A leg of briefs

By John Potts
Updated October 5 2014 - 10:08am, first published September 17 2014 - 12:15am
Clothing and entertainment: Choice says households are being forced to spend less. Photo: Edwina Pickles
Clothing and entertainment: Choice says households are being forced to spend less. Photo: Edwina Pickles
Clothing and entertainment: Choice says households are being forced to spend less. Photo: Edwina Pickles
Clothing and entertainment: Choice says households are being forced to spend less. Photo: Edwina Pickles
Clothing and entertainment: Choice says households are being forced to spend less. Photo: Edwina Pickles
Clothing and entertainment: Choice says households are being forced to spend less. Photo: Edwina Pickles

New ASIC budgeting app 

The Australian Securities and Investments Commission has launched a free app, TrackMyGOALS, to help people set, track and meet savings goals. It allows users to set savings goals and reminders and stay motivated. The app can be downloaded from ASIC's MoneySmart website at moneysmart.gov.au.

Asset rules crackdown

The in-house asset rules are breached the most by DIY super funds, prompting a crackdown by the Tax Office. An in-house asset is not allowed to exceed five per cent of the fund's assets at market value. If it's exceeded "the trustees must put in place a plan by the end of the next financial year and dispose, by selling or transferring, assets to ensure the fund corrects the position," says Graeme Colley, technical and professional standards director of the SMSF Professionals' Association of Australia.

First home buyers squeezed out

The share of first-time buyers in the property market fell from 13.2 per cent in June to a record low of 12.2 per cent in July, ABS data shows. That supports anecdotal evidence that some first home buyers are being squeezed out by investors given tight housing supply, CommSec says.

Scotland's "no" impact

A "no" vote in Thursday's Scottish independence referendum could impact the finances of everyone in Britain. According to the Daily Mail the leader of the "no" campaign, former chancellor of the exchequer Alistair Darling, says an independent Scotland would "either have to rush to adopt the euro or set up a separate unproven currency." The paper say, Scots could face a "mortgage drought", with banks unwilling or unable to lend and the prospect of their pension savings being wiped out too.

Households cut clothing spend

Clothing and entertainment topped the list of spending cuts as 46 per cent of households tightened their belts over the past year according to a consumer sentiment survey by Choice. "Almost one in three respondents told us they find it difficult to get by on their current income," Choice said.

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