Tax, superannuation & the economy: What does the election result mean? Find out here.
Join BCV Financial Solutions as we inform you of all you need to know about Single Touch Payroll (STP) and how it will impact your business.
Understanding what the potential tax liability will be for your business and allowing time for tax planning can save you thousands of dollars. At the very least, it will assist you in the preparation of your budgets and cash flow projections for the coming financial year.
Updating your nomination of beneficiary for your superannuation fund may not be high on your priority list. But it should be.
With a federal election looming, some predicting as soon as May, it’s timely to consider some of the legislative changes being considered by the major parties that may impact on taxation of individuals and small businesses.
We take a look at five of the most common financial mistakes people make when they’re aged in their 40's.
No doubt you’ll have seen some media in the last few days regarding the recommendations arising from the Royal Commission into the Financial Services industry. But what does it actually all mean?
Credit cards are now a major source of personal financial debt in Australia. A recent report issued by ASIC indicated that one in six Australians are struggling under a mountain of debt that might never be repaid.
A recent survey conducted on Australian property investors revealed that they are increasingly turning to mortgage brokers for lending, with 75% of investors stating that they had used a broker, and 83% of investors intend to use a broker when seeking their next loan.
Every generation thinks life will be different – and of course, each one is right - but when it comes to planning for the future, while we’re young we have a habit of thinking there is still plenty of time.
We’ve all heard about the “lost billions” sitting in idle superannuation funds around Australia but are you aware of what’s happening to hundreds of millions of dollars sitting in “inactive” bank accounts? Read on, you may be very surprised.
The increase in home-based businesses has been monumental in the past decade with now almost one million Australians earning an income from home.
Older people tend to be very private around subjects like their finances, estate planning and aged care, etc. This article provides information around what you should be discussing with an elderly relative, and how to open a two-way conversation that puts everyone’s mind at rest.
Remember a time when kids couldn’t wait to leave home so they could have their own “pad”? Those days are definitely over with one and half million adult children now preferring to continue living with Mum and Dad well into their late twenties (and sometimes older!).
Owning a business has its distinct advantages. Choosing your work hours and being able to make decisions for your own future are just two, but this higher level of freedom takes a back seat when things go wrong… and as any business owner knows, things can and do go wrong just like in any other pursuit in life.
Whether it’s due to over-enthusiastic lenders or desperate borrowers, failure to adhere to robust lending standards can land some borrowers in serious financial distress. In many cases the difficulties experienced by these borrowers could have been avoided if the lenders had complied with their responsible lending obligations.
Many investors fear the impact of a return to interest rates of 5%, 6% or even 7%pa that were considered normal just a few years ago. They worry about the impact on share and property markets, they worry about locking fixed rate term deposits and annuities and missing out on the big rate rises to come.
In early June, for the 20th consecutive month, the Reserve Bank left interest rates on hold. That doesn’t mean you shouldn’t be reviewing your existing loans, or exploring investment opportunities. More often that not, there’s a better deal available, and we all know any saving is better in your pocket than the bank’s!
Investors who pay attention to the finance segment of the daily news may be gazing in awe at the performance of the US share market. Even taking into account the fall in early February, the Dow Jones Industrial Average has astounded veteran commentators worldwide with its monumental growth over the last 12 months. Meanwhile, the Australian All Ordinaries Index has yet to return to the height it enjoyed before the Global Financial Crisis at 6779.1 points.
For most Australians, their 60s is the decade that marks retirement. For some this means a graceful slide into a fulfilling life of leisure, enjoying the fruits of a lifetime of hard work. However, for many it means a substantial drop in income and living standards. So how can you make the most of the last few years of work before taking that big step into retirement?
We all, to a greater or lesser extent, have an idea of our dream lifestyle. So how, as a nation, are we faring? To find out, the Financial Planning Association of Australia (FPA) commissioned a survey of more than 2,600 people from around the country. The resulting Live the Dream report provides an insight into the extent to which we are collectively living our dream life and, more importantly, reveals key habits and characteristics of those who are already doing so.
An investment bond is a managed investment, usually operated by an insurance company or friendly society, where your money is pooled with money from other investors and invested in the investment options each investor chooses.
Changes to the superannuation rules in effect for the 2017/18 financial year are designed to further limit the amount of money Australians can contribute to the tax advantaged superannuation system.
What would you do if a family member asked to borrow money – besides the less painful option of beating yourself over the head with a fence paling? You want to help, but you’re right to be wary.
How much does it cost to raise a child? Obviously the answer is highly dependent on individual circumstances. However, as a guide, a 2013 national study found that a typical middle income family would spend about $812,000 on raising two children from birth to age 24. At that time child-raising costs were increasing at around 9% per annum, so it’s a reasonable estimate that these days the cost of getting two kids to the point where they’re ready to leave home (that’s not to say that they will) is closer to $1.1 million! And that’s a middle of the road figure.
Running your own business can be extremely rewarding but there will always be times when it will be quite the opposite. Depending on the business, many factors will determine the success or failure of a small enterprise however the most common is cash flow. Outlined below are three very simple solutions to cash flow problems to help make your business ownership more rewarding.
Children see money nearly every day, and as they become old enough to recognise the currency value on coins and notes they’ll want to start counting – just be mindful that very small children and coins don’t mix well. If you decide to give children pocket money or to pay them for doing age-appropriate chores, encourage saving by giving them a money-box. Get yourself a money-box as well and each time your child puts money away, do so yourself – and vice-versa. It could be fun!
Australians have a reputation for being serious about sport, barbeques and cars, but when it comes to being serious about their home loans, one third of Australians are wading in the quagmire of lazy borrowing – and 11% of Aussies may not even know what kind of home loan they have!
Many businesses for sale are listed at highly optimistic asking prices. Most business owners find it hard to be impartial because they have poured a lot of time and energy into the business and they may be relying on selling it to fund their retirement.
Imagine if you were in the unfortunate situation where you had to take many months or longer away from your business due to a serious illness or injury. Would revenue keep coming into the business… or would the revenue dry up without you there?
A commonly held myth about wills is that if you do not have one, all your estate goes to the government. While that is not quite true, the reality may still surprise many.
In a move that could affect the credit rating of small business owners, the ATO has announced that they will be sharing data with credit agencies pertaining to tax debts from 1st July 2017.
RentVesting is where a person acts as a Landlord and a Tenant – by renting out a property they have purchased, and simultaneously paying rent for the place they are living in. There are two main categories people fall into when RentVesting – the ‘accidental’ and the ‘strategic’.
With cost of private health insurance increasing every year, many people are asking themselves “is it worth it?” The answer to that is “it depends”. Ultimately, this decision is both an emotional and financial one. There are several factors to consider from a financial perspective when deciding to take out private health insurance – the ‘Medicare Levy Surcharge’, ‘Private Health Insurance Rebate’, the cost of the hospital insurance policy and ‘Lifetime Health Cover Loading’.
Not many people risk being uninsured when it comes to their car or home. But many choose to not insure their most valuable asset – that is, their ability to earn an income.
For many people, the single biggest asset they will own is the family home. Luckily, the Main Residence Exemption means Capital Gains Tax is not payable upon sale of this asset, under most circumstances. However, if you leave the property for an extended period of time, or you rent the property out, you may only be eligible for a partial CGT exemption. But the good news is there are two rules which can be applied to help to reduce the net Capital Gain – the Temporary Absence Rule and the Market Value Rule.
Profitability is a vital component of a successful business, but without proper cash flow management your business is at risk of failing. The cycle of cash in and out of your business determines your business’ solvency. Read out top tips for maintaining a healthy cash-flow for your business.