Category: Business

Can you just put a caveat on someone’s house?

If you are owed a substantial sum of money by someone, whether because you have loaned them funds or if you have a bill that hasn’t been paid, you would generally like to secure those funds. This way, if the borrower or debtor ends up being a bankrupt or insolvent, you may be...

Employee or Contractor?

Are you hiring an employee or a contractor? This is an important question often overlooked by business owners. What is the difference between an employee and a contractor? The difference between an employee and an independent contractor is based on many different factors. No single factor determines whether someone is an employee...

The power of financial role models

Role models are important in many stages of life. Be it school years, on the sporting field or in your career, having a positive role model, someone to compare yourself to and measure your progress against, can be a powerful and positive influence. But what about your financial position? Do...

Director duties

There are numerous and important legal responsibilities imposed on directors of companies under the Corporations Act 2001 and other laws, including the general law. Of these director duties, some of the most significant are contained in Chapter 2D of the Corporations Act: to exercise the degree of care and diligence that a reasonable person might be...

2017-2018 financial year in review

A good year for investors despite rising trade tensions The year to 30 June 2018 was generally a good one for investors. Global economic conditions strengthened as the year unfolded. This underpinned corporate earnings, especially in the US where the economy was resilient and substantial corporate tax cuts became law....

McKillop FP newsletter – February 2018

McKillop Financial Planning‘s February 2018 newsletter – CLICK HERE Articles on: ThreeSixty Research Market Update – February 2018 How to add thousands to your super in just 10 minutes Superannuation and moving overseas Do you have a Shareholders Agreement?...

February Economic Update

DISCLAIMER Content contained in this document is general information only and is not advice, financial planning, legal or otherwise. This document was sourced from MLC Limited by Integrated Planning Systems Pty Limited ABN 21 051 429 184 trading as McKillop Financial Planning, an Authorised Representative of GWM Adviser Services Limited...

Technology: An adversary in the fight for 2% inflation

It’s been a generation since inflation last ravaged Australia, with costs for ordinary consumer goods rising on a seemingly daily basis. Indeed, in the wake of the global financial crisis, inflation in many countries has been lower than policymakers would like. Low inflation, it turns out, can be a problem...

Payment surcharge changes

If your business charges customers a surcharge on transactions, be aware that from 1 September 2017, all businesses that impose payment surcharges on card transactions need to comply with the the Competition and Consumer Amendment (Payment Surcharges) Act 2016 which bans ‘excessive’ payment surcharges. The new laws cover surcharges on typical card payment...

Claiming tax deductions for super contributions

Do you make personal superannuation contributions and want to claim them as a tax deduction? Following the close of the 2017 financial year, it is important to ensure that if you wish to claim a tax deduction for personal superannuation contributions made in the 2017 financial year, you lodge a Notice...

Do you have customers that owe you money?

WHAT OPTIONS ARE THERE TO CHASE DEBTS? Where a customer has not complied with the terms on which goods or services have been provided, in that they have failed to make payment as and when required and despite repeated requests, it can often be of assistance for a demand letter...

Buy/Sell Deeds explained

WHY HAVE A BUY/SELL DEED? A Buy/Sell Deed is an agreement between the owners of a company or unit trust that upon the death or permanent disablement of a director or key person associated with a shareholder/unitholder, that shareholder/unitholder must transfer its shares to the remaining shareholders in exchange for...

2017 Federal Budget Summary

Click here to view our budget summary as at 9 May 2017 Key measures from last night’s budget include: Individuals aged 65 or older will be able to make non-concessional (after-tax) super contributions of up to $300,000 from 1 July 2018, using proceeds from the sale of the family home....

Justice of the Peace

A Justice of the Peace (JP) can perform certain functions like witnessing Statutory Declarations or Affidavits and certifying copies of documents. The NSW Department of Attorney General & Justice has updated the Justice of the Peace Handbook for JPs in NSW. The handbook contains guidance for JPs, tips to avoid common...

Do you have a shareholders agreement?

CONSIDER THESE COMMON ISSUES What would happen to your company if you or your business partner became so ill that one of you could no longer work – or worse still, died? Would you still be paying dividends or making distributions of profit to that person even through he or...

Starting a new business

Before starting a new business, the first thing that you need to consider is the structure of the entity to operate the business. There are numerous options to choose from, such as: sole trader; partnership; company; and unit trust. This is when it can pay to get good accounting/taxation, financial planning and...

One of the most important but often overlooked insurances for business

ONE OF THE MOST IMPORTANT BUT OFTEN OVERLOOKED INSURANCES FOR BUSINESS Running a successful business comes down to good planning. Questions often posed by business owners include… “Is my business profitable?”, “Do I have enough business in the pipeline?” and “Are debtors under control?” When things are sailing along smoothly,...

The importance of financial planning to business

THE IMPORTANCE OF FINANCIAL PLANNING TO BUSINESS A sound financial plan is the backbone of any successful business. Having a successful business all comes down to planning and financial planning is one of the key areas that must be addressed from conception for a business to thrive and expand. As...