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Rising interest rates and the surging cost of living are putting more Australians under mortgage stress, according to a new report. PEXA’s Emerging Mortgage Risk report has found that families in certain locations around Australia are allocating 40-60% of their income to meet their home loan repayments – putting them at a high level of mortgage stress.

With interest rates rising and the cost of living surging, many Australians are likely wishing their mortgage was already paid off. While most borrowers look to pay off the minimum each month, there are things you can do to pay down the mortgage faster. Here are five options to consider

In an attempt to curb inflation, the Reserve Bank of Australia (RBA) has raised the cash rate by 25 basis points, making it 4.1%, the highest level in 11 years. This decision marks the 12th interest rate hike in just over a year. While economists and markets had slightly anticipated no change this month, the RBA deemed the risk of prolonged high inflation to outweigh the potential financial strain on households and businesses.

A triad of targets will get special scrutiny this time and the services expects to issue smaller refunds. An ATO crackdown this time will concentrate on three areas where miscalculations are “ common ” and it expects to issue smaller refunds and leave further taxpayers in debt. Reimbursement property deductions, work- related charges and CGT have moved to the top of the ATO hitlist and it warns accountants that landlords, those working from home and investors will be subject to redundant scrutiny.

At its meeting today, the Board decided to leave the cash rate target unchanged at 3.60 per cent and the interest rate on Exchange Settlement balances unchanged at 3.50 per cent.This decision follows a cumulative increase in interest rates of 3½ percentage points since May last year. The Board recognizes that monetary policy operates with a lag and that the full effect of this substantial increase in interest rates is yet to be felt.

Starting a new business is an exciting and challenging venture. However, one of the most critical components of launching and operating a successful business is financial planning and analysis.

It's time to file and pay your 2023 Fringe Benefits Tax (FBT) returns if you have provided fringe benefits to your employees or their associates between April 1, 2022, and March 31, 2023. To ensure you comply with the FBT regulations, please make a note of the following:

A significant change in tax deduction rules for Australians working from home has been reported by Tom McIlroy, a political reporter, on Feb 16, 2023. The previous Tax Office rules allowed taxpayers to claim a fixed-rate deduction of 52¢ per hour or the actual cost of technology and office equipment.

According to CA ANZ, TR 2022/4 could be "like having the ATO at the dinner table", but most find it "significantly improved". ATO's final s100A ruling has been welcomed by accounting bodies and tax professionals. It was developed to assist trustees and their accountants, according to ATO deputy commissioner Louise Clarke, and the initial reaction from the industry was positive.