McKinnon Financial Services

#EveryoneNeedsaPlan: Understanding Inflation and Interest Rates

Mon, 13 Apr 2026 02:00:00 +0000

Not all inflation is measured the same—and the number you hear in the news isn’t always what drives interest rates.

#EveryoneNeedsaPlan: Genetic Testing Banned for Life Insurance

Wed, 08 Apr 2026 02:00:00 +0000

“A landmark change now means your DNA can no longer be used against you when applying for life insurance.”

#EveryoneNeedsAPlan: Changes to Super Tax from 1 July 2026

Tue, 07 Apr 2026 02:00:00 +0000

Big changes to super are coming—could they affect your retirement savings? Here’s what you need to know.

#EveryoneNeedsAPlan: High Energy Prices Affecting Inflation and Investments

Thu, 19 Mar 2026 04:00:00 +0000

Rising energy prices don’t just affect what you pay at the petrol pump—they quietly influence the cost of almost everything you buy, from groceries to housing and travel. Because energy is embedded across production, transport, and supply c

#EveryoneNeedsAPlan: When Should Your Start Planning?

Tue, 17 Mar 2026 04:15:00 +0000

Why Financial Planning Matters: Turning Goals into Reality Most people have financial goals. Paying off the home loan. Educating the kids. Buying an investment property. Retiring comfortably. But having goals — and achieving them — are two very different things. The missing link is often not motivation or discipline… it’s clarity. That’s where financial planning plays a critical role. The Reality Check Most People Need Without a structured plan, go...

#EveryoneNeedsaPlan: Car Limit Increases for the 2025 FY

Thu, 29 Aug 2024 23:00:00 +0000

#EveryoneNeedsaPlan to maximise tax deductions for vehicle depreciation and the rules change constantly

#EveryoneNeedsaPlan: Super Paid on Parental Leave

Sun, 25 Aug 2024 23:00:00 +0000

The federal government will pay superannuation on Paid Parental Leave payments

#EveryoneNeedsaPlan: FHOG Increased to $30,000

Sun, 18 Aug 2024 23:00:00 +0000

#EveryOneNeedsaPlan to help buy their first home

#EveryoneNeedsaPlan: Financial Hardship Options

Thu, 20 Jun 2024 01:00:00 +0000

You have options if you're experiencing financial hardship.

#EveryoneNeedsaPlan: Increased Cost for Comfortable Retirement

Fri, 14 Jun 2024 04:00:00 +0000

Costs for a 'comfortable retirement have increased'

#EveryoneNeedsaPlan: ATO Tax Time Toolkit for Investors

Thu, 23 May 2024 23:00:00 +0000

The ATO has kindly prepared a Toolkit for investors to prepare for the 2024 FY Tax Return lodgement

#EveryoneNeedsaPlan: ATO 3 Key Areas of Focus for 2024 FY Tax Returns

Fri, 17 May 2024 04:00:00 +0000

The ATO have announced the key areas they will be focusing on for 2024 FY Individual Tax Returns.

#EveryoneNeedsaPlan: Employer SG Contributions Increased to 11.5% from 1 July 2024

Fri, 10 May 2024 00:00:00 +0000

Employer Super contributions increase to 11.50% from 1 July 2024.

#EveryoneNeedsaPlan: 2024 End of Financial Year Super Contributions

Fri, 03 May 2024 04:00:00 +0000

Superannuation contributions for the 2024 FY need to be calculated and made, with cleared funds in your superannuation account, prior to 30 June, 2024. Strategies for contributions may be complex so if you need assistance, now is the time to act.

#EveryoneNeedsaPlan: Substantiating Tax-Deductible Expenses

Thu, 25 Apr 2024 23:00:00 +0000

Personal tax deductions (e.g., work-related expenses | donations) will be denied if they can’t be ‘substantiated’

#EveryoneNeedsaPlan: CGT on Collectables (Artwork | Jewelry)

Thu, 18 Apr 2024 23:00:00 +0000

Some personal use assets (furniture | clothes) and “collectables” (artwork and jewellery) are subject to Capital Gains Tax (CGT)

#EveryoneNeedsaPlan: Small Business Skills and Training Boost

Thu, 11 Apr 2024 23:00:00 +0000

Additional 20% tax deduction for small business training

#EveryoneNeedsaPlan: Battery Booster Program

Fri, 05 Apr 2024 00:00:00 +0000

Queensland Government battery booster rebate up to $4000

#EveryoneNeedsaPlan: Superannuation Contribution Caps Increased as of July 2024

Thu, 28 Mar 2024 01:00:00 +0000

From 1 July 2024 the superannuation contribution limits will be increased

#EveryoneNeedsaPlan: ATO Data Matching Rental Bonds & Novated Leases

Thu, 21 Mar 2024 00:00:00 +0000

The ATO commences obtains data records of rental property bonds and novated leases

#EveryoneNeedsaPlan: ATO Removes GST Discount on Investment Adviser Fees

Thu, 14 Mar 2024 00:00:00 +0000

ATO Removes GST Discount on Adviser Fees

#EveryoneNeedsaPlan: Protect Your Identity with My Equifax Identity Watch Alerts

Wed, 06 Mar 2024 23:00:00 +0000

The 'online world' is great for completing a lot of tasks more efficiently, but comes with some major challenges, such as protecting your identity.

#EveryoneNeedsAPlan: Tax Debt Loan Interest Not Deductible From 1 July 2025

Wed, 28 Feb 2024 23:00:00 +0000

From 2026 FY Tax Debt Loan Interest Not Deductible

#EveryoneNeedsAPlan: Director Penalty Notice for Employee Entitlements

Thu, 22 Feb 2024 23:00:00 +0000

Company Directors Personally Liable for Employee Entitlements (Superannuation)

#EveryoneNeedsAPlan: Stage 3 Income Tax Rate Changes from 2025 FY

Thu, 15 Feb 2024 23:00:00 +0000

Federal Government Proposes Changes to Individual Income Tax Rates for 2024-2025 FY

#EveryoneNeedsAPlan: ATO Scam Protection - Hyperlinks Removed from Text Messages

Thu, 08 Feb 2024 23:00:00 +0000

ATO removes hyperlinks from text messages

#EveryoneNeedsAPlan: Government Assistance for Help to Buy a Home

Wed, 31 Jan 2024 01:00:00 +0000

Proposed government assistance to help buy a home

#EveryoneNeedsaPlan: Small Business Have Consumer Rights Regarding Refunds and Returns

Thu, 25 Jan 2024 01:00:00 +0000

Eligible small businesses have legal protection as 'consumers'

#EveryoneNeedsAPlan: Comfortable Retirement Standard

Thu, 18 Jan 2024 23:00:00 +0000

How much super do you need for a 'Comfortable Retirement'?

#EveryoneNeedsAPlan: Gift Cards and Consumer Rights

Wed, 17 Jan 2024 23:00:00 +0000

Know your legal rights when it comes to Gift Cards

#EveryoneNeedsAPlan: Small Business Energy Incentives for 2024 FY

Fri, 22 Dec 2023 01:00:00 +0000

Small Business Energy Incentive >| $20,000 in the 2024 FY

#EveryoneNeedsAPlan: Business Instant Asset Write-off $20,000 for 2024 FY

Fri, 15 Dec 2023 00:00:00 +0000

Instant Asset Write-off Limit $20,000 in the 2024 FY

#EveryoneNeedsAPlan: ATO Lodgement Penalty Amnesty Ending 31 December, 2023

Fri, 08 Dec 2023 00:00:00 +0000

ATO Late Lodgement Penalty Amnesty Ends 31 December 2023

#EveryoneNeedsAPlan: Employee Christmas Parties are Not Tax Deductible

Tue, 05 Dec 2023 00:00:00 +0000

Tax Treatment of Employee Christmas Parties and Gifts

#EveryoneNeedsAPlan: Employer Super Contributions to be Paid on Same Day as Pay Received

Fri, 24 Nov 2023 04:00:00 +0000

The Federal Government announced in May, 2023, a proposal for employers to be required to pay their employee super contributions on the day the employee is paid:

#EveryoneNeedsAPlan: Paid Parental Leave to Increase to 26 Weeks by 2026

Fri, 17 Nov 2023 04:00:00 +0000

The federal government is proposing legislation that, if passed, will increase the Paid Parental Leave ('Leave') to 26 weeks by 2026:

#EveryoneNeedsAPlan: Luxury Car Tax on Utes

Fri, 10 Nov 2023 04:00:00 +0000

The Australian Tax Office ('ATO') has provided their 'guidance' on the application of the Luxury Car Tax ('LCT') for vehicles, based on its principal purpose:

#EveryoneNeedsaPlan to Contribute to Super if Aged 67-74 Without Meeting Work Test

Fri, 01 Apr 2022 02:00:00 +0000

#EveryoneNeedsaPlan to Contribute to Super if Aged 67-7

Presently, if you are aged between 67 and 74 you are required to satisfy the 'work test' before making certain superannuation contributions. But from 1 July, 2022 the laws have chang

#EveryoneNeedsaPlan to Add up to 6 Members to Their SMSF

Thu, 31 Mar 2022 00:00:00 +0000

#EveryoneNeedsaPlan to Add up to 6 Members to Their SMSF
Self Managed Super Fund (SMSF) laws have recently been amended to increase the maximum number of members in the fund.

#EveryoneNeedsaPlan To Understand the 2022-2023 Federal Budget Boredom

Tue, 29 Mar 2022 23:00:00 +0000

#EveryoneNeedsaPlan To Understand the 2022-2023 Federal Budget Boredom
Unfortunately, this was not a very exciting federal budget .... boring .... yawn-fest. There are only a few key individual measures worth noting (all the rest is pretty muc

#EveryoneNeedsaPlan for 2023 FY HELP Repayment Levels

Tue, 29 Mar 2022 00:00:00 +0000

#EveryoneNeedsaPlan for 2023 FY HELP Repayment Levels

For anyone that has a Higher Education Loan Program (HELP) debt it is important to understand the HELP Repayment Incomes and Rates for the 2023 FY to effectively budget for any repayments th

#EveryoneNeedsaPlan To Get Business Invoice Correct

Mon, 28 Mar 2022 00:00:00 +0000

#EveryoneNeedsaPlan To Get Business Invoice Correct

If you are running a business, and are entitled to claim GST paid on goods and services received by your business, you need to ensure any Invoice for payment is compliant with ATO guidel

#EveryoneNeedsaPlan To Understand Digital Recordkeeping for Their Business

Thu, 24 Mar 2022 01:00:00 +0000

#EveryoneNeedsaPlan To Understand Digital Recordkeeping for Their Business

As most businesses transform their recordkeeping from paper-based to digital, it is sometimes difficult to understand what the legal requirements are for recordkeeping.<

#EveryoneNeedsaPlan to Maximise Tax-Deductible Super Contributions in the 2022 FY

Wed, 23 Mar 2022 05:00:00 +0000

#EveryoneNeedsaPlan to Maximise Tax-Deductible Super Contributions in the 2022 FY

The federal government provides up to $27,500 tax deduction for contributions made to your super each year, but this also includes your employer-sponsored superan

#EveryoneNeedsaPlan to Maximise All Financial Resources for the Deposit for the First Home

Mon, 21 Mar 2022 23:00:00 +0000

#EveryoneNeedsaPlan to Maximise All Financial Resources for the Deposit for the First Home

For many young Australians it is difficult to meet the increasing costs of living and also save for a deposit to purchase their first home. The Fed

#EveryoneNeedsaPlan to Not Exceed Superannuation Div 293 Threshold

Mon, 21 Mar 2022 05:00:00 +0000

#EveryoneNeedsaPlan to Not Exceed Superannuation Div 293 Threshold

An additional 15% Contributions Tax is payable on Concessional Super Contributions where the Division 293 Threshold has been exceeded. This means instead of paying 15% Con

#EveryoneNeedsaPlan to Maximise Super in the 2023 FY

Fri, 18 Mar 2022 06:00:00 +0000

#EveryoneNeedsaPlan to Maximise Super in the 2023 FY
The ATO is recently published superannuation rates and thresholds for the 2023 FY.

#EveryoneNeedsaPlan When Signing Company Documents Electronically

Wed, 16 Mar 2022 23:00:00 +0000

#EveryoneNeedsaPlan When Signing Company Documents Electronically

It usually take some time for the law to catch up with general practices in society. This has been true for digital signing of documents as with anything else but on 1

#EveryoneNeedsaPlan To Meet CGT Obligations When Dealing in Cryptocurrency

Wed, 16 Mar 2022 01:00:00 +0000

#EveryoneNeedsaPlan To Meet CGT Obligations When Dealing in Cryptocurrency

Cryptocurrency, and dealing in cryptocurrency (i.e., buying and selling), as become very popular with many investors over the last several years. However, a consid

#EveryoneNeedsaPlan to Re-Contribute COVID 19 Early Release Super Amounts

Tue, 15 Mar 2022 00:00:00 +0000

#EveryoneNeedsaPlan to Re-Contribute COVID 19 Early Release Super Amounts
At the beginning of the pandemic, many of us were unsure if we were going to need the early release super amounts that were being offered by the government, but after the dust

#EveryoneNeedsaPlan to Vary the Pay-As-You-Go (PAYG) Instalment

Mon, 14 Mar 2022 01:00:00 +0000

#EveryoneNeedsaPlan to Vary the Pay-As-You-Go (PAYG) Instalment
The ATO will issue a Pay-As-You-Go (PAYG) instalment notice to a taxpayer based on the tax paid in the previous Financial Year but you are able to vary the PAYG instalment, depending on

#EveryoneNeedsaPlan to Get Some Cash Back When Switching Home Loans

Fri, 11 Mar 2022 01:00:00 +0000

#EveryoneNeedsaPlan to Get Some Cash Back When Switching Home Loans

Many home loan lenders are now actively seeking new business and they are willing to pay for it.
Some lenders will offer up to $4000 cashback

#EveryoneNeedsaPlan to Pay Their Life Insurance During the Flood

Thu, 10 Mar 2022 00:00:00 +0000

#EveryoneNeedsaPlan to Pay Their Life Insurance During the Flood

Many families are suffering the devastating impact from the recent floods and they should not have to be concerned about ensuring there life insurance policies remain in forc

#EveryoneNeedsaPlan to Pay Employee Super If Earning Less Then $450 per Month

Tue, 08 Mar 2022 23:00:00 +0000

#EveryoneNeedsaPlan to Pay Employee Super If Earning Less Then $450 per Month

From 1 July, 2022 employers will need to pay super for employees who earn less then $450 per month, which was not previously payable.

#EveryoneNeedsaPlan to Not Pay the ATO's High Interest Rates

Tue, 08 Mar 2022 00:00:00 +0000

#EveryoneNeedsaPlan to Not Pay the ATO's High Interest Rates
When you arrange a payment plan with the ATO you are charged interest rates which are likely much higher than the rate you can achieve in the market.

#EveryoneNeedsaPlan for Flood Assistance

Mon, 07 Mar 2022 00:00:00 +0000

Many life insurers and mortgage lenders are offering their clients assistance with their premium and mortgage loan payments

#EveryoneNeedsaPlan to Complete Director ID Requirements

Fri, 04 Mar 2022 01:00:00 +0000

The federal government is now introduced ID requirements for all company directors. All existing directors must complete the process by 30 November, 2022 but there are other requirements for new directors.

#EveryoneNeedsaPlan to Access Super Legally

Wed, 02 Mar 2022 23:00:00 +0000

There are several ways in which to access your super legally but if you access your super illegally there are significant penalties that apply.

#EveryoneNeedsaPlan to Claim Home Work Expenses During COVID 19 Lockdown

Tue, 01 Mar 2022 21:00:00 +0000

Many of us have had to work from home over the past couple years during the COVID 19 lockdowns, which means we generally have used our personal equipment to complete our work, but not all expenses incurred will be tax-deductible.

#EveryoneNeedsaPlan When Choosing to Buy a House or Unit

Mon, 28 Feb 2022 23:00:00 +0000

With the housing market going berserk over the last year so, it is quite difficult to decide whether or not you should buy a house or a unit.
A recent article by CoreLogic highlighted the disparity between growth rate in housing and unit properties

#EveryoneNeedsaPlan to Utilise the First Home Super Saver Scheme

Mon, 28 Feb 2022 04:00:00 +0000

It is increasingly difficult to save enough money for your first home purchase but there are some ways the government can help, such as Firs

#EveryoneNeedsaPlan When Considering Crypto Investments in Their SMSF

Thu, 24 Feb 2022 23:00:00 +0000

ASIC recently published a warning about including crytocurrency ('crypto') investments in Self-Managed Super Funds (SMSF).
Unlike traditional investments crypto investments are difficult to research and rate unlike commonly traded investments such a

#EveryoneNeedsaPlan When Distributing Trust Income to Family Members

Thu, 24 Feb 2022 00:00:00 +0000

The ATO recently issued a Taxpayer Alert regarding parents that benefit from a trust entitlement of their children over 18 years of age.

#EveryoneNeedsaPlan To Recover Monies Owed

Wed, 23 Feb 2022 01:00:00 +0000

The Australian Consumer Law ('ACL') has a specific requirements for collecting monies owed and protect the consumer from unfair treatment during the process.

#EveryoneNeedsaPlan to Avoid Money Scams

Mon, 21 Feb 2022 23:00:00 +0000

Money scams are increasing and the most popular is 'false billing'.

The recent ACCC report "Targetin

ATO Knows You Have a Boat!

Thu, 22 Jul 2021 22:37:00 +0000

The ATO will be comparing the value of certain lifestyle assets to your declared income and if you have a boat that is insured for $100,000 but your declared income for the last three years was $20,000, you may have a problem ...

Consumer Guarantees Override Warranties

Wed, 07 Jul 2021 21:00:00 +0000

The Australian Consumer Law protects consumers by providing automatic guarantees on products and services regardless of the manufacturer warranties.

#Everyoneneedsaplan to Protect Their Identity from Criminals

Tue, 17 Nov 2020 00:00:00 +0000

Increasingly, the threat from criminals stealing your identity to arrange credit in your name has become a significant problem.

#Everyoneneedsaplan to Get Their Goods Back If a Customer Does Not Pay

Sun, 15 Nov 2020 23:00:00 +0000

As we all navigate through the COVID 19 challenges, it is likely some of us will never be paid for the goods we supplied to customers.

#Everyoneneedsaplan To Make Sure That Not Paying Too Much for Electricity

Sun, 15 Nov 2020 23:00:00 +0000

Following is a link to a website that will allow you to compare energy providers in your area, so you can determine if you are paying the right amount for your electricity and gas:

https://www.energymadeeasy.gov.au/

#everyoneneedsaplan When Using JobMaker Hiring Credit Incentive Scheme to Hire New Employees for New Positions

Tue, 10 Nov 2020 23:00:00 +0000

The federal government's JobMaker Hiring Credit stimulus package is to be available to eligible employers over 12 months from 7 October, 2020.

Employers can receive up to $10,400 per new employee that has been hired to fill a new position.

#everyoneneedsaplan When Reviewing Income Insurance Policies

Wed, 04 Nov 2020 23:00:00 +0000

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.

#Everyoneneedsaplan When Claiming GST Payments

Tue, 03 Nov 2020 23:00:00 +0000

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 ...

#Everyoneneedsaplan for Income Protection Changes as of April 2020

Wed, 09 Sep 2020 07:00:00 +0000

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...

#Everyoneneedsaplan for their First Home Loan Deposit

Sat, 16 Nov 2019 03:00:00 +0000

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...

#Everyoneneedsaplan to Meet ATO Audit Costs

Sat, 02 Nov 2019 01:00:00 +0000

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 ...

#Everyoneneedsaplan to Keep Insurance Premiums Affordable

Sat, 28 Sep 2019 01:00:00 +0000

As we grow older, the risk of premature death and disability increases and unfortunately so do our life insurance premiums! However, there may be a way to keep your life insurance premiums affordable in the long-term - Level Premiums. Most life insurance policies have two premium structures Stepped and Level. Here is the basic difference between them: Stepped Premiums | Increase the premium each year as you grow older to account for the increased risk Level Premiums | Averages ...

#Everyoneneedsaplan to Maximise Super Contributions from 1 July 2020

Sat, 14 Sep 2019 01:00:00 +0000

If you are aged 65 to 67 you may be able to contribute an additional $200,000 to your super from 1 July 2020. The federal government is currently in the process of making changes to super contribution laws and from 1 July 2020 the "Work Test" requirements for super contributions are likely to be amended. Effectively this will mean from 1 July 2020 if you are aged between 65 and 66 you will be able to make voluntary contributions to your super (concessional and non-concessional...

#Everyoneneedsaplan When Guaranteeing a Loan

Sat, 07 Sep 2019 03:00:00 +0000

Trying to help out a family member or a dear friend by providing your personal guarantee (or offering your property as security) could be very costly at some point in the future, so before putting pen to paper and signing your life away make sure you consider the following: What is the difference between a guarantor and a co-borrower? Will the guarantee affect your own borrowing? Are you providing personal guarantee or your own property as security for the loan? Make sure you ge...

#Everyoneneedsaplan HECS/HELP Minimum Repayment Threshold

Sat, 31 Aug 2019 00:00:00 +0000

HECS/HELP Minimum Repayment Threshold Increased I have just read in a recent article from the ATO Small Business Newsroom newsletter received Wednesday 28 August 2019 that the Minimum Repayment Threshold for HECS/HELP loans is increasing from 1 July 2019. The new Minimum Repayment Threshold is $45,881. Employers may need to increase the PAYG tax withholding for any employees that have HECS/HELP loans to ensure they meet the new minimum repayment threshold requirements....

#Everyoneneedsaplan for taking leave

Wed, 29 Aug 2018 05:00:00 +0000

Family & Domestic Violence Leave Entitlements Recently the modern awards were changed to provide employees with access to 5 days of unpaid family and domestic violence leave each year. The leave can be taken by employees who need to deal with the impact of family and domestic violence, including (but not limited to): making arrangements for their safety or that of a family member; attending court hearings; accessing police services. The entitlement app...

#Everyoneneedsaplan to Budget for Christmas

Tue, 17 Jul 2018 23:00:00 +0000

CHRISTMAS IN JULY? Maybe, but it is time to start planning for the Festive Season without breaking the bank. We have some tips on how to avoid the budget going into the 'red' and still enjoy your Christmas and New Year Festivities: Make a Plan - the key to a successful Christmas is to make sure you plan your expenditure. Separate Your Cash and Credit Cards - you should separate your cash and credit card expense budgets. Always using a credit card or cash card ...

#Everyoneneedsaplan for a Website

Wed, 20 Jun 2018 00:00:00 +0000

Do you have a Website? It maybe time to get a Website or upgrade your existing Website. Do you know what you can claim as a deductible business expense for your website costs? The expense of a Website falls into 2 categories (according to the ATO Taxation Ruling TR2016/3): 1. Revenue expenses - generally can deduct the total amount in the year the expense is incurred, these include: licence or subscription fees; monthly hosting fees; socia...

#Everyoneneedsaplan for the wage increase

Tue, 12 Jun 2018 23:00:00 +0000

Base rates of pay to increase by 3.5% The Fair Work Commission has announced an increase to minimum wages after their 2018 Annual Wage Review. The increase applies to base rates of pay and will start on 1 July 2018. The new national minimum wage will increase to $719.20 per week (or $18.93 per hour). What to do next: Make sure your employee's details are current; Make sure your employee's are classified in their correct level of exeperience, acco...

#Everyoneneedsaplan for the new Federal Budget

Wed, 16 May 2018 01:00:00 +0000

2018 Federal Budget Want to know how it affects you? Here are the highlights: Up to $530 tax savings (per peron) for low and middle income earners $20,000 instant business asset write off has been extended to 30 June 2019 1 year exemption from work test for recent retirees (with less than $300,000 in superannuation savings) Superannuation fund exit fees have been banned Home care services and residential aged care funding has increased ...

#Everyoneneedsaplan for tax time

Wed, 09 May 2018 00:00:00 +0000

HOW TO GET READY FOR TAX TIME Here are some tips to make tax time a smoother process: Get your evidence organised: Bank statements Tax deductible expense receipts Income Protection Insurance Credit card statements Rental income statements Investment property expenses (rates, water, agent fees; repairs) Dividend Statements Medical Insurance Categorise your evidence Sorting your statements and receipts etc. into categories c...

#Everyoneneedsaplan for a successful budget

Sat, 28 Apr 2018 03:00:00 +0000

Is Your Budget Accurate? In order for your budget to be a successful tool in developing your financial plan, it needs to be accurate. Here are some tips to help make your budget more accurate: Before you start, obtain some source documents from which to obtain actual expenditure (e.g. credit card statements; bank account statements; bill notices; rental statements). Separate your expenses into categories (e.g. household; vehicles; education; debts [c...

#Everyoneneedsaplan to Budget for a Newborn Baby

Sat, 14 Apr 2018 00:00:00 +0000

How to Budget When You're Having a Baby Budgeting for a newborn baby is key to reducing stress on the family. The family's income may be lower due to mum not working leading up to, during and after pregnancy Detailed cash flow planning is a must to ensure sufficient monies are available to meet the family expenses You should revise your expenditure budget to include costs of newborn baby (you can use our budget template) You should include hospita...

#Everyoneneedsaplan for budgeting

Fri, 13 Apr 2018 23:00:00 +0000

Budgeting: How to make it simple In order to have an effective budgeting system, you need to make it easy to follow and implement. We recommend not having too many bank accounts - it over complicates the budgeting system. You only need 3 bank accounts: A day-to-day bank account; A bills account; and A special purpose account (i.e. holidays). All income should be received into the day-to-day bank account and then distributed to the bil...

#Everyoneneedsaplan - even if you have had skin cancer

Tue, 03 Apr 2018 23:00:00 +0000

Can you still obtain trauma insurance if you have had skin cancer? This depends on the type of skin cancer, the insurer and the trauma insurance policy wording. Some insurers will still offer full trauma insurance cover if you have had skin cancer; It depends on the severity of the skin cancer; Early stage melanoma (melanoma in-situ) that has been successfully excised may qualify you for trauma insurance (without exclusion or loading). Please contact us for mo...

#everyoneneedsaplan to know how much trauma insurance you need

Tue, 27 Mar 2018 23:00:00 +0000

HOW DO YOU KNOW HOW MUCH TRAUMA INSURANCE YOU NEED? It really depends on your individual circumstances. You should consider how you are going to meet your expenses if you suffer a trauma, these may include: Net medical expenses (after Medicare and Private Health insurance rebates) Bills and existing debts (home loan/rent) Rehabilitiation expenses (so you can choose your own rehabilitation plan) Extended convalescence (one years salary) Employin...

#everyoneneedsaplan for trauma insurance reinstatement benefit

Wed, 21 Mar 2018 00:00:00 +0000

What is a trauma insurance reinstatement benefit? What happens if you have more than one major medical trauma (unfortunately this happens quite a lot). Let's say you have $100,000 trauma insurance benefit and you are diagnosed with cancer and your $100,000 trauma insurance claim is paid. What happens next? you would reinstate your trauma insurance policy after the claim is paid. your premium remains the same and there are no medical underwriting requirements...

#everyoneneedsaplan for child trauma insurance

Tue, 20 Mar 2018 23:00:00 +0000

Are you covered if your child suffers a major medical trauma? What happens if your child is diagnosed with a disease or medical condition? You can't continue to work! How do you pay your bills when you are taking care of your child? Child trauma insurance can be included as an optional benefit to a life insurance policy (but you cannot purchase child trauma insurance on its own). The initial maximum insured benefit is $200,000 (and indexed each year ...

#Everyoneneedsaplan to take advantage of the $20,000 instant write off

Tue, 13 Feb 2018 23:00:00 +0000

$20,000 instant asset write off extended to 30 June 2018 Assets purchased for business use can be immediately written off (if they cost less than $20,000 [per item]) up to 30 June 2018. From 1 July 2018 the threshhold will reduce to $1,000. You are eligible to claim the immediate business expense deduction if: Your business turnover is less than $10 million; and The asset was first used or installed ready for use in the income year you are claiming it in. ...

#Everyoneneedsaplan to understand their rights and responsibilities

Tue, 30 Jan 2018 23:00:00 +0000

Are you a small business or sole trader? Do you know your rights and responsibilities? The Australian Competition & Consumer Commission (ACCC) on 11 January 2018 published a new guide for small businesses. If you engage in buying or selling goods or services you must comply with the Competition and Consumer Act 2010 (CCA). The guide is designed to help small businesses understand their key rights and responsibilities under the CCA and the Australian Consumer Law...

#Everyoneneedsaplan when navigating through mortgage lenders

Wed, 17 Jan 2018 02:00:00 +0000

Why is it getting more difficult to get a home loan? It is becomming increasingly more difficult to obtain a home loan - why is this: The Federal Government is worried that the Australian property market is in a bubble, because home loan interest rates are low and credit is easy to obtain; The Government uses its banking regulatory body APRA to force banks to make it harder to get property loans in an attempt to cool the housing market. This article in The Australia...

#everyoneneedsaplan for trauma insurance

Fri, 29 Dec 2017 04:00:00 +0000

Do you know what trauma insurance is? Recently we've been asking friends if they know what trauma insurance is. The feedback is that they are really not sure what it covers you for. We all know someone who has been touched by cancer or a heart attack or MS - well if that person had trauma insurance then they could receive a lump sum payment. This lump sum payment could be put towards: your medical expenses (not covered by private health or Medicare...

#Everyoneneedsaplan when speculating with bitcoin

Wed, 20 Dec 2017 00:00:00 +0000

What do you know about bitcoin? Dean has a few tips to help you understand: Bitcoin is similar to a currency (cash) and is used to pay for goods and services, usually Internet purchases; The difference is bitcoin is not regulated by any government and therefore governments don't control the supply; There is massive speculation that bitcoin will replace cash for purchases (specifically on the Internet) and this is fuelling the price; Bitcoin ...

#Everyoneneedsaplan when accounting for the work Christmas party!

Wed, 13 Dec 2017 05:00:00 +0000

The End of Year Christmas Party - do you know if FBT is applicable and how to account for it? You may need to allow for Fringe Benefit Tax (FBT) when throwing that end of year Christmas Party and not just treat the cost as a business expense. Points to consider to determine if FBT is applicable: Who is attending the Christmas party (e.g. clients; employees; suppliers; employee's partners); Where is the party being held (e.g. at your...

#Everyoneneedsaplan to Insure Household Workers

Wed, 06 Dec 2017 05:00:00 +0000

Household Worker Insurance Do you employ workers in your home? Most people are unaware that they have to insure casual workers, that complete work at their home, and that it costs very little to insure them. A household worker could be: a Cleaner a Babysitter a Nanny a Gardener a Labourer or Tradeperson. This article provides some good examples of how a WorkCover Queensland insurance policy could save you thousands of dollars if the...