Posts by accession3 | Accession3

28Mar 2017 by accession3

How To Make Your Business More Efficient

How often have you been late sending in your Business or Instalment Activity Statement to the ATO? It is the last thing you want to think about when running a business, doing the hard yards on the farm or when on a holiday and having a few drinks. Once you have processed all transactions in your cashbook and filled out your paper BAS, you then need to package it up and go to the nearest post box to send it off to the ATO – but what if the BAS is lost or even in a few instances I have seen, the ATO take the payment but doesn’t process the BAS? These are annoying circumstances; however they can be avoided. There is an ATO online system called the Business Portal…

28Mar 2017 by accession3

Primary Producers Planning Options & Changes To Depreciation For Small Business

Business

Small Business Accelerated Depreciation As the end of the financial year approaches we shift our focus to strategies that can effectively help minimise taxation. Over the past two years one of the most popular and effective measures of minimising your tax bill has been using the Small Business Accelerated Depreciation measures that were introduced in May 2015, sadly these measures come to an end 30 June 2017 so time is of the essence. These measures currently allow small businesses (annual turnover up to $2 million) to claim an immediate write off for assets costing less than $20,000 acquired after 7:30pm on 12 May 2015 to 30 June 2017. From 1 July 2017, this $20,000 threshold reverts to the historical $1,000 threshold. What action is required before 30 June 2017? To…

23Mar 2017 by accession3

“Underwriting At Time Of Claim Is A Serious Problem” – Sen. John Williams

Insurance

Insurance underwriting is the process by which investment bankers or ‘underwriters’ evaluate the risks and exposures of the policy and whether the insurer is in fact, willing to provide cover at all. If a specific applicant's risk is deemed to be too high, underwriters may refuse to cover you. During the appearance of Financial Services Council (FSC) before the committee, NSW National Party Senator John Williams has described direct insurance and underwriting at the time of claim as a serious problem for the life insurance industry that needs to be addressed. Similar concerns about this matter have been expressed by both Association of Financial Advisers (AFA) and the Financial Planning Association (FPA). Williams believes that it is a serious problem “when people think they have insurance and it may well…

28Feb 2017 by accession3

Investment In Agriculture Forum

Business, Investments

Myf and Al attended the 2017 Investment in Agriculture Forum held in Toowoomba on the 21st of February. This forum was a great follow up from their China trip in late 2016 and another good opportunity to hear what sort of opportunities are presenting themselves from an international and domestic “silent” investor position. As previously seen in other developed countries, in particular the US, investors are continually looking to increase their exposure to agriculture and real benefits exist for farmers and graziers to consider arm’s length investors to assist them to go from a family enterprise to a more corporate operation. This process will not appeal to everyone. However, over the last decade or so the discussion around the future of the family farm has attracted considerable attention. The big…

28Feb 2017 by accession3

Educating Children To Become Financially Aware

Saving Money/Budgeting

“It is important to know the value of a dollar.” I remember my parents telling me this (more than once) from a young age. Early on I had no idea what these words meant, but now, as I embark on the tumultuous journey to financial security, the time they took to teach me the fundamentals of managing money are invaluable. In a rapidly changing world, educating children to become financially aware has never been more important. Early development of sound financial skills means they will be more prepared for the financial challenges of adulthood. In fact, researchers from the University of Cambridge reveal money habits are formed by the age of seven. So, what can you do now that will help your children establish good money habits for life? Tip…

28Feb 2017 by accession3

Acorns – Saving Without Even Knowing It

Saving Money/Budgeting

It is always hard to save and invest at the same time, especially when you have no strategy or help on how to. So where do you start? Do you invest all your savings into one fund or wait until you save a bit more to invest in a few companies? It is a hard decision to make at the best of times, let alone when you are young and still learning of the financial world. There is now a new app called Acorns to help you with both saving and investing. Acorns is a new automated investment service which allows you to invest your spare change into exchange traded funds (ETFs), a little like an electronic coin jar. It is a simple to use app that links your debit…

26Jan 2017 by accession3

Superannuation Reforms Bill Passed

Superannuation

Both houses have passed the key Bill which gives effect to the much discussed superannuation reforms originally announced in the 2016/17 Federal Budget. This bill contains 10 broad measures to change the taxation and regulation of superannuation to make the system fairer and more sustainable. The majority of measures commence from 1 July 2017 and include: Introducing a $1.6 million transfer balance cap which limits the amount that can be transferred to the retirement phase, where earnings are tax-free. This measure will also apply to death benefit income streams. Reducing the concessional contributions cap to $25,000 for all taxpayers. Introducing a concessional contributions catch-up regime for those with total super balances of less than $500,000 from 1 July 2018. Allowing a deduction for personal contributions without testing the proportion of…

26Jan 2017 by accession3

2017, What Will You Achieve?

Business, Insurance, Investments, Superannuation, Taxation

If you are wanting your 2017 to have a better outcome than your 2016 and you haven’t started your New Year differently don’t expect to end it differently (although it is not too late to make changes). We are already well over half way through January 2017. What have you done in a different way to what you did in 2016? The new year not only brings a new number to remember when writing the date but it also brings with it opportunities to start afresh, to make a change, set a new goal (make it a little challenging), take a chance or simply improve on what may have been a great 2016. So here at Accession3 we are not going to promise to help you lose weight, have well…

22Dec 2016 by accession3

Beating The Holiday Spending Hangover

Saving Money/Budgeting

Budgeting can be a difficult task at the best of times – with the extra and unexpected expenditures of food and most significantly alcohol. Now that the festive season is upon us, even more spending is required and food and alcohol aren’t extra and unexpected – they are the norm and essentials to get through the family gatherings. Most Christmas shopping does not go as planned and you seem to have spent double than what you wanted, not to mention the little extra present for yourself for the hard work of walking around with hundreds of other happy Christmas shoppers. So let's say, your normal budget throughout the year has been working well; there is the off-budget purchase every now and again but nothing too drastic. What happens now that…

21Dec 2016 by accession3

AUD Falls But Where Next?

Business, Investments

Financial market has continued to respond to the implications of incoming economic policy, re-emergence of trade barriers on global supply chain (including Australia) pivot prior to the US presidential election. Amid US investors/traders optimism about rising interest rates resulting from the Trump administrations economic policies and ongoing strength in the US economy, our local currency has dropped to its lowest level over the past six months. Following the Federal Open Market Committee (FOMC) monetary policy announcement we have seen the AUD fall to 72.52 US cents on Tuesday (per Bloomberg Markets). Westpac chief market strategist Imre Speizer has noted that “Momentum remains negative, thanks to the post-Federal Open Market Committee surge in the US dollar last week, with the next major multi-day target around the 72 US cent area.”. Since…