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Atcat Financial accounting

Accounting

Financial Reporting

Structuring & Setups

Property Advising

Business Advising

July 2019

Taxation

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Prime Minister Scott Morrison says his party's $158 billion income tax cut package will clear Parliament this week as key Senate crossbenchers appear set to back the policy despite Labor protests.  $1080 in tax relief will be handed to low- and middle-income earners under the first stage of the plan if key Senate crossbenchers Jacqui Lambie and Centre Alliance's Rex Patrick and Stirling Griff vote in favour

Open Banking

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The four major banks had a deadline of 1 July to make product data available on all credit and debit card, deposit and transaction accounts with more products to follow. By February, first mortgage data will have to be available, with eventually all products being available for the major banks by 2020. 1 July 2020 is the start date for all other banks to begin offering their credit and debit card product data with an end date of 2021.

Property

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Multi-year declines in the Sydney and Melbourne property markets appear to be abating, as the latest figures from property analyst CoreLogic show the first uptick in house prices since 2017. Auction clearance rates have recovered since the May federal election, subsequent interest rate cuts and loosening of lending standards.