The PRWIRE Press Releases https:// 2019-06-16T16:01:40Z 6 finance mistakes all new property investors make 2019-06-16T16:01:40Z 6-finance-mistakes-all-new-property-investors-make Today there are more finance options available than ever before, and with so much information at our finger tips choosing a loan should be easy to do. But it isn’t always that simple. Make sure you’re not making one, or all, of these common errors.  1. Going on spending sprees Zaki Ameer, real estate expert and founder of Dream Design Property, says banks only have a limited amount of funds to allocate to loans, and therefore need to ensure they only approve those who will be able to pay them back. “Many new investors are applying for loans of 90 per cent and upwards, and given this high level of debt, banks and insurers look at purchases from past statements to determine the applicant’s consistency to determine their eligibility,” he said. “Any erratic purchases or trends will likely lead to the loan being rejected.” 2. Doing too much research Afraid of making an uneducated decision, Mr Ameer says that many new property investors spend a significant amount of time researching each and every possible option. “Although having an understanding of the market is important, if a person supplies their details with a bank regarding a loan, even if it’s just to enquire about rates, this can generate a hit on their credit file,” he said. He said that strikes on a credit file means banks assume the person has been declined elsewhere, making it harder to gain approval.   3. Forgetting to pay bills Forgetting to pay one phone or credit card bill might not seem like an issue, but Mr Ameer points out that any missed payments places a default against a person’s record - which is a significant red flag when being assessed by banks and insurers. “If a person is aware of any defaults against their name it’s crucial to be honest and address the reasons in an application; otherwise the person is deemed too untrustworthy,” he said. 4. Thinking brokers offer higher interest rates Mr Ameer said an age old misconception is that brokers are more expensive than going directly through the banks because they add on a commission fee. “Instead, brokers make a profit from the commission they receive from the bank once a client’s loan has been approved. This means that from the applicant’s perspective, a broker provides an unbiased expert opinion, free of charge,” he said. 5. Not having their current finances set up correctly Mr Ameer said when applying for a loan, a person’s savings and credit card accounts are extremely important, and that many new investors don’t realise that a person’s credit card limit affects the chance of getting a loan. “Even if the card has zero debt waiting to be paid off, the limit itself is still considered debt by the banks, as this is how much the person has the capacity to spend,” he said. “Similarly, having all of a person’s money in one ‘everyday savings’ account is detrimental, as it isn’t reflective of how much is being saved specifically to repay the loan.” 6. Fixing interest rates at the wrong time Most people fix rates when the rates are already on the way up, says Mr Ameer, instead of when rates are historically low, i.e. the current time. “If an investor isn’t planning on selling the property, they should consider and weigh up the options for fixing the interest rates for the long term,” he said.   www.ddpproperty.com.au www.ddprealestate.com.au  www.zakiameer.com.au  Accountant Thomas Mousa TLK Partners Business Wealth Advisors Sydney Financial 2019-06-14T22:00:27Z accountant-thomas-mousa-tlk-partners-business-wealth-advisors-sydney-financial Financial 'Lambs to the slaughter' warns financial expert This year we have seen a significant power shift for consumers, with the government investing heavily in heightened financial protections. Through thorough reviews of bank reforms and consumer lending policies, control is slowly being readjusted back into the hands of the Aussie public. In fact, the 2019 Coalition government’s budget pledged $640 million to continue to restore trust in the financial sector by implementing the recommendations of the Royal Commission. These developments are encouraged and importantly, long overdue. However, the government, despite many calls and promises to do so, has been slow to enact change against one of the most glaringly obvious issues facing Australian consumers — predatory finance practices such as payday loans. Australian financial expert, Thomas Mousa, senior partner of Sydney-based TLK Partners says, "effective interest can run into hundreds of per cent with payday loans and that interest further devastates families who are already devastated." They have failed to recognise the low hanging fruit that could save thousands of vulnerable Australians from financial hardship. We only need to look to the Senate Inquiry into Financial Hardship that explicitly noted payday loans are perpetuating debt cycles among vulnerable Australians and aren’t being taken out for emergencies, but to pay off existing loans and meet cash shortfalls. Little is being done to crack down on the issue and while politicians drag their feet on stamping out predatory lending, there are serious implications for Australians. RELATED ARTICLE: Retirement Planning Financial Management Wealth Tax Advisors Sydney NSW TLK Partners With the rising cost of living headlining Morrison’s budget this year and an election on the books, it’s clear that now, more than ever, we may need to rethink the way Australians get paid to better suit their personal financial pain points. In 2018, 2.1 million Australians aged 18 and over shared that they experience severe or high financial stress according to the Centre for Social Impact and NAB. Similarly, research from MLC found that 46 per cent of Australians are living pay-cheque to pay-cheque. And this isn’t looking like it’s going to change any time soon. Recent Australian Bureau of Statistics (ABS) stats showed that more than one million Australians have two jobs to make ends meet. Fortunately, there is a path forward and a way of managing financial concerns that employers can provide by focusing on financial wellness, providing important benefits to employees and their bottom line. A Harvard study found that investing in employee financial wellness leads to an increase in retention, boosts morale and increases productivity. This is more than just office yoga, it’s offering people a chance to take back financial control and relieve part of their financial stress. RELATED ARTICLE: Property Tax Wealth Advice Accountants Kingsgrove Sydney by Expert Matthew Mousa TLK Partners We know that financial vulnerability can lead to stress. And we know that financial stress isn’t reserved for one sector of the population, it’s felt by those across all income brackets. AMP found earlier this year that those who earn between $50,000 to $74,999 are the most likely to feel stressed about money – but that doesn’t exclude the rest of us. Mousa says, "there are more demands put on our income at this time than at any other point in history," and he says, "that demand is getting worse." The data tells the story loud and clear: employee financial concerns can have a detrimental impact on business. AMP found it costs an estimated $31.1 billion per year in lost revenue for Australian businesses. That’s a massive hit on Australia’s economy and one that isn’t being taken seriously enough. Employers have an important role to play in helping the rest of us tackle predatory lending. Eradicating established practices like payday loans isn’t simple, and is going to require both politicians and businesses taking responsibility for the financial wellness of Australians. But positive progress is being made, and the potential is huge. So, while politicians are slow to act, employers have the power to cultivate change — and lucky for us, they’re only getting started. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisersare financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. Aged Care Pension Administration Wealth Financial Planning Sydney Tax Accountant 2019-06-13T22:00:57Z aged-care-pension-administration-wealth-financial-planning-sydney-tax-accountant Red-tape is killing small businesses The engine room of the economy may be at risk of stalling, as new research reveals the weight of administration and red tape is costing small business an average of 541 hours in time, and $14,857 in money each year. This is a total annual cost of more than $20.16 billion per year for Australian small businesses. The In The Zone research from leading Australian accounting software provider, Reckon, revealed that almost half of small business owners (46%) say the admin and red tape of running their business is ‘killing the dream’ that made them start it in the first place. The survey of more than 1,300 small business leaders across Australia sought to investigate the benefits and barriers to achieving peak performance – or being ‘in the zone’ – at work. It comes ahead of the deadline to adopt Single Touch Payroll (STP), which is the biggest compliance change for employers since the introduction of GST almost 20 years ago, and will require more frequent reporting of payroll information to the ATO. “Being ‘in the Zone’ – is, a continual, concentrated, mental effort of heightened focus, efficiency and productivity,” says financial expert Thomas Mousa, partner and director of Sydney-based TLK Partners. RELATED ARTICLE: TLK Partners Sydney, NSW Aged Care and Financial Income Protection Expert Delivers Investors Tax Wealth Clients Warning to Australian Investors Over a fifth (22%) of small business leaders said that the pressure of admin makes it hard for them to get ‘in the zone’ and do their best work to succeed and grow the business. Per week, many spend more time on administration and payroll (at an average of 10 or more hours) than they do operating at their peak (an average of fewer than 10 hours). Some of the biggest barriers preventing small business owners from achieving peak performance include having to do administrative tasks, feeling tired or stressed from work, or interruptions from phone calls and emails. Entrepreneur, and CEO and Founder of The Remarkable Woman, Shivani Gopal, encourages all small business owners to realise the financial and emotional benefits of seeking ways to get ‘in the zone’. “Small changes can have a big impact. This research shows that even simple steps such as moving to a more comfortable workspace, using music or exercise can boost productivity and happiness – to the point of positive financial returns,” said Gopal. To stay on top of their admin, payroll and compliance requirements, respondents are willing to make a number of sacrifices at the expense of their health and wellbeing. 84 per cent of small business leaders said they would make a lifestyle sacrifice because of admin workload or requirements, with 50 per cent specifically saying they would sacrifice their wellbeing, including sleep. RELATED ARTICLE: Trading Cryptocurrency are Not Viable Investments Says Kingsgrove Financial Wealth Advisor of TLK Partners in Sydney The In the Zone research revealed that the average small business owner gets approximately 4.5 hours sleep per night, far less than the recommended 7-9 hours [1]. 13 per cent of respondents even say they do their admin and payroll before 6am. “Health and wellbeing is a huge cultural conversation, but unfortunately it seems small business owners are not heeding advice, or simply not able to due to the demands placed on them, which is a real concern,” said Gopal. Small business leader and Managing Director at T.E.C.K.nology Indigenous Corporation, Leslie Lowe, explains that the pressures of running a small business can make it difficult to create a work-life balance. “Running your own business can be incredibly stressful. There have been a number of times when I found myself prioritising work over health and wellbeing, such as skipping on sleep, when the everyday demands of sustaining a profitable business and admin pressures build up. To stay on top of emails, admin and compliance reporting, I’m often up at 4am to make an early start on the day,” said Lowe. The research found that the pressure of administrative tasks and red tape has caused 58 per cent of small business leaders to make an error that has had a financial implication, such as over or underpaying a supplier or employee, or transferring payments to the wrong person. This could also be due to time-poor small business leaders trying to juggle several things at once. 84 per cent say they have done their business admin or reporting while multitasking – for instance, a quarter have watched TV or used a streaming service while doing admin and payroll tasks. Concerningly, ahead of the STP requirements, 21 per cent or 659,000 of small business leaders in Australia don’t believe or don’t know if their business meets all existing compliance requirements, let alone upcoming changes from 1 July. Around a quarter (24%) also admit that they do not currently use an accounting and payroll software, which is a pre-requisite to getting STP-compliant with the ATO. "Helping businesses remain compliant is the speciality of TLK Partners," Mousa concluded. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. Seek small business accounting services and find many ways to reduce your business tax 2019-06-13T00:24:54Z seek-small-business-accounting-services-and-find-many-ways-to-reduce-your-business-tax If you could effectively minimise your tax, you just might be able to top up your superannuation, pay off part of your home or business loan, invest funds or even upgrade your car and have a holiday. Seek small business accounting services to know the many ways you can reduce your business tax. Find out if your business is a base rate entity because if it is, you would be able to access a variety of tax concessions from the ATO. You can qualify if you have an aggregated turnover of $50 million or less and 80% or less of your assessible income should be passive for all or part of the 2019 year. If you are a base rate business, your company tax rate would then be reduced to 27.5%. You can use a trust structure and allocate profits to a “Bucket Company” and your tax rate would remain at 27.5% for the year. If you have a turnover of less than $10 million, you can apply tax concessions to certain depreciating assets. The instant asset write-off gives great tax advantages to businesses looking to invest in assets between now and June 2020. Please get in touch with us if you want more detail on the rules and how you can take advantage of them. You can also maximise deductible superannuation contributions. The concessional super cap for this year is $25,000 for all individuals, so make sure you don’t go over the limit or it will mean more tax for you. Employer superannuation guarantee contributions are included in these limits. If a concessional contribution exceeds these caps, the excess will be included in the assessable income and taxed at marginal rate with an excess concessional contributions fee. The contribution will be counted towards the employee’s 2019 contribution cap if it is received by 30 June 2019. Speak to an expert who offers small business accounting services for more information. You can claim a tax deduction if your employee super payments are received by the super fund or the Small Business Superannuation Clearing House by 30 June 2019. Avoid making last minute super payments because of processing delays. Contact us if you need to make last minute payments and would like to claim them as deductions for this year. If you purchase Tools of Trade or other FBT exempt items, you can buy equipment with tax benefits. This includes handheld or portable tools of trade, computers, software, electronic organisers, briefcases, mobile phones and cameras, etc. You may be entitled to a tax deduction for the reimbursement payment to the employee and claim any GST input credit. The employee’s salary package will be reduced by the GST-exclusive cost of the purchased items. Note that the items should be purchased before 30 June 2019. If applicable, you should also prepare a detailed stock take and work in progress list before 30 June 2019 and write-off any worthless or obsolete stock items. You can also defer issuing invoices and receiving debtor or cash payments until after 30 June 2019 to push tax payable to future years. You may also arrange for the receipt of Investment Income and the Contract Date for the sale of capital gains assets to occur after 30 June 2019. On the other hand, you can buy consumable items or pay for repairs and maintenance before 30 June 2019 so you can get the deduction this year. Make sure you keep a complete and accurate motor vehicle log book for a minimum of 12 weeks, which must start on or before 30 June 2019. In the absence of a log book, you can claim up to 5,000 business kilometres using the cents per kilometre method. If you own a rental property, you can arrange for the preparation of a property depreciation report so you can claim the maximum amount of depreciation and building write-off deductions on the property. Taxpayers may also make prepayments on expenses before 30 June 2019 to obtain a full tax deduction this year. It is a good idea to seek out small business accounting services to maximise these deductions. Business owners who have loans from their company should make the appropriate principal and interest repayments by 30 June 2019. Loans made this year should be paid back in full or have a loan agreement before the lodgement due date of the company return to avoid having it counted as an unfranked dividend in the individual’s return. Review your trade debtors listing and write-off bad debts into your accounting system before 30 June 2019 as well. Trustee Resolutions should be signed before 30 June 2019 for all Discretionary Trusts. As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision. You can click here to speak to business experts. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity. Avoid these FBT mistakes to avoid attracting the ATO’s attention 2019-06-12T23:53:14Z avoid-these-fbt-mistakes-to-avoid-attracting-the-ato-s-attention It is important for business owners to know what to report to the ATO so they can avoid making costly mistakes. Here are some fringe tax benefit related items that often attract the ATO’s attention. The ATO is flagged when there is failure to report motor vehicle fringe benefits, incorrect application of exemptions for vehicles and incorrect claim for reductions for these benefits. It also catches their attention when there is a mismatch between the income amounts on an employer’s tax return and the amount reported as an employee contribution on an FBT return. Make sure you correctly report an entertainment expenses deduction as a fringe benefit or correctly classify entertainment expenses as advertising or sponsorship to avoid catching the ATO’s attention. You should also correctly calculate car parking fringe benefits and support them with adequate evidence especially if there are significant discounting market valuations or you use non-commercial parking rates. Don’t forget to report fringe benefits on business assets that are provided for the employees and associates’ personal enjoyment; be on track with your obligations and lodge FBT returns on time to stay off the ATO’s radar. The ATO examines returns that are not lodged with a high amount of incoming and outgoing amounts of cash as well as the timing of when previous returns have been lodged. BAS returns also come under their scrutiny. As you look for different ways to grow and improve your business, seeking professional advice from a business accountant and consultant could prove to be an important and helpful decision. You can click here to speak to business experts. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity. Aged Care Pension Effects Business Wealth Financial Planning Tax Accountant 2019-06-12T22:00:54Z aged-care-pension-effects-business-wealth-financial-planning-tax-accountant 4 in 10 New Businesses Fail in First 4 Years Australia is home to more than 2,065,523 small businesses employing less than 19 people, accounting for 97 per cent of all Australian businesses by employee size. While small business failures are still a concern with four in 10 not surviving more than four years, there has been growth in the numbers of small businesses over the year. Many businesses in Australia are still family owned and are often too busy dealing with today’s operations to worry about who will be running the business when the owners no longer wish to. However, putting off establishing a clear-cut succession plan in a family business can inevitably lead to future problems and can drive a deep wedge into the closest of families. Australian financial expert Thomas Mousa, a chartered accountant, director and partner at Sydney-based TLK Partners says, "To ensure continuity, a succession plan is essential for every family business and this is regardless of whether the family runs a global empire, family farm or corner store." "Although you can talk about the family business around the kitchen table, it is a good idea to have formal family meetings with a structured business agenda. Consider having someone external to the family facilitate these. This is also an opportunity to encourage open discussions to ensure there isn’t a break-down of communication between all the family members involved in the business," Mousa suggests. RELATED ARTICLE: Compliance Costs for Wealth Management and Financial Services Could Harm Your Business says Sydney Chartered Tax Accountants TLK Partners Have a plan for the exit of the older generation by setting dates and ensure there is enough retirement planning to ensure the older generation is well looked after for in retirement. Mousa says, "If you fail to have the total support of the older generation then they are unlikely to relinquish their control and position in the business." Who replaces the older generation is a vital issue for the business to succeed. "It may not always be appropriate for the eldest child to automatically take the lead (whether they expect to or not). There must be open and frank discussions on this issue and a firm decision made on a suitable successor. Having someone to take over the business for the right reasons and not based on an obligation is essential, so choose wisely," Mousa said. "Getting the right advice is essential," Mousa explains, "it is crucial that all-important planning issues are discussed with your professional advisers. A solicitor will assist in drafting documents including any applicable loan documentation, an accountant will assist with the tax implications on the sale of the business and your financial planner will assist in the retirement planning for the older generation and superannuation." RELATED ARTICLE: Superannuation Tax Estate Planning Private Wealth Financial Planning Sydney TLK Partners Mousa recommends to "set dates for future meetings so that discussions continue until the succession plan business has been completed and all family members have been provided for." It is important that you keep your succession plan current. Changes in personal circumstances, health and goals can prompt an alteration in a succession plan and these should be reviewed and updated to ensure that what you have agreed upon remains relevant. "TLK Partners promote a simple and commonsense approach of preparing in advance, seeking professional advice supported by sound, unemotional management, to set the future of the business in good stead and allow it to continue in its success for many years to come, " Mousa concludes. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. Alternative lender partners with training institute to accelerate business growth 2019-06-12T05:05:23Z alternative-lender-partners-with-business-training-institute-providing-smes-with-the-means-and-direction-to-grow How fast could a business owner grow their business with funding AND coaching from proven business growth experts? Beyond Merchant Capital (BMC) have partnered with The Entourage, Australia’s most effective business training institute, to create an exciting offer that could help SMEs accelerate the growth of their company by working to develop a proven strategy for success.   For a limited time, every funded loan from Beyond Merchant Capital includes a session with an expert business coach from The Entourage valued at $800! It’s a high-level strategy call where business owners get a strategic roadmap, highlighting the exact structural areas of the business they need to work on in the next 12 months to double performance. In addition, the call includes access to their Operational Freedom Finder, Rapid Revenue Growth Blueprint, Business Growth Roadmap, Business Growth Profile Diagnostic and High-Performance Team Masterclass.   Beyond Merchant Capital’s CEO, Larry Prosser said the combination of SME finance and the right mentorship is exactly what Australian businesses need. “We started Beyond Merchant Capital to address the shortage of viable finance options available to SMEs in Australia,” said Prosser. “Addressing cash flow challenges is one thing when it comes to growing a business, and the right mentorship can propel your business forward even faster. “We’re excited to be partnering with The Entourage. The partnership will give new customers the strategy they need from some of Australia’s leading business experts. We can’t wait to watch our customer’s businesses grow even faster with the resources offered in this new partnership.” With finance from Beyond Merchant Capital, plus the strategy from one of The Entourage’s business growth experts, SMEs have all the tools they need to exponentially grow their business.   Beyond Merchant Capital’s Financial Solutions for SMEs Beyond Merchant Capital takes the stress out of accessing the working capital businesses need to grow with its business friendly loan solutions. These loans can be as small as $5k or up to $500k. And with funding processed in as little as 24 hours, SMEs can be on their way to expanding their business in no time. Repayments for Beyond Merchant Capital’s loans go through the company’s unique variable repayment plan. This allows businesses to make repayments in line with their turnover. So, when business is slow, repayments will be lower. These adjustments don’t attract fees or penalties, they only extend or shorten the expected repayment term.   About The Entourage The Entourage was founded in 2010 by entrepreneur and 5x AFR Young Rich List Member, Jack Delosa. In addition, The Entourage now has a community of over 300,000 business owners. The community’s experts provide proven strategies for sustainable, long-term business growth.  And with The Entourage’s alumni regularly appearing on Australia’s lists of most successful entrepreneurs, you know you’re in good company.   About Beyond Merchant Capital Established in 2016, Beyond Merchant Capital specialises in providing capital to Australian SMEs through its working capital financial solutions. The company differentiates itself with its unique funding and payment models. These payment models give SMEs the cash flow they need to grow their business.  Focused on becoming Australia’s market leader for SME financing, Beyond Merchant Capital’s financial solutions are by entrepreneurs for entrepreneurs. Melbourne’s fintech innovation hub Stone & Chalk to launch ‘Females in Fintech’ program 2019-06-11T22:31:09Z melbourne-s-fintech-innovation-hub-stone-amp-chalk-to-launch-females-in-fintech-program-1 MELBOURNE, Australia, Wednesday 12th June 2019 - Stone & Chalk today announced a ‘Females in Fintech’ program in Melbourne beginning this month. “According to BCG research, when women business owners pitch their ideas to investors for early-stage capital, they receive significantly less than men —a disparity that averages more than $1 million," Karen Cohen, Program Manager based at Stone & Chalk said. Funded by LaunchVic, the program will create a network for women working in the fintech industry by supporting them via a range of initiatives. These initiatives will be focused on opening doors to success through three carefully structured pillars; networking events, mentoring and education. These pillars are aimed at directly helping women in the fintech ecosystem access connections to help accelerate careers and improve their businesses. The education program will focus on pro-actively growing our residents’ individual careers, leadership skills, customer growth and funding readiness. The program will be open to Stone & Chalk residents as well as other fintech start ups within the Victorian ecosystem. “We are excited to launch a program specifically dedicated to growing and supporting women in the fintech ecosystem,” said Alan Tsen, General Manager of Stone & Chalk Melbourne. The networking events and mentoring program will see participants connect with high-profile speakers and experienced mentors who can all help to amplify their connections and contribute to the successful growth of their businesses. The education program will focus on growing leadership skills with a strong focus on generating a higher representation of women on boards. The initiative will be spearheaded by Karen Cohen, Expert in Residence at Stone & Chalk Melbourne. Last year Karen oversaw Block Engine, Australia’s first Blockchain Incubator. Karen is also the Head of HR for NEM Foundation and is on the Board of ADCA and Blockchain Australia. In addition she is the co-organiser of Women in Blockchain in Melbourne, which makes her a perfect fit to run the ‘Females in Fintech’ program. If you would like to participate in the program as a member or a mentor please contact karen@stoneandchalk.com.au. Please note applications close on 30 June 2019. Image Aged Care Pension Effects Property Wealth Financial Planning Tax Accountant 2019-06-11T22:00:59Z aged-care-pension-effects-property-wealth-financial-planning-tax-accountant Almost 66% of Australians will qualify for some kind of aged pension The aged care pension provides benefits to retirees. It pays an income until death that is adjusted for inflation, providing a benefit against poverty and higher prices in our later years. Even though age pension benefits may sometimes be quite small, the fact that they continue until death can help manage the risk of living longer than planned for in retirement. For example, a male/female couple both aged 67 today has a 50 per cent chance that at least one of the couple makes it to age 90 and a 5 per cent (1 in 20) chance that one of them makes it to age 99. Australian financial expert, Thomas Mousa, is a Chartered Accountant and partner at Sydney-based TLK Partners who specialise in aged care advice. “Because the age pension is means tested and personal situations and goals vary so much, this is one of the occasions when it makes sense to consider using a financial advisor to help understand the rules and factor the age pension into your broader retirement financial plan,” Mousa said. RELATED ARTICLE: Aged Care Property Investor Rental Income Tax Advice Kingsgrove Chartered Accountant “To decide how much age pension you are entitled to receive, the government considers your assets and your income. The level of pension received is based on which of those means tests produces the lower benefit,” Mousa explains. Mousa says, “On a basic level, the lower your assets and income, the more age pension you will be entitled to as its role as a safety net kicks in up to the maximum amount of $843.60 a fortnight for a single pensioner and $635.90 each for a couple, as at June 2019.” A financial advisor experienced in the interaction of the social security and superannuation systems can help understand how these rules work and in particular the key breakpoints where benefits reduce. An advisor can also help make decisions about how these breakpoints interact with financial goals. Financial advisors can also help guide through other key considerations, including Rules on the treatment of annuities for means testing;Pension loan schemes to increase age pension using home equity; and links between age pension and related benefits, such as the Commonwealth Seniors Health Card. RELATED ARTICLE: Sydney Aged Care Estate Financial Wealth Planners and Tax Experts of TLK Partners in Kingsgrove Warn Ageing Investors in Sydney Mousa says, "Whether considering options for yourself or deciding how best to help someone close to you, aged care is a complex area that requires careful thought and planning. The uncertainty around where and when to move, how much it will cost and where the money will come from can be overwhelming and stressful. Early and effective planning is critical to ensure that client affairs are properly structured to maximise benefits, reduce costs and retain control. The complexities in aged care may require legal, taxation and financial planning expertise, so you need a competent, experienced team to assist you. TLK Partners provide a range of options for clients to consider so they can make an informed choice that best suits their circumstances," Mousa concluded. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. The Australian Digital Commerce Association (ADCA) launches inaugural blockchain awards - The Blockies 2019-06-11T09:54:27Z the-australian-digital-commerce-association-adca-launches-inaugural-blockchain-awards-the-blockies SYDNEY, Australia, Wednesday 12th June 2019 - The Australian Digital Commerce Association today announced the inaugural Blockchain Industry Awards, The Blockies, to be awarded to winners at this years APAC Blockchain Conference Awards Night. In 2019, 11 awards encompass both individual and business categories including; Blockchain Entrepreneur of the Year, Women in Blockchain Female Leader of the Year, Blockchain Project (Government) of the Year and Blockchain Business of the Year. With the Australian Blockchain sector flourishing, the Blockies recognise outstanding performers for their contribution, innovation and development in the blockchain sector. “Incredible individuals are covering new ground in technical innovation, regulation, community building and new business ideas”, Nick Giurietto, ADCA CEO said. “It's time to celebrate our successes and to recognise the achievements of those on the cutting edge of blockchain adoption in Australia.” Awards will be presented at the APAC Blockchain Conference on July 23rd, the 3rd edition of the largest Blockchain event in Australia. In 2018, the event brought together over 500 attendees from over 250 companies ranging from blockchain startups to enterprise and policy makers. ABOUT ADCA ADCA is the industry body that represents Australian businesses and other organisations participating in the digital economy through blockchain technology. They encourage the responsible adoption of blockchain technology by industry and governments across Australia as a means to drive innovation in service delivery across all sectors of the economy. The Blockies are open to all businesses participating in the blockchain sector in Australia. ADCA invites applicants to download an Australian Blockchain Industry Awards Information Kit and apply at https://blockies.awardsplatform.com. Media contact: Brooke Glew 0424 610 622 brooke@arthurglobal.co /ends VisionDirect EOFY | End Of Financial Year 2019 Key Dates and Sales 2019-06-11T08:31:58Z visiondirect-eofy-end-of-financial-year-2019-key-dates-and-sales The financial year is a 12 month time period that is used for tax purposes. For Australians, the financial year ends on 30 June, with the next financial year beginning on 1 July. From 1 July through to 31 October both individuals and businesses are required to submit a tax return form to the Australian Taxation Office (ATO). The ATO then use this form to determine how much tax is owed to the government, or how much the government needs to reimburse the individual/business if they have paid more tax than was owed. VisionDirect.com.au will be holding sales throughout June for EOFY, so you can save up to 50% on hundreds of designer eyeglasses and sunglasses. To see the ful sale please head to our FLASH SALE here: https://www.visiondirect.com.au/designer-sunglasses/general/------------------------flash_sale As well as being the perfect time to get your finances in order and ensure you get the best possible tax return, the end of financial year also brings about some great sales as businesses try and clear older stock models to make way for new ones. We've got a selection of the deals on offer below as well as plenty more information on how to navigate the end of the financial year. More tips to help you prepare for EOFY Get organised. How often do you end up struggling to find important documents, receipts and the like when tax time rolls around? Do yourself and your accountant a favour and set up a simple, organised filing system well in advance. This will save you both time and stress. Research your options. Do you know what you can claim deductions for? Is the Australian Tax Office (ATO) introducing changes that you could benefit from? A little bit of research can go a long way when it comes to the amount of money you get back. Make a list. To help get organised it can be a good idea to create a checklist of all the documents you’ll need. This can include PAYG and bank statements, dividend statements, private health insurance statements, plus the all-important receipts for everything from work expenses to charitable donations. Business matters. Business owners need to organise all receipts and records before tax time rolls around. Calculating your income and expenses is a must, and the use of business accounting software can make this task a whole lot easier. With a little bit of preparation and some simple research, you can save yourself a whole lot of time and money at tax time. For more information on getting the most out of the end of the financial year, speak to your accountant. Small Business Suffering From Poor Telco Service 2019-06-11T01:19:49Z small-business-suffering-from-poor-telco-service Are you paying too much for an internet service that is unreliable? ‘A phone line and internet are the main tools a small business needs to function but when Telcos let you down, it can spell disaster. Anna Willis, founder of Issue.Watch, a consumer watchdog, wants to help owners of small business, who told her that the impact of telecommunications issues are. “Overwhelmingly, that when issues are not dealt with quickly, it costs small businesses money,” she said. “Then starts the spiral of not knowing what to do next and feeling like you are on the repeat cycle, constantly repeating the issue to the next person you speak to.” Annette Densham knows too well the impact of not having an internet service that works. With a home-based office, she thought she did the right thing by organising connection at her new address a month in advance. “Then began the comedy of errors. The telco sent the modem to the wrong address and it took two weeks of calls to get the modem sent to the right address. Then we found out the infrastructure had not been updated for 20 years, and despite living in a new development, we could only get ADSL 1,” she said. “This made it almost impossible to send large attachments or conduct online video meetings.  Hours and hours were spent on the phone; time away from my business, trying to sort out a better option. I don’t think Telcos really understand the impact not providing an adequate service has on businesses, especially ones like mine that are home-based.” Annette resolved the issue by using her mobile phone data; it is reliable and fast but not before it cost her 100s of dollars in excess data. Anna said despite over 20,422 small business complaints to the Telecommunications Industry Ombudsman, in 2017/2018 the problems to small business continue. It took Annette six months to fix her small business internet problem. “That is six months of frustration, overwhelm and day-to-day stress not being able to do the simplest of tasks. Good telecommunications is no longer a luxury; it is a necessity. Even if you are not running a home-based business or a small business, we rely on good internet for banking, entertainment, communication with family and so many other aspects of life.” “Small business and consumers impacted by continued disruptions to internet and phone services need a voice to negotiate better services by pushing back and negotiating reduced internet fees where these services are not provided. Issue.Watch the organisation Anna founded, can provide that public voice, and to do that we need consumers to go to the website and tell us about their service problems, so we can found out how big this problem is, and raise the issue with decision makers on behalf of the whole group. So go to Issue.Watch, a free, and independent site where you can anonymously help us provide a communal voice on issue that matter. “Issue.Watch collects people’s complaints and aggregates them to add volume and voice to the issue so they are heard as a louder voice.”   Financial Expert Thomas Mousa Reminds Small Business Single Touch Payroll Legislated From July 2019 2019-06-10T22:00:22Z financial-expert-thomas-mousa-reminds-small-business-single-touch-payroll-legislated-from-july-2019 Single Touch Payroll Legislated From July 2019 The ATO sent letters to business owners inviting them to start reporting through Single Touch Payroll (STP) almost a year ago, but as of 1 July 2019, it will be legislation. So, if you’re a small business owner with 19 employees or less and use payroll software you’re included. Financial expert Thomas Mousa, director and partner at Sydney-based TLK Partners says “small business clients should speak with their accountants to ensure compliance and reach out to their software providers to ensure STP is available by the end of June.” RELATED ARTICLE: Superannuation Tax Estate Planning Private Wealth Financial Planning Sydney TLK Partners “Single Touch Payroll allows employers to notify the ATO of their employees’ superannuation and tax obligations each payday,” Mousa said. “Employers can do this by using payroll or accounting software with the STP feature. Most packages have this feature available now,” Mousa continued. Single Touch Payroll is streamlining the payroll reporting process while also ensuring that employers are compliant and paying superannuation and employee tax obligations on time. The due dates for payment of PAYG Withholding Tax and superannuation will not change. Mousa says, “A major benefit of the system removes the requirement to prepare Payment Summaries and the Annual Payment Summary Statements. And, in the future, the ‘wages’ and ‘PAYG’ labels will be pre-filled in Business Activity Statements. That means less administration for you!” Mousa stated. RELATED ARTICLE: Aged Care, Estate Planning and Private Wealth Management Tax Accountant Financial Expert of TLK Partners Sydney Explains Credit Card Debt Problems STP will also allow your employees to view their year-to-date tax and super information through the myGov website. They can also view their payment summary information at the end of the year there. New employees will be able to lodge their Tax File Number Declaration and Super Choice Forms through STP. From 1 July 2018, employers with 20 or more employees started reporting tax and superannuation information using STP. Employers with 19 employees or less will also have to report using STP from 1 July 2019. "TLK Partners keeps its clients up-to-date with a whole range of ATO related matters, an ensure compliance for them," Mousa concludes. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. Financial Expert Thomas Mousa Says ATO Report On Private Trusts Is Ludicrous 2019-06-09T22:00:59Z financial-expert-thomas-mousa-says-ato-report-on-private-trusts-is-ludicrous Financial Expert Warns An ATO Commissioned Report On Private Trusts Is Absurd Trusts designed to maximise income tax, protect assets and wealth is not a new scenario, but a recent report commissioned by the Australian Taxation Office suggests that wealthy people are avoiding paying billions in tax by using private trusts. The report prepared by RMIT University said income from trusts was more than $340 billion in 2013-14, but there is no register of trusts in Australia and failure to lodge tax returns is a key problem. The mechanism for taxing trusts in Australia was introduced into the Income Tax Assessment Act in 1922. Trusts are widely used in Australia for investment, real estate and business purposes to hold a property for individuals, families and companies. The report found 73 per cent of trusts in Australia is discretionary trusts involved in trading or investment. That is in contrast to other countries where they are mostly used for the administration of wills and deceased estates, donations to charities and to provide income for people unable to manage their own affairs. The report revealed in 2015-16, there were nearly 850,000 trusts in Australia — one for every 29 people, with assets of more than $3 trillion — and the prediction is there could be more than a million trusts by 2022. RELATED ARTICLE: Investor and Property Acquisition Tax Investment Specialists TLK Partners Sydney Leading Australian financial and wealth expert Thomas Mousa, a partner at Sydney-based TLK Partners said, "it is perfectly legal for trusts to hold assets and maximise taxation within the realms of the laws of Australia." One of the authors of the report, John Glover, a professor of law at RMIT, said Australia was behind other countries when it came to the regulation of trusts. "The largest part of the tax office's information about trusts comes through the voluntary lodgement of trust tax returns and that's an inadequate way to proceed," Glover said. Mousa retorted, "The suggestion that hundreds of thousands of Australians are 'doing the wrong thing' is fear mongering to the general population and is just plain wrong." "For instance, the advice TLK Partners provides to its clients is legal, using the laws of Australia to protect its clients' assets and to maximise their wealth. The laws surrounding trusts have been around since the 1920s and if this were such an issue the government would have changed the laws already," Mousa explained. RELATED ARTICLE: Depreciating Assets Property Tax Aged Care Advisors Kingsgrove NSW The report, "Current issues with trusts and the tax system", said some wealthy Australians and high net wealth individuals were putting money into discretionary trusts to manipulate the tax system so they could pay less tax. "It's absurd," Mousa exclaimed, "the suggestion that wealthy Australians are manipulating the system when 'playing by the rules' is ludicrous. I read these reports and think I'm taking crazy pills," Mousa said. There seem to be many misconceptions with respect to trusts and taxation. Income from trusts is often taxed at the corporate tax rate of 30 per cent, compared to the highest marginal income tax rate of 45 per cent and sometrusts could also be taxed at lower rates of 15 per cent for superannuation trusts. The report said "income tax shuffles" were used to understate earnings by exploiting differences in the definition of income under tax law and trusts law. This can occur when a trustee uses deductions from the trust's taxable (net) income to lower the distributable income paid to the beneficiaries. Income splitting is another tactic used to reduce tax when the trustee makes payments to the beneficiaries with the lowest earnings. "All perfectly legal," Mousa exclaims, "these 'tactics' are available to every Australian today, they have been for almost 100 years," Mousa said. "A conservative estimate indicates that $672 million to $1.2 billion of tax revenue could be sheltered annually," the report found. In five ATO investigations reviewed by the academics, it was estimated $195 million in tax was avoided on an income of $729 million. The ATO thanked RMIT for its report but said it did not agree with all the findings or methodologies adopted. "Reports like these can be dangerous, especially when they gain traction in the media," Mousa said. "The aim of TLK Partners has always been to maximise the wealth of every Australian using every legal means available to them, one of many strategies we may adopt could involve the use of private trusts, depending on the client's individual requirements," Mousa concluded. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. Financial Expert Thomas Mousa Says Tax Ruling Clarifies Carrying On A Business 2019-06-08T22:00:27Z financial-expert-thomas-mousa-says-tax-ruling-clarifies-carrying-on-a-business What ‘Carrying On A Business’ Really Means The ATO has clarified the definition of determining whether a company carries on a business for the 2015-16 and 2016-17 income years with the release of a new tax ruling. Recently, the Australian Tax Office released Tax Ruling 2019/1, replacing the previous draft, setting out what it means when a company carries on a business for accessing the lower corporate tax rate of 27.5 per cent in the 2015-16 and 2016-17 income years, and for determining the franking percentage to be applied to dividends paid to shareholders. Leading Australian financial expert Thomas Mousa, director and partner of Sydney-based TLK Partners, explains what this means for business. The ruling comes after Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 was passed, changing the meaning of the term ‘Base rate entity’ which a company needs to be from 1 July 2017 to get the lower corporate tax rate of 27.5 per cent. Mousa says, “You have to consider what the key elements are when determining what amounts to carrying on a business, which includes: whether the person intends to carry on a business; the nature of the activities, particularly whether they have a profit-making purpose; whether the activities are repeated and regular, organised in a business-like manner, including the keeping of books, records and the use of a system; the size and scale of a company’s activities including the amount of capital employed in them, and whether the activity is better described as a hobby or recreation.” Mousa says “the ruling was not intended to be a statement of the Australia Tax Office’s views on carrying on business more broadly throughout the tax system, but confined to the specific matters set out in the ruling and the associated examples. It’s clear that Accountants and Tax Practitioners should be aware that it is entirely possible that a company could have become entitled to use the lower tax rate in the 2016 or 2017 years because it was carrying on a business and below the relevant turnover threshold, but on applying the Base Rate Entity rules for the 2018 or later years it may be decided that the 30 per cent tax rate should now be applied going forward. Mousa agrees, “This may require careful examination not only of the tax rate that has been applied to its taxable income in each of the years, but also the franking rates that have been applied to dividends paid during those years. While some of the wording in the ruling has been tidied up from the draft, the substance of the ATO’s views is largely unchanged, and there are just a couple of areas where the extent of application of the concept of ‘carrying on a business’ has been clarified,” Mousa said. On the same day, the Australian Tax Office released draft determination TD 2019/D4 ruling that a company whose only activity is renting out an investment property cannot claim the capital gains tax (CGT) small business concessions. RELATED ARTICLE: CGT TAX Accountants Sydney NSW Are Investor and Property Acquisition Investment Specialists “The ATO Tax Ruling 2019/D4 makes it clear that a property investment company would not be eligible to apply the small business capital gains tax concessions as it is carrying on a business in a ‘general sense’, because the main use of the property asset would be to derive rental income, specifically excluding it from qualifying as an ‘active asset’ as stated in the ruling,” Mousa said. Mousa Says, “Business and investor clients must be kept abreast of the latest Tax Rulings instigated by the ATO to ensure compliance and to maximise profitability.” “TLK Partners are experts at that,” Mousa concludes. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers.