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As a trustee you need to have time and skills to set up an SMSF. You need to have the time and skills to manage your Self managed super fund, and there are ongoing running costs. As a trustee of an SMSF you’ll be responsible for operating your fund within the law. If you don’t,…
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Offset accounts are a very popular option with home loan borrowers and for very good reason. Let’s start with how they work………… Offset accounts are set up much the same way a traditional savings account and the account holder can literally transact through it as you would with a traditional savings account. But they have…
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Are all Lenders the same ?? The answer to this question is a resounding NO. Not only within the traditional banking sector, but even between the big four themselves, there are differences of approach. These differences can be subtle but some are not so subtle. One obvious example may be a particular bank’s expertise with…
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Over the last few years we saw lenders add premiums to interest rates for Investment Home Loans and then add even higher premiums for Interest Only Loans (also once the most common repayment setting for Investment Home Loans). Hence it’s understandable that borrowers could come to the conclusion that lenders had “gone off” Investment Loans,…
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The Fixed Rate Cliff I am sure that most of you reading this will have also read recently about what the media are describing as a “Fixed Rate Mortgage Cliff”. Well what is it ?? Historically, far more Home Loan borrowers elect to remain on variable rates rather than taking up a fixed rate option.…
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So it’s nearing the end of June and you might think that it’s too late to do anything to reduce your tax before June 30, right?

Most small businesses now know about the $20,000 tax offset provided by the ATO that was introduced on 12th May 2015. What many of you may not know is that this write off will be reduced to $1,000 from 1st July 2018*

It is fast approaching the 30th of June so now is the time to run through a checklist of what you need to do prior to the end of the financial year.

Finance Friday #8 | Why don’t the banks like investment home loans these days? Why have we seen an increase in home loan rates and what effect has that had? Mick answers these questions and more in this weeks edition of Finance Friday. Why don't the banks like investment home loans these days? Why have…
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Finance Friday #7 | End of financial year express equipment finance What would you spend $150k equipment finance on in your business? End of financial year express equipment finance What would you spend $150k in equipment finance on in your business?Mick Doyle is credit representative 495495 of BLSSA Pty Ltd, ACN117651760 (Australian Credit Licence 391237)…
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Finance Friday #6 | What do lenders look for in a borrower? In this week’s Finance Friday, Mick talks you through what lenders look for in a borrower; the 3c’s of borrowing that can affect a lender’s view of the borrower’s ability to borrow. What do lenders look for in a borrower? In this week's…
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Finance Friday #5 |How Offset Accounts work and the benefits. Offset Accounts are a popular option taken up by many Home Loan borrowers and for good reason. Let start with how they work. Finance Friday #5 | How Offset Accounts work and the benefits. Offset Accounts are a popular option taken up by many Home…
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Tax Tip Tuesday’s With Monique #3 TAX UPDATE: There have been some significant changes to rental property tax deductions since our last rental tax tip video. Here’s all you need to know about these recent tax updates. Changes to rental property deductions, here's what you need to know. TAX UPDATE: There have been some significant…
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Money Monday’s With Monique #3 In line with our upcoming Farm Fantastic expo, this week’s Money Monday is all about, you guessed it, farming! What determines whether it's a hobby farm or a business? In line with our upcoming Farm Fantastic expo, this week's Money Monday is all about, you guessed it, farming! Posted by Accountplan on…
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Finance Friday #4 |When it comes to lending, are all banks the same? When it comes to lending, are all banks the same? The answer is a resounding no and here’s Mick to tell you how and why in this weeks edition of Finance Friday. When it comes to lending, are all banks the same?…
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Tax Tip Tuesday With Monique #2 CALLING ALL RENTAL PROPERTY OWNERS! Are you maximising your tax deductions? Monique’s tax tip this week covers the three types of deductions you can claim on your rental property. What can I claim on my rental property? CALLING ALL RENTAL PROPERTY OWNERS!Are you maximising your tax deductions? Monique's tax…
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Money Monday’s With Monique #2 “I’m retired and receive a pension, do I still have to lodge a tax return?” Retirement and tax return requirements. "I'm retired and receive a pension, do I still have to lodge a tax return?" In this week's Money Monday, Monique answers this popular question. Posted by Accountplan on Monday,…
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Tax Tip Tuesday’s With Monique #1 Can I claim a deduction for carrying my tools? Accountant Monique explains the answer to this common tradie question in this week’s short tax tip video. If you would like to know more about getting your tax sorted, contact us on 3883 8999. TAX TIP TUESDAY'S: Can I claim…
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Money Monday’s With Monique #1 In this first episode of Money Monday’s, Monique answers the popular question – can I claim a laptop or computer for my school children? Money Monday's #1 In this first episode of Money Monday's, Monqiue answers the popular question – can I claim a laptop or computer for my school…
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Finance Friday #2 | How do I choose between fixed and variable? In this issue of Finance Friday, Mick Doyle, Accountplan’s Finance Manager, discusses the factors you may take into consideration when deciding between a fixed or variable loan. Accountplan is coming to Farm Fantastic this coming 2nd-4th March, at Caboolture showground. If you have any questions…
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You reap what you sow, or so the saying goes, but do you ever feel like what you put in just doesn’t amount to what you get out? Whether you’re visiting Farm Fantastic as a keen gardener, hobby farmer or agricultural guru, getting the right advice on your accounting, tax and finance matters can see…
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ATO READY, AIM, FIRE. The new year brings businesses the opportunity to review past performance, set new targets and make action plans for the year ahead. The Australian Tax Office (ATO) is no different and Australian Tax Commissioner Chris Jordan has given the Chartered Accountants publication, Acuity, a first-hand account of the targets and action…
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From the 2nd – 4th March we’ll be attending the annual Farm Fantastic Expo at the Caboolture showground.

NEW OPPORTUNITY TO BUILD WEALTH The 1 July 2017 super reforms have opened up a fantastic new opportunity to build wealth in super and reduce your tax bill at the same time. That is, it’s now easier to claim a tax deduction on your personal super contributions than ever before.

Giving a child a good education is one of the best things you can do as a parent or grandparent. But what if you weren’t around to help make it happen? Fortunately, you can put plans in place in your Will to make sure your children’s or grandchildren’s inheritance goes towards their education.

Whether you’re looking for a holiday away from the daily grind or a longer adventure as part of your retirement plans exploring this great southern land is a must. From the aqua blue waters of the Great Barrier Reef to the breathtaking burnt red of our rich, dusty centre, caravanning is a great way to…
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Why would your Accountant be suggesting that you also work with a bookkeeper? Surely your Accountant is looking to save you money, not recommending you add in another cost to managing your financials? But adding a Bookkeeper like Warren to your business support team will actually save you money.

Using a mortgage broker to help you choose a home loan can save you considerable time and could result in huge savings. However, before you decide on a broker, you need to make sure they’re going to meet your needs. Here are 10 questions to ask and how our Finance & Mortgage Broker, Mick Doyle,…
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Are your purchases costing you more than you expected? Managing debt and finances to meet your day-to-day requirements as well as your long-term goals can be a complex task. Not all debt is bad, but understanding your level of debt, as well as the type of debt incurred, will help you manage it better. Borrowing…
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Do you own your own business? The hair salon of your dreams, the plumbing service you knew you could do better or the business coaching consultancy that you’ve been wanting to run for years? Now, do you work with a bookkeeper? Running a business is harder than it seems and more work than every business owner…
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The 1 July 2017 superannuation reforms introduced a new reporting regime for funds. Funds now need to advise the ATO of key events within the fund that impact on retirement income streams (pensions):

A good mortgage broker can be the key to your property portfolio success. Here’s seven things to look for when choosing your broker. When it comes to one of the biggest financial decisions you’ll ever make, it pays to have some professional help. But how do you find a good mortgage broker, and what can…
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Are you the ‘better safe than sorry’ or a ‘she’ll be alright’ type when it comes to insurance? Many people view insurance protection as a ‘waste of money’ or ‘an ongoing cost that you don’t get anything back from’? Shockingly, many people are more likely to insure their car than they are their lives.

Here’s a recipe for a basic financial plan: Take one or more income sources and pour into a big pot. Add appropriate amounts of life, income protection and permanent disability insurance. Simmer for a few decades while slowly adding superannuation contributions and a dollop of non-super savings. Stir in some constructive debt, but take care…
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The “downsizer contribution” is proposed to allow individuals to contribute up to $300k of the proceeds from the sale of a residence owned by a person or their spouse to their Super. The property must be located in Australia and have been owned by the individual, their spouse or former spouse for at least a…
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It’s true the method used to arrive at a credit decision by lenders, for a finance application, will differ from bank to bank. It’s also true that the method will differ greatly depending on the type of finance (or loan) being sought. The greatest truth however is that all methods are based on, or derived…
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There are many reasons to consider setting up a family trust but it is important to understand what they are and what benefits they can provide before making the move.

Beat the urge to splurge The urge to buy something on impulse can be strong for a lot of reasons – it’s a bargain, you deserve it, or just because it’s right there. However, impulse buying can become a problem if it means you spend more than you earn. Here are our tips on how…
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Over the last 6-12mths we have seen dramatic movements in Home Loans rates, both up and down, and all movements have been independent of any changes to the official rates by the Reserve Bank.  Why ??

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It is fast approaching the 30th of June so now is the time to run through a checklist of what you need to do prior to the end of the financial year.

One of the more common strategies used by business owners to reduce tax is to purchase a car before the end of the financial year. This often sees lenders completing up to 1/3 of their entire year’s vehicle finance budget in the last 6 weeks of the financial year. Thankfully the last minute stress and…
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So it’s the first week of June and you’re probably thinking that it’s too late to do anything material to reduce your tax before June 30. Right??  Wrong!! It’s both obvious and true that like any other life endeavour nothing usually beats a combination of great advice followed by a commitment to work to a…
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In Australia, around 77% of SMSF’s currently have individual trustees. However, the case for using a corporate trustee is growing stronger and we are now seeing an annual shift away from individual trustees. In this issue, we investigate some of the reasons why this is the case:

Changes to superannuation laws in 2007 provided SMSF’s the opportunity to borrow for the purpose of acquiring a single asset (such as a commercial or residential property) through their SMSF. If the SMSF has a deposit that meets the lenders requirements the lender will provide the balance of the purchase price. Legislation requires that the…
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To retire comfortably, your employer’s 9.5% contributions to your super may not be enough. By making extra contributions, you will boost the amount of super you have when you stop working. The key though is to start now so you can relax later. Why grow your super? There are lots of good reasons why you…
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More than 300,000 part-pensioners will either suffer a cut in their payments or lose access under new asset test rules coming into effect on 1January 2017. Under the deal struck between the Coalition and the Greens, more than 90 per cent of pensioners will be better off or have no change to their payment.

If you put all of the Australian banking economists into a room and asked them to come to a consensus on interest rates the likelihood is you would not get one. How then are us regular punters supposed to get it right when the time comes to make a decision on our own interest rate…
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