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
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
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
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
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
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
It is well known that property affordability, particularly for the younger generation (25 – 34 year olds) has become a major challenge. This topic has increasingly become a part of conversation with clients over the past twelve months so figured it would be a good idea to share some of our thoughts and possible solutions on this issue. Read more Read more
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
Property is a hot topic so for all of you that keenly follow the property market, whether as an investor, developer or simply as an owner-occupier, here is our update on the property market. Read more Read more
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
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
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
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
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
Topics covered in this issue: CGT strategies for your holiday home ATO targeting work-related expenses Using the $20,000 instant asset write-off Managing your GST liability Read more Read more
Our newsletter topics: Passing on the family business Simpler BAS from 1 July Improve your internal communications Checklist for new workers Changes to workplace laws Secrets to hiring the right team Essential qualities to successful business owners Read more Read more
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
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
May newsletter topics include: Managing morale through change Common traps at tax time ACCC compliance priorities for 2017 Changes to penalty rates Applying small business restructure rollover Are your website costs tax deductible? Managing your GST liability Growing your business with live streaming Read here Read more
March 2017 topics: Protecting your finances after separation Reverse mortgages : a retirement solution Preparing for the super changes Boost your retirement savings Common errors when investing Investing in property through an SMSF Preparing to help out parents financially Why use a Binding Death Benefit Nomination? Read here Read more