Blog – Maddern Financial Advisers
Be ahead of the news in accounting, private wealth and finance
Keeping on the right side of SMSF rules
16/Nov/2019
The lure of greater control over your retirement savings with a self-managed super fund may be enticing but the freedom to chart your own destiny also comes with the responsibility to comply with the rules.
An SMSF is a private super fund regulated by the Australian Taxation Office that you manage yourself. You can have up to four members in your fund, each of whom must be a trustee or, if a corporate trustee has been appointed, a director.
As a trustee you are legally responsible for all the decisions made about the fund and compliance. Even if you outsource both the administration and the investment of the fund to a professional, you must still understand what they are doing because you are legally responsible.
So what are the rules an SMSF needs to follow?
Make yourself accountable for your success
10/Nov/2019
When it comes to career or life goals, a crucial element often missing from the discussion is that of personal accountability. Accountability is fundamental to effective government and successful business, but we often neglect it in regards to our own ambitions. Practicing personal accountability isn’t easy, but if you embrace it, the effect can be transformative.
Global economic uncertainty is affecting global growth: How to steer through choppy seas
02/Nov/2019
Like it or not, we live in interesting times. More than a decade after the Global Financial Crisis, the global economy is facing fresh headwinds creating uncertainty for policy makers and investors alike.
Finding safe harbour when business is rough
26/Oct/2019
Australia’s economy is growing at a slower pace than many would like, with small businesses in some sectors doing it tough. Recognising the warning signs of potential insolvency is key to trading through difficult times.
Caring for a family with a Will
20/Oct/2019
Few of us like to think about death, let alone plan for it. But far from being morbid, getting your affairs in order and drawing up a Will is one of the kindest and most caring things you can do for your loved ones.
Not only does a Will make your wishes clear but it ensures your family isn’t wrestling with legal red tape at a difficult and emotional time.
Yet despite the advantages, it’s estimated 45 per cent of Australians don’t have a Will.i
5 signs of a well run business
12/Oct/2019
Every small business owner wants their business to thrive, but it can be tough to keep the money coming in the door while staying on top of all the necessary paperwork.
One way to ensure success is to understand the behaviours that separate a well-managed business from one that’s just muddling through.
Surprising as it may sound, the ATO is keen to help small business owners prosper and to share its insights on running a successful business.
Building wealth in diversity
05/Oct/2019
What a difference a year makes. In recent months, Australian shares hit a record high, the Aussie dollar dipped to levels not seen since the GFC and interest rates were cut to historic lows.
Towards the end of 2018, shares were in the doldrums and while experts agreed the Aussie dollar would go lower most tipped the next move in interest rates would be up.
All of which goes to show that when it comes to predicting financial markets, the only sure thing is uncertainty. There’s no avoiding market risk, but it does need to be managed if you want to build enough wealth to live comfortably in retirement and achieve other life goals along the way.
Carving up your GST
28/Sep/2019
Apportioning your GST obligations
For many small businesses, reporting the GST you collect after issuing tax invoices to customers can be a headache. But there is a way to save time and make the bookkeeping process a bit easier – if you meet the ATO’s eligibility criteria.
Pensions to rise as deeming rates fall
22/Sep/2019
It’s been a long time coming, but up to 630,000 retirees could soon enjoy a small but welcome increase in their Age Pension payments following a cut in deeming rates used for the pension income test.i
What you need to know if you have a side hustle
15/Sep/2019
Whether it’s to pursue a passion or to make a little extra money, more Australians than ever now have a side hustle.
But while freelancing, moonlighting and pursuing passion projects can be a great way to add value to your life, they can sometimes complicate how you go about managing both your time and finances.