Our last news blog focused on how to survive the high Australian dollar. That became a little less relevant this week when the international financial crises - and we do mean plural, because we're talking about the US and Europe - severely buffeted both the Australian dollar and the local sharemarket.
Over three years ago the current Australian Federal Government decided to withdraw the tax exemption available under section 23AG of the Tax Act in relation to the income earned by Australian residents overseas, if they met certain conditions. It was a monumentally stupid thing to do, and that remains the case.
Australia has one of the highest penetrations of smartphone users in the world and individuals going overseas risk extreme "budget shock" if they allow their phones to keep them automatically updated about the weather, news and sporting results, much less using them for web browsing, email and video viewing.
The chart below, borrowed from our sister site Exfin, looks at how the Australian dollar has performed against 4 major currencies - the USD, GBP, Euro and JPY - over the past two months to the end of July, 2013.
The results of the OECD's first international survey of adult skills shows that Australian adults perform very well compared to other developed countries when it comes to literacy skills, but when it comes to numeracy the performance is only average.
Legislation was introduced into the Australian Parliament this week to increase compulsory employer super guarantee (SG) contributions from 9 per cent to 12 per cent. This is to be done in regular stages over the next seven years and the current age limit of 75 for making contributions will also be removed.
Offshore Term Deposits - A poor deal for Australian expats and offshore investors
Australian banks consistently offer poor value to Australian expatriates and foreign investors wanting to place cash in Australian dollar term deposits and at call accounts. The rates in the Australian domestic market continue to provide much better returns on your money, evening having regard to the