Your financial strategy should change as you age. Here is a general guidline for each stage of your life. Earn, growth Invest and save in your 20’s Your twenties should be focused on: earning money. investing in a long-term diversified growth portfolio. Earn, growth invest, leverage and reduce in your 30’s Your thirties should be…
Succeeding in business and becoming an Olympian have a lot more in common than you might think. Here are the traits needed to become an Olympian that will also help you succeed in business. Embrace failure. Olympians fail again and again but instead of giving up, they use failure to their advantage and learn from…
The ATO might give you extra time to pay your tax or remove penalties if you experience financial difficulties. Further to these support measures, in the event of serious hardship (defined by the ATO as unable to provide food, accommodation, clothing, medical treatment, education or other basic needs for yourself, your family or dependents), the…
Business entity changes involve transferring a business from its current structure to a more advantageous structure. The most common reasons for business restructure are: Change in ownership: If an existing business is acquired (say a company), then the business structure may be changed (to a trust). Change in management: Taking on a business partner would involve…
Unclaimed money is defined as money that belongs to you but has been lost or forgotten due to a change in circumstance. It could be lost bank accounts, shares, life insurance policies or lost superannuation from changing jobs. Unclaimed money received by ASIC is transferred to the Commonwealth of Australia Consolidated Revenue Fund after 7…
In addition to federal support, if you run a small business and need assistance during or after a lockdown period, you can find information on state-based grants and support below: State and Territory Information, Grants & Assistance WA – Small Business Lockdown Assistance Grants NSW – Financial assistance for business and employees NT – Northern…
On 11 May 2021, as part of the 2021–22 federal Budget, the Australian Government announced it will extend the loss carry back measure. Companies can carry back losses from 2020, 2021 & 2022 income years to offset previously taxed profits made in or after the 2019 income year. This allows companies to generate a refundable…
Businesses (i.e. those with an annual turnover of less than $5 billion) can claim an immediate deduction for depreciable assets they start to use – or have installed ready for use on the following basis: 06/10/20 to 30/06/23 -uncapped immediate write-off for NEW assets or an improvement to an existing asset. For businesses with an…
Australia’s budget is heavily reliant on the 1% of Australians who earn more than $350,000 per year. That is 82000 men with an average income of $760,853 and 28,000 women with an average income of $753,481. A combined total of $84 billion tax paid out of a total of $213 billion. In other words, the…
For services, always get 3 quotes minimum. We shop around for the best price on TV’s, cars, and other products but seldom get enough quotes and trades and services. It is important to get at least 3 quotes so that you can compare the market. You might not make your decision based on price,…
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2