The Federal budget for 2019-20 is now available!

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The 2019-20 Federal Budget contains few surprises and only a modicum of major initiatives: one is tempted by the view that even the Government doesn’t have its heart in it.

The major – and widely expected – initiative is an extension of the Government’s personal income tax cuts from those announced in the 2018-19 Budget which match and raise the more generous benefits which Labor announced in response to the Government’s previous measures: at a cost of $5.7 billion over four years.

Treasurer Josh Frydenberg said in his Budget “Lockup” press conference the Government would not try and force this measure through Parliament before it is dissolved for the election but would take the package to the electorate.

This contrasts with the Government’s “Power Rebate” announced before the Budget and included in it, which the Government does plan to try and push through before the election.

Other major Budget measures are:

• An extension of the small business instant asset write-off, with an increase of $5000 in the amount to $30,000 and an increase to $50 million (from $10 million) in the size of business eligible for the concession (See Small Business)

• $4 billion over four years for increased infrastructure spending

• $1 billion in increased Medicare spending (See Health) • $530 million for the Disability Royal Commission

• A small concession removing the work test for superannuation contributions for people aged 65 and 66 (See Superannuation).

The Budget’s biggest saving is a $2 billion windfall to come from a tightening of welfare payments to recipients who are also working, using the controversial automated ‘Single Touch Payroll System’ which businesses are being forced to adopt. The Budget contains little information about how this will operate but says, “From 1 July 2020, income support recipients who are employed will report income that is received during the fortnight, rather than calculating and reporting their earnings. Each fortnight, income data received through an expansion of STP data-sharing arrangements will also be shared with the Department of Human Services, for recipients with employers utilising STP.”

(Click here to View/Download the complete document)

Ins and outs of funeral insurance

Ins and outs of funeral insurance

Before purchasing funeral insurance, it is essential to check whether it is the right choice for you. Specifically, if it will be worth the expense, you will pay in premiums.

Take a look at these considerations.


Can help you save
It is a handy way to make sure you save enough funds to cover your funeral expenses.

Instantly covered (with exclusions)
You can be covered immediately.


Exclusions apply
Only accidental death is covered for the first two years in most policies. Should you die from another cause, you may find that you are not covered.

Rising premiums
More than likely your premiums will increase over time. A policy that may seem initially like the best cost-effective solution could, in reality, be expensive in the long run.

Premiums can exceed the cost of your funeral
As Australians continue to live longer, you could end up paying more in premiums than the cost of your funeral.

Your beneficiaries must wait for payouts
Your family members may have to wait to receive an insurance payout to cover your funeral costs.

Non-refundable premiums
Should you cancel your policy or find you can no longer afford to pay the premiums, you generally can not receive a refund on the premiums you have already paid.

It is always important to check the terms and conditions of a policy before making your final decision.

What Are The Key Roles of a Chartered Accountant?

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A chartered accountant plays a major role in offering financial advices, auditing accounts and maintaining authentic information about financial records.  From bookkeeping and finding cost cutting techniques to providing financial guidance, the accountants will provide a vertical spectrum of services and help maintaining the financial health of your business.

Key Roles of a Chartered Accountant:

Managing Expenses:

The chartered accountants conduct in-depth analysis of your company’s financial statements and expenses to ensure that the fund is being spent as efficiently as possible. Apart from auditing your accounts, these professionals also devise strategies that can help improving the economic condition of your business.


The accounting professionals help maintaining the records of financial transactions of your business. They will regularly update purchase book, sales book, receipt books and payment book, and prepare the income statements with ultimate transparency.

Cost Cutting:

The chartered accountants will come up with realistic budgets and analyze the performance of your business on that budget. They will also visit us figure out the expense, introduce cost control methods and assist you with balancing the fixed and variable costs.


The tax accountant can disclose all the possible ways to save on tax bills. In addition, they will help you filing tax returns, represent assesses before the income-tax authorities and advise you on different types of taxes that you are liable to pay.

Financial Advice:

With any accounting firm, you will have access to a financial advisor who gives ultimate advice on investments, tax laws and insurance decisions. They will summarize your current financial situation and structure the most effective financial plans that best work for you. The professionals will constantly review your progress and growth of your business to avoid pitfalls in the future.

At Glance Consultants, we have a team of chartered accountants, tax agents, financial advisors and SMSF consultants who can provide sound advice and expert assistance on making financial decisions. Having our expert at your service will give you peace of mind knowing that you will receive the most practical solutions for all the complicated financial issues. With our professional experience, we work for you and endeavor to meet your business objectives.

Do you need financial advice? Not sure what to invest on? Just give us a call on (03) 9885 9793.

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