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CNA938 Rewind - How to stretch your SG60 vouchers

CNA

a day ago

Entertainment
CNA

CNA938 Rewind - How to stretch your SG60 vouchers

CNA938 Rewind - TalkBack: JB-SG RTS Link - Will it encourage you to take the train instead of driving across? The Johor Bahru-Singapore RTS Link marked a key milestone with the unveiling of its first train. As this long-awaited cross-border rail project edges closer to reality, will it encourage you to take the train instead of driving across? Lance Alexander and Daniel Martin speak with transport analyst Terence Fan, Assistant Professor in Strategy and Entrepreneurship at Singapore Management University. 25 mins CNA938 Rewind - Will we continue to see record-breaking million-dollar resale flat transactions? HDB flash estimates show public resale flat prices rose 0.9% in Q2 2025 — the slowest increase since Q2 2020. It marks the third straight quarter of moderating growth. Lance Alexander and Daniel Martin speak with Eugene Lim, Key Executive Officer at ERA Singapore. 14 mins CNA938 Rewind - How to stretch your SG60 vouchers The SG 60 vouchers rollout begins today – seniors aged 60 and above can claim $800, while those over 21 will receive $600. Lance Alexander and Daniel Martin speak with Francis Chen, Account Manager at MoneySmart, on how to make the most of the vouchers. 10 mins CNA938 Rewind - Mary Sue - born to rap In 'Culture Club', Melanie Oliveiro speaks with Singaporean rapper, songwriter and producer, Mary Sue, about his music and 16-track new album, 'Porcelain Shield, Paper Sword'. Sue will talk about the various themes brought up in the tracks like Oracle Bone Script and Crabs. He'll also talk about working and gigging with the Clementi Sound Appreciation Club and how they inspire each other creatively. Discover more Singaporean music and musicians – like Mary Sue – at an initiative by the National Arts Council, produced by independent music media company Bandwagon. 37 mins

CNA938 Rewind - Will we continue to see record-breaking million-dollar resale flat transactions?

CNA

a day ago

Entertainment
CNA

CNA938 Rewind - Will we continue to see record-breaking million-dollar resale flat transactions?

Tax returns simplified: Key dates, calculators and what you need to know

7NEWS

24-06-2025

Business
7NEWS

Tax returns simplified: Key dates, calculators and what you need to know

Tax time is about to inspire millions of Australians to dig through their drawers and emails for vital receipts and documents needed to lodge their 2024-2025 returns. Given cost-of-living pressures are weighing heavily on household finances, many taxpayers will be looking to maximise the refund they are entitled to, or minimise the bill they owe. But there are restrictions on what you can and cannot claim, and experts have issued a warning about the need to play within the Australian Taxation Office's (ATO) rules. How can I prepare for tax time? Simply, your tax return is a summary of the income you have earned, how much tax you have already paid, and the expenses you claim each financial year (July 1 to June 30). It is also used to determine if you have paid enough tax to the ATO, the government's revenue collection agency. Australians can prepare for tax season by gathering your tax file number and information on bank account interest, and ensuring you have the correct bank account details where refunds are deposited. Pull together investment and private health cover records, as well as receipts for work-related expenses and tax-deductible donations you plan to claim. Money Smart, an initiative by the Australian Government, also provides an income tax calculator for those wanting an idea of what they can expect to either be owed or need to pay. For those working multiple jobs, it is important to remember you will need to declare all of your income sources. 'The ATO has access to sophisticated data tracking through its data matching programs,' Chartered Accountants ANZ's tax lead, Susan Franks, told 'These programs enable the ATO to match third party data with its own data to ensure that people are complying with their tax obligations as well as detect fraud. 'The ATO currently has 25 data matching programs which include information from investment property loans, motor vehicle registries and insurance companies. 'It can, and does, verify what taxpayers claim against these data sources.' When can I lodge my return? Australians can file their tax return from July 1 but experts say you should not get caught up in that date. That is because you want to make sure your document is complete and accurate before you hit the lodge button, to avoid a follow-up call from the ATO. CPA Australia tax lead Jenny Wong said it is not uncommon for early lodgers to have to amend their returns later, so holding fire can save you in the long run. 'Cost-of-living pressures could mean some people are eager to lodge their tax return as quickly as possible to access a refund, but it's important to be patient, gather your evidence and claim everything you are entitled to,' Wong said. 'Firing the starting pistol on your tax return too quickly means you could end up shooting yourself in the foot.' The ATO says taxpayers lodging online through government-run service myTax should wait until later in July because by then 'we will have pre-filled information into your return for you'. 'This includes information from employers, banks, government agencies and health funds,' ATO Assistant Commissioner Rob Thomson told 'Then, all you need to do is check that your details are correct, and add anything that's missing, like extra income from your side hustles, or investments. 'You can use the ATO app to check pre-fill information we receive from third parties and work out if you're ready to lodge.' How can I lodge a tax return? There is more than one way to prepare and lodge your return, including a paper tax return by mail, online through myTax or through a tax agent if you have more complex affairs, or simply prefer this method. More than 14 million individual tax returns were lodged in 2024. Of those, 5.9 million were lodged by self-preparers and 8.1 million were filed by tax agents. The average claim made by taxpayers is about $3000. Why should I lodge through myTax? The ATO has spruiked the benefits of this method, saying information from your employers, banks, government agencies, health funds and third parties are pre-filled by late July — meaning you just need to double check those details are correct. On top of that, it says myTax is conveniently available around the clock, and claims 'you'll get your refund faster, generally within two weeks'. For those choosing to lodge online, you can start by creating a myGov account and linking it to the ATO. Many will have already done this in previous years. I want guidance from a tax agent The majority of Australians still call on the services of a professional to lodge their return. Experts say that anyone would benefit from the knowledge of a tax agent, especially those with more complex financial and earning activities — think self-employed taxpayers or Australians with investment properties. 'Paying a professional tax agent to do your tax return is itself a tax-deductible expense,' Wong said. 'Engaging an expert to ensure you make the most accurate and comprehensive claims possible could increase your chances of securing a more substantial refund.' They can also steer you away from things you cannot claim, including the cost of getting to and from work, and regular clothing worn at work. New research from Xero, a panel of accounting and bookkeeping partners, shows 54 per cent of taxpayers worry about making mistakes on their return, and 51 per cent are confused about deduction rules, especially for car, travel, and working-from-home expenses.

Like father, like spender. What's your financial DNA?

News24

13-06-2025

Business
News24

Like father, like spender. What's your financial DNA?

Father's Day brings mixed emotions across South Africa. While some celebrate the men who taught them to ride bikes and told terrible jokes, for many—the day highlights a different reality. With a significant percentage of households lacking present fathers or traditional father figures, the concept of paternal influence takes on broader, more complex meanings. Yet financial DNA—those money habits and attitudes we absorb growing up—comes from somewhere. Whether from a present father, a grandfather, an uncle, an older sibling, a mother playing dual roles, or another guardian figure, our financial behaviours are shaped by those who raised us. This Father's Day, let's reflect on these influences, regardless of their source, and consider how they continue to shape our financial lives. The money habits we inherit without realising Think about it – how did the adults in your household approach money? Was there someone who meticulously saved? Someone who spent freely? Or perhaps there were conflicting money messages from different influential people in your life? Recent research suggests these patterns leave a deeper impression than we might think. According to a 2024 MoneySmart survey of 1,000 adults: • 78% of people who watched their caregivers save diligently now do the same themselves • 63% who grew up with impulsive shoppers have picked up identical habits • 59% raised by over-spenders continue to struggle with overspending 'We inherit far more from our role models than we might realise,' explains Lee Hancox, Head of Channel and Segment Marketing at Sanlam. 'Their attitudes towards money, their spending and saving patterns, and even the conversations they had – or didn't have – about finances at home all contribute to our own financial blueprint.' The most surprising part? Most of these habits form before we're even aware of them. The emotional money connection we don't talk about Money isn't just about numbers – it's deeply emotional. Think about how you feel when your bank account is comfortable versus when you're stretching to make ends meet. That emotional response has roots that likely go back to your childhood and the financial environment you grew up in. 'Whether we like it or not, we can all be emotional about money,' Hancox notes. 'If you grew up in a household where money was a constant source of stress, you might find yourself overly anxious about expenses, even when financially stable. Or you might swing the other way, spending impulsively as a reaction.' Quick reflection: Take a moment this season to consider: - How did money discussions feel in your childhood home? Tense? Non-existent? Matter-of-fact? - Who had the strongest influence on your money attitudes growing up? - When you make a large purchase now, do you feel guilt? Excitement? Anxiety? - How similar are these responses to what you observed in your household? Breaking the chain: Building your own financial legacy Understanding these patterns doesn't mean you're destined to repeat them. Recognising your inherited financial tendencies is actually the first step toward taking how you can start reshaping your financial DNA: 1. Decode Your Money Personality What kind of financial personality did you inherit? Are you a 'Prepared Protector' like someone who raised you, or did you develop a different approach and become a 'Spontaneous Buyer'? Sanlam's Money Personalities quiz can help you understand your money type. 2. Start Talking About Money If money was a taboo subject in your home growing up, you have the power to change that pattern for the next generation. 'We need to get better at talking to our children about finances from a young age,' Hancox advises. 'This openness isn't just about teaching – it's about building a healthy relationship with money.' Simple ways to start include explaining basic shopping decisions while at the shop, involving children in age-appropriate budget discussions, celebrating saving milestones together, being honest (in age-appropriate ways) about financial challenges Read more| How SA moms are revolutionising family finances 3. Create New Financial Habits Small, consistent actions build powerful new patterns. Start by establishing a budget that reflects your values, not just inherited habits. Set clear financial goals (both short-term and long-term). 4. Model What You Wish You'd Seen Remember that the children in your life are watching and learning from your financial behaviours – just as you did with the adults who raised you. 'Teaching good money habits is ongoing,' says Hancox. 'It takes patience, persistence, and repetition.' This season, as Father's Day approaches, take a moment to reflect on the financial influences in your life – whoever they came from. For those who had present fathers, this might mean acknowledging the direct impact they had. For those raised by single mothers, grandparents, or extended family, it means recognising the powerful financial lessons that came from these equally important relationships.

Why regulating ‘finfluencer' content isn't going to save us from making bad money moves

CNA

17-05-2025

Business
CNA

Why regulating ‘finfluencer' content isn't going to save us from making bad money moves

For most of us, trying to figure out how to best manage our money can be overwhelming. Just like how most of us learnt how to spend and save our primary school allowance from our parents, we seek out people who have already done it before us as a guide. We watch videos, browse forums and devour blogs, hoping to learn from others' experiences (and, hopefully, avoid their mistakes). It's no wonder that 'finfluencers' – online creators specialising in content about financial literacy and breaking down complex financial concepts for the layman to understand – have become so popular in recent years. In an October 2024 survey by MoneySmart, over half of Singaporeans aged 18 and above said they relied on platforms like YouTube, Instagram, Facebook, and TikTok for financial advice, preferring them over traditional sources such as family, friends, and financial advisers. The internet has made financial advice more accessible than ever. We cannot ignore the benefits of such resources, especially if we were never taught these things in school or at home. But just as we're encouraged to consult doctors rather than relying solely on health advice found on the internet, no one should be relying on financial advice online for their own financial decisions. THE CHOCOLATE FINANCE WAKE-UP CALL In March, Chocolate Finance customers experienced a temporary liquidity delay following mass withdrawals caused by online panic. The financial services company had marketed themselves as a more attractive high-yield alternative to put one's cash in, boasting returns as high as 3-5 per cent per annum through a managed investment portfolio. It gained popularity quickly, receiving favourable reviews on social media platforms and Internet forums. However, when a few YouTube videos about several prominent finfluencers withdrawing their Chocolate Finance funds went viral, it led customers to worry if the platform was truly safe, resulting in massive withdrawals within a day or so. The company could no longer afford to continue supporting instant withdrawals, leading to further panic when many users found themselves told to wait a few days before their funds would land in their bank accounts. None of the public's initial fears about the platform materialised – all customers who requested withdrawals during the height of the meltdown, between Mar 10 and Mar 18, got their money back within a week or two. However, the incident raised questions about how online sentiment could so quickly lead to a liquidity crunch in a regulated financial firm. The Chocolate Finance saga highlighted a broader issue with personal finance today: That so many of us seem to have a tendency to make snap investment decisions based on little more than a short video or blog post. NO SUCH THING AS ONE-SIZE-FITS-ALL FINANCIAL ADVICE A fresh graduate saving for a wedding should not follow the same investment strategy as someone nearing retirement. A dual-income household with no kids will have different insurance needs from a single parent. What works for one person might be unsuitable – or even harmful – for another. Yet, much of the financial content online presents examples, scenarios, or success stories without always highlighting these distinctions. To be fair, we cannot realistically expect all content to do so sufficiently. Such advice, designed and packaged for online consumption, must be broad so as to appeal to the largest possible group of viewers or readers. This doesn't invalidate such content, but it does call for critical thinking from us as consumers. Short videos and posts can only convey so much, and even the most well-meaning advice may not apply to everyone's situation. 'Save 30 per cent of your salary' seems like sound advice, but for someone already struggling to make ends meet, this is hardly feasible. This is not a flaw of online financial advice, but rather a reminder that all advice, whether found online or offline, must be interpreted through the lens of individual context. Just because someone posts a video on TikTok talking about how they grew their portfolio by investing in crypto doesn't mean you should blindly follow suit. REGULATIONS ALONE CANNOT SAVE US In response to the Chocolate Finance fallout, many have called for tighter regulations on finfluencers and financial content online. There's good intent behind this. Financial advice should always be responsibly given, and content creators who promote products should be transparent – especially if there's a commercial relationship involved. But regulation alone isn't the fix. Even before the advent of social media, licensed professionals have been known to cross ethical lines or mislead their clients. A Great Eastern insurance agent was jailed last year after misappropriating over S$300,000 from his clients by forging insurance documents and redirecting funds. In 2018 and 2019, two former personal bankers with UOB separately received jail sentences for cheating their clients of hundreds of thousands of dollars. Their victims weren't deceived by TikTok videos and Instagram carousels – they were misled by credentialed individuals wearing suits, working in bank branches and corporate offices. Official qualifications and titles do not guarantee integrity either. Misalignment of incentives, pressure to meet sales targets, or personal misconduct can lead to poor advice – even in regulated environments. The fact is that bad financial advice doesn't just live online. It can come from anywhere, even your well-meaning aunt at family gatherings. The more empowering and sustainable approach is to understand that the only person who will always have your best financial interests at heart is yourself. TAKING RESPONSIBILITY FOR OUR DECISIONS Taking ownership of your finances means more than just watching YouTube videos or reading a few blog posts. We can't always blame someone else for our decisions, even if they had influenced our thinking. Six years ago, I bought a resale Housing and Development Board (HDB) flat because I was worried about stretching my finances too thin, despite my property agent advising that the resale condominium across the street was a much better deal. Six years on, I'm watching the owners of the condo unit across the street walk away with a S$400,000 gain, while my HDB flat has barely appreciated in value. Despite my regrets, I'm in no position to blame my agent. Ultimately, I made the call for myself. It can be a hard pill to swallow, but what we choose to do with our money is up to us – not that influencer with the slick Instagram feed, or the financial adviser pushing you to buy a policy by month's end, and definitely not the strangers in Telegram groups hyping up the next 'sure win' investment. So the next time you see a viral TikTok about a "sure-win" investment, remember this: Not all financial advice is bad, but not all financial advice is meant for you. Don't just ask yourself 'Is this good?' Ask yourself: 'Is this good for me?' We must stay curious, choose wisely and never outsource our personal financial responsibility to anyone else.