There a several traditional ways of saving for your First Home Deposit, I know when we started saving 20 years ago we thought we would never get there and it seemed like it would take forever! These are some of things we tried. Putting all our gold coins in a jar! Unfortunately these coins often got spent when we were coming up short on other bills! Setting up a direct… Read more
Running a small business requires taking some risks. Debt is one of those risks, but it is also a positive tool for small business that is usually necessary in order to fund your growth. However, when circumstances change and your debt levels grow, it can keep you up at night. It is important to act early and put a plan in place to manage it. We can help you… Read more
Like any other business, if you’re starting a construction business it pays to do it properly. That means getting your accounts in order before you take on any work. But building projects can last for months or even years and you might be both an employer and a contractor. Plus, construction accounting regulations vary around the world so it’s important to get local advice, if you’re operating in more than… Read more
A personal budget is a finance plan that allocates future personal income towards expenses, savings and debt repayments. In other words, it’s a plan that sets out how you’ll spend and save your money. Some people hear the words ‘Personal Budget’ and think restriction, limitation and confinement. They imagine having to cut all spending and live on bread and water. Instead, think of it as your spending plan. By planning… Read more
Australia’s cash rate is now the lowest it has been in 23 years, a reaction initially to stunted economic growth and now to the impact of COVID-19 on the local and global economic landscape. As the uncharted negative interest rate zone looms, is it worth fixing your rate? Here’s what to weigh up when making your decision. The RBA has stood by its promise to keep the current rate of… Read more
A business bank account is an essential requirement for any business. But with so many banking providers out there, how do you know which business account to choose? The key is to know what you require from a bank account, and to choose a bank that understands the banking, financial and funding needs of your business. Choosing an account that fits your business needs Whether you’re a new sole trader… Read more
Running a business will always mean incurring certain expenses, or ‘spend’. There are always costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit. So, what can you do to reduce your spend levels? And what impact will this have on your overall margins, profits and ability to fund the… Read more
If your superannuation fund balance is less than $500,000, a new rule means you are now able to carry forward any unused concessional contribution from prior years into following years. This allows you to maximise the tax benefits of contributing the upper limit concessional amount. It also gives you some flexibility with being able to contribute more in years that you have the cash flow to do so. This is… Read more
As part of the economic response to the COVID-19 pandemic, the federal government’s HomeBuilder program provides eligible owner-occupiers – including first home buyers – with a grant of $25,000 to build a new home or substantially renovate an existing home before the end of 2020. It can pay to check if you’re eligible and what you’ll need to do to apply if you are. HomeBuilder is designed to complement existing… Read more
Had it not been for COVID-19, a number of royal commission-led changes to the banking and finance industry would already have been in place – with more to come in December. Here’s what that means for brokers and for you. In May, Treasurer Josh Frydenberg made an important announcement to the country as we began to seriously batten down the hatches in the face of the growing COVID-19 pandemic. The… Read more
In late June, during an online panel discussion hosted by ANU’s Crawford School of Public Policy, RBA Governor Philip Lowe said what many had already assumed: “I think it’s likely we’re going to see interest rates at their current level for years”. So it was no surprise that rates have been held at 0.25% for July – where it looks they’ll be staying for quite a while. Let’s look at… Read more
When you started in business, what did you imagine your lifestyle would be? How does your current lifestyle compare? Many business owners assume that after a few years in business they should be able to achieve another financial milestone such as buying a house, upgrading the car or taking the family on an epic holiday. Reality may be different. Is financial stress common in your business? You invested a significant… Read more
A good mortgage broker can be the key to your property portfolio success. Here’s how to find one. Mortgage brokers worth their salt will look to build a trusted relationship with you – one that’s more focused on service than selling. Here are five things to look for when choosing your broker. 1. Recommendations Asking your personal network for referrals is a good starting point. This could help you find… Read more
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If you are 65 years old or older and meet the eligibility requirements, you may be able to choose to make a downsizer contribution into your superannuation of up to $300,000 from the proceeds of selling your home. Your downsizer contribution is not a non-concessional contribution and will not count towards your contributions caps. The downsizer contribution can still be made even if you have a total super balance greater than $1.6 million.… Read more
It’s never a bad idea to have a little help managing your money – and when you’ve got monthly mortgage repayments to make, balancing the books is extra important. There’s a great range of apps and tools designed to help you budget, save and track your finances. And we’ve put together a list of some worth checking out. Budgeting and Tracking The formula is pretty simple. To balance your budget… Read more
With interest rates at record lows and competitive deals on offer, switching to a new loan or lender may be an appealing prospect, with the potential to make significant savings. Since the Reserve Bank of Australia (RBA) began its latest round of rate cutting, lenders have been lowering mortgage interest rates across the board, with several now offering rates below the 3% mark. But before you make the decision to refinance, there… Read more
Succession is what happens to your business when you ultimately decide you want out. Planning your succession allows you to transition your business to new ownership in a managed and systematic way, helping you to reduce stress and achieve a greater outcome at a potentially tricky time. Succession Planning is about clarifying what you want for the future and defining the steps required to turn that vision into a reality,… Read more
When you sell up, you want your business to have as much inherent value as possible – so you get a good price, a great return on your investment and the best possible payout. So, how do you take yourself ‘out of the business’ as the founder, add the best value and set up an effective and financially beneficial exit strategy? Adding value to the company Whether the goal of… Read more
As a small business, you have many funding avenues available to you. It can be overwhelming trying to understand which option is best for you and what the pitfalls and benefits are. A business line of credit is one option that many businesses utilise at various points in their business cycle and it can be a very useful tool. It works a bit like a credit card with access to… Read more