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Preparing your finances for the New Year

I know what you’re saying; “We have barely got through Christmas and now your talking about the New Year”!  If you are like me, it only felt like a few weeks ago that we were ringing in 2017 and now it is nearly done.  In all seriousness, managing your finances should be a year round responsibility however the New Year is the perfect time to review, evaluate and reset.  In…  Read more

100% off everything!

Here is an idea for you. There is no such thing as a discount. There is just the price. As we head into Christmas, many people will be lured into retailers with the promise of discounts or price reductions. Many people can’t resist the potential for a bargain – a sign promising 30% off is simply impossible to ignore! Often, these people are giving in to a cognitive bias called anchoring.…  Read more

More on mental accounting

Last week, we introduced the concept of mental accounting. We want to continue the theme this week as part of our ‘behavioural economics month.’ Mental accounting can be seen every day with little expenditures like gift vouchers. However, sometimes people apply mental accounting to much bigger parts of their financial management. And that is where it can get expensive. To recap, mental accounting is a common mistake people make with…  Read more

The best gift voucher in the world

Christmas is coming and you probably know someone who is really hard to buy a present for. You might be tempted to buy them a gift voucher. Can we suggest you think again? Unfortunately, gift vouchers are generally a really bad idea. We know, we know – we sound like the Grinch. But let us explain. You’ve probably heard of the Nobel Prize. This year’s peace prize was awarded to…  Read more

Thinking about the First Home Super Saver Scheme?

In our final article this month on managing family wealth, we look at the First Home Super Saver Scheme.  This is relatively new with the scheme having been announced in the last Federal Budget and legislation only recently being enacted. We have put together a quick fact sheet on the topic which you can access here.  Whether it is you, a child, grandchild or a friend that could benefit, please…  Read more

How do you pass wealth to the next generation?

This is a topic that everybody will eventually think about.  Whether it is the transfer of modest savings to children through to more significant amounts of money, the issues that are faced are generally similar. We have put together an eBook that looks at the topic of passing wealth to the next generation which you can access here.  We would love to receive your feedback on this.  Read more

Teaching kids how to manage money

A couple of weeks ago, we shared with you some thoughts on how you can help older children into a property.  We must have struck a chord with a few of you as we received a number of calls to chat further. This week, we thought it would be a good idea to look at the very young members of your family.  The topic of teaching kids about money is…  Read more

Tax & the Sharing Economy

The traditional business model has changed significantly in a very short period of time with many now operating in the online or “sharing” economy.  Whilst the channel for the delivery of outcomes may have changed, it does not necessarily mean an alteration to the tax implications of the business. If your business has moved into the sharing economy, make sure you avoid the big stick of the tax office.  The…  Read more

Business Matters – October 2017

When business is going well, many owners look to expand their business.  We take a look at the most important factors to consider to make sure your expansion is a success. Have you ever received negative feedback?  How did it make you feel?  In a perfect world, every customer your business works with will be pleased with how the transaction went but we know that this is not always the…  Read more

Making the most of negative gearing

Negative gearing is a common strategy adopted by persons wishing to build their long term wealth in a tax effective manner.  In recent years, negative gearing has become more prevalent through the advent of record low interest rates and in some parts of the country, increasing values of property. Whilst it can be an excellent wealth building tool, it does have restrictions and risks if not used properly.  In our…  Read more

Positive Gearing. What is it, how does it happen and do you want it anyway

You have probably heard the term ‘positive gearing.’ It is a similar concept to negative gearing, which is certainly in the news a lot these days. We use the term ‘gearing’ whenever debt is used to fully or partly finance an investment. If you have $90,000 of your own and borrow $10,000 to buy an investment asset worth $100,000, you have ‘geared’ the investment. Similarly, if you borrow $100,000 to…  Read more

Your business should be your most important investment

This week, we want to talk to you about what may turn out to be the most significant investment you could ever make. It is your own business. You may be surprised to hear that most financial planners are actually prevented from advising clients about their own business. Their licencee (the person under whose authority they provide advice) will not let them do so. Licencees typically insist that the advice…  Read more

Wealth Matters – September 2017

Our newsletter topics: Returning to work after retirement Appointing an Executor Top tips for term deposits Finding the right age to retire Checking for separation What you need to know about the new super rules Common investment traps & how to avoid them   Read more  Read more

You and your business: time is your scarcest resource

Being self-employed requires an entirely different ‘mindset’ to being an employee. In our own experience, and in our observations of other business owners, a number of particular attitudes need to change if we are to succeed at – and enjoy! – running our own business. The main change in attitude is to ‘let go’ of the relationship between time and reward. If you are an employee, you make a basic…  Read more

Year End Strategies 2017

Topics covered in this issue: Reducing Capital Gains Tax Claiming depreciation on Investment property Staying on top of your records CGT relief provisions for SMSFs Tax tips for property investors 2017 year end tax tips Easier GST reporting for food retailers ATO targeting online selling Super reforms on the way   Read here  Read more

Tax Matters – Budget 2017

Our newsletter topics: A continued commitment to growth Keeping tax payers honest CGT events affecting shareholders Rates increase for fuel tax credits Building a sustainable lifestyle ATO to report unpaid debts A better workplace A guide to negative gearing Speed up your BAS refund   Read here  Read more

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