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- Wesfarmers (WES) – Blind Freddie could see that Wesfarmers were not going to pay their $2 worth of dividends at current prices (e.g. yield way too high)….this was partially confirmed yesterday along wit the fact that their debt is high and needs to be refinanced….expect a capital raising soon and a share price drop of 20%+ in the short term (starting today)
- Gindalbie (GBG) – all but guaranteed the development of its $1.8b Karara iron ore project in WA after approval of $1.76b loan from China Development Bank….current price 71c.
- The ATO is again warning taxpayers to be careful of “Superannuation early release arrangements” being promoted to them.
- The ATO has indicated that it will be reviewing capital gains and losses being claimed regarding the sale of shares and properties during the 2009 financial year. All individuals wanting to claim losses from share trading against their taxable income should be very careful when deciding if they are operating a business of share trading or not before any such claims are made.
- British giant Barclays will cut about 4000 jobs between it announced yesterday. 2000 in its retail and commercial businesses and 2000 throughout its investment divisions.
- The ABS yesterday released figures on Housing Finance for November. In seasonally adjusted terms dwelling finance commitments excluding alterations decreased 0.9% from October. Investment housing commitments decreased 6.1% and while owner occupied housing commitments increased 1.45.
- The ABS also released data yesterday showing that there are now more than 15 million registered cars in Australia. The average age of vehicles is 9.9 years.
- Australia has entered a Tax Information Exchange Agreement (TIEA) with the British Virgin Islands allowing the exchange of previously confidential information to permit each country to leverage its taxes against its taxable residents.
- To help small businesses weather the global financial crisis, the Government recently announced a 20% reduction to the quarterly pay as you go (PAYG) instalment due for the December 2008 quarter.
- The ATO has announced that acquisitions of any plant and equipment exceeding $10,000 in cost will be available to be depreciated at increased rates (10% increase for acquisitions before 30 June 2009).
- The ATO has announced that with the falling fuel prices, the diesel fuel rebate is to be reduced effective for fuel acquired by Heavy Vehciles using Public Roads from 1 January, 2009 – the rate reduces from 18.51 to 17.143 cents a litre.
- Barclays - UK’s third biggest bank has lost more than 80% of market cap in the last year…was offered bailout package but rejected it…..selling supposedly due to shorting ban restriction lifted and Bank of America bailout…cannot see them trading at less than 1 pound for long.
- NAB, CBA and Westpac at current yields of 10% fully franked…even if they cut dividend by 20% that’s still 8% yield with franking and is far better than bank deposits at 4% (only to go lower when interest rates slashed again next month)
- Gindalbie (GBG) – all but guaranteed the development of its $1.8b Karara iron ore project in WA after approval of $1.76b loan from China Development Bank….current price 71c.
- Unemployment rates in Australia in 1984 and 1993 exceeded 10% and remained above 8% from 1995 to 1998 - there is every likely-hood that they will reach these levels again.
- The nation’s largest discount retailer – Australian Discount Retail has folded with debts of $100 million. Australian Discount Retail currently employs 2700 around Australia.
- Harvey Norman has closed its Domayne Campbelltown store with the loss of 40 jobs.
- The OECD Harmonised Unemployment Rate released earlier this month was 6.5% for November 2008. This is a 0.8% increase from November 2007. In the Euro area unemployment was 7.8% for November 2008.
- Australia has entered a Tax Information Exchange Agreement (TIEA) with the British Virgin Islands allowing the exchange of previously confidential information to permit each country to leverage its taxes against its taxable residents.
- To help small businesses weather the global financial crisis, the Government recently announced a 20% reduction to the quarterly pay as you go (PAYG) instalment due for the December 2008 quarter.
- The ATO has announced that acquisitions of any plant and equipment exceeding $10,000 in cost will be available to be depreciated at increased rates (10% increase for acquisitions before 30 June 2009).
- The ATO has announced that with the falling fuel prices, the diesel fuel rebate is to be reduced effective for fuel acquired by Heavy Vehciles using Public Roads from 1 January, 2009 – the rate reduces from 18.51 to 17.143 cents a litre.
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