How a mortgage offset account works

“Mortgage offset accounts”, “offset home loan”, “interest offset account” or simply “offset account” — they are all interchangeable labels for the same financial product provided by banks. It is essentially a savings account that is linked to a loan account. An offset facility contains two bank accounts: (1) a transaction account (meaning you have access

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Super schemes: If in doubt, check it out

The ATO says about super schemes, if in doubt, check it out. The ATO says it has seen an increase in aggressive tax planning schemes targeting retirement savings, at a time when more than one third of Australians are approaching retirement and are looking at ways to maximise their retirement assets and income. Super schemes doubt

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Tax agents! You have some “friendly fire” competition

Tax agents be warned… you have some “friendly fire” competition. The ATO offers help to taxpayers every year from July to October to lodge their tax return. Its Tax Help program is a network of ATO-trained and accredited community volunteers who provide a free and confidential service to help people who need a little guidance

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5 smart things to do with your tax refund

For many people, their tax refund is treated like a mini lottery win. This tax time, consider putting your “gift” from the ATO to good use. Perhaps it’s the modern world we find ourselves in that taxpayers look at their tax refund like it’s a fortuitous windfall gain. But if you look at your refund

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