The Australian share market has now recovered just over half the value it lost due to the Covid crisis.
From its high on February 20 to its low on March 23 the All Ordinaries Index fell 37 per cent.
It has recovered strongly since to now be down only 17.8 per cent.
Overseas share markets have also recovered strongly, including in countries much worse affected by the virus than Australia.
Many analysts believe markets have recovered too soon given the continuing threat from the virus and the time it will take for the global economy to recover.
Buyers in the share markets clearly disagree, believing the virus poses little further threat and economies will rebound quickly. They don't want to miss out on the bargains on offer.
Last week saw some weakness with indices backtracking as a reality check took place.
It was triggered by a modest increase in new virus infections in the US.
Fear of a second wave of infections has been keeping buyer enthusiasm in check. If the virus is to have a second impact it must appear very soon now.
Britain and most European countries greatly relaxed or removed their lockdown restrictions several weeks ago.
To date there has been no second wave in China, Britain, Italy, Spain, France or Germany.
There has been a limited increase in the US, partly due to more people being tested.
If the feared second wave doesn't show up in the next week or two it is hard to see anything that will stop share markets resuming their recovery.
Government stimulus measures, central bank liquidity programs and ultra-low interest rates will propel markets higher.
The immediate focus for investors should now be end-of- financial-year issues. Those requiring tax deductions need to arrange them now.
Business owners and self-employed people should remember that JobKeeper payments received are taxable income.
Some of those affected by the lockdown and receiving JobKeeper may find they have still made a sound profit for the full financial year, and deductions would be beneficial.
Super contributions are high on the list of options.
There are tax deductions for personal contributions up to $25,000 including employer payments, plus catch up amounts.
Spouse contributions give tax rebates and the government co-contribution scheme gives extra benefits for low earners.
Expenses for the next year can be paid now with the deduction claimed in this year. This can include interest on investment loans.
Income protection insurance premiums can be paid ahead.
Businesses can prepay expenses too. Instant tax deductions are also available for new business equipment purchases.
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