As a small business owner, what do you need to know before you set up and run a Self Managed Super Fund? What do you need to consider if you are a small business owner thinking about setting up an SMSF? In the following Small Biz Matters podcast, Dana Fleming, the ATO’s Assistant Commissioner talks…
The Federal budget was announced on Tuesday 6th October after a delay due to the coronavirus pandemic. Treasurer Josh Frydenberg said it would focus heavily on job creation in order to pull the country out of the economic crisis it faces. With uncertainty remaining until a vaccine for Covid-19 is available, there will likely be…
You’ve taken the first step and developed your personal budget for the year. However, don’t set and forget and then expect to achieve your personal finance goals! If you don’t monitor your progress, your spending habits are unlikely to change. So, what steps can you take to ensure you’re on track with your Personal Budget?…
Having a personal budget is essential to gaining control of your personal finances. Budgeting doesn’t necessarily mean restriction; it frees up your money, so you know exactly what’s available to spend. The top 10 benefits of personal budgeting: Gives you control. Developing your personal budget gives you control over your money. You’ll know how much cash…
As businesses emerge from Covid-19 restrictions, for many ‘Business as Usual’ has become ‘Business Unusual’. So, how do we navigate our way towards a sustainable new normal? During lockdown, we focused on crisis management, activating relevant Government support packages and doing our best to build cash war chests. Now we enter the recovery phase on…
As a business owner, it’s always been helpful to have an understanding of accounting – but in the post-lockdown world, it’s never been more important to have a good grasp on your finances. With the business world irreparably changed by the impact of coronavirus, your business is facing a ‘new normal’. Priorities have changed, customer…
Running a business will always mean incurring certain expenses, or ‘spend’. There are always costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit. So, what can you do to reduce your spend levels? And…
A business budget is one of the essential tools in managing your business finances and actively building your business. A budget shows what you plan to do with your cash over the next year. For a complete picture of your business health, you need to review the profit and loss statement, the balance sheet, the…
We all know that our superannuation is there to provide for our financial needs in retirement. That means we can’t usually access our super until we reach preservation age and meet a condition of release. Preservation age is between 55 and 60, depending on date of birth. It is the age at which you can…
Do you sometimes lie awake at night wondering what effect the latest share market “correction” or property “boom” or “bust” is having on your investments? Understanding the differences between the various investment assets will help you enjoy better sleep patterns knowing that a diversified portfolio can be a good way to manage investment risk. Asset…