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.
Being retrenched from your job can be hard to accept. It is the sudden shock that catches most people but try not to take it personally. Discussed in the article is what to do about mortgages, Centrelink entitlements, how best to deal with a redundancy payment.
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!).
Going to university should be a time of excitement, learning and independence. For too many students, money problems get in the way leaving them financially burdened for years to come. This article explores suggestions for planning and budgeting that can be the difference between getting by and getting ahead.
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.
Whatever the goal, reaching age 30 is a turning point for many of us. Whilst it may mean life is getting more serious, by the time we’re in our 30's we’re keen to retain our individuality and remain determined to have fun. With a little planning you can make this new decade even more enjoyable.
Before heading off on an overseas holiday, Sam decided to buy an expensive new camera to document his travels. The camera store offered a ‘buy now, pay later’ option, and attracted by the ‘no interest’ promise of the credit provider, Sam signed up.
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.
The government has announced that it is introducing a one-off, 12 month amnesty for historical underpayment of super guarantee.
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?
In 2017 the paid professional media that we rely so heavily on for our daily dose of "news" was adamant in many headlined articles that Melbourne was going to be in a massive property oversupply situation, causing a jump in rental vacancies and a huge price crash.
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.
The maximum amount of superannuation that can be used to fund a tax-free pension in retirement is now restricted to a cap of $1.6 million per member.
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.
Sharemarkets, so far in 2018, are providing a contrast to the robust returns enjoyed by investors in 2017.
Single women make up a growing demographic for many different reasons. Regardless of what stage of life you are in, sound financial advice and strategic planning can set you on the path to financial independence and reducing the negative impacts of becoming “suddenly single”.
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.
We are constantly hearing reports about the rise of personal fraud in Australia, but have you ever looked at the figures? The federal government’s website dedicated to monitoring and reporting scams, Scamwatch, tells us that there were 161,572 reports of Australians being scammed out of more than $89 million dollars in 2017!