What’s your aging plan? 7 questions to ask yourself about the invisible signs of aging

What’s your aging plan? 7 questions to ask yourself about the invisible signs of aging

by Michelle Durham

Blessed with olive skin, I’ve never been overly concerned about wrinkles (or ‘the visible signs of aging’ as they like to call them in commercials).

But as I approach middle age I’m starting to realise that aging is less about the visible signs, and more about planning for unseen—and unforeseen—circumstances. The invisible signs of aging.

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The realities of the ‘contractor vs employee’ debate: Where do you stand?

The realities of the ‘contractor vs employee’ debate: Where do you stand?

If you ask a worker why they think of themselves as a contractor instead of an employee, you may hear answers such as “I have an ABN”, “I have a special skill” or “Not all my work is for the one guy”.

And what if you asked the business owner or employer why they’re classifying the new person on their team as a contractor rather than an employee? They may tell you “He pays his own superannuation”, “He wants to be a contractor” or even “We always use contractors”.

Now these people may well be acting in good faith rather than deliberately trying to ‘cheat’ the system, but the Australian Taxation Office (ATO) may consider these ‘contractors’ to be employees after all.

And it’s not just the ATO you need to worry about. There are also work cover and payroll tax requirements that you need to keep in mind.

To find out more about the WHY realities in the employee/contractor debate, contact PrimeAdvisory or download the checklist of WHYs you need to address.

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Economic Snapshot –   May – June 2016

Economic Snapshot – May – June 2016

In May we experienced an important realignment of interest rate expectations – both here in Australia and in the USA. Both countries are resisting a change of rates for differing reasons. There has been softer than expected inflation data in Australia leading to a holding strategy on rates whereas the USA had stronger than expected spending data – but is communicating concern about Britain leaving the European Union which in turn has led to a similar hold strategy. All things being equal and assuming Britain remain in Europe the USA is more likely to increase rates. We live in interesting times?

In Australia, the market priced another cut in the cash rate, while in the USA the market brought its short-term expectations for the cash rate more into line with the Federal Reserve’s guidance. These changes in the market’s expectations about interest rates contributed to a modest but renewed depreciation of the $A – which continues to show resilience upside strength beyond expectations.

Australia

 Economic data for Australia released in May prompted further expectations of lower domestic interest rates. For example, the latest wage price index figures showed hourly rates of pay grew by a mere 0.4% in the March quarter and by 2.1% over the past 12 months. This was the lowest reading in the last 20 years. Economists have noted that this pace of wage inflation is lower than history suggests it should be given where the unemployment rate is at the moment.

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Economic Snapshot for March – April 2016

Economic Snapshot for March – April 2016

Portfolios in March saw further improvement in global investor sentiment as fears of a recession faded due to better news on key economic data and some stability returning to the oil market. Equities recorded a positive return for the month, with emerging equity markets outperforming particularly well after their recent difficult months. The normal monthly graph looks significantly different to the 3 month equivalent for the first quarter of the year and as such we have included the latter for a better perspective. US equities for example have now achieved a moderate return of 1.18% for the quarter but this is due to a strong rebound of over 6% in March. This is a poignant reminder that when we take into account a minimum 5 year time horizon the graphs are merely snapshots of a point in time.
In the US, there were further signs of labour market strength and some welcome improvement in the pace of manufacturing activity. Core inflation also continued to edge higher. However, the Federal Reserve again reiterated its preference to move cautiously with further interest rate increases. This inevitably undermined the US$ and resulted in speculative trading and volatility.

There were also encouraging signs of improving economic conditions in China, with the manufacturing index rising to its best level since June 2014. This reflects the impact of further monetary and fiscal stimulus from the Chinese authorities in recent months.

Download the Economic Snapshot here

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PrimeAdvisory 2016 Federal Budget Review

PrimeAdvisory 2016 Federal Budget Review

The Federal Treasurer Scott Morrison has handed down the Budget for the 2016/17 year.

This budget includes many initiatives to stimulate the economy and establish a 10 year economic plan that will transition Australia from a mining led economy to a stronger, more diversified economy encouraging innovation and job growth. Read More

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