Summerhill Summer 2008 Newsletter
Read the Summerhill Summer 2008 Newsletter
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| WELCOME, |
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Welcome to the Summerhill Group’s Summer newsletter – a combined publication for both Summerhill Financial Services and Summerhill Financial Management.
It has been a tumultuous time in investment markets, with a lot of uncertainty as to where we are heading. It has been a very difficult time for many as it has been over twenty years since we have seen such large falls on the sharemarket and a slowing in the economy, which means this is a first experience for many investors.
We have been in regular contact with our investment clients and include a link below to the previous articles send to clients over the last three months.
It has been a busy time for us over the last three months with three new team members:
- Matthew Harvey joined SFS as a Paraplanner in September. Matthew has been working part time assisting with administration for the past two years, and is now full time in a more technical role after he completed his Bachelor of Commerce.
- Monica La Rocca joined SFM in October as a Senior Accountant. Monica has worked with Andrew and Rebecca previously at Myer Family Office.
- Jessica Fulton joins SFM on 1 December as an Accountant as part of her Bachelor of Business degree with RMIT.
As always, we appreciate and welcome your comments and questions on both the newsletter and the services we provide to you.
Enjoy the read.
Caroline and Andrew
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| Is the current economic crisis the new Great Depression |
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Every day it seems someone is seeking to compare the current financial crisis with the Great Depression of the 1930s. There’s no doubt these comparisons are an attention grabber. But how do today’s events really match up?
A search of a newspaper database reveals 30,000 mentions so far this year of the term ‘Great Depression’. References to dust bowls, long and winding dole queues and overflowing soup kitchens are getting a real workout.
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| Making the most of the medical expense rebate |
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It is worth remembering there is a tax credit available to be claimed on your tax return in respect of net medical expenses paid during a financial year.
Known as the medical expense rebate, the rebate provides a 20% tax credit for net medical expenses that exceed $1,500.
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| What is momentum and how it is impacting your portfolio? |
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Momentum is defined as the impetus to go forward, develop or get stronger. In investment terms, employing a momentum strategy is taking advantage of observable trending in share prices. Simply, a momentum strategy takes into account that stocks that have done well over the previous few months tend to continue to do well over the ensuing months. Likewise, stocks that have been tanking, tend to continue to head south.
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| Federal Government Cash Guarantee update |
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The Australian Federal Government has recently released further details on the Cash Guarantee. The new release provides information on the introduction of a $1 million fee-free threshold, plus details the fee structure and how the cash guarantee affects foreign bank branches and other investments. The Government guarantee is designed to promote financial stability during the current economic conditions.
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| Where’s The Tax Office Up To? |
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It appears the ATO are currently quite busy processing income tax returns at this stage of the calendar year.
The ATO has recently sent out a broadcast to all tax agents noting delays in processing the tax returns at this time, which is also leading to a delay in following up queries raised as to the progress of processing those returns.
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