Loomis Financial July Newsletter

Welcome the second edition of our July Newsletter. We hope everyone is staying safe and well with the continued impact of Covid-19 on our communities.

A reminder for those of you with MLC Managed Investment Portfolios, the Annual Tax Statements will be sent out from the end of August. It greatly depends on the underlying investment fund as to when you receive your Annual Tax Statements. With external funds it can take as long as November for them to be finalised.

You may receive your Annual Statements prior to this, however these will not be sufficient to enable your accountant to complete your tax return.

We hope you find the following articles interesting and as always, if you would like to speak with your adviser, please do not hesitate to contact either Tim or Emily at any time.

Consumers hold the key – but which door will they open?

Consumer sentiment and behaviour will play a critical role in any economic recovery from the COVID-19 pandemic. Federal and State government policy settings must walk a fine line between managing the incidence of new infections and avoiding irreparable damage to the economy.

Read full article >>

Tax treatment of COVID-19 support payments

If you’ve lost your job, had to work reduced hours due to COVID-19, or met other eligibility criteria, you may have received government assistance like JobKeeper, extra JobSeeker, or accessed some of your super early to help cover expenses.

So how will this new source of income affect your tax return—and do you need to disclose it?

Read full article >>

July Economic Update with Bob Cunneen

Share markets up, but economic concerns remain: what's going on?

Markets have been buoyed by central bank and government support for economies. However, COVID-19 remains a threat and economies are still fragile. Bob Cunneen, Senior Economist at MLC Asset Management, discusses these points in the July Economic Update.

Watch the video >>

Market Update - July 2020

Highlights:

Since the initial outbreak, COVID-19 has spread to over 210 countries, and estimates indicate it could trim global economic growth by between 3.0% to 6.0% in 2020.
Cyclical indicators including PMIs and unemployment rates remain weak but are improving, bolstering the market’s hopes of a speedy recovery.
Some countries and US states reversed course in late June, reimposing social distancing measures and closing businesses to prevent a second wave of infections.
Market volatility declined while large raisings of debt and equity have helped to strengthen balance sheets during this period of uncertainty.
The Reserve Bank of Australia kept rates on hold at 0.25% at its July meeting and is prepared to scale up bond purchases if needed.

If you have any questions regarding this report or would like to discuss your portfolio, please contact me directly on 02 6562 2295

Read the full July 2020 market update report >>

Loomis Financial Pty Ltd and Emily Males are Authorised Representatives of Consultum Financial Adviser Pty Ltd, ABN 65 006 373 995, AFSL Number 230323 an Australian Financial Services Licensee, Registered office at Level 6, 161 Collins Street, Melbourne VIC 3000 and a member of the IOOF group of companies.

Any advice on this site is general in nature only and has not been tailored to your personal objectives, financial situation and needs. Please seek personal advice prior to acting on this information. Any advice on this website has been prepared without taking account of your objectives, financial situation or needs. Because of that, before acting on the advice, you should consider its appropriateness to you, having regard to your objectives, financial situation or needs.

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02 6562 2295

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