Latest News

Hot Issues
spacer
ATO hit list 2025 – Key Areas Under Review
spacer
Why Succession Planning Matters for Privately Owned and Wealth Groups in Australia
spacer
Benefits of a business plan
spacer
Roles and Responsibilities in a Business Partnership
spacer
Mixing business and pleasure? Be vigilant this tax season
spacer
30 June 2025 - Tax Checklist - Small (and Micro) Business
spacer
3 more GST fraudsters sentenced under ATO’s Operation Protego
spacer
Evolution of Boeing - 1916 - 2025
spacer
ATO - Targeted Areas of Focus 2024-25
spacer
6 ways to improve your business plan
spacer
Benchmarks for small business
spacer
Beware the early lodgment tax trap, CPA Australia warns
spacer
Tax lawyer flags compliance traps with family trusts
spacer
Superannuation on paid parental leave from 1 July 2025
spacer
Tax Time Checklists Individuals; Company; Trust; Partnership; and Super Funds
spacer
Comparison of various Animal Weights
spacer
2025 Tax Planning Guide Part 2
spacer
From 1 July 2025 ATO Interest is no longer tax deductible
spacer
SME confidence and conditions see uptick over Q1 2025, survey reveals
spacer
Depreciation expert urges property investors to leverage tax depreciation
spacer
Buy a business
spacer
Upskilling and self-education costs
spacer
How secure is your super account?
spacer
Freshwater Resources by Country 2025
spacer
Why Might a Lease Dispute Occur?
Article archive
spacer
Quarter 2 April - June 2025
spacer
Quarter 1 January - March 2025
spacer
Quarter 4 October - December 2024
spacer
Quarter 3 July - September 2024
spacer
Quarter 2 April - June 2024
spacer
Quarter 1 January - March 2024
spacer
Quarter 4 October - December 2023
spacer
Quarter 3 July - September 2023
spacer
Quarter 2 April - June 2023
spacer
Quarter 1 January - March 2023
spacer
Quarter 4 October - December 2022
Quarter 3 of, 2023 archive
spacer
Contractor payments (TPAR) are increasingly on the ATO’s radar
spacer
Superannuation and independent contractors: fresh Full Federal Court guidance
spacer
Intergenerational Report 2023
spacer
Property investors beware: new data matching program
spacer
When will we learn to protect ourselves from ourselves?
spacer
Federal Government toughens up employment laws.
spacer
Small Business Tax Time toolkit for 2023.
spacer
Oldest Buildings in the World
spacer
Australian Taxation Office (ATO) target areas for tax time 2023
spacer
Taxing unrealised capital gains a grave concern: Burgess
spacer
Protect your business from cyber threats
spacer
Is your content making you income?
spacer
Australian Taxation Office (ATO) ride-sourcing data-matching program extended
spacer
How a registered trade mark can grow your sales and your business
spacer
The top modes of transport in the world
spacer
Considerations When Negotiating a Resolution
spacer
Things you can do in our digital office
spacer
Working from home expenses for 2023
spacer
Five questions that indicate how financially literate you are.
spacer
New laws come into effect from July 1
spacer
Preparing for EOFY tax scams with business and cyber resilience
spacer
Any tax debts in arrears?
spacer
Scammers continue to fleece unsuspecting victims
spacer
Top 50 Greatest Cuisines
Five questions that indicate how financially literate you are.

Australia has a relatively high level of financial literacy when ranked globally. In a study of 140 economies, Australia ranked in the top 10 countries for financial literacy.

 

 

.

Notwithstanding this favourable global performance there is widespread financial illiteracy within Australia, particularly amongst young people. There are also large and significant gender gaps with women, on average, less financially literate than men.
 
Statistics suggests that around 8.5 million (or 45%) of adults in Australia are financially illiterate.
 
The following five questions indicate how financial literate you are:
 
Q1: Interest Rate: “Suppose you put $100 into a no-fee savings account with a guaranteed interest rate of 2% per year. You don’t make any further payments into this account and you don’t withdraw any money. How much would be in the account at the end of the first year, once the interest payment is made?”
 
Q2: Inflation: “Imagine now that the interest rate on your savings account was 1% per year and inflation was 2% per year. After one year, would you be able to buy more than today, exactly the same as today, or less than today with the money in this account?”
 
Q3: Diversification: “Buying shares in a single company usually provides a safer return than buying shares in a number of different companies.” [True, False]
 
Q4: Risk: “An investment with a high return is likely to be high risk.” [True,False]
 
Q5: Money Illusion: “Suppose that by the year 2034 your income has doubled, but the prices of all of the things you buy have also doubled. In 2034, will you be able to buy more than today, exactly the same as today, or less than today with your income?” or “don’t know”.
 
NB: To some these questions are easy to answer but remember that research has found that around 8.5 million Australians will struggle to answer all five.

 

Liability limited by a Scheme approved under Professional Standards Legislation.
© O'Brien and Partners 2024 - All Rights Reserved | 333 Canterbury Road, Canterbury VIC 3126 | Tel: 03 9509 3911 Site by Acctweb