Our plan for the new year was to forget about Covid for a while and concentrate on things to do with personal finance. Well, events have caught up with us and Covid is moving through the community at a very rapid rate. So, we want to start the new year with a word of thanks to the best Australians.
The extraordinary growth in the price of housing in Australia leaves new home buyers increasingly reliant on the ‘bank of Mum and Dad’ to get a foothold in the property market. Six figure cash gifts are increasingly being reported. The movement of money from one person to another often raises questions about the safest way for that money to be transferred.
Every year the Australian Tax Office releases it’s own version of it’s ‘Hottest 100.’ Well, not really. What the ATO actually does is ask us to imagine that there are only 100 taxpayers in Australia – and then give us a profile of what that 100 people look like, according to their tax returns. This helps us put our taxpaying efforts in perspective.
This week, we saw another version of the tug of war at play in Australia’s residential property market. APRA is trying to pull prices in one direction while other arms of Government strive for the opposite result. Time will tell whose arms are stronger, but people wanting to buy homes should be barracking for APRA. A win for APRA would save people years of hard work.