Abacus helps raise cyber awareness
Abacus has thrown its support behind the federal government’s National Cyber Security Awareness Week, which runs until Friday, 11 June 2010.
Industry body chief executive Louise Petschler urged all Australian internet users to adopt simple online practices to help improve online security.
"Credit unions and building societies are committed to raising the awareness of their members, communities and the general public of the online security risks and the steps people can take to protect themselves when online,” Ms Petschler said.
"Awareness and vigilance is the key,” she said.
Cyber Awareness week aims to promote six easy tips for better online security:
1. Install security software and update it regularly. 2. Turn on automatic updates so that all your software receives the latest fixes. 3. Get a stronger password and change it at least twice a year. 4. Stop and think before you click on links or attachments. 5. Stop and think before you share any personal or financial information about yourself or your friends and family. 6. Know what your children are doing online. Make sure they know to stay safe and encourage them to report anything suspicious.
For more information, visit: https://www.staysmartonline.gov.au.
- <p>If you use an offset account, there is no risk to the tax deductibility of the loan.<br>I would always choose this option over line of credit and redraw facilities - just watch out for fees from some lenders, and make sure it's 100% offset. <br>Redraw and LOC and old-style products.</p>0
- <p>Hi Shayne,<br>When you use Lines of Credits (or IO loan + Offset) you effectively pay your expenses by debt. The ATO is very keen to see that income relating to these expenses is also accounted for in the same account. This is a simple business principle where you account for income and expenses to generate a profit/loss. I think the ATO would not like your idea of not crediting rent into the LOC.<br>Also most people have a mortgage (non tax deductible). The LOC looks after all investment property income expenses and the shortfall - usually it is a shortfall - is "absorbed" by the LOC. This frees the investor from having to chip in after tax dollars towards their investment porperty and can use the monies to repay their home loan quicker.<br><br>Hope it makes sense!</p>0
- <p>I agree with this video as it's something that investors should consider based on our own situations. <br><br>Most of us who are slightly careful with our money can handle it. Shouldn't be suggested to investors who cant figure out which chequebook to use but most people should be able to use it to their advantage.</p>0
- <p>Totally agree Shayne. Interest only with offset account is (a)lesser interest rate (b)maintains the maximum debt if you want to use the money for other purposes and (c) saves you money. LOC's phooey!</p>0
- <p>It can be a dangerous tool for the investor, particularly when you run the risk of adding your bills to the loan balance. Perhaps Philippe should check with the ATO on how they feel about claiming interest on expenses that are incurred from an investment property.<br><br>Also, why would you run your rental payments into the line of credit, you effectively reduce your deductible debt.<br><br>The best facility for an investment property is a straight out interest only loan facility with the interest repayments being taken directly from another account. Firstly, lower interest rate and usually no annual fees. Secondly, you do not run the risk of infecting your mortgage balance with other debt and effectively risking your legal interest deductions. Thirdly, easily tracked for taxation and accounting purposes.<br><br>Keep the line of credit as a business overdraft or for share trading, otherwise it's a dangerous product for the majority of investors.</p>0
