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Two of Perth’s western suburbs are all that stood between a total eastern states domination of Australia’s premium property markets last year.

Figures released by property analysts RP Data show Nedlands and Cottesloe as the only two non-Sydney or Melbourne suburbs to make the top 20 areas for $1 million-plus house sales last year.

The recovery from the global financial crisis showed in the figures.

There were 122 such sales in Nedlands, placing it 10th nationally, while Cottesloe (15th) clocked up 106 settlements.

The number of sales in Nedlands was a record for the suburb, six higher than in 2007 and almost double that of 2008.

But Cottesloe, while recording an almost 50 per cent increase on the previous year, was 15 short of its 2007 record.

Meanwhile, the seemingly never-ending building of apartment buildings in Earth Perth saw it top the state for sales of $1m-plus units.

The suburb shared the honour with South Perth. Both had 33 sales, placing them 17th nationally.

The number of East Perth sales was also a record for the suburb, beating the previous best of 32, in 2007.

That year, there were a record 52 $1m-plus unit sales in South Perth.

The inner-city Sydney suburb of Pyrmont topped the list, with 95 units sold, while just a few kilometres north, Mosman led the country for house sales, with 271 recorded.

RP Data national research director Tim Lawless said premium property markets generally provided stronger capital gains, mainly due to “inherently tight supply”.

However, they could be tricky for investors because rental yields were much lower, leading to cash flow issues.

Source  :  www.watoday.com.au

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The Minister for Immigration and Citizenship, Senator Chris Evans, said that from 1 January 2010, overseas students who require a new visa to complete their studies at another school or college will be exempt from paying the $540 student visa application charge.

Senator Evans said that although most students will be able to complete their studies on their existing student visa, some may need to enrol in a new course that finishes after their existing student visa expires and will require a new visa.

Twelve education providers have closed in 2009, affecting about 4,700 students. ‘In situations where an education provider can no longer offer a course, the government’s primary concern is the welfare of the student,’ Senator Evans said. ‘We understand that these situations are not the fault of the student and the introduction of a fee exemption will ensure they are not shouldered with an additional financial burden.

In the interim, students will be able to apply to the Department of Immigration and Citizenship for a refund of their visa application fee if they’ve been affected by the closure of an education provider in 2009 and have had to apply for a new student visa. Senator Evans said the government is also increasing the minimum financial requirements for overseas students to ensure they can meet their living costs while in Australia.

From 1 January 2010, prospective overseas students will need to demonstrate that they have access to at least $18000 a year to fund their living costs in Australia, instead of the current $12 000.

The new figure better reflects student costs in Australia and is consistent with information published for international students in Australian Education International’s (the international arm of DEEWR) ‘Study in Australia’ guide.

Living costs are one component of the financial requirements for a student visa. Students must also have sufficient funds for tuition fees, travel costs and costs of any dependents.

‘It is important that students understand these financial requirements are only the minimum amount required for a student visa,’ Senator Evans said.

‘International students can supplement their income through part-time work in Australia but the primary purpose of a student visa is to study and students should not rely on part-time work to meet their expenses.

‘Prospective students are encouraged to conduct their own research so they can make an informed decision about what study in Australia will cost.’

DIAC will also make an assessment of whether the funds demonstrated by students will be available to them while they are in Australia.

‘The Australian Government values international students and is determined to make sure they have a rewarding and successful study experience in Australia, without financial hardship,’ Senator Evans said.

The latest measures will be implemented through regulation change later this month subject to approval by Parliament and the Governor-General.

The changes will support the enhanced integrity measures for the student visa program announced in August this year. Those measures included:

  • upgrading the interview program to build a strong evidence base around fraud
  • removing or restricting eVisa access for some agents where there is evidence of fraud or inactivity
  • restricting access to eVisa for some segments of the caseload if analysis demonstrates restricted access would allow for better control of fraud.

The measures target parts of the student visa caseload in India, Mauritius, Nepal, Brazil, Zimbabwe and Pakistan.

Since these enhanced integrity measures were introduced, there has been an increase in the number of applications being withdrawn, from five per cent in July to 17 per cent in September.

The new figure better reflects student costs in Australia and is consistent with information published for international students in Australian Education International’s (the international arm of DEEWR) ‘Study in Australia’ guide.

Living costs are one component of the financial requirements for a student visa. Students must also have sufficient funds for tuition fees, travel costs and costs of any dependents.

‘It is important that students understand these financial requirements are only the minimum amount required for a student visa,’ Senator Evans said.

‘International students can supplement their income through part-time work in Australia but the primary purpose of a student visa is to study and students should not rely on part-time work to meet their expenses.

‘Prospective students are encouraged to conduct their own research so they can make an informed decision about what study in Australia will cost.’

DIAC will also make an assessment of whether the funds demonstrated by students will be available to them while they are in Australia.

‘The Australian Government values international students and is determined to make sure they have a rewarding and successful study experience in Australia, without financial hardship,’ Senator Evans said.

The latest measures will be implemented through regulation change later this month subject to approval by Parliament and the Governor-General.

The changes will support the enhanced integrity measures for the student visa program announced in August this year. Those measures included:

  • upgrading the interview program to build a strong evidence base around fraud
  • removing or restricting eVisa access for some agents where there is evidence of fraud or inactivity
  • restricting access to eVisa for some segments of the caseload if analysis demonstrates restricted access would allow for better control of fraud.

The measures target parts of the student visa caseload in India, Mauritius, Nepal, Brazil, Zimbabwe and Pakistan.

Since these enhanced integrity measures were introduced, there has been an increase in the number of applications being withdrawn, from five per cent in July to 17 per cent in September.

And to date, more than 150 agents have had their eVisa access suspended due to evidence of fraud or inactivity.

More information on the changes will be available on the department’s website in coming days.
See: What’s New for Students and Sponsored Training?

 

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The Reserve Bank has raised its key interest rate, making Australia the first developed nation to reverse the cycle of cuts triggered by the global financial crisis. Analysts say more increases are on the way.

Today’s 25-basis-point rise pushes the central bank’s cash rate to 3.25 per cent in a move that will add $40 to the average monthly payment for a typical $300,000 mortgage if it is passed on by commercial banks. The extra cost may stretch household budgets at a time when unemployment remains on the rise.

All four of the big banks – Commonwealth Bank, Westpac, National Australia Bank and ANZ – said they have placed their variable interest rates under review.

Source  :  www.watoday.com.au

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A 39-year-old woman from Ellenbrook was arrested for stealing $1.72 million from a Perth training institute she was working at, police claim.

Sergeant Graham Clifford says the woman embezzled the money during a three year period from 2006 until 2009 when she was employed at the training place as a contract bookkeeper.

 Major Fraud Squad detectives had launched an investigation into the 39-year-old after having received valuable financial intelligence from the Australian Transactions Report Analysis Centre. Police charged the Ellenbrook woman with stealing as a servant and fraud.

The 39-year-old has been released on bail until she will appear in Perth Magistrates Court on Monday 24 August.

Source  :  www.watoday.com.au

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The Reserve Bank of Australia (RBA) left interest rates on hold at 3 percent as predicted.                                                 reserve_bank_400

A  survey by AAP had expected the RBA to leave the cash rate at the lowest since 1960.

Treasurer Wayne Swan said last weekend that it was obvious that rates will rise, while Minister for Financial Services, Chris Bowen, warned yesterday that rates can’t stay low forever.

Some economists believe the first rate rise could come this year, but the general view is that rates will remain on hold until the middle of next year.

In a statement released after the announcement, governor Glenn Stevens said the risk of “severe contraction” in the Australian economy had abated.

“Economic conditions in Australia have been stronger than expected a few months ago, with both consumer spending and exports notable for their resilience,” the statement says.

“Measures of confidence have recovered a good deal of ground.”

The statement adds: “The board’s judgment is that the present accommodative setting of monetary policy is appropriate given the economy’s circumstances.

“The board will continue to monitor how economic and financial conditions unfold and how they impinge on prospects for sustainable growth in economic activity and achieving the inflation target.”

 

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The Tax Office today reminded Australia’s 11.8 million taxpayers to start getting ready to lodge their tax returns.                                                                                                

Tax Commissioner Michael D’Ascenzo said the Tax Office has a range of information and assistance available to help people meet the 31 October 2009 deadline.

“From 1 July, people can prepare and lodge their return online using e-tax, which is free, secure and easy to use software which in most cases processes your return within 14 days.

“As well as calculators, help screens and links to rulings, you can also download information from third parties directly into your tax return, including payment summaries, government payments such as pensions and allowances, bank interest and private health insurance details.

E-tax can be accessed free of charge 24 hours a day, seven days a week from our website at www.ato.gov.au,” Mr D’Ascenzo said.

Government and third party information will be available to download progressively from 1 July. You can subscribe to an alert service within e-tax which will let you know when the information becomes available.                                                                                                                                                                                         ato

People can still lodge using TaxPack 2009 or the short tax return for individuals 2009.

TaxPack 2009 is available from most newsagents, Tax Office shopfronts or the Tax Office website from 1 July.

If you used the short tax return last year you’ll receive a copy in the mail shortly.

Mr D’Ascenzo also reminded people to contact their tax agent as soon as possible.

“If you’re using a tax agent for the first time or using a different one from last year you need to contact them by 31 October 2009,” he said.

“Only registered tax agents can charge a fee to prepare and lodge a tax return.

“However some people present themselves as tax agents when they are not.

“Registered tax agents are regulated by the Tax Agents’ Board and have the qualifications and experience to handle your tax affairs.”

Visit the Tax Agents’ Board website http://www.tabd.gov.au or call 1300 362 829 to check if your agent is registered.

Compliance focus

We cross-check tax returns against a wide range of data including financial institution data, state and territory revenue and property sales information and Australian stock exchange data.

Help and assistance

If people have questions or need assistance they should visit the Tax Office website www.ato.gov.au or phone the Tax Office on 13 28 61 between 8.00am and 6.00pm weekdays.

The Tax Office can provide you a more personalised service if you provide your tax file number when you call.

source  :  www.ato.gov.au

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The end of financial year can be a stressful time for small business owners, and that time is now upon us once again.  For those of you who are behind and not ‘in shape’ for the end of end of financial year financial year… don’t panic, right now there is still a very small window of time for you to get prepared for the end of financial year, but that time is ticking by.

How can you get in shape?

Before 30 June make it a priority to ensure all your bookkeeping and reconciliation is up-to-date, follow up payment of overdue invoices, pay outstanding bills and pay all super contributions (this should not only be for your employees, but for yourselves too). 

With all your reconciliation up-to-date, such as your receivables, payables, bank accounts and inventory, once 30 June is here you will only have one month to reconcile and you can then move on to completing your BAS.  Getting on top of this will ease some of the stress you may feel when preparing your end of financial year documentation.

For small business owners with employees, remember that you will also need to reconcile your payroll and send out payment summaries to your employees (before 14 July 2009).

Following the completion of all your reconciliation and BAS, it’s time to run your end of financial year reports.  Having all your records and reports prepared prior to visiting your accountant will really save you time and money. 

If you’re having difficulties with these tasks, speak to your accountant or bookkeeper, or alternatively a range of online resources, and even accounting software providers, have information on completing these activities.

If you’re having difficulties with these tasks, Don’t forget to backup all your data.  You will also need to keep copies of your accounting records for at least five years (an ATO requirement).

It is also important now to prepare for the 09/10 financial year, as no doubt you want everything to be ‘AOK with the ATO’.

A number of new Federal Government compliance changes will apply from 1 July 2009 and these will affect small businesses.  Information about the new compliance requirements is available from the ATO, or your accountant will also be able to update you on the changes.

If you use accounting/payroll software, you will need software updates that address the compliance changes.  Ensure you’re scheduled to receive the compliance update from your provider, so that you’re compliant for 09/10.

This time of year is also good to consider what improvements you could make to your work practices to stay in shape and make the 09/10 end of financial year less stressful.  For example, implement work practices that ensure you stay on top of your bookkeeping requirements, keep up-to-date with inventory, cash flow and debtors and follow task lists.

Yes, the economic downturn is having an impact on businesses and the pressure is really building, but this presents you with the opportunity to select your own course.

It’s important that you take a step back and look at the ‘big picture’.  Instead of only responding to daily issues, now is the time to develop and implement a sound business plan for overcoming future challenges.

Don’t be afraid to seek specialist advice.  Talk to your accountant.  They can not only help you with tax and accounting related matters, but they can also help you with your business planning, financial goal setting, cash flow and making sure your business is running at its best.

Remember… It’s important to be prepared!

Source  :  www.livenews.com.au

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