First Home Buyers: Understanding the different mortgage types

The 7 Mortgage Types There’s a lot more to loans than interest rates and fees. A low rate is important, but it is not everything. There are different types of loans and features that will make managing your mortgage easier. As your mortgage broker, we take the time to teach and advise you on the fundamentals so you can make an informed … Continued

First Home Buyers: Saving for a Deposit

Saving for a deposit? Most lenders require a minimum deposit of 10-20% of the total loan amount. You’ll also need to cover the cost of Lenders’ Mortgage Insurance (LMI) if your loan amount is more than 80% of the value of the property. So ideally, you should start with a 20% deposit to avoid paying LMI. What … Continued

First Home Buyers: Finding Your Perfect Home

Finding Your Dream Home Once you know what you can afford, you can get a much better idea of what type of home you can buy and where you can live. When it comes to the type of property and location, many first home buyers find they need to compromise in some way. A free-standing … Continued

First Home Buyers: What can a Mortgage Broker do for you?

Looking at buying your first home? With regularly moving interest rates and new products, taking out a loan with a bank may see you lost in an ever-changing market. If you’re looking to purchase your first home, you may also be considering your first home loan; this may seem daunting at first, but it doesn’t need to be. With … Continued

Why it’s Important to consider Critical Illness Cover

What is Critical Illness cover? Critical Illness cover provides a lump sum payment if you’re diagnosed with a life-changing or terminal disease. It is then up to you to choose how you use this payment – to cover medical expenses, the cost of being unable to work, or to pay your household bills. Why is … Continued

Depreciation mistakes to look out for this tax time

Depreciation can be a rather complex area with specific rules, qualifying dates, depreciation rates, methods for claiming and pre-determined effective lives of assets. As such, claiming depreciation deductions can be a confusing task for many property investors. For this reason, it’s imperative that investors get a depreciation specialist to prepare their tax depreciation schedule. This … Continued

Life Insurance for All Ages

Covered at every age Do you still have the same haircut you had when you were in school? Is your breakfast choice based on which cereal box has the coolest mascots on it? Are you still wearing your high school jumper to the gym? If your answer to any of these questions was a horrified … Continued

PAYG Payment Summary Report Deadline

Are you ready for the PAYG Payment Summary Report Deadline? At the end of each financial year you will need to lodge PAYG Payment Summary Report with the Australian Taxation Office (ATO). This report should be sent to the employee by 14th July and lodged with the ATO by 14th August. Time is flying so … Continued

Stepped and Level Premiums: What’s the difference?

When it comes to protecting your family, knowledge is not just power – it’s security. You have a choice when it comes to paying premiums: stepped or level. But what does that mean and which one is right for you? There is no one-size-fits-all answer as both policies will be suitable for different types of … Continued

Last minute EOFY Tax Saving Tips

Tax Saving Tips A couple of days left before the end of another financial year, and let’s admit it, no one really likes to pay high taxes. It is time for some last minute strategies to minimise your tax. If your cash flow is good, it is the best time to spend on extra expenses. … Continued

Clothing and Laundry Claims on ATO’s watch list

ATO sets target on Clothing and Laundry Claims Every tax season the ATO has a specific set of targets, and this year it’s work-related clothing and laundry expenses. The Australian Taxation Office (ATO) has warned individuals and business owners that clothing and laundry expenses are not available to many people. In addition, incorrect claiming of … Continued

What is your Risk Tolerance and Why?

Risk is inherent in investing and there is no one size fits all approach to managing and dealing with risk. What keeps you awake at night might be well within someone else’s comfort level. The central principal of investing is the higher the risk of a particular investment, the higher the possible return. Of course … Continued

Build your Property Investment Team

Who to include on your Property Investment Team While property investing is one of Australia’s favourite past times, it doesn’t mean it’s always an easy ride. There are ups and down and certainly rewards to reap. But you do have to put in some ground work and planning to become a successful investor. While this … Continued

Have you taken action to ensure you receive the Child Care Subsidy?

On 2 July 2018, the Federal Government will replace the Child Care Benefit (CCB) and Child Care Rebate (CCR). It will be replaced with a single means-tested subsidy, known as the Child Care Subsidy (CCS). Child Care Subsidy will be paid directly to your approved child care provider/s to reduce the fees you pay. In … Continued

Budget 2018

Personal Income Tax Changes The Government will introduce a seven-year, three-step, Personal Income Tax Plan as follows: A small additional tax offset of up to $530 that you will receive when you lodge your 2019 Income Tax Return (and future tax returns). Taxpayers with taxable incomes under $125,334 will be eligible. From 1 July 2018, … Continued

CGT Main Residence Exemption

Foreign Residents to be excluded from CGT Main Residence Exemption Your main residence or basically your home is generally exempt from capital gains tax (CGT). To get the exemption, the property must have a dwelling on it and you must have lived in it.  You’re eligible for a full main residence exemption if the dwelling: … Continued

GST on Low Value Imported Goods

What are low value goods?  Is your business affected by the new law? Generally, low value goods are physical goods that has a customs value of A$1,000 or less. Currently, only goods above A$1,000 are taxed at the border, (with the exception of alcoholic beverages and tobacco). This is now changing. From 1 July 2018, … Continued

Small Business CGT Concessions Proposed Changes

Small Business CGT Concessions The small business CGT concessions are extremely valuable. And for small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability. However, they can also be confusing and complicated. So … Continued

7 Capital Gains Tax and Depreciation Facts for Property Investors

One question investors often ask about claiming depreciation on a rental property is ‘how will these claims affect Capital Gains Tax (CGT) when the property is sold?’ CGT can be a complex topic for investors to understand. Particularly as the answer to the above question can really depend on the scenario of the individual property … Continued

How to tackle more than one mortgage

Taking on a mortgage means taking control of your finances. Adding an investment property to your loan portfolio requires additional discipline and planning. With interest rates lingering at record lows, it’s important to those taking on another mortgage. Look beyond the here and now and invest in some long-term thinking. Positive or negative gearing: What … Continued

2018 Financial Year Tax Updates

We are now on the final quarter of the financial year, we should be starting to plan and prepare for the upcoming year end! A lot of changes are happening on the upcoming 2018 financial year. This brief article will list down some changes that will impact tax practitioners, advisers and the clients during the … Continued

Good Finance is Great for Business

Why do entrepreneurs borrow money for business? Financing your business with one of the many different products available across Australia’s commercial lending market is less about borrow money, and more about making an investment in your business success. Whether you’re starting up, sustaining success, or wanting to make the most of new opportunities, the right … Continued

Fringe Benefits Tax (FBT) Year End is Coming: Be Prepared!

Are you ready for the upcoming Fringe Benefits Tax (FBT) compliance season? Just to recap, based on ATO’s definition, Fringe benefits tax (FBT) is a tax employers pay on certain benefits they provide to their employees – including their employees’ family or other associates. You may be required to pay fringe benefits tax (FBT) if … Continued