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2 tax loopholes you need to take: Yahoo Finance's morning wrap

Former federal treasurer Wayne Swan on the left, an empty wallet in the centre and stockbrokers looking nervous on the right.

Good morning.

Markets: US stocks overnight had a slight recovery before falling again to end the session. So the Australian market is expected to continue its losses into a fourth consecutive day, with the SPI200 futures down 0.454 per cent at 7am AEDT.

The market losses this week gave pretty much wiped out all the gains made this year. 

The Australian dollar was buying 65.58 US cents 7am AEDT this morning, down from the 11-year low of 65.88 US cents at market close on Thursday.

'I got called a junkie'. Cashless welfare may seem like a good way to control spending of public funds, but the holders of the cards – society's most vulnerable – are finding rampant discrimination and stigma attached to it. Read why and how this is happening.

There are two tax loopholes the ATO would love for you to take. Motley Fool's Tristan Harrison explains what they are and how you can take advantage.

An industry superannuation fund is facing a revolt. More than 10,000 academics and university staff are demanding their default fund UniSuper withdraw the billions invested in fossil fuel companies. They are angry over recent revelations that their retirement nest egg could be contributing to global warming.

Thank you, Wayne Swan. It might be hard to believe after a more than $120 billion was wiped this week, but Australia has the world's best-performing stock market since 1900. This is largely thanks to our country avoiding the impacts of the global financial crisis, which devastated other developed economies. 

Have a great day!

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