Posted in Tax

AUSTRALIAN TAXATION OFFICE SCAM ALERTS Everyone needs to be wary of anybody calling from the Australian Taxation Office (ATO) requesting payment of any outstanding tax debt or requesting their bank account details for crediting a tax return refund. MCKFS Total Service Clients (TSC) should request the person's contact details, and then immediately phone our office (1300 261 373), so that we can assess whether or not the phone call is legitimate. All MCKFS TSC tax ...

  Do you know if your Income Insurance Claim Payments are Taxable? The answer is 'Yes, they are' so don't get caught at tax time with an unexpected tax bill!   Life insurance companies are very quick to tell you that your Income Insurance premiums are fully tax-deductible whether you pay the premium, or your employer pays the premium on your behalf.
Unfortunately, most people are not aware that any Income Insurance claim payments received are ta...

Do you know what your tax savings could be if you have Income Insurance? Most people understand that Income Insurance premiums are tax deductible, but are unsure exactly what the savings might be for their particular circumstances.
The actual dollar-cost saving will depend on your Income Insurance premium and your Marginal Tax Rate ("MTR"), which is dependent upon your Taxable Income you can click here to check what your particular MTR might be.
In order to illu...

Choosing a Financial Planner or Financial Advisor can be a difficult process, particularly if you have never had any dealings or experience with financial issues in the past, so here are my TOP 5 TIPS for helping you choose the right financial planner for your particular needs.   1. Firstly, you need to determine if you require a Financial Planner, or a Financial Adviser. A Financial Planner generally differs from a Financial Adviser in that a Planner provides you with a F...

Uh-oh, the fun-time 40s are over, and the financial-planning 50s have begun!
It's actually not that bad. Your 50s are the time  which you can use to fine tune your financial plan that will likely mean you don't have to work any longer. Financial independence is so close you can just about smell the coconut palm trees! So that's got to be good has it not?!
In your 50s, it's time to stop thinking "someday I would like to be financially independent...