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A tax on sugary drinks can make us healthier. It’s time for Australia to introduce one

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/peter-breadon-1348098">Peter Breadon</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> and <a href="https://theconversation.com/profiles/jessica-geraghty-1530733">Jessica Geraghty</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168"><em>Grattan Institute</em></a></em></p> <p>Sugary drinks cause weight gain and <a href="https://www.nature.com/articles/s41574-021-00627-6">increase the risk</a> of a range of diseases, including diabetes.</p> <p>The <a href="https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2792842">evidence shows</a> that well-designed taxes can reduce sugary drink sales, cause people to choose healthier options and get manufacturers to reduce the sugar in their drinks. And although these taxes haven’t been around long, there are already signs that they are making people healthier.</p> <p>It’s time for Australia to catch up to the rest of the world and introduce a tax on sugary drinks. As our new Grattan Institute <a href="https://grattan.edu.au/report/sickly-sweet/">report</a> shows, doing so could mean the average Australian drinks almost 700 grams less sugar each year.</p> <h2>Sugary drinks are making us sick</h2> <p>The share of adults in Australia who are obese has tripled since 1980, from <a href="https://theconversation.com/mapping-australias-collective-weight-gain-7816">10%</a> to more than <a href="https://www.abs.gov.au/statistics/health/health-conditions-and-risks/waist-circumference-and-bmi/latest-release">30%</a>, and diabetes is our <a href="https://www.diabetesaustralia.com.au/about-diabetes/diabetes-in-australia/">fastest-growing</a> chronic condition. The costs for the health system and economy are measured in the billions of dollars each year. But the biggest costs are borne by individuals and their families in the form of illness, suffering and early death.</p> <p>Sugary drinks are a big part of the problem. The more of them we drink, the greater our risk of <a href="https://www.nature.com/articles/s41574-021-00627-6">gaining weight</a>, <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2963518/">developing type 2 diabetes</a>, and suffering <a href="https://academic.oup.com/eurpub/article/31/1/122/5896049?login=false">poor oral health</a>.</p> <p>These drinks have no real nutrients, but they do have a lot of sugar. The average Australian consumes <a href="https://www.abs.gov.au/statistics/health/health-conditions-and-risks/apparent-consumption-selected-foodstuffs-australia/latest-release">1.3</a> times the maximum recommended amount of sugar each day. Sugary drinks are responsible for more than one-quarter of our daily sugar intake, more than any other major type of food.</p> <p>You might be shocked by how much sugar you’re drinking. Many 375ml cans of soft drink contain eight to 12 teaspoons of sugar, nearly the entire daily recommended limit for an adult. Many 600ml bottles blow our entire daily sugar budget, and then some.</p> <p>The picture is even worse for disadvantaged Australians, who are more likely to have <a href="https://www.abs.gov.au/statistics/health/health-conditions-and-risks/diabetes/latest-release">diabetes</a> and <a href="https://www.abs.gov.au/statistics/health/health-conditions-and-risks/waist-circumference-and-bmi/latest-release">obesity</a>, and who also consume the most sugary drinks.</p> <h2>Sugary drink taxes work</h2> <p>Fortunately, there’s a proven way to reduce the damage sugary drinks cause.</p> <p>More than <a href="https://ssbtax.worldbank.org/">100 countries</a> have a sugary drinks tax, covering most of the world’s population. <a href="https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2792842">Research</a> shows these taxes lead to higher prices and fewer purchases.</p> <p>Some taxes are specifically designed to encourage manufacturers to change their recipes and cut the sugar in their drinks. Under these “tiered taxes”, there is no tax on drinks with a small amount of sugar, but the tax steps up two or three times as the amount of sugar rises. That gives manufacturers a strong incentive to add less sugar, so they reduce their exposure to the tax or avoid paying it altogether.</p> <p>This is the best result from a sugary drinks tax. It means drinks get healthier, while the tax is kept to a minimum.</p> <p>In countries with tiered taxes, manufacturers have slashed the sugar in their drinks. In the United Kingdom, the share of products above the tax threshold <a href="https://journals.plos.org/plosmedicine/article?id=10.1371/journal.pmed.1003025">decreased dramatically</a>. In 2015, more than half (52%) of products in the UK were above the tax threshold of 5 grams of sugar per 100ml. Four years later, when the tax was in place, that share had plunged to 15%. The number of products with the most sugar – more than 8 grams per 100ml – declined the most, falling from 38% to just 7%.</p> <p>The Australian drinks market today looks similar to the UK’s before the tax was introduced.</p> <p>Health benefits take longer to appear, but there are already promising signs that the taxes are working. Obesity among primary school-age girls has fallen in <a href="https://journals.plos.org/plosmedicine/article?id=10.1371/journal.pmed.1004160">the UK</a> and <a href="https://jamanetwork.com/journals/jamapediatrics/fullarticle/2786784">Mexico</a>.</p> <p>Oral health has also improved, with studies reporting fewer children going to hospital to get their teeth removed in <a href="https://nutrition.bmj.com/content/6/2/243">the UK</a>, and reduced dental decay <a href="https://pubmed.ncbi.nlm.nih.gov/33853058/">in Mexico</a> and <a href="https://www.ajpmonline.org/article/S0749-3797(23)00069-7/abstract">Philadelphia</a>.</p> <p>One <a href="https://www.ajpmonline.org/article/S0749-3797(23)00158-7/fulltext">study from the United States</a> found big reductions in gestational diabetes in cities with a sugary drinks tax.</p> <h2>The tax Australia should introduce</h2> <p>Like successful taxes overseas, Australia should introduce a sugary drink tax that targets drinks with the most sugar:</p> <ul> <li>drinks with 8 grams or more of sugar per 100ml should face a $0.60 per litre tax</li> <li>drinks with 5–8 grams should be taxed at $0.40 per litre</li> <li>drinks with less than 5 grams of sugar should be tax-free.</li> </ul> <p>This means a 250ml Coke, which has nearly 11 grams of sugar per 100ml, would cost $0.15 more. But of course consumers could avoid the tax by choosing a sugar-free soft drink, or a bottle of water.</p> <p>Grattan Institute <a href="https://grattan.edu.au/report/sickly-sweet/">modelling</a> shows that under this tiered tax, Australians would drink about 275 million litres fewer sugary drinks each year, or the volume of 110 Olympic swimming pools.</p> <p>The tax is about health, but government budgets also benefit. If it was introduced today, it would raise about half a billion dollars in the first year.</p> <p>Vested interests such as the beverages industry have fiercely resisted sugary drink taxes around the world, issuing disingenuous warnings about the risks to poor people, the sugar industry and drinks manufacturers.</p> <p>But our new report shows sugary drink taxes have been introduced smoothly overseas, and none of these concerns should hold Australia back.</p> <p>We certainly can’t rely on industry pledges to voluntarily reduce sugar. They have been <a href="https://www.cambridge.org/core/journals/public-health-nutrition/article/trends-in-sugar-content-of-nonalcoholic-beverages-in-australia-between-2015-and-2019-during-the-operation-of-a-voluntary-industry-pledge-to-reduce-sugar-content/EE662DE7552670ED532F6650C9D56939">weak</a> and misleading, and <a href="https://www.theguardian.com/australia-news/2024/apr/10/sugar-increase-in-fanta-and-sprite-prompts-calls-for-new-tax-on-australia-food-and-drinks-industry">failed to stick</a>.</p> <p>It will take many policies and interventions to turn back the tide of obesity and chronic disease in Australia, but a sugary drinks tax should be part of the solution. It’s a policy that works, it’s easy to implement, and most Australians <a href="https://bmjopen.bmj.com/content/9/6/e027962">support it</a>.</p> <p>The federal government should show it’s serious about tackling Australia’s biggest health problems and take this small step towards a healthier future.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/228906/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/peter-breadon-1348098">Peter Breadon</a>, Program Director, Health and Aged Care, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> and <a href="https://theconversation.com/profiles/jessica-geraghty-1530733">Jessica Geraghty</a>, Senior Associate, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/a-tax-on-sugary-drinks-can-make-us-healthier-its-time-for-australia-to-introduce-one-228906">original article</a>.</em></p> </div>

Food & Wine

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Australian churches collectively raise billions of dollars a year – why aren’t they taxed?

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/dale-boccabella-15706">Dale Boccabella</a>, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> and <a href="https://theconversation.com/profiles/ranjana-gupta-1207482">Ranjana Gupta</a>, <a href="https://theconversation.com/institutions/auckland-university-of-technology-1137">Auckland University of Technology</a></em></p> <p>There’s a good reason your local volunteer-run netball club doesn’t pay tax. In Australia, various nonprofit organisations are exempt from paying income tax, including those that do charitable work, such as churches.</p> <p>These exemptions or concessions can also extend to other taxes, including fringe benefits tax, state and local government property taxes and payroll taxes.</p> <p>The traditional justification for granting these concessions is that charitable activities benefit society. They contribute to the wellbeing of the community in a variety of non-religious ways.</p> <p>For example, charities offer welfare, health care and education services that the government would generally otherwise provide due to their obvious public benefits. The tax exemption, which allows a charity to retain all the funds it raises, provides the financial support required to relieve the government of this burden.</p> <p>The nonprofit sector is often called the third sector of society, the other two being government and for-profit businesses. But in Australia, this third sector is quite large. Some grassroots organisations have only a tiny footprint, but other nonprofits are very large. And many of these bigger entities – including some “megachurches” – run huge commercial enterprises. These are often indistinguishable from comparable business activities in the for-profit sector.</p> <p>So why doesn’t this revenue get taxed? And should we really give all nonprofits the same tax exemptions?</p> <h2>Why don’t churches pay tax?</h2> <p>The primary aim of a church is to advance or promote its religion. This itself counts as a charitable purpose under the <a href="https://www.legislation.gov.au/C2013A00100/asmade/text">2013 Charities Act</a>. However, section five of that act requires a church to have only charitable purposes – any other purposes must be incidental to or in aid of these.</p> <p>Viewed alone, the conduct of a church with an extensive commercial enterprise – which could include selling merchandise, or holding concerts and conferences – is not a charitable purpose.</p> <p>But Australian case law and <a href="https://www.acnc.gov.au/for-charities/start-charity/role-acnc-deciding-charity-status/legal-meaning-charity#:%7E:text=Taxation%20Ruling%20(TR)%202011%2F,set%20out%20in%20taxation%20rulings.">an ATO ruling</a> both support the idea that carrying on business-like activities can be incidental to or in aid of a charitable purpose. This could be the case, for example, if a large church’s commercial activities were to help give effect to its charitable purposes.</p> <p>Because of this, under Australia’s current income tax law, a church that is running a large commercial enterprise is able to retain its exemption from income tax on the profits from these activities.</p> <p>There are various public policy concerns with this. First, the lost tax revenue is likely to be significant, although the government’s annual tax expenditure statement does not currently provide an estimate of the amount of tax revenue lost.</p> <p>And second, the tax exemption may give rise to unfairness. A for-profit business competing with a church in a relevant industry may be at a competitive disadvantage – despite similar business activities, the for-profit entity pays income tax but the church does not. This competitive disadvantage may be reflected in lower prices for customers of the church business.</p> <h2>What about taxing their employees?</h2> <p>Churches that run extensive enterprises are likely to have many employees. Generally, all the normal Australian tax rules apply to the way these employees are paid – for example, employees pay income tax on these wages. Distributing profits to members would go against the usual rules of the church, and this prohibition is <a href="https://www.legislation.gov.au/C2013A00100/asmade/text">required</a> anyway for an organisation to qualify as a charity.</p> <p>Some churches may be criticised for paying their founders or leaders “excessive” wages, but these are still taxed in the same way as normal salaries.</p> <p>It’s important to consider fringe benefit tax – which employers have to pay on certain benefits they provide to employees. Aside from some qualifications, all the usual <a href="https://www.ato.gov.au/businesses-and-organisations/hiring-and-paying-your-workers/fringe-benefits-tax/how-fringe-benefits-tax-works">fringe benefit tax rules</a> apply to non-wage benefits provided to employees of a church.</p> <p>Just like their commercial (and taxable) counterparts, the payment for “luxury” travel and accommodation for church leaders and employees when on church business will not generate a fringe benefits taxable amount for the church.</p> <p>One qualification, though, is that a church is likely to be a <a href="https://www.ato.gov.au/businesses-and-organisations/hiring-and-paying-your-workers/fringe-benefits-tax/fbt-concessions-for-not-for-profit-organisations/fbt-rebatable-employers">rebatable employer</a> under the fringe benefit tax regime. This means it can obtain some tax relief on benefits provided to each employee, up to a cap.</p> <h2>We may need to rethink blanket tax exemptions for charities</h2> <p>Back in an age where nonprofits were mainly small and focused on addressing the needs of people failed by the market, the income tax exemption for such charities appeared appropriate.</p> <p>But in the modern era, some charities – including some churches – operate huge business enterprises and collect rent on extensive property holdings.</p> <p>Many are now questioning whether we should continue offering them an uncapped exemption from income tax, especially where there are questions surrounding how appropriately these profits are used.</p> <p>Debates about solutions to the problem have focused on various arguments. However, more data may be needed on the way charities apply their profits to a charitable purpose, particularly those involved in substantial commercial activities.</p> <p>An all-or-nothing rule exempting the whole charitable sector may no longer be fit for purpose if it fails to take into account the very different circumstances of different nonprofits.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/228901/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/dale-boccabella-15706"><em>Dale Boccabella</em></a><em>, Associate Professor of Taxation Law, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> and <a href="https://theconversation.com/profiles/ranjana-gupta-1207482">Ranjana Gupta</a>, Senior Lecturer Taxation, <a href="https://theconversation.com/institutions/auckland-university-of-technology-1137">Auckland University of Technology</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/australian-churches-collectively-raise-billions-of-dollars-a-year-why-arent-they-taxed-228901">original article</a>.</em></p> </div>

Money & Banking

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Stamp duty is holding us back from moving homes – we’ve worked out how much

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/nick-garvin-1453835">Nick Garvin</a>, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a></em></p> <p>If just one state of Australia, New South Wales, scrapped its stamp duty on real-estate transactions, about 100,000 more Australians would move homes each year, according to our <a href="https://e61.in/wp-content/uploads/2024/02/Stamp-duty-effects-on-purchases-and-moves.pdf">best estimates</a>.</p> <p>Stamp duty is an unquestioned part of buying a home in Australia – you put your details in an online mortgage calculator, and stamp duty is automatically deducted from the amount you have to contribute.</p> <p>It’s easy to overlook how much more affordable a home would be without it.</p> <p>That means it’s also easy to overlook how much more Australians would buy and move if stamp duty wasn’t there.</p> <p>The 2010 Henry Tax Review found stamp duty was <a href="https://treasury.gov.au/sites/default/files/2019-10/afts_final_report_part_2_vol_1_consolidated.pdf">inequitable</a>. It taxes most the people who most need to or want to move.</p> <p>The review reported: "Ideally, there would be no role for any stamp duties, including conveyancing stamp duties, in a modern Australian tax system. Recognising the revenue needs of the States, the removal of stamp duty should be achieved through a switch to more efficient taxes, such as those levied on broad consumption or land bases."</p> <p>But does stamp duty actually stop anyone moving? It’s a claim more often made than assessed, which is what our team at the <a href="https://e61.in/wp-content/uploads/2024/02/Stamp-duty-effects-on-purchases-and-moves.pdf">e61 Institute</a> set out to do.</p> <p>We used real-estate transaction data and a natural experiment.</p> <h2>What happened when Queensland hiked stamp duty</h2> <p>In 2011, Queensland hiked stamp duty for most buyers by removing some concessions for owner-occupiers at short notice.</p> <p>For owner-occupiers it increased stamp duty by about one percentage point, lifting the average rate from 1.26% of the purchase price to 2.27%.</p> <p>What we found gives us the best estimate to date of what stamp duty does to home purchases.</p> <p>A one percentage point increase in stamp duty causes the number of home purchases to decline by 7.2%.</p> <p>The number of moves (changes of address) falls by about as much.</p> <p>The effect appears to be indiscriminate. Purchases of houses fell about as much as purchases of apartments, and purchases in cities fell about as much as purchases in regions.</p> <p>Moves between suburbs and moves interstate dropped by similar rates.</p> <p>With NSW stamp duty currently averaging about <a href="https://conveyancing.com.au/need-to-know/stamp-duty-nsw">3.5%</a> of the purchase price, our estimates suggest there would be about 25% more purchases and moves by home owners if it were scrapped completely. That’s 100,000 moves.</p> <p>Victoria’s higher rate of stamp duty, about <a href="https://www.sro.vic.gov.au/rates-taxes-duties-and-levies/general-land-transfer-duty-property-current-rates">4.2%</a>, means if it was scrapped there would be about 30% more purchases. That’s another 90,000 moves.</p> <h2>Even low headline rates have big effects</h2> <p>The big effect from small-looking headline rates ought not to be surprising.</p> <p>When someone buys a home, they typically front up much less cash than the purchase price. While stamp duty seems low as a percentage of the purchase price, it is high as a percentage of the cash the buyer needs to find.</p> <p>Here’s an example. If stamp duty is 4% of the purchase price, and a purchaser pays $800,000 for a property with a mortgage deposit of $160,000, the $32,000 stamp duty adds 20%, not 4%, to what’s needed.</p> <p>If the deposit takes five years to save, stamp duty makes it six.</p> <p>A similar thing happens when an owner-occupier changes address. If the buyer sells a fully owned home for $700,000 and buys a new home for $800,000, the upgrade ought to cost them $100,000. A 4% stamp duty lifts that to $132,000.</p> <p>Averaged across all Australian cities, stamp duty costs about <a href="https://e61.in/wp-content/uploads/2024/02/Stepped-on-by-Stamp-Duty.pdf">five months</a> of after-tax earnings. In Sydney and Melbourne, it’s six.</p> <h2>Stamp duty has bracket creep</h2> <p>This cost has steadily climbed from around <a href="https://e61.in/wp-content/uploads/2024/02/Stepped-on-by-Stamp-Duty.pdf">six weeks</a> of total earnings in the 1990s. It has happened because home prices have climbed faster than incomes and because stamp duty has brackets, meaning more buyers have been pushed into higher ones.</p> <p>Replacing the stamp duty revenue that states have come to rely on would not be easy, but a switch would almost certainly help the economy function better.</p> <p>The more that people are able to move, the more they will move to jobs to which they are better suited, boosting productivity.</p> <p>The more that people downsize when they want to, the more housing will be made available for others.</p> <p>Our findings suggest the costs are far from trivial, making a switch away from stamp duty worthwhile, even if it is disruptive and takes time.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/225773/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/nick-garvin-1453835">Nick Garvin</a>, Adjunct Fellow, Department of Economics, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/stamp-duty-is-holding-us-back-from-moving-homes-weve-worked-out-how-much-225773">original article</a>.</em></p> </div>

Money & Banking

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"There's no way": Man receives $52 billion tax bill

<p>An American man has been left confused after receiving a letter from the government claiming he owed $52 billion in unpaid taxes. </p> <p>Barry Tangert got two letters in the mail from the state of Pennsylvania, opening the first to find a refund check from the federal government for over $900.</p> <p>His joy was short-lived though as he opened the second letter to find the income billing notice from the Pennsylvania Department of Revenue claiming that he owed a jaw-dropping $52,950,744,735.28 ($34,576,826,561.47 AUD).</p> <p>“I knew it was an obvious blunder. I don’t even make over $100,000 a year, so there’s no way I could owe anywhere near that,” Barry Tangert told local outlet <em>News 8</em>.</p> <p>The total sum was so large it didn’t even fit on a single line on the document.</p> <p>Tangert immediately knew it was a mistake, with the astonishing number being more than triple the $11 billion America’s richest man Elon Musk says he owed the government in 2022.</p> <p>How the error made it all the way to his doorstep is still a mystery to Tangert.</p> <p>“I don’t know if it was a computer glitch in the transmission or if it was an input error from my tax preparer,” Tangert said, noting that his tax preparer filed an amendment after noticing an error on his 2022 return.</p> <p>He reached out to the Pennsylvania Department of Revenue’s customer service line, which also provided little help to the baffled man.</p> <p>“The first thing he said was, ‘You had a good year.’ And I said, ‘I wish,’” Tangert said.</p> <p>Fortunately, the state department has since resolved the issue, which it chalked up to wrong numbers simply being put into the system.</p> <p><em>Image credits: WGAL News 8</em></p> <p> </p>

Money & Banking

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What to expect from the federal budget

<p>There's just three weeks left until Treasurer Jim Chalmers unveils the federal budget.</p> <p>With the cost of living crisis still a major issue across the country, we can expect to see some policies aimed at alleviating the pressure. </p> <p>Some policies, have already been announced and here are a few others that we can expect to hear from Chalmers on May 14. </p> <p>Stage 3 cuts announced in January, will form a key part of this year's budget, which will direct more benefit towards low- and middle-income earners – although Australians on high salaries will still receive a tax cut.</p> <p>The decision was made to alleviate the cost-of-living pressures and partly address the bracket creep. The cuts lower the threshold for the lowest two brackets (so they pay less tax on that income), and raise the threshold for the highest two brackets (so they need to earn more to be taxed at a higher rate). </p> <p>This means that someone with average income of around $73,000 will get $1504, but how much you actually receive will depend on your income. </p> <p>The new version of the stage 3 cuts will come into effect on July 1.</p> <p>Superannuation will be paid on government-funded parental leave, with the change due to kick in for parents with babies born after July 1, 2025.</p> <p>They will receive a 12 per cent superannuation on top of their government-funded parental leave, with around 180,000 families expected to benefit from it. </p> <p>The figures will be included in the May 14 budget. </p> <p>Although nothing has been officially announced,  there will likely be HECS-HELP debt relief for current and former students. </p> <p>"I think there's a range of areas where we need to do much better with the younger generation, and HECS is one of them," Prime Minister Anthony Albanese said on radio on April 18.</p> <p>"We've received a review of that... and what that has said is that the system can be made simpler and be made fairer.</p> <p>"We're examining the recommendations and we'll be making announcements pretty soon on that. We, of course, have a budget coming up."</p> <p>There have also been some hints from the government that energy bill relief will continue in this year's budget. </p> <p>"Our government understands that for small business – as for Australian families – energy bills remain a source of financial pressure," Albanese said, citing the existing policy that gives eligible families up to $500 off their power bills and eligible small businesses up to $650.</p> <p>"Our government understands that for small business – as for Australian families – energy bills remain a source of financial pressure," he said.</p> <p>"That's why the energy bill relief package I negotiated with the states and territories delivered up to $650 in savings for around 1 million small businesses, along with 5 million families.</p> <p>"And as we put together next month's budget, small businesses and families will again be front and centre in our thinking."</p> <p>Energy bills are also set to go down, or remain stable for the most part from July 1. </p> <p><em>Image: Getty</em></p>

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Survey unveils Aussies thoughts on tourism tax

<p>Earlier this year, Bali launched a controversial tourism tax, which meant that every traveller entering the island would have to pay a $15 fee, which the Indonesian province have said will be used for environmental and cultural projects. </p> <p>Now, Aussies have shared their thoughts on introducing a similar system here, and survey results have revealed that many are keen for the tourism tax to be introduced here. </p> <p>Travel provider InsureandGo conducted the survey and found that 60 per cent of Australians would support the government introducing a tax to combat the rising environmental toll of tourism.</p> <p>"Tourist taxes are a relatively new concept, but as travel demand swells, we are seeing more countries adopt the levy," InsureandGo Chief Commercial Officer Jonathan Etkind said. </p> <p>"What's heartening is that only a minority of 37 per cent of respondents don't support tourism taxes, demonstrating just how many Australians support the concept of sustainable travel."</p> <p>The response comes amid increased sustainability concerns on our flora and fauna, which are being threatened by over-tourism. </p> <p>The tax is particularly supported by younger Aussies aged between 18 to 30, with 73 per cent of them saying yes to tourism taxes. </p> <p>Etkind said that this may be because younger Aussies are typically more aware of the environmental impacts of travel compared to the older generation, who may be less accustomed to the tax. </p> <p>Along with Bali, other cities and countries have started introducing similar fees to combat overtourism,  with Venice set to charge day-trippers a fee of 5 Euros ($8.20) per visit. </p> <p>Amsterdam, Netherlands has the highest tourism tax in Europe, with the former 7 per cent hotel tourist levy rising to 12.5 per cent this year. </p> <p>New Zealand also charges international visitors excluding Aussie citizens and permanent residents $25 levy ($32.64 AUD) to address the challenges created by tourism in its conservation areas. </p> <p><em>Image: Getty</em></p>

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Millions of eligible Aussies about to receive financial boost

<p>Starting this Wednesday, millions of Australians relying on Centrelink benefits will see a welcome increase in their payments. With indexation kicking in, fortnightly boosts ranging from $14 to $30 will be allocated to eligible recipients, depending on their specific circumstances and the type of payment they receive.</p> <p>This adjustment will not only benefit current beneficiaries but also extend support to more individuals, with an additional 77,000 parents now qualifying for higher payment rates. The eligibility criteria for certain payments have been expanded, particularly for parents whose youngest child is under 14, a significant extension from the previous threshold of under eight.</p> <p>Income and assets limits tied to these payments will also experience an uptick in line with the indexation process, offering further relief to recipients. But how exactly will these increments manifest across different categories of payments?</p> <p>For single parents, the fortnightly payment will see a boost of $17.50, while partnered parents will witness an increase of $12.30 individually. Moreover, the income free area will rise to $1,345 for each person, an enhancement of $20 per fortnight.</p> <p>Jobseekers with children or those aged over 55 will receive an additional $14.40 fortnightly. Single JobSeeker recipients without children and individuals aged over 22 on ABSTUDY will enjoy a $13.50 increase per fortnight, with couples receiving an extra $12.30 each.</p> <p>Rent assistance, however, will see relatively modest increments, ranging from $2.27 to $3.40, depending on the recipient's family situation.</p> <p>For those on the age pension, disability support pension, and carer payment, the increase is more substantial, with singles receiving an extra $19.60 and couples combined receiving $29.40 each fortnight. This brings the maximum rate of the pension to $1116.30 for singles and $1682.80 for couples, including pension and energy supplements.</p> <p>Amanda Rishworth, the Social Services Minister, explains that indexation plays a crucial role in ensuring that welfare recipients can cope with inflation and the rising cost of living – and that addressing these pressures remains a top priority for the government.</p> <p>This increase in Centrelink payments comes at a critical time when many Australians are grappling with economic uncertainty due to various factors, including the ongoing pandemic. While these adjustments may seem modest to some, they can make a significant difference for those relying on welfare support to make ends meet.</p> <p>It's essential for eligible individuals to stay informed about these changes and ensure they receive the full benefits they're entitled to. For those who may be unsure about their eligibility or how to navigate the system, seeking assistance from Centrelink or relevant support services can provide valuable guidance.</p> <p>As the cost of living continues to evolve, initiatives like indexation serve as vital mechanisms for maintaining the welfare safety net and supporting vulnerable members of society. By keeping pace with economic realities, these adjustments strive to provide meaningful relief to those who need it most, contributing to a more equitable and inclusive society for all Australians.</p> <p><em>Image: Getty </em></p>

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Millions of Aussies to get cash boost in weeks

<p>Millions of Australians are set to receive more money when payments are indexed. </p> <p>On March 20, those on the age pension, disability support pension and carer payment will be pocketing extra money. </p> <p>Single people on the pension and carer payment can expect an extra $19.60, with maximum amount increasing to $1116.30. For couples, the rate will go up $29.40 per fortnight, with the maximum being $1682.80.</p> <p>People on rent assistance, JobSeeker, single parenting payments and ABSTUDY will also benefit from payment increases, with single parenting payment going up by $17.50 a fortnight.</p> <p>Single JobSeeker recipients with no kids, and people over 22 on ABSTUDY, will get an extra $13.50 per fortnight, while each member of a couple will get an additional $12.30 per fortnight.</p> <p>The government has also changed the eligibility criteria for parents seeking welfare payments, with the last budget revealing that 77,000 parents will receive benefits for the youngest child up to the age of 14 instead of eight. </p> <p>The income and assets limits will also be increased in line with indexation in March.</p> <p>Social Services Minister Amanda Rishworth said that these changes will be implemented to ensure that Centrelink recipients would be able to have more money in their accounts, with the rise in cost-of-living. </p> <p>“Our number one priority is addressing inflation and cost of living pressures,” Rishworth said.</p> <p><em>Image: Getty</em></p> <p> </p>

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Tax boost announced for 1.2 million people

<p>Low-income earners will receive a tax boost with the Medicare levy threshold set to rise. </p> <p>The income threshold at which taxpayers will have to pay a two per cent Medicare levy will increase by 7.1 per cent, in line with inflation. </p> <p>Currently single people who earn below $24,276 do not have to pay the levy. Under the changes, the two per cent levy only has to be paid by anyone earning over <span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">$26,000</span></p> <p>The <span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">Medicare levy </span><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">threshold for seniors and pensioners will increase to $41,089, up from the initial benchmark of $38,365. </span></p> <p>For families, this threshold has increased to $43,486 up from the previous $40,939. </p> <p>Treasurer Jim Chalmers said that the increase was part of the broader measures taken to relieve the increase in cost-of-living. </p> <p>“This will ensure people on lower incomes continue to pay less or are exempt from the Medicare levy,”  he said on Tuesday. </p> <p>“It means 1.2 million Australians get to keep a bit more of what they earn.”</p> <p>The boost in the Medicare levy threshold was announced alongside changes to income tax cuts, with those earning under $150,000 set to receive greater benefits. </p> <p>“This is about doing what we responsibly can to ease some of the pressure being felt by Australians right around the country, but especially for people on lower incomes, young people, seniors and women,” Chalmers said.</p> <p>This comes just days after Medicare celebrated it's 40th anniversary, with an exhibition launched at Parliament House.</p> <p><em>Image: Getty</em></p>

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Stage 3 stacks up: the rejigged tax cuts help fight bracket creep and boost middle and upper-middle households

<p><em><a href="https://theconversation.com/profiles/ben-phillips-98866">Ben Phillips</a>, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a></em></p> <p>The winners and losers from the Albanese government’s <a href="https://treasury.gov.au/sites/default/files/2024-01/tax-cuts-government-fact-sheet.pdf">rejig</a> of this year’s Stage 3 tax cuts have already been well documented.</p> <p>From July 1 every taxpayer will get a tax cut. Most, the 11 million taxpayers earning up to A$146,486, will also pay less tax than they would have under the earlier version of Stage 3, some getting a tax cut <a href="https://theconversation.com/albanese-tax-plan-will-give-average-earner-1500-tax-cut-more-than-double-morrisons-stage-3-221875">twice as big</a>.</p> <p>A much smaller number, 1.8 million, will get a smaller tax cut than they would have under the original scheme, although their cuts will still be big. The highest earners will get cuts of $4,529 instead of $9,075.</p> <p>But many of us live in households where income is shared and many households don’t pay tax because the people in them don’t earn enough or are on benefits.</p> <p>The Australian National University’s <a href="https://csrm.cass.anu.edu.au/research/policymod">PolicyMod</a> model is able to work out the impacts at the household level, including the impact on households in which members are on benefits or don’t earn enough to pay tax.</p> <h2>More winners than losers in every broad income group</h2> <p>We’ve divided Australian households into five equal-size groups ranked by income, from lowest to lower-middle to middle to upper-middle to high.</p> <p>Our modelling finds that, just as is the case for individuals, many more households will be better off with the changes to Stage 3 than would have been better off with Stage 3 as it was, although the difference isn’t as extreme.</p> <p>Overall, 58% of households will be better off with the reworked Stage 3 than they would have under the original and 11% will be worse off.</p> <p>Importantly, there remain 31% who will be neither better off nor worse off, because they don’t pay personal income tax.</p> <hr /> <p><iframe id="0CWXE" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/0CWXE/4/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>But it is different for different types of households.</p> <p>In the lowest-earning fifth of households, far more are better off (13.5%) than worse off (0.2%) with the overwhelming bulk neither better nor worse off (86.3%).</p> <hr /> <p><iframe id="KC5zy" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/KC5zy/3/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>In the highest-earning fifth of households, while more than half are better off (54.4%), a very substantial proportion are worse off (42.3%).</p> <p>Very few (only 3.1%) are neither better nor worse off.</p> <hr /> <p><iframe id="WSkSL" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/WSkSL/3/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <h2>But high-earning households go backwards on average</h2> <p>In dollar terms, the top-earning fifth of households loses money while every group gains. That’s because although there are more winners than losers among the highest-earning fifth of households, the losers lose more money.</p> <p>The biggest dollar gains go to middle and upper-middle income households with middle-income households ahead, on average, by $988 per year and upper-middle income households by $1,102. The highest-income households are worse off by an average of $837 per year.</p> <p>As a percentage of income, middle-income households gain the most with a 1% increase in disposable income. Lowest income households gain very little, while the highest-income households go backwards by 0.3%.</p> <hr /> <p><iframe id="kAPmC" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/kAPmC/3/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <h2>The rejig does a better job of fighting bracket creep</h2> <p>And we’ve found something else.</p> <p>The original version of the Stage 3 tax cuts was advertised as a measure to overcome <a href="https://theconversation.com/the-2-main-arguments-against-redesigning-the-stage-3-tax-cuts-are-wrong-heres-why-221975">bracket creep</a>, which is what happens when a greater proportion of taxpayers’ income gets pushed into higher tax brackets as incomes climb.</p> <p>We have found it wouldn’t have done it for most of the income groups, leaving all but the highest-earning group paying more tax after the change in mid-2024 than it used to in 2018.</p> <p>The rejigged version of Stage 3 should compensate for bracket creep better, leaving the top two groups paying less than they did in 2018 and compensating the bottom three better than the original Stage 3.</p> <hr /> <p><iframe id="YG0cT" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/YG0cT/1/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>Not too much should be made of the increase in tax rates in the lowest income group between 2018 ad 2024 because some of it reflects stronger income growth.</p> <p>We find that overall, the redesigned Stage 3 does a better job of offsetting bracket creep than the original. It is also better targeted to middle and upper-middle income households.</p> <p>Having said that, the average benefit in dollar terms isn’t big. At about $1,000 per year for middle and upper-middle income households and costing the budget about what the original Stage 3 tax cuts would have cost, its inflationary impact compared to the original looks modest.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/221851/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/ben-phillips-98866"><em>Ben Phillips</em></a><em>, Associate Professor, Centre for Social Research and Methods, Director, Centre for Economic Policy Research (CEPR), <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a></em></p> <p><em>Image credits: Shutterstock</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/stage-3-stacks-up-the-rejigged-tax-cuts-help-fight-bracket-creep-and-boost-middle-and-upper-middle-households-221851">original article</a>.</em></p>

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"Proud to pay more": The billionaires who want to pay more tax

<p>Over 250 millionaires and billionaires have issued an <a href="https://proudtopaymore.org/" target="_blank" rel="noopener">open letter</a> to global leaders encouraging them to implement wealth taxes to combat the cost-of-living crisis. </p> <p>This comes just as a report by the <a href="https://www.oversixty.com.au/finance/money-banking/shocking-amount-australia-s-richest-people-earn-per-hour" target="_blank" rel="noopener">Oxfam Charity</a> revealed that the global wealth of billionaires have only grown in the last three years despite inflation. </p> <p>The open letter, signed by super-rich individuals from 17 countries, includes signatories like Abigail Disney, the grand-niece of Walt Disney, <em>Succession </em>actor Brian Cox, and American philanthropist and Rockefeller family heir Valerie Rockefeller.</p> <p>They said that they would be "proud to pay more taxes" in order to address the  inequality.</p> <p>"Elected leaders must tax us, the super rich,"  the letter read. </p> <p>"This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations' economic growth.</p> <p>"But it will turn extreme and unproductive private wealth into an investment for our common democratic future."</p> <p>Austrian heir Marlene Engelhorn is also among the voices demanding that they pay more in taxes.</p> <p>"I've inherited a fortune and therefore power, without having done anything for it. And the state doesn't even want taxes on it,"  Engelhorn, who inherited millions from her family who founded chemical giant BASF, said.</p> <p>The letter was released just as global leaders gather in Davos, Switzerland for the World Economic Forum.</p> <p>Abigail Disney, whose net-worth is measured at more than $100 million, said that lawmakers need to come together to make a meaningful economic and social change. </p> <p>"There's too much at stake for us all to wait for the ultra rich to grow a conscience and voluntarily change their ways," she said.</p> <p>"For that reason, lawmakers must step in and tax extreme wealth, along with the variety of environmentally destructive habits of the world's richest."</p> <p>A recent <a href="https://static1.squarespace.com/static/63fe48c7e864f3729e4f9287/t/6596bfb943707b56d11f1296/1704378297933/G20+Survey+of+those+with+More+than+%241+million+on+Attitudes+to+Extreme+Wealth+and+Taxing+the+Super+Rich.pdf" target="_blank" rel="noopener">survey</a> of almost 2400 millionaires found that 74 per cent of them supported the introduction of a wealth tax to fund improved public services and deal with the cost-of-living crisis.</p> <p>The open letter also said that one-off donations and philanthropy "cannot redress the current colossal imbalance" of societal wealth.</p> <p>"We need our governments and our leaders to lead," the letter said. </p> <p>"The true measure of a society can be found, not just in how it treats its most vulnerable, but in what it asks of its wealthiest members."</p> <p><em>Images: Getty</em></p>

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“This is their money”: Aussies to receive cash boost in days

<p>The Australian government appears to be on a mission to play Santa, as it attempts to return a whopping $234 million in unclaimed Medicare benefits to one million of its hard-working citizens. Move over, jolly old Saint Nick; it's time for Bill "Santa" Shorten to shine.</p> <p>It turns out that Australians have been missing out on an average of $240 each in Medicare rebates, akin to losing a crisp, green note between the couch cushions – but on a national scale.</p> <p>Apparently, the government has been holding onto this financial treasure trove because some Aussies forgot to update their bank details with Medicare. Who knew that keeping your bank info up-to-date could be more rewarding than finding a forgotten $20 in last winter's coat?</p> <p>Government Services Minister Bill Shorten is riding the sleigh of generosity, announcing that, "We know Australians are doing it tough, and I want to reunite people with millions in unpaid Medicare benefits before the holidays." </p> <p>In the grand spirit of giving, Shorten has a plan. Australians can reclaim their lost loot within three days by undertaking the Herculean task of updating their bank account details on the myGov website. It's like a high-stakes version of changing your password but with a much more tangible reward – immediate funds in time for holiday shopping sprees.</p> <p>According to Shorten, the age group with the most to gain from this unexpected Christmas bonus is 18 to 24-year-olds, collectively owed a jaw-dropping $49 million. It seems like Santa Shorten is making a list and checking it twice, ensuring even the Millennials and Gen Zs get their fair share of financial cheer.</p> <p>While nearly 700,000 lucky Aussies are set to receive a notification about their long-lost financial windfall, there's a Grinchy catch: 300,000 individuals without a myGov account may remain out of reach. It's a modern-day Christmas tragedy – the equivalent of getting coal in your stocking because you forgot to sign up for the "nice" list.</p> <p>Opposition spokesman Paul Fletcher is urging Australians to create a myGov account, stating, "Two minutes on the app, three days later money in your account, good news for Christmas." It's like a financial magic trick - poof, and the money appears!</p> <p>In the midst of this Yuletide monetary magic, opposition spokesman Paul Fletcher throws some shade, claiming the coalition exposed these unclaimed benefits figures in October. "Families are struggling with cost-of-living pressures, and this is their money, not the government's," he declared, sounding like a fiscal superhero fighting for the rights of the underpaid and overtaxed.</p> <p>So, as Aussies rush to create myGov accounts and update their banking details, it's beginning to feel a lot like Christmas. Santa Shorten and his merry band of government officials are on a mission to spread holiday cheer, one direct deposit at a time.</p> <p>Who needs mistletoe when you can kiss your financial worries goodbye, thanks to the jingling sound of unclaimed Medicare benefits? It's the season of giving, after all, and in Australia, Santa Shorten is coming to town.</p> <p><em>Image: Getty</em></p>

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Five ways to take advantage of rising interest rates to boost your savings

<p><em><a href="https://theconversation.com/profiles/fredrick-kibon-changwony-234363">Fredrick Kibon Changwony</a>, <a href="https://theconversation.com/institutions/university-of-stirling-1697">University of Stirling</a></em></p> <p>With the Bank of England base rate <a href="https://theconversation.com/how-the-bank-of-englands-interest-rate-hikes-are-filtering-through-to-your-finances-210344">currently the highest</a> it has been since early 2008, you may have a valuable opportunity to increase your earnings on pensions, investments and savings accounts. After all, when the central bank raises its main rate – the base rate, which is typically used as a benchmark for loans as well as savings accounts – it is trying to encourage people to spend less and save more.</p> <p>But UK banks and building societies have <a href="https://www.independent.co.uk/money/martin-lewis-savings-rates-mortgage-crisis-b2362955.html">recently been accused</a> of letting their savings rates lag the recent rapid rise in the base rate. UK regulator the Financial Conduct Authority has urged these financial firms to offer “<a href="https://www.fca.org.uk/news/press-releases/action-plan-cash-savings">fair and competitive</a>” savings rates in response to the increasing interest rates.</p> <p>Many financial institutions do offer accounts with <a href="https://www.theguardian.com/money/2023/jul/15/uk-savings-accounts-interest-nsi-building-societies-banks-deals">rates of 6% or more</a>. This is good news for avid savers – but only if you keep an eye on the market so you can switch from less competitive products. This is why it’s important to establish a regular savings habit, but many people are unsure about what that should involve.</p> <p>My colleagues and I have studied the <a href="https://dspace.stir.ac.uk/handle/1893/32240">correlation between people’s savings goals</a> (if they have any) and how they invest their money. We also looked at how seeking financial information advice, and being “good with numbers”, both influence this correlation.</p> <p>We analysed data from more than 40,000 individuals in 21,000 UK households from five waves of the Office for National Statistics Wealth and Assets Survey (WAS), conducted between 2006 and 2016. This data captures comprehensive economic wellbeing information and attitudes to financial planning.</p> <p>Our research shows the importance to your finances of setting multiple savings goals, keeping up with financial news, and seeking professional advice. Based on this, here are five research-based ways to make the most of your money.</p> <h2>1. Set specific savings goals</h2> <p>Establishing personal savings goals is one of the first steps most financial institutions and advisers will recommend to their customers, because it’s a good idea to <a href="https://www.investopedia.com/terms/c/compoundinterest.asp">save regularly</a>. Plus, our study shows that total financial assets increase in line with the number of savings goals you have, and that setting specific, rather than vague, goals leads to higher performance.</p> <p>Specific savings goals should have an end date, target figure, and even a meaningful name – for example, “£1,000 for 2024 trip to Asia” or “£250 for 2023 Christmas present fund”. This will create tangible reference points that encourage self-control and increase the pain you feel if you fail to meet your goal.</p> <h2>2. Seek professional financial advice</h2> <p>Rather than relying on friends, family and social media for financial advice, speak to an expert.</p> <p>Our research shows households that access professional financial advice were more likely to allocate a higher share of their wealth to stock portfolios than those that rely on friends, family and social media for financial advice. This result was consistent even across different wealth and income levels, with lower earners possibly using products like ISAs to make investments in stocks and shares. Other <a href="https://academic.oup.com/qje/article/134/3/1225/5435538">research shows</a> stock portfolios outperform most other types of investment in the long term.</p> <p>We also found that access to professional financial advice can substitute for setting goals, because your adviser should help you to determine the kinds of products to invest in (which is called asset allocation) for specific timelines and aims.</p> <h2>3. Brush up on your maths</h2> <p><a href="https://doi.org/10.1111/j.1475-5890.2007.00052.x">Several studies</a> show numerical skills affect how households gather and process information, <a href="https://psycnet.apa.org/doi/10.1037/a0013114">set goals</a>, perceive risks, and <a href="https://heinonline.org/HOL/P?h=hein.journals/fedred89&amp;i=791">decide to invest</a> in various financial assets. So, by brushing up on your basic numeracy and financial literacy skills – even with free online videos – you could boost your savings for the long term.</p> <p>Our study shows that individuals with high confidence in their numerical skills tend to have better financial planning habits – such as investing more in stocks and bonds than cash, which carries more risk but also the potential for greater returns. This trend is particularly evident among households with no savings goals, suggesting that numerical ability could compensate for failing to set such goals.</p> <h2>4. Adopt appropriate savings strategies</h2> <p>Diversified stock market portfolios generally outperform bonds and cash savings <a href="https://doi.org/10.1093/qje/qjz012">over longer periods</a>. However, stock markets can be volatile, so putting savings into less risky assets like bonds and cash is wise for savings goals of less than five years.</p> <p>In the longer term, investing across different global stock markets for more than five years can help counteract inflation. And you can access low-cost, diversified investment portfolios via financial products based on indices of stocks or other assets, such as exchange traded funds.</p> <h2>5. Set, monitor and adjust your plan</h2> <p>Free financial planning and budgeting apps can help you save money by tracking your spending and savings goals, and encouraging you to adhere to a budget.</p> <p>Most importantly, once you set savings goals and create a budget, don’t forget about them. Check regularly to see how your savings are building up and to monitor for any spending changes. A growing array of fintech tools can prompt and encourage this kind of long-term planning.</p> <p>Keeping an eye on savings rates is also important. As banks change rates or create new accounts, consider switching to get a better deal if you can do so without falling foul of account closure fees.</p> <p>It’s important to make sure your savings are working for you at any time, but its crucial in the current economy, when finances are tight but interest rates are rising.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/208853/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/fredrick-kibon-changwony-234363">Fredrick Kibon Changwony</a>, Lecturer in Accounting &amp; Finance, <a href="https://theconversation.com/institutions/university-of-stirling-1697">University of Stirling</a></em></p> <p><em>Image credits: Shutterstock</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/five-ways-to-take-advantage-of-rising-interest-rates-to-boost-your-savings-208853">original article</a>.</em></p>

Money & Banking

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The happiness diet: 7 foods to boost your mood

<p><strong>Mood boosting foods worth adding to your shopping trolley</strong></p> <p>For decades, our culture has focused on the connection between healthy eating and physiological wellness – most of all, related to weight. But out of a pandemic that made mental health a hot topic, you might also be gaining an awareness that the food you eat can seriously affect your mind.</p> <p>Research published in The British Medical Journal says diet plays a major role in how both our body and our brain are feeling. Poor nutrition can contribute to depression, anxiety, aggression (there’s a reason the word “hangry” exists!). But improving your diet, and knowing the right foods to eat, may help your mental health.</p> <p>Dietitian and certified intuitive eating counsellor Rachel Engelhart says certain foods can support your body’s processes that are responsible for positive moods and strong energy levels. Here’s Engelhart’s list of the greatest mood-boosting foods.</p> <p><strong>Fatty fish</strong></p> <p>Seafood like salmon, mackerel and canned tuna are rich in omega-3 fatty acids, which are ‘healthy fats’ with benefits throughout your body – from your heart to your eyes – and your brain.</p> <p>“Omega-3 fatty acids are anti-inflammatory and have the ability to cross into the brain, having a direct effect on mood-regulating molecules and neurotransmitters there,” says registered dietitian Kelsey Lorencz. Research has consistently linked low levels of omega-3s with mood disorders like depression and anxiety – and, according to a review published in Frontiers in Physiology, most of us don’t get enough omega-3 fats in our diet.</p> <p><strong>Yoghurt</strong></p> <p>According to Lorencz, “The bacteria in your gut can actually produce feel-good neurotransmitters like serotonin and dopamine.”</p> <p>Research has identified a particular bacterium that may have a strong impact on triggering these chemicals: a strain called Lactobacillus. One study published in the journal Nature found that feeding our gut with this good bacteria – found naturally in foods like yoghurt, kefir, and sauerkraut – doesn’t just keep the blues at bay, it can increase our resilience in the face of stress.</p> <p><strong>Bananas</strong></p> <p>Bananas aren’t just shaped like a smile – they’re a mood-boosting powerhouse. That’s in part because they’re also high in vitamin B6, one nutrient behind the production of the ‘happiness hormone’ serotonin. Bananas contain prebiotic fibre, which, along with that Lactobacillus, are essential for gut health that promotes a happy brain.</p> <p><strong>Cottage cheese</strong></p> <p>“The amino acid L-tyrosine is needed to make dopamine and norepinephrine, two neurotransmitters that affect our mood and can easily become depleted,” Lorencz says. She points to high sources like soy products, chicken, fish, nuts, seeds, avocados and bananas. But cottage cheese has a whopping amount of this amino acid, along with a few other mood-boosters in its arsenal. It’s high in protein, which is essential for our body to make and use its mood-promoting hormones, Engelhart says. (This protein is casein protein, which our body absorbs more slowly, sustaining energy levels, and may contribute to elevated moods, according to ongoing research.)</p> <p>Cottage cheese also contains selenium, a mineral that Nutrients research has suggested may be linked with lower rates of depression.</p> <p><strong>Nuts and seeds</strong></p> <p>Magnesium is a mineral that supports our body’s energy production – and not getting enough can lead to irritability, anxiety, sleeplessness and agitation, says Lorencz. Nuts like almonds, walnuts, cashews and seeds like pumpkin, chia and sesame are great sources of this vital nutrient, as well as tryptophan, an amino acid associated with good moods.</p> <p>Nuts and seeds can also be great vegetarian sources of those crucial omega-3 fatty acids.</p> <p><strong>Oysters</strong></p> <p>The ages-old wives’ tale about oysters as aphrodisiacs is still out for debate, but oysters can elevate one’s mood. They pack the highest zinc content of any food – a nutrient that’s linked with anxiety and depression when we’re deficient, says Lorencz – and contain tyrosine, an amino acid that helps our body produce the ‘feel good’ hormone dopamine.</p> <p>That’s great news for the shellfish-loving set. However, if you aren’t a fan of oysters, you can get this one-two mood-boosting punch from food like eggs, nuts and legumes.</p> <p><strong>Your favourite treat</strong></p> <p>“Having a varied diet is the best way to set your body up to produce the ‘feel good’ hormones that it needs,” Engelhart says, adding an important point: while this nutritious balance is important, so is treating yourself to food you enjoy. “So many of my clients are hard on themselves and rather judgmental around their food choices, and it negatively impacts their mood,” she says. “Sprinkling our day with a delicious coffee, a yummy dessert, or one of our favourite restaurant meals is also an important way to positively impact our mental health.”</p> <p>And if you want to be strategic about that treat, reach for some dark chocolate. Chocolate contains natural serotonin, and 2022 research found that dark chocolate has prebiotic effects in our gut, supporting stronger mental health.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://www.readersdigest.com.au/healthsmart/conditions/mental-health/the-happiness-diet-7-foods-to-boost-your-mood" target="_blank" rel="noopener">Reader's Digest</a>.</em></p>

Food & Wine

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Millions of Aussies set for a pension boost

<p>Millions of Australians are set to receive a generous cash increase when an imminent welfare payment indexation comes into effect. </p> <p>Those on age pension payments from Centrelink will see a boost to their payment from Tuesday. </p> <p>According to figures from the Department of Social Services, single pensioners will receive an increase of $32.70, taking their payments to $1096.70 a fortnight.</p> <p>Couples on the adult pension will have their fortnightly payments increase by $24.70 to $826.70.</p> <p>Those on Jobseeker will also receive a boost to their payments, as payments will increase by $56.10 a fortnight to $749.20 for single people aged 22 or more with no children, and by $57.30 a fortnight for those with children to $802.50.</p> <p>Single people aged 55 or over will also have payments increased to $802.50 after nine months.</p> <p>Partnered people on Jobseeker will get a $54.80 increase to $686 a fortnight. </p> <p>Centrelink recipients on rent assistance, youth allowance and Austudy payments will also receive a boost to their fortnightly payments. </p> <p>Despite the increases across many welfare recipient groups, the Australian Council of Social Services says the increases are not enough.</p> <p>ACOSS said people almost three quarters of people they had surveyed on income support were eating less or skipping meals as the ongoing cost of living criss worsens. </p> <p>Half of the respondents said the incoming increase would not help at all, prompting the ACOSS to call for income support to at least match the pension rate.</p> <p><em>Image credits: Getty Images</em></p>

Money & Banking

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myTax is fast and free – so why do 2 in 3 Australians still pay to lodge a tax return?

<p><em><a href="https://theconversation.com/profiles/jawad-harb-1441668">Jawad Harb</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> and <a href="https://theconversation.com/profiles/elizabeth-morton-1218408">Elizabeth Morton</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></p> <p>Ten years ago, the Australian Taxation Office (ATO) created the “myTax” portal, an easy way to lodge your tax return online.</p> <p>There was an “e-Tax” filing option before the 2015-16 tax year, but this was quite complicated and barely better than filling out a form online.</p> <p>In comparison, myTax <a href="https://resources.taxinstitute.com.au/tiausttaxforum/acceptance-of-mytax-in-australia">is simpler</a> and more automated. It’s available 24 hours a day, is free to use, and you will typically get your refund within <a href="https://www.ato.gov.au/Individuals/Your-tax-return/How-to-lodge-your-tax-return/Lodge-your-tax-return-online-with-myTax/">two weeks</a>.</p> <p>But the chances are you won’t be using it.</p> <p>In fact, slightly less than <a href="https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Taxation-statistics/Taxation-statistics-2020-21/?anchor=IndividualsStatistics#IndividualsStatistics">36%</a> of Australia’s 15 million taxpayers used the myTax portal in 2020-21 – the most recent tax year for which the tax office has published data.</p> <p>About <a href="https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Taxation-statistics/Taxation-statistics-2020-21/?anchor=IndividualsStatistics#IndividualsStatistics">64% of tax returns</a> were lodged through tax agents. This is one of the highest rates among 38 <a href="https://www.oecd.org/about/">Organisation for Economic Co-operation and Development</a> nations. Meanwhile, just 0.6% of Australians still used the paper-based form.</p> <hr /> <p><iframe id="5Kdz0" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/5Kdz0/3/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>So why have Australians – who have quickly embraced the internet for everything from shopping to dating – been so slow to embrace myTax?</p> <p>For some, particularly older people, it’s about being intimidated by the technology. Others may be concerned with cybersecurity risk.</p> <p>But for most it’s about the perceived complexity of the tax system and the process, regardless of the technology. They see using a tax agent as easier and the way to maximise their tax refund.</p> <p>While in some cases this may be true, in many instances it’s simply a perception – but one the tax office will need to address if it wants to promote use of myTax.</p> <h2>Reasons for the low uptake of myTax</h2> <p><a href="https://resources.taxinstitute.com.au/tiausttaxforum/acceptance-of-mytax-in-australia">Our research</a> suggests most people who have used the myTax portal think it is easy to use.</p> <p>We surveyed 193 taxpayers who have used the system. About three-quarters agreed the system was clear and understandable, and said they would keep using it.</p> <p>But of course these are people who have chosen to use the system, so their responses don’t shed much light on the reasons people don’t use myTax.</p> <p>Answers to that come from other published research, in particular from the <a href="https://www.igt.gov.au/">Inspector-General of Taxation</a> (the independent office investigating complaints about the tax system) as well as the House of Representatives’ Standing Committee on Tax and Revenue.</p> <p>Evidence submitted to these bodies indicate that Australians prefer tax agents to avoid errors in claiming deductions.</p> <p>The parliamentary committee’s <a href="https://parlinfo.aph.gov.au/parlInfo/download/committees/reportrep/024169/toc_pdf/TaxpayerEngagementwiththeTaxSystem.pdf;fileType=application%2Fpdf">2018 inquiry</a> into the tax system was told the use of tax agents ballooned from about 20% in the 1980s, peaking at about 74% of all taxpayers: "The Tax Commissioner considered that the size of the TaxPack had probably contributed to that rise, driving many people with simple tax affairs to a tax agent because it looked daunting."</p> <p>In short, habits are hard to break. Having come to rely on tax agents, most Australians keep using them, despite the system being vastly improved.</p> <p>For example, the myTax system now simplifies the process by <a href="https://www.ato.gov.au/Individuals/Your-tax-return/How-to-lodge-your-tax-return/Lodge-your-tax-return-online-with-myTax/Pre-fill-availability/?=redirected_myGov_prefill">pre-filling</a> data from government agencies, health funds, financial institutions and your own employer. About 80% of our survey respondents said this was helpful.</p> <h2>Taking care of the digital divide</h2> <p>This suggests the main barrier to increasing use of the myTax system is mostly habit and the perception the tax system is too complicated to navigate without an expert.</p> <p>There is also a small percentage of people who feel uncomfortable with computers. This is reflected in the minority of respondents in our study who said they were unlikely to use myTax again, as well as the tax office’s data showing some people continue to stick with paper lodgement.</p> <p>Those more likely to find the system daunting are the elderly, those with low English skills, people with disabilities and those with low educational attainment.</p> <p>These people’s needs should not be forgotten as the Australian <a href="https://www.dta.gov.au/digital-government-strategy">Digital Government Strategy</a> aims to making Australia a “world-leading” digital government by 2025, delivering “simple, secure and connected public services”.</p> <p>Even with the greatest online system in the world, it’s unlikely there will ever be a complete transition.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/207305/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/jawad-harb-1441668">Jawad Harb</a>, PhD Candidate, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> and <a href="https://theconversation.com/profiles/elizabeth-morton-1218408">Elizabeth Morton</a>, Research Fellow of the RMIT Blockchain Innovation Hub, Lecturer Taxation, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></p> <p><em>Image credits: Shutterstock</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/mytax-is-fast-and-free-so-why-do-2-in-3-australians-still-pay-to-lodge-a-tax-return-207305">original article</a>.</em></p>

Money & Banking

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How your favourite things can boost your financial wellbeing

<p><em><a href="https://theconversation.com/profiles/jingshi-joyce-liu-1424398">Jingshi (Joyce) Liu</a>, <a href="https://theconversation.com/institutions/city-university-of-london-1047">City, University of London</a>; <a href="https://theconversation.com/profiles/amy-dalton-1425283">Amy Dalton</a>, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a>, and <a href="https://theconversation.com/profiles/anirban-mukhopadhyay-1425284">Anirban Mukhopadhyay</a>, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a></em></p> <p>The cost of living crisis has left many people struggling to afford basic necessities such as food and heating for their homes. On the other hand, the top ten richest men in the world <a href="https://www.weforum.org/agenda/2022/04/economic-inequality-wealth-gap-pandemic/">doubled their wealth</a> during the COVID pandemic while 99% of people became worse off.</p> <p>While this is a comparison of two extremes, many people attempt to “keep up with the Joneses” – looking at what the people around them own and striving to afford the same things. Comparing material wealth and resources to those around you is even more common when others are better off. It’s hard not to wonder why someone else has a nicer car or better clothes.</p> <p>Lots of <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/jasp.12631">research supports</a> this tendency, <a href="https://journals.sagepub.com/doi/full/10.1177/00222437221141053">including our own</a>. For example, when we asked American people to watch a video about research on income inequality in their own country, unsurprisingly, it made them think about their own wealth and how it compares to those around them.</p> <p>And we found that it doesn’t matter how wealthy a person is. Relatively well-off people still tend to look upwards in this way. There is nearly always someone who has more money or owns a better car, a bigger house or the latest gadgets.</p> <p>But while money may not buy you happiness, <a href="https://journals.sagepub.com/doi/full/10.1177/00222437221141053">our research shows</a> that a favourite possession can actually help to make you feel happier when facing income inequality. Thinking about a single treasured possession – even something small like a favourite book gifted by a friend or a keepsake from a trip – can help prevent these feelings of deprivation and actually boost your wellbeing.</p> <p>We used the <a href="https://www.investopedia.com/terms/g/gini-index.asp">Gini coefficient</a> – a common measure of income inequality – to analyse more than 31,000 Instagram posts from 138 countries. We found that posts tend to convey less happiness in places with more income inequality (i.e., when the Gini coefficient of the location of the post increases).</p> <p>We focused on posts that were about favourite possessions (that used hashtags such as #favouritething, #favthing), comparing these with posts about favourite things in general, that is things that aren’t “owned”. The latter posts used hashtags such as #fashion or #favoritepeople.</p> <p>Posts that used hashtags about general consumption and favourite things that aren’t “owned”, such as music or friends, were typically less happy and posted in areas with more income inequality. But when we looked at posts that used hashtags about favourite possessions, such as #favouritething or #favthing, we found there was a weaker relationship with income inequality.</p> <p>So whether a post was happy or not wasn’t linked to the equality of the area it was posted in. These posts about favourite possessions were therefore less affected by income inequality.</p> <p>This means that encouraging people to think differently about things they already own could help some cope better with inequality. Rather than focusing on how much you own, which tends to exacerbate social comparison and undermine happiness, focus instead on your favourite possessions. Our research indicates that people who do this tend to make fewer material comparisons, and are happier as a result.</p> <h2>Simply remember your favourite things</h2> <p>A treasured possession doesn’t even have to be particularly expensive. From a memento purchased on a trip abroad, to your grandmother’s embroidered cushion, a football jersey that reminds you of your old school teammates, or even that tattered t-shirt of your favourite band, such items can feel priceless to their owners because they are unique and their value transcends any kind of price.</p> <p>In a separate multi-country study using an online questionnaire, we asked 1,370 participants from China, India, Pakistan, the UK, Spain, Russia, Chile and Mexico to describe either every item of clothing they had recently purchased, or a single favourite item of clothing. After participants described these things, we asked them about their wellbeing, as well as their perception of income inequality in their country.</p> <p>Those who thought about recent clothing purchases reported lower wellbeing when thinking about income inequality in their country. In comparison, those who talked about a single favourite piece of clothing were not as affected by the income inequality they perceived around them.</p> <p>Three more online experiments with over 2,000 participants <a href="https://journals.sagepub.com/doi/full/10.1177/00222437221141053">revealed that</a> when people are reminded of their favourite possessions they feel less affected by income inequality because they are making fewer material comparisons.</p> <p>In one of these studies, we found that merely describing a favourite possession made people less likely to compare their wealth to that of others. When people stopped making these comparisons they were happier – even those living in places with more income inequality.</p> <h2>#FavouriteThing</h2> <p>Our research shows the benefits of focusing on a few favourite things that we own, rather than thinking about the amount of possessions we have and what else we need to “keep up with the Joneses”.</p> <p>Hashtag trends like #ThrowbackThursday encourage people to post photos on certain themes. In a similar vein, encouraging more people to post photos of their favourite possessions using hashtags like #FavouriteThing could do a lot to help boost happiness during the cost of living crisis.</p> <p>Income inequality is rampant and the cost of living crisis has only made its effects worse. But we all possess something dear to us that can keep us from comparing ourselves to others and help protect our wellbeing in this difficult economic environment.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/201997/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/jingshi-joyce-liu-1424398">Jingshi (Joyce) Liu</a>, Lecturer in Marketing, <a href="https://theconversation.com/institutions/city-university-of-london-1047">City, University of London</a>; <a href="https://theconversation.com/profiles/amy-dalton-1425283">Amy Dalton</a>, Associate Professor of Marketing, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a>, and <a href="https://theconversation.com/profiles/anirban-mukhopadhyay-1425284">Anirban Mukhopadhyay</a>, Lifestyle International Professor of Business and Chair Professor of Marketing, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a></em></p> <p><em>Image credits: Getty </em><em>Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-your-favourite-things-can-boost-your-financial-wellbeing-201997">original article</a>.</em></p>

Money & Banking

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Top 10 collagen boosting foods

<p>We all know how good collagen is for keeping our skin firm. Chances are good your day or night cream probably contain it as an ingredient and if you have regular facials, it’s most likely integrated into the treatment somehow. While our body is constantly creating new collagen, the rate at which this happens starts to slow right down as we get older. Fortunately, along with your topical products, certain foods can help naturally boost collagen in the skin.</p> <p>Here’s what to include on your plate to give your dermis a boost:</p> <p><strong>Fish</strong> – Packed with Omega-3, quality fish helps create stronger cells, which in turn support the structure of the skin.</p> <p><strong>Red fruit and veggies</strong> – Veggies like chilli, capsicum and beetroot and fruits like tomato contain lycopene, an antioxidant that acts as a natural sunblock, helping protect skin from UV rays while also boosting collagen.</p> <p><strong>Dark green veggies</strong> – Rich in vitamin C and high in antioxidants, veggies like kale, spinach and darker varieties of lettuce can help increase collagen production.</p> <p><strong>Orange veggies</strong> – Chowing down on carrots and sweet potato gives your body a hit of vitamin A, which restores and regenerates damaged collagen.</p> <p><strong>Berries</strong> – Low in sugar and delicious to boot, berries contain antioxidants which help eliminate free radicals and increase collagen levels.</p> <p><strong>Soy products</strong> – Whether it’s soy milk, cheese, yoghurt or even tofu, soy contains a hormone called genistein which helps boost collagen production and block enzymes that cause ageing.</p> <p><strong>White and green herbal teas</strong> – Sipping a cup of herbal tea can help support the structure of the skin and prevent collagen breakdown.</p> <p><strong>Citrus</strong> – Fruits like orange, lime and lemon not only contain high levels of vitamin C but they also have the ability to help convert amino acids to collagen.</p> <p><strong>Eggs</strong> – Protein rich foods in general are high in collagen, which can help boost the levels in your skin. Lean meat and nuts are also great for creating a healthy complexion.</p> <p><strong>Garlic</strong> – Not only useful for warding off cold and flu, garlic provides the body with sulfur that is necessary for collagen production.</p> <p><em>Image credit: Shutterstock</em></p>

Beauty & Style

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Can you lend a paw this tax time to help cats in need?

<p>With a proud reputation of caring for cats for more than 60 years, the Cat Protection Society of NSW runs Sydney’s only no-kill shelter just for cats, as well as providing feline welfare programs to help cats and the people who love them. </p> <p>Cat Protection began in 1958 as a small group of people dedicated to reducing the number of street cats and while our organisation has grown over the years, our vision remains the same; that every cat deserves a loving and responsible home.</p> <p>Over the years, Cat Protection has helped literally hundreds of thousands of cats, kittens, and people. We’ve led the way in setting the standards for best-practice feline sheltering, and our health and welfare services extend far beyond our adoption centre. And while technology means we can offer a great range of free cat care resources online, we’ve never lost our human touch and we still help thousands of people every year with advice and tips on cat care by phone or in-person, at no cost. </p> <p>Our subsidised desexing, vaccination and microchipping programs promote cat health and welfare in the community and our newest program, Adopt-a-Stray, offers a complete and affordable package for those who wish to fully welcome a street cat into their heart and home. </p> <p>What sets us apart from many other animal shelters is our holistic approach to each individual cat or human client. Cats are not given a time limit, although most are adopted within days or weeks. Every cat is individually assessed and provided with a care plan to meet their unique needs. If they need complex surgery, allergy trials or behavioural interventions our highly qualified team will work with veterinarians and specialists to ensure the cat gets everything they need to set them on the path to living their best life.</p> <p>A kind person found Snake, a four-week-old sickly orphaned kitten. In addition to cat flu, our vets identified corneal scarring in his right eye, a blocked tear duct, and an adhesion on his eyelid restricting the normal movement of his third eyelid. Treatment resolved the flu and improved his eye, but Snake will live with limited vision in that eye. This has not dampened his playfulness or zest for life.</p> <p>As well as poor physical health, orphaned kittens miss out on the important lessons of being a cat from their mum and siblings, and this can lead to behavioural issues. Where we can, we will make sure such kittens get to join a stepfamily, but in cases such as Snake’s, illness means that isn’t always possible. It is then up to our human team to work with these little ones to help them learn to navigate the world with good manners!</p> <p>In contrast, Banjo had all the behavioural benefits of his brother but alas at seven weeks of age Banjo weighed only 560 grams while his brother Clancy weighed 900 grams!  </p> <p>Banjo was diagnosed with a rare form of congenital hypothyroidism. Because his condition was diagnosed early, his prognosis is very good. He was started on a medication called Thyroxine and went back into foster care so that we could monitor his progress and adjust the dose of his medication as necessary with follow-up blood tests. After six weeks in foster care, Banjo graduated to the adoption centre. He will need to be on Thyroxine for the rest of his life, but that didn’t daunt his new family who’ve told us Banjo is now thriving in his loving forever home.</p> <p>From individualised TLC and veterinary care for every cat and kitten, to helping human clients resolve cat challenges (from furniture scratching to strata bans) and strategic research and advocacy on behalf of people and cats, Cat Protection’s impact is so much greater than our budget. </p> <p>As an independent registered charity for cats, we’re dependent on donations and bequests to do our work. We are compliant, open and transparent; on our website you can see our audited annual reports for details of what we do and what it costs.</p> <p>We have a strict “no harassment” fundraising policy which means under no circumstances will your information be sold on, and we do not employ pressure-tactics or door-to-door solicitations. </p> <p>We don’t spend money paying fundraising companies to ring you at dinner time asking for money or send you five-page long letters insisting you give more. And we never will. </p> <p>Donations are invested in helping our feline friends and nurturing the unique bond between cats and people. Your generosity will mean that we can continue to help thousands of cats and people each year.</p> <p>If you can lend a paw, please <a href="https://www.givenow.com.au/catprotectionsocietynsw" target="_blank" rel="noopener">make your tax-deductible donation here</a>! </p> <p>For general advice on cat care and everything feline, call the Cat Protection Society of NSW on 02 9557 4818 or visit <a href="https://catprotection.org.au/" target="_blank" rel="noopener">catprotection.org.au</a>  </p> <p><em>Images: Supplied.</em></p> <p><em>This is a sponsored article produced in partnership with the <span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">Cat Protection Society of NSW.</span></em></p>

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