Category: Risk Minimisation

Investment decision-making: avoid shortcuts

How do you go about choosing a restaurant, a new car or, or even a dishwasher? Chances are you begin by looking online at consumer ratings and asking friends for their opinions. Understandably, we look for shortcuts when making decisions and a common shortcut is to assume that past performance...

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....

Women get frank about finance

More than half of Australian women feel in control of their finances, but many are concerned about their savings and are missing out on valuable opportunities to boost their superannuation, according to new research released by MLC. The all-female study revealed just 57% of women across the country feel in...

Smart super strategies for this EOFY

Want to help boost your retirement savings while potentially saving on tax? Here are five smart super strategies to consider before the end of the financial year. 1.   Add to your super – and claim a tax deduction This financial year, there are new rules about who can claim a...

Your super and tax: what’s new in 2018?

Super and tax rules are always changing – providing fresh opportunities to help maximise your retirement savings. Here are two new ways you may be able to help boost your super, as well as your tax return. Good news for employees Before 1 July 2017, you could only claim a...

If only I had a second chance

No matter our age, most of us would probably look back on some aspects of our lives and say to ourselves: “If only I could do that again; if only I had a second chance“. This, of course, tends to occur quite frequently in regards to our investing and saving....

McKillopFP newsletter – December 2017

McKillop Financial Planning’s December 2017 newsletter – CLICK HERE. Articles on: – If only I had a second chance – How to develop a “dynamic” approach to retirement spending – How to make better investment decisions – The power of extra salary sacrificed contributions to superannuation – With our heads firmly in the “The Cloud”...

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...

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...

Death Benefit Nominations for your super

Did you know that on your death, your superannuation balance will not dealt with in accordance with your wishes unless you have a valid beneficiary death benefit nomination in place. That’s right, your Will probably doesn’t have any effect as regards your super. The trustees of most super funds have...

TPD – what does it mean?

TPD stands for Total and Permanent Disability insurance. TPD insurance can provide you with a lump sum of money should a disability resulting from injury or sickness prevent you from being able to work again. Regardless of whether the disability is caused by sickness or accident, provided the disablement is...

Have you just been served?

COURT PAPERS JUST DELIVERED TO YOUR OFFICE? If you have received a Statement of Claim, Summons, Originating Process or Writ, be aware that you must act very quickly. Replying to the person, entity or firm that issued the Court/Tribunal papers is not enough. Formal steps to file an Appearance, Defence, Notice...

Life insurance and its many uses

Life insurance can ensure your family’s financial security in the event of your sudden death. It is a contract pursuant to which the insurer promises to pay a beneficiary you nominate an agreed sum of money upon your death. Usually, you would own your own policy and nominate your spouse,...

Why you need Income Protection Insurance

INCOME PROTECTION INSURANCE – WHAT IS IT? Income protection insurance (also known as salary continuance insurance) ensures that you receive regular income if you are unable to work because of an illness or an injury. It is a contract between you and an insurer, pursuant to which the insurer promises to...

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...

Avoiding dramas at the office Christmas party

Now is the time of year for many businesses to have their annual Christmas parties. Before dusting off your Santa hat, consider your responsibilities in protecting your staff and your business. Businesses should be aware of the risks that can arise when holding an office party, whether at Christmas or...

What is a power of attorney?

GRANTING A POWER OF ATTORNEY The Powers of Attorney Act 2003 (NSW) provides for a person to appoint another person as their attorney to make financial and contractual decisions on their behalf. The document granting a power of attorney is a prescribed form under the Act. A general power of attorney does not require a...

What does an enduring guardian do?

An enduring guardian is a person appointed to make decisions about your health and lifestyle for periods in which you are incapable of making such decisions for yourself (for example if you have dementia, are in a coma, are unconscious following a car accident or suffer from some other mental...

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,...