Centrelink Asset Testing has changed for Account Based Pensions
So what has changed? Up until the beginning of 2015, Account Based Pensions (ABP’s) were treated favourably by Centrelink and DVA, and assessed under the income test rules based on the level of income that they were producing in order to determine how much income support would be paid. From 1 January 2015, ABPs will no longer have the income test […]
7 Essential tips for buying your first home
1. Get into a ‘mortgage payment’ pattern ASAP You may have already been saving for a house, or paying rent towards a property, but the psychology of these payments can be very different to servicing a mortgage. It is easy to get complacent with a savings plan and say to yourself “Not this month, its […]
The top 3 issues that every pre-retiree should be aware of
For most Australians, a comfortable retirement is a long term goal that remains in the back of our minds for many years. Many of us (especially the baby boomers), watched our parents & grandparents struggle along on a Government pension and vowed never to do so ourselves. The Australian Bureau of Statistics (ABS) survey in […]
Self Managed Superannuation Funds and Property Investment
Property investing through your self managed superannuation fund (SMSF) can be a great way to create wealth for your retirement. Investing in property can be an effective way to diversify your superannuation investments, and any income from the investment property, including capital gains, may be taxed at concessional rates. This could mean a financial saving […]
8 ways to transform your finances in 2015
The start of a new year is an ideal opportunity to give your finances a makeover. Regardless of whether you are a young wealth accumulator saving for a house, a single or double income family educating children and slogging away at your mortgage, or a retiree slowing down to enjoy the simpler things in life, […]
How do I go about making a financial plan to achieve my lifestyle goals?
Financial planning is simply a process designed to help you achieve your lifestyle objectives, by putting in place the necessary financial strategies and goals. As with any process, there are a number of steps that need to be followed in order to achieve the desired result: Understanding where you are right now Firstly we need […]
Is it tax deductible to give my clients a Christmas or Thank-you gift?
At this time of the year it is common to provide gifts to existing clients and customers as an act of goodwill and as a thank you for their custom and support of your business. As the gift is an expense to your business it is generally considered to be a tax deduction. The ATO […]
Cost of living increases, future retirees will need to save more according to ASFA Retirement Standa
The September quarter Retirement Standard was released by the Association of Superannuation Funds of Australia (ASFA) late last week, and the news isn’t positive for retirees. According to the statistics, in order to live a comfortable lifestyle in retirement single retirees will need to spend $767 more per year than this time last year, and couples will […]
Tax office makes new ruling for property investors
A new Tax Office ruling clarifying the criteria for deductions on income earned through specific lease arrangements may limit property investors who incorrectly claim losses on their properties. The ruling, issued mid-September, sets out parameters for claiming losses on properties that are let at arm’s length or to relatives, or on properties that are used […]
What can a XERO add-on do for Melbourne businesses?
Xero is truly an incredible product. Not because it is a bookkeeping program that makes you coffee, does your tax returns or magically improves your cashflow, but because of the way in which it integrates with other complimentary products known as ‘add-ons’ to automate business processes. What is an add-on I hear you ask? Basically, […]