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#everyoneneedsaplan When Reviewing Income Insurance Policies
Posted by G. Dean McKinnon
on 5 November 2020
Last year the life insurance regulator (APRA) determined that income insurance policies in Australia were not sustainable and changes were required.
The primary change was to eliminate all Agreed Value policies.
Agreed Value policies insured the income at the time the policy was established, and any subsequent claim was based on that income, not income at the time of claim. Indemnity Value policies pay a claim based on the income at the time of claim.
Agreed Value policies were p...
Agreed Value policies were p...
| Posted in:Insurance | 0 Comments |
#Everyoneneedsaplan When Claiming GST Payments
Posted by G. Dean McKinnon
on 4 November 2020
The two most common examples of when you cannot claim the GST you have paid are:
1. The entity from which you are purchasing the goods or services is not registered for GST; and
2. The personal-use portion of any goods or services purchased by your business. Be aware: even if the entity from which you purchase the goods or services provide you with a tax invoice and an ABN, they may have cancelled the GST registration in which case you cannot claim the GST that you paid to ...
2. The personal-use portion of any goods or services purchased by your business. Be aware: even if the entity from which you purchase the goods or services provide you with a tax invoice and an ABN, they may have cancelled the GST registration in which case you cannot claim the GST that you paid to ...
| Posted in:Tax | 0 Comments |
#Everyoneneedsaplan for Income Protection Changes as of April 2020
Posted by G. Dean McKinnon
on 9 September 2020
APRA Intervenes in the Australian Income Insurance market to stop Agreed Value policies being offered to clients.
Prior to 1 April 2020, insurance companies in Australia offered Agreed Value and Indemnity Income Insurance contracts. Agreed Value contracts enabled the insured to take out an Income Insurance policy with the Insured Benefit based on their income at the time. This meant the insured generally did not have to prove their income at the time of claim, which was useful...
| Posted in:Insurance | 0 Comments |
#Everyoneneedsaplan for their First Home Loan Deposit
Posted by Dean McKinnon
on 16 November 2019
One of the biggest hurdles for first home buyers is being able to save the deposit BUT also being able to afford the mortgage insurance. Now the government has provided a solution for that problem.
From 1 January 2020 the federal government is introducing their First Home Loan Deposit Scheme to help first home buyers purchase their first home. Effectively the government will guarantee to the mortgage provider up to 15% of the property purchase price. Previously this guarantee would have b...
| Posted in:PropertyMortgages and Finance | 1 Comments |
#Everyoneneedsaplan to Meet ATO Audit Costs
Posted by Dean McKinnon
on 2 November 2019
Increasingly, the ATO is actively enforcing their compliance program - which is "ATO-speak" for saying that they are increasing the number of audits being completed.
The concern about an ATO audit is not necessarily that you have done something wrong and owe the ATO tax (and possibly penalties, fines and interest), it is that you have to prove that you have not done anything wrong. The cost of obtaining proof could be significant - possibly thousands of dollars in accountant or ...
| Posted in:Tax | 0 Comments |
