YML Insight April 2015
From Your Trusted Accountant
How Can I get Organised for the Tax Season?
1. Understand what you can claim from the beginning, which is largely depends on
the type of job you have. Ask us if you are not sure;2. Have your tax related paper work in a designated place and organize your records
into the following categories:
– Other Income
– Car Expenses
– Travel Expenses
– Uniform Expenses
– Self education expenses
– Other Expenses (books, home office, telephone, computer, internet, stationery)3. Keep receipts to prove your claims and organise them by putting the receipts
for each category in a clearly marked separate envelope;
4. Don’t forget if you claim more than $300 in deductions you will need to keep your
receipts for at least 5 years;
5. Enter your expenses into a spreadsheet monthly;
6. Schedule a time to meet with us to go through this year’s paper work and see how
we might be able to structure your accounts to better help you organise your finances;
7. Book a meeting with our Financial Advisor to discuss the best way to structure your
assets and debts.
From Your Finance Specialist
What do I need to look for when I borrow money to buy a new car?
When borrowing to buy a new car, it is more important to look at the monthly repayments than the interest rate. This way you can insure that the rate you are getting is real.At YML Finance, we can arrange car loans and other equipment finance from 4.8%.Please call us so we can let you know what your monthly repayments will be for your new car.
From Your Financial Adviser
Do I need a wealth creation strategy?
Although a cliche, it is true that most people don’t ‘plan to fail’, they simply ‘fail to plan!’Unless you are a successful business owner aiming to cash out one day and ride off into the sunset, the quality of your retirement will largely depend on how you manage your cash flow and build assets from here on.
Apart from the lack of planning we often see inefficiency and expensive mistakes in people’s personal structures. From personal and business loans that are incorrectly set up costing unnecessary interest and tax, to not using available collateral to build further assets for the longer term. Added to that, superannuation is often ignored.
What are the medium to longer term financial goals for you and your family? Once answered, develop a strategy that is simple, realistic and measurable!
We would welcome the opportunity to discuss and assist with your future wealth creation strategies.
From Your Business Partner
I am working hard so why I am not making a decent profit ?
If you always seem to be working, but are not achieving a result, it could be that you are spending too much time working in your business and not enough quality time working on your business.Having your own business is not about creating an 80 to 100 hour per week job, just for you. It is about creating a balance between life and work with results that exceed a normal PAYG income.
To manage your time effectively and to operate an efficient and growing business is a combination of good planning, a supportive operating system and regular performance reviews.
We can help you to build the foundation for a sound business that will allow you to
* set realistic financial and operational targets;
* develop an operational system to deliver the targets; and
* Implement a review process to ensure that issues are dealt with promptly.
We would like you to be successful and achieve your goals. We are happy to assist you start the process. We offer you an obligation free discussion on the health of your business and how our tailored system can help you.