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Edition: 259

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Cuffelinks Newsletter Edition 259

  • 22 June 2018

Income tax, franking outside super, downgrade blame, Montgomery on tech, Marks on indexing, depreciation, blockchain, access yield, China politics.

What is Labor’s franking impact outside of super and pensions?

Labor’s policy on franking credits denies some taxpayers the benefit of taxes paid on their behalf, but a franking credit is money withheld by the ATO until the shareholder’s tax return is completed, just like a PAYG taxpayer.

Profit downgrade? Blame it on the rain

Exogenous factors like macro changes and weather can affect a company’s short-term profits. Management often blames uncontrollable factors for earnings downgrades but rarely owns up to a fortuitous tailwind.

Have tech investors suckled for too long?

Central banks have created surplus capital looking for a home, and Tesla is a classic example of an unprofitable tech company that has benefited. It survives on a dream rather than the ability to make cars.

Howard Marks asks 5 questions on indexing

Howard Marks' memos to his clients are always worth reading, and when a highly successful manager acknowledges the strengths of index investing, it's worth checking what he says.

EOFY and new depreciation rules for property

In 2017, significant changes were made to property depreciation legislation. Residential property investors and owners should become familiar with how the changes will affect their current and future assets.

Investors can’t afford to ignore the blockchain revolution

Blockchain is a powerful technology. The most successful companies will be those that have the ability to harness its power. Three groundbreaking examples are global payments, data protection and verifying land titles.

Retail yield enhancement via wholesale funds

The wholesale market, accessible for retail investors via managed funds (including ETFs and LICs) offers better cash yields than bank term deposits but at a higher risk. This risk can be managed via a diversified portfolio .

The Chinese consumer and rising political risks

Consumers are now having a bigger impact on China’s economic growth to the benefit of multinationals, but foreign companies can face boycotts when pursuing Chinese consumers.

Most viewed in recent weeks

Raising the GST to 15%

Treasurer Jim Chalmers aims to tackle tax reform but faces challenges. Previous reviews struggled due to political sensitivities, highlighting the need for comprehensive and politically feasible change.

Which generation had it toughest?

Each generation believes its economic challenges were uniquely tough - but what does the data say? A closer look reveals a more nuanced, complex story behind the generational hardship debate. 

100 Aussies: seven charts on who earns, pays, and owns

The Labor government is talking up tax reform to lift Australia’s ailing economic growth. Before any changes are made, it’s important to know who pays tax, who owns assets, and how much people have in their super for retirement.

Here's what should replace the $3 million super tax

With Div. 296 looming, is there a smarter way to tax superannuation? This proposes a fairer, income-linked alternative that respects compounding, ensures predictability, and avoids taxing unrealised capital gains. 

9 winning investment strategies

There are many ways to invest in stocks, but some strategies are more effective than others. Here are nine tried and tested investment approaches - choosing one of these can improve your chances of reaching your financial goals.

Chinese steel - building a Sydney Harbour Bridge every 10 minutes

China's steel production, equivalent to building one Sydney Harbour Bridge every 10 minutes, has driven Australia's economic growth. With China's slowdown, what does this mean for Australia's economy and investments?

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