Finance

The majority of Australian businesses and organisations, be it in the public or private sector, are required by law to provide Worker’s Compensation Insurance that offers protection to employees if they suffer a work-related injury or disease. This compensates workers during the period when they are unable to work. It covers full or partial wages lost during that period and reimburses insured parties for any incurred medical expenses and rehabilitation costs. Specific guidelines are set out by individual state regulations.   However, not all employees are covered. Non-employing businesses like sole traders, members of partnerships and contractors are not eligible for worker’s compensation. So, what happens in the case of serious injury, illness or accidents and the effects of potential loss of income? Here personal accident [&hellip

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Finding the right business insurance can be a bit daunting when you are trying to do at it alone. With so many options to choose from and so many providers claiming they offer the best coverages for the least amount of money, it’s no wonder it gets confusing. On top of that, making the wrong decision in this area can cost you your business, provided it gets into some insurance trouble down the road. Hopefully, this guide will help you find the insurance brokers that offer you the best coverage for the right price. What Are Insurance Brokers Insurance brokers are professionals who because of their disconnect aren’t committed to pushing a single product or any provider offerings and can shop the market for you, [&hellip

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A lot of people are clueless about the benefits of the most basic types of insurance, so when presented with some more specialised types of insurance, such as the motor trades policy, a lot of people are clueless to the point that they’re scared of it and hesitate whether or not they should get it. If they do decide to get it, they don’t know what their insurance should cover. The truth is, every business is different, and there are numerous different insurance policies available. That being said, sometimes it’s better to leave it up to professional brokers or insurance agencies to help you develop the right motor trades insurance policy. And there really isn’t any shame in not knowing what type of motor trades [&hellip

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Everyone knows that the SMSF is the most popular retirement investment in Australia. This is due to the fact that it offers extremely versatile and flexible investment options with almost no restrictions. Besides that, SMSF offers full control over fund assets and numerous investment options which is one of its greatest advantages. However, in order to successfully run an SMSF, you need a proper superannuation investment strategy. Knowing the ins and outs of the SMSF will definitely help you create a superannuation investment strategy that will work best for you and bring you benefits and other opportunities down the road. Unlike other investment funds, this fund requires you to have a strategy by law, which should be in compliance with the ATO (Australian Taxation Office) [&hellip

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If you had any doubts about setting up an SMSF before, and you no longer have them, congrats – I guess you came to your senses and realised that life doesn’t end once you retire. In fact, some people would even say that life begins after you retire, because you no longer have a job for which you need to get up at 7 in the morning, nor you have obligations and deadlines to stress over. You’re free to do and go wherever you want to. However, as good as all this may sound, it comes at a certain cost. And in order for you to be able to live the good life in your golden years, you need to start saving now. The truth [&hellip

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The SMSF is still an uncharted territory for many Australians. If you are one of them and want to start investing funds for your retirement, you’ve probably considered starting your own SMSF. However, you don’t have the necessary knowledge, you’re still hesitant and all the information about the fund is a bit overwhelming to take all at once. But worry not, there are companies that offer SMSF administrators that can guide you through the beginning of it all until you feel comfortable running it on your own. The great thing about hiring SMSF administrators is that they’re very flexible. You can decide how much of the work you want to leave to them, and how much you want to handle by yourself. In other words, [&hellip

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If you have a head for finance and excel in critical thinking, then you should consider getting into the broking business. It’s a field that involves a lot of decision making, financial analysis, knowledge of the law and economics. Often times you’ll find yourself working as a consultant to people who are in need of a loan to acquire their new home, and you’ll be there for them to find a solution about how to best approach the issue. Working in this field is very rewarding, both financially and emotionally – helping other people acquire their dream homes gives people a sense of fulfillment. However, working in this field requires a mortgage broker license, which can be obtained through an online course. Thanks to modern [&hellip

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In today’s modern society, it’s not very easy to find the right way to ensure your future incomes. Everyday, we can witness many situations where people lose everything they’ve earned throughout their entire life in just a few seconds, as a consequence of only one bad decision. No one wants to walk in their shoes, right? Often, we wonder about what kind of retirement plan one should concentrate on and when. Nowadays, the alternatives are various, and the risks are great, knowing that no one is immune to failure. That is why now would be the right time for you to take your future into consideration and start thinking of a retirement fund that suits you the most. The latest trend that is precisely tailored [&hellip

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In recent years, using your SMSF to buy property is becoming more and more popular. But, before you acquire property through your super fund, you need to carefully consider your decision. This means that you need to ensure your SMSF supports your general investment strategy and avoids any unnecessary risks. There are many advantages to having property in SMSF including tax. Your SMSF will be taxed at just 15 percent, which is way lower than the personal tax rate of most people. And not only will your super fund be taxed at a lower rate, capital gain tax may also be discounted. The capital gains tax is calculated at a discount rate in case the property is sold during the accumulation phase. If the asset [&hellip

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One of the benefits of running a self-managed super fund is the ability to have a great control over the tax position of the fund. However, in order to abide by all the rules and minimize the risk of breach you need to arm yourself with all the important information about your taxation obligations. First of all, you must be familiar with ATO – the official government regulator for SMSF which supervises the compliance of the fund with superannuation and taxation law. SMSF is taxed on the foreign credit and foreign divided, but can claim the foreign credit against any tax payable. This means that the fund will pay 15% SMSF tax rates which include: dividends, interest, managed fund distributions, concessional contributions, capital gains and [&hellip

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