Money

Young professionals are maximising their tax return with these expert tips

“Dr. Enticott Offers Tax Tips for Young Professionals: Deductions, Salary Packaging, and EV Benefits in Australia.”

Published

7 months ago

March 4, 2025

Steven Enticott

Dr. Enticott Offers Tax Tips for Young Professionals: Deductions, Salary Packaging, and EV Benefits in Australia.

Tax Tips for Young Professionals in 2025: How to Keep More of Your Money!

As tax season approaches, young professionals have the opportunity to maximise their returns and keep more of their hard-earned money. Whether you’re lodging your own taxes or considering professional help, understanding deductions, salary packaging, and super contributions can make a significant difference. Here’s how to make the most of your tax return in 2025.

Claim Every Deduction You’re Entitled To

Many young professionals miss out on valuable deductions simply because they’re unaware of them. Work-related expenses such as home office costs, professional development courses, union fees, and industry-related equipment can all be claimed. Keep receipts and records to ensure you don’t miss out on eligible deductions.

Avoid Common Tax Mistakes

Errors such as misreporting income, forgetting to declare side gigs, or claiming ineligible deductions can trigger audits or delays. Using tax software or consulting a tax professional can help you avoid costly mistakes and ensure you receive the maximum refund possible.

Should You Use an Accountant?

While lodging your own taxes through the ATO’s myTax platform is free and straightforward for many, an accountant can help you navigate complex deductions, investments, or business income. If your financial situation involves multiple income streams or investments, professional assistance may be worth the cost.

Reduce Tax Through Salary Packaging & Super Contributions

Salary packaging items like laptops, work-related travel, or even your mortgage can help reduce taxable income. Voluntary superannuation contributions also offer tax benefits and boost your retirement savings.

By staying informed and proactive, young professionals can ensure they get the best possible outcome this tax season.

Dr Steven Enticott is a finance professional, speaker, regular columnist, and author of The Man With A Plan.

For more information www.ciatax.com.au

Money

Fed cuts rates, signals more potentially ahead

Fed lowers rates amid job market concerns, signalling potential further cuts in upcoming meetings

Published

5 days ago

September 18, 2025

Ahron Young

Fed lowers rates amid job market concerns, signalling potential further cuts in upcoming meetings

In Short:
– The Federal Reserve cut interest rates by a quarter-point to address job market concerns.
– Officials expect at least two additional rate cuts by year-end amid ongoing economic uncertainties.

The Federal Reserve has reduced interest rates by a quarter-point, addressing concerns about a weakening job market overshadowing inflation worries.

A majority of officials anticipate at least two additional cuts by year-end during the remaining meetings in October and December.

Fed Chair Jerome Powell noted a significant shift in the labour market, highlighting “downside risk” in his statements.

The recent rate cut, supported by 11 of 12 Fed voters, aims to recalibrate an economy facing uncertainties from policy changes and market pressures.

Policy Dynamics

The decision comes amid intense political scrutiny, with President Trump openly criticising Powell’s reluctance to lower rates.

Despite the controversy, Powell asserts that political pressures do not influence Fed operations.

The current benchmark federal-funds rate now sits between 4% and 4.25%, the lowest since 2021, providing some reprieve to consumers and small businesses. Economic forecasts indicate ongoing complexities, including inflation trends and the impact of tariffs on labour dynamics, complicating future policy decisions.

Money

Fed faces unusual dissent amid leadership uncertainty

Fed’s Powell navigates contentious meeting amid Trump-appointed dissenters as rate cut looms and succession contest heats up

Published

6 days ago

September 17, 2025

Ahron Young

Fed’s Powell navigates contentious meeting amid Trump-appointed dissenters as rate cut looms and succession contest heats up

In Short:
– This week’s Federal Reserve meeting faces unusual dissent as Chair Powell approaches his term’s end.
– Analysts predict dissent over expected rate cuts due to political pressures from Trump-appointed officials.

This week’s Federal Reserve meeting is set to be particularly unusual, with Chair Jerome Powell facing significant disagreements over future policy as he approaches the end of his term in May.Tensions began before the meeting when Fed governor Lisa Cook won a court ruling allowing her to attend, despite opposition from President Trump, who is attempting to remove her.

The situation is further complicated by the recent swearing-in of Trump adviser Stephen Miran to the Fed’s board, following a Senate confirmation.

Analysts believe Powell may encounter dissent on an expected quarter-percentage-point rate cut from both Trump-appointed officials and regional Fed presidents concerned about inflation.

Potential Dissent

Trump has urged significant rate cuts and for the board to challenge Powell’s decisions.

Some analysts predict dissenting votes from Miran and other Trump appointees in favour of larger cuts. Federal Reserve veterans express concerns that political motivations may undermine the institution’s integrity, with indications that greater dissent could become commonplace.

Money

RBA plans to ban credit card surcharges in Australia

Reserve Bank of Australia plans to ban credit card surcharges despite banks warning of potential higher fees and weaker rewards

Published

1 week ago

September 16, 2025

ticker NEWS

Reserve Bank of Australia plans to ban credit card surcharges despite banks warning of potential higher fees and weaker rewards.

In Short:
– The RBA plans to ban surcharges on debit and credit card transactions, supported by consumer group Choice.
– Major banks oppose the ban, warning it could lead to higher card fees and reduced rewards for credit card users.

The Reserve Bank of Australia (RBA) intends to implement a ban on surcharges associated with debit and credit card transactions. Consumer advocacy group Choice endorses this initiative, arguing that it is unjust for users of low-cost debit cards to incur similar fees as credit card holders.

The major banks, however, are opposing this reform. They caution that the removal of surcharges could prompt customers to abandon credit cards due to diminished rewards.

A final decision by the RBA is anticipated by December 2025.