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📄 Australians slash credit card debt with tax returnsㅤㅤㅤㅤ✅Australians wiped $274m off credit card balances in July, the ...
18/09/2025

📄 Australians slash credit card debt with tax returns
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✅Australians wiped $274m off credit card balances in July, the biggest monthly pay-down since 2022.
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✅Total personal credit card debt now sits at $17.7bn, down 0.4% year-on-year.
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✅Around 180,000 credit card accounts (2% of total) have been closed in the past year.
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✅Canstar’s Sally Tindall noted many Australians used tax refunds to clear debts entirely and close accounts.
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✅Despite progress, $17.7bn remains outstanding, accruing interest at an average rate of 18.69%.
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ℹ️ For more information about this article, please visit at https://www.news.com.au/finance/business/banking/tax-returns-go-straight-to-credit-card-debt-in-biggest-debtclearing-month-since-2022/news-story/4f0b47ce6fc52ab66882237162219c60
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☑️You Ready to Say Goodbye to Your Financial Troubles?
☑️Bankruptcy New South Wales Can Be Your New Beginning and Fresh Start!
☑️Contact us now for an obligation free chat
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Bankruptcy NSW
☎️ 1300 521 161
📧 [email protected]
🌐 https://bankruptcynewsouthwales.com.au/

📄 Bankruptcy trustee’s attempt to evade CGT on $388k property sale fails in court. ㅤㅤㅤIn a recent Federal Court decision...
26/07/2024

📄 Bankruptcy trustee’s attempt to evade CGT on $388k property sale fails in court.

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In a recent Federal Court decision, trustee William Robson’s attempt to avoid paying Capital Gains Tax (CGT) on the sale of two properties from the bankrupt estate of Clifford Dylan Lanning was rejected.
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Robson argued that CGT laws did not apply to trustees or that the tax liability should fall on Lanning, not the trustee.
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However, the court upheld the provision in section 254(1) of the Income Tax Assessment Act 1936, affirming that bankruptcy trustees are responsible for CGT on assets sold from a bankrupt estate.
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The court also found that section 106-30 of the ITAA 1997 did not exempt trustees from this liability, and the tax obligations were considered part of the cost of disposing of the assets.
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ℹ️ For more information about this article, please visit at https://www.accountantsdaily.com.au/tax-compliance/20146-bankruptcy-trustee-s-bid-to-avoid-cgt-on-338k-sale-fails-in-court
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☑️You Ready to Say Goodbye to Your Financial Troubles?
☑️Bankruptcy New South Wales Can Be Your New Beginning and Fresh Start!
☑️Contact us now for an obligation free chat
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Bankruptcy NSW
☎️ 1300 521 161
📧 [email protected]
🌐 https://bankruptcynewsouthwales.com.au/

📢 Exciting updates in personal insolvency laws! The Albanese government is introducing significant reforms to ensure fai...
09/07/2024

📢 Exciting updates in personal insolvency laws! The Albanese government is introducing significant reforms to ensure fairness and reduce stigma associated with bankruptcy. Here’s what you need to know:
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1️⃣ Extended Response Time: The time frame for responding to a bankruptcy notice will be extended from 21 days to 28 days. This change aims to give debtors more time to manage their financial obligations effectively.
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2️⃣ Debt Agreements: Debt agreements will no longer be considered "an act of bankruptcy" under the legislation. This adjustment aims to provide a more balanced approach in handling personal insolvency cases.
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3️⃣ Fairer Outcomes: These amendments are designed to achieve fairer outcomes within the personal insolvency system and reduce the stigma associated with bankruptcy.
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4️⃣ Consultations for Mini-Bankruptcy Regime: The government will launch consultations for a new "minimum asset procedure." This initiative targets debtors who owe less than $50,000 and have minimal assets. It offers a less restrictive alternative to bankruptcy, lasting just one year and allowing quicker debt clearance and a fresh financial start.
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The Minimal Asset Procedure will empower individuals with limited resources to resolve their debts efficiently and regain financial stability sooner.
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ℹ️ For more information about this article, please visit at https://www.afr.com/politics/federal/labor-reveals-personal-bankruptcy-overhaul-20240707-p5jroa
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☑️You Ready to Say Goodbye to Your Financial Troubles?
☑️Bankruptcy New South Wales Can Be Your New Beginning and Fresh Start!
☑️Contact us now for an obligation free chat
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Bankruptcy NSW
☎️ 1300 521 161
📧 [email protected]
🌐 https://bankruptcynewsouthwales.com.au/

🚨 Rising living costs have led to a significant increase in mortgage extensions.ㅤㅤㅤㅤRecent data indicates a growing numb...
02/07/2024

🚨 Rising living costs have led to a significant increase in mortgage extensions.
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Recent data indicates a growing number of individuals are turning to one of the oldest and most expensive tactics available: extending the duration of their home loans.
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Moreover, with last week’s surprising inflation figures heightening concerns about potential interest rate hikes, there is now an increased likelihood that more homeowners will choose to prolong their mortgages, despite incurring substantial additional expenses.
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According to a survey conducted by the Finder group this week, approximately 430,000 mortgage holders—equivalent to 13% of the market—have opted for mortgage extensions in response to the recent pressures of living expenses.
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ℹ️ For more information about this article, please visit at https://www.theaustralian.com.au/business/wealth/high-cost-of-living-leads-to-spike-in-mortgage-extensions/news-story/d983e85aa687a20b8f1ab7facb7df71c
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☑️You Ready to Say Goodbye to Your Financial Troubles?
☑️Bankruptcy New South Wales Can Be Your New Beginning and Fresh Start!
☑️Contact us now for an obligation free chat
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Bankruptcy NSW
☎️ 1300 521 161
📧 [email protected]
🌐 https://bankruptcynewsouthwales.com.au/

🚨 Increasing numbers of Australians are resorting to precarious high-cost loan alternatives to cover their expenses.ㅤㅤAu...
24/06/2024

🚨 Increasing numbers of Australians are resorting to precarious high-cost loan alternatives to cover their expenses.
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Australians are increasingly relying on risky high-cost credit options such as buy now, pay later services and payday loans to manage their financial needs, as highlighted by recent data from a Fintech firm.
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These options, known for their high interest rates and minimal affordability assessments, are contributing to a rise in debt accumulation among borrowers.
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In May, buy now, pay later schemes accounted for 23.5% of all loan applications processed by Lendela, while 45% of applicants sought salary advances, 10% used credit cards, and 40% opted for small amount credit contracts (SACC loans).
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The trend underscores concerns about the potential for individuals to accumulate multiple loans, leading to unsustainable debt levels and financial instability.
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ℹ️ For more information about this article, please visit at https://www.news.com.au/finance/money/costs/fintech-platform-lendela-reports-a-rise-in-applicants-with-highcost-debts/news-story/0b44ae342c10f58d0f141891d6cbcbde
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☑️You Ready to Say Goodbye to Your Financial Troubles?
☑️Bankruptcy New South Wales Can Be Your New Beginning and Fresh Start!
☑️Contact us now for an obligation free chat
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Bankruptcy NSW
☎️ 1300 521 161
📧 [email protected]
🌐 https://bankruptcynewsouthwales.com.au/

🚨 Financial Support Alert for Australians!!ㅤㅤDid you know that almost half of Australian adults with debts are currently...
16/06/2024

🚨 Financial Support Alert for Australians!!
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Did you know that almost half of Australian adults with debts are currently facing challenges in making repayments?
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Research from the Australian Securities and Investments Commission (ASIC) reveals that approximately 5.8 million people struggled to meet their debt obligations over the past year, with 64 percent attributing this difficulty to cost of living pressures.
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Despite these staggering figures, only 20 percent of those affected have ever sought financial hardship assistance. Shockingly, more than half were unaware of their right to ask their bank or lender for help.
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Reasons for not seeking assistance vary, with 30 percent expressing concerns about potential long-term costs, negative impacts on credit scores, or doubts about the effectiveness of lender support.
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In response to these findings, ASIC has launched a campaign urging financially stressed Australians to reach out to their bank or lender for assistance.
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The campaign follows a recent ASIC report highlighting insufficient support from lenders towards customers experiencing financial hardship, including instances where hardship notices were disregarded.
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If you're facing financial challenges, exercising your right to seek help could make a significant difference. Don't hesitate to explore your options and engage with your financial institution today.
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ℹ️ For more information about this article, please visit at https://www.news.com.au/finance/money/almost-half-of-australian-adults-with-debts-are-struggling-to-make-repayments/news-story/6c884815611d35adfcad58f6f545f9e4
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☑️You Ready to Say Goodbye to Your Financial Troubles?
☑️Bankruptcy New South Wales Can Be Your New Beginning and Fresh Start!
☑️Contact us now for an obligation free chat
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Bankruptcy NSW
☎️ 1300 521 161
📧 [email protected]
🌐 https://bankruptcynewsouthwales.com.au/

🚨Amid a severe cost-of-living crisis, one in six Australians is resorting to using credit cards to meet their everyday e...
25/02/2024

🚨Amid a severe cost-of-living crisis, one in six Australians is resorting to using credit cards to meet their everyday expenses.
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As households face mounting pressures, a concerning number of Australians are accumulating further debt to cover basic necessities.
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Recent research indicates that 27 percent of Australians are experiencing unprecedented financial strain. This trend underscores the heightened need for support among everyday Australians, reflecting a shift from crises like fires, floods, and pandemics to a widespread cost-of-living crisis affecting households nationwide.
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The latest inflation data from the Australian Bureau of Statistics reveals a gradual decline in the annual Consumer Price Index (CPI) from its peak of 7.8 percent, indicating ongoing economic challenges for Australians.
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ℹ️ For more information about this article, please visit at https://www.news.com.au/finance/economy/australian-economy/one-in-six-aussies-using-credit-cards-for-everyday-expenses-amid-costofliving-crisis/news-story/e6d90f1c954728f9d6291023496c0e2b
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☑️You Ready to Say Goodbye to Your Financial Troubles?
☑️Bankruptcy New South Wales Can Be Your New Beginning and Fresh Start!
☑️Contact us now for an obligation free chat
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ㅤ
Bankruptcy NSW
☎️ 1300 521 161
📧 [email protected]
🌐 https://bankruptcynewsouthwales.com.au/

🚨Australian mortgage sizes reach an all-time high due to surging prices and increasing interest rates!ㅤㅤThe average mort...
17/02/2024

🚨Australian mortgage sizes reach an all-time high due to surging prices and increasing interest rates!
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The average mortgage size in Australia has surged to unprecedented levels, driven by the dual challenges of escalating prices and high interest rates. Recent statistics indicate that borrowers are undertaking larger debts than ever before in their quest for homeownership.
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According to the latest lending indicator data released by the Australian Bureau of Statistics, the national average new mortgage size as of December 2023 reached a historic high of $624,383. While some are opting for substantial mortgage commitments, there's a concerning trend emerging.
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The data reveals a significant decline in new loan commitments for first home buyers in December, indicating a growing number of Australians are abandoning the dream of homeownership as property prices soar. This underscores the increasing challenges faced by prospective buyers in the current housing market climate.
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ℹ️ For more information about this article, please visit at https://www.news.com.au/finance/economy/interest-rates/size-of-australian-mortgages-hits-record-high-amid-price-spikes-rising-interest-rates/news-story/22c1b8402b779541b7c765f4f564254e
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☑️You Ready to Say Goodbye to Your Financial Troubles?
☑️Bankruptcy New South Wales Can Be Your New Beginning and Fresh Start!
☑️Contact us now for an obligation free chat
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Bankruptcy NSW
☎️ 1300 521 161
📧 [email protected]
🌐 https://bankruptcynewsouthwales.com.au/

🚨Australia's December Employment Report: Jobless Rate Steady but Job Losses Raise Concerns.ㅤDespite Australia's jobless ...
21/01/2024

🚨Australia's December Employment Report: Jobless Rate Steady but Job Losses Raise Concerns.
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Despite Australia's jobless rate holding steady at 3.9 percent in December, there are growing concerns about the health of the economy as it sheds a significant 65,100 jobs. This situation highlights a concerning trend in the Australian job market.
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The fact that more than 65,000 Australians found themselves unemployed in December serves as a stark reminder that the Australian economy might be cooling down, primarily due to the impact of higher interest rates.
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As we move into 2024, experts predict that this economic softening will persist. Forecasts indicate that the unemployment rate could approach 4.5 percent by the end of the year. This underscores the importance of monitoring economic conditions closely and implementing strategies to support job growth and economic stability in the face of these challenges.
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ℹ️ For more information about this article, please visit at https://www.news.com.au/finance/economy/australian-economy/australias-jobless-rate-holds-at-39-per-cent-in-december-even-as-economy-shed-65100-jobs/news-story/346df000538a6146b7b37e06b4925d87
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☑️You Ready to Say Goodbye to Your Financial Troubles?
☑️Bankruptcy New South Wales Can Be Your New Beginning and Fresh Start!
☑️Contact us now for an obligation free chat
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ㅤ
Bankruptcy NSW
☎️ 1300 521 161
📧 [email protected]
🌐 https://bankruptcynewsouthwales.com.au/

🚨Young renting households are facing the brunt of cost-of-living pressures and a surge in personal insolvency.ㅤAs they g...
15/12/2023

🚨Young renting households are facing the brunt of cost-of-living pressures and a surge in personal insolvency.
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As they grapple with escalating cost-of-living pressures, their predicament is set to drive an alarming increase in annual bankruptcies, projected to surpass 20% over the next two years, as indicated by government forecasts.
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The Australian Financial Security Authority (AFSA) anticipates a significant 23% surge in personal insolvencies, reaching 12,250 cases in 2023-24, followed by an additional 20% increase in 2024-25, totaling 14,750 cases.
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AFSA's personal insolvency report highlights an unsettling trend of heightened mortgage stress and cash flow constraints, reminiscent of conditions last seen during the global financial crisis.
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Of particular concern, the report reveals that a substantial 54.2% of individuals entering personal insolvency in the 2022-23 period fell within the age group of 25 to 44.
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ℹ️ For more information about this article, please visit at
https://www.afr.com/policy/economy/young-renters-to-bear-the-brunt-of-personal-insolvency-surge-20231213-p5er77
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☑️You Ready to Say Goodbye to Your Financial Troubles?
☑️Bankruptcy New South Wales Can Be Your New Beginning and Fresh Start!
☑️Contact us now for an obligation free chat
ㅤ
ㅤ
Bankruptcy NSW
☎️ 1300 521 161
📧 [email protected]
🌐 https://bankruptcynewsouthwales.com.au/

🚨 A concerning signal for the economy emerges as Australia enters a per capita recession.ㅤHousehold spending came to a s...
08/12/2023

🚨 A concerning signal for the economy emerges as Australia enters a per capita recession.
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Household spending came to a standstill during the September quarter due to persistent high inflation, a notable increase in mortgage payments, and a substantial rise in income tax collections, all of which impacted consumers negatively.
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ℹ️ For more information about this article, please visit at https://www.news.com.au/finance/economy/australian-economy/grim-sign-for-economy-as-australia-enters-consumer-recession/news-story/3134e1b8ff43dd596428c73441093183
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☑️You Ready to Say Goodbye to Your Financial Troubles?
☑️Bankruptcy New South Wales Can Be Your New Beginning and Fresh Start!
☑️Contact us now for an obligation free chat
ㅤ
ㅤ
Bankruptcy NSW
☎️ 1300 521 161
📧 [email protected]
🌐 https://bankruptcynewsouthwales.com.au/

🚨 Another rate hike could potentially endanger an additional 75,000 mortgages. ㅤIf the RBA proceeds with its planned int...
01/12/2023

🚨 Another rate hike could potentially endanger an additional 75,000 mortgages.
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If the RBA proceeds with its planned interest rate increase next month, nearly one-third of mortgage holders will face repayment stress.
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This situation means that in January, an estimated 75,000 more mortgages could be added to the existing 1.5 million at risk of financial strain.
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ℹ️ For more information about this article, please visit at https://www.accountantsdaily.com.au/business/19342-another-rate-raise-to-put-a-further-75k-mortgages-at-risk
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ㅤ
☑️You Ready to Say Goodbye to Your Financial Troubles?
☑️Bankruptcy New South Wales Can Be Your New Beginning and Fresh Start!
☑️Contact us now for an obligation free chat
ㅤ
Bankruptcy NSW
☎️ 1300 521 161
📧 [email protected]
🌐 https://bankruptcynewsouthwales.com.au/

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