career…
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Retrain your staff with the tax man's help

Retrain your staff with the tax man’s help

For many business owners, fear of incurring a Fringe Benefits Tax (FBT) bill has kept them from retraining and re-skilling their employees to perform different roles or activities within the business.

But a new exemption announced by the government as part of last year’s Federal Budget is changing all that.

If COVID-19 has meant you need to transform your business and the responsibilities of some of your employees, now could be a great time to consider reskilling your existing staff.

Training and the FBT burden

Traditionally, if you provide…
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2020 Year in Review

2020 Year in Review

Just as we were recovering from the long drought and the worst bushfires on record, the global coronavirus pandemic took hold and changed everything.

Suddenly, simple things we took for granted, like going to the office or celebrating special occasions, were put on hold. While life is still not back to normal, Australia is in better shape financially than many people expected at the height of the economic shutdown.

Take superannuation. Far from being a wipeout, the average superannuation growth fund is on track to finish 2020 with a positive…
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Getting your balance back

Getting your balance back

Overindulge over the holiday period? You’re certainly not alone, but now it’s time to get back on track. Early in the year makes for the perfect time to dust yourself off and recommit to a your version of a balanced, healthy life.

Consider all aspects of your life

Before rushing ahead to create new goals and habits, take some time to consider all aspects of your life and what it looks like at present. This will help you work out how to achieve a better balance.

Are you working…
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Casey Stein CRN 518286 is an authorised Broking representative of Pascoe Partners Finance under ACL 389328 ABN 96 150 439 482. David Williams is an authorised Financial Planning Representative of Pascoe Partners Wealth under AFSL 403566 ABN 96 150 439 482 Pascoe Partners Accountants ABN 57 895 123 851 This advice may not be suitable to you because contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.