Tax Time Checklist for Individuals

Federal Budget May 2016 – Superannuation and Social Security

The following information is from the Federal Budget announcement May 2016 including the announcement regarding superannuation, taxation and Social Security.

YML Insight August 2015

From Your Trusted Accountant

The number of small business owners switching to cloud computing is expected to double in the next six years, according to a new US study from Emergent Research. That’s a massive increase from 37% to 80% - and here are six reasons it’s worth joining that 80% in the cloud.

1. Improved bookkeeping Easy access, multi-level management, and vital record keeping all in a one-stop shop. Moving to the cloud will help you manage payroll tax, transactions, client details, inventory and other accounting records. Automate payment of taxes and invoices with ease.
2. Multi-user access Collaborate on projects, manage content and share documents with multiple users in the cloud. Edit documents secure in the knowledge that all updated data and document history remains current and easily accessible from anywhere with an internet connection.
3. Security and data recovery Servers crash. Malware and viruses attack networks. USBs and portable drives get lost. Internal systems get gutted by fire or water damage. Don’t become complacent about data security - lessen your risk with the cloud. Your data will be secure under industry best practice, 512-bit SSL encryption, and regular data back-ups; so in case of disaster you can instantly recover a recent system back up.
4. Storage Gone are the days of constantly upgrading your groaningly full storage systems and predicting your required network data. Agile cloud systems store your data and expand as need demands. Efficiently access files, create your own data retention policies, and institute your preferred data management system with the cloud.
5. Scalability Cloud systems are without boundaries - expand or shrink on the needs of your business, and add more resources into the cloud without a costly refit of IT systems.
6. Save on resources Low costs, increased efficiency, and automatic free software updates means, with the cloud, you only pay for what you use. Your IT costs will drop because the cloud operator is responsible for the functionality of the cloud. Reduce your operational costs; streamline your business processes, while allowing your employees the same advantages of big business, without the operational costs. Create a level playing field, with the cloud.

If you’re looking to move to the cloud, or want a cloud accountant, contact us.

From Your Financial Adviser

This is an excellent time for consolidation of all your hard work and assets. Try our over-40 financial security checklist, and see how you measure up. Do you….

1. Have a savvy financial adviser? Your financial adviser should be an expert in your particular investment interests and goals, unpick the trends, and maximise your investment strategies. Meet regularly, and always check ASIC records to verify your advisor has the right qualifications and track record.
2. Have an innovative accountant? Ensure your accountant is a partner in wealth creation, legitimately minimizing your taxes and creating extra revenue streams through strategies such as super fund investment. If your current accountant doesn’t match up, consider moving on.
3. Have a debt reduction plan? This is crucial. Start paying cash wherever possible. Aim to keep all credit cards at zero each month. Plan to work off all other existing debts, such as mortgages, and prioritise in terms of which has the highest interest rates.
4. Maintain your assets? Stocktake your existing assets, and then keep them in excellent condition. This covers everything from your house and car to any articles of high value that you’ve identified are assets unlikely to greatly depreciate.
5. Have an emergency fund? Keep it stocked up and accessible. Budget a small amount of money each week into the fund so you’re covered for any unforeseen medical or other emergencies.
6. Understand super performance? Understand how much money you will require to retire comfortably, in the lifestyle you desire. Make sure you understand your super investment products, and regularly monitor your account to ensure it is meeting your goals. Consolidate your super in the best product so you’re not paying fees for multiple unsuitable funds. Finally, think about setting up a self-managed super fund (SMSF). With the right advice and investment strategies, an SMSF can be tailored to suit your goals.
7. Have multiple income streams for retirement? Which of your long-term investment products will be ripe for yield in twenty years? Diversify wherever possible, such as holding stock options as well as real estate. Look at what equity you can draw upon. Sometimes the modest but regular yearly turnover may be preferable to the high yielding but inconsistent product when planning for retirement.
8. Have a business succession plan? If you own a business it’s a good idea to start thinking about how it will tick over once you retire. Start thinking about a likely successor, and consolidating the business so its structure won’t be shaken up by your departure.

If you said yes to more than four of these, then you’re well on your way to being financially secure. If not, this checklist will act as a helpful guide to find where the gaps currently lie in safeguarding your future.

From Your Finance Specialist

Whether you’re a homeowner, an experienced investor, a business owner, or all of the above, you may be thinking about expanding your real estate portfolio. You already know there are many things to consider when investing in property, but we can offer a few tips to enlighten and lighten the stress of buying property.

If you are in the market to borrow and buy an investment property, you may be aware that most lenders have reduced their LVR (Loan to Value Ratio) forcing investors to come up with a bigger deposit. If this is an issue that concerns you, there is still good news. Options are always available to make your financial goals work, despite any hurdles that may present themselves.

1. You could save for a larger deposit. This might seem daunting, but the professionals at YML Group can assist you to assess your finances.
2. You could buy a property using up to 20% of a parent/s’ property as a security. This is a decision that requires thought and consideration, and of course, a willing parent!
3. If you already own a property, you could increase your equity in that property by making bigger monthly payments. By increasing your monthly payments to above the minimum amount, you could save yourself paying additional mortgage insurance.
4. If you have a high limit on your credit card that goes consistently unused, it can be a good idea to reduce the limit on your credit card. If you have multiple cards, it’s also a smart plan to assess the limits, how often you use the cards, and whether you need multiple accounts.  Lenders consider the limit on your credit card, not the actual debt, when assessing your request for finance.

For more information, tips, and financial guidance, give the finance specialists at YML Group a call. We’ll be happy to talk you through the process of investing in the property market.

YML Insight August 2015

From Your Trusted Accountant

Is cloud accounting really worth all the hype?

The number of small business owners switching to cloud computing is expected to double in the next six years, according to a new US study from Emergent Research. That’s a massive increase from 37% to 80% – and here are six reasons it’s worth joining that 80% in the cloud.

1. Improved bookkeeping
   Easy access, multi-level management, and vital record keeping all in a one-stop shop. Moving to the cloud will help you manage payroll tax, transactions, client details, inventory and other accounting records. Automate payment of taxes and invoices with ease.
2. Multi-user access
   Collaborate on projects, manage content and share documents with multiple users in the cloud. Edit documents secure in the knowledge that all updated data and document history remains current and easily accessible from anywhere with an internet connection.
3. Security and data recovery
   Servers crash. Malware and viruses attack networks. USBs and portable drives get lost. Internal systems get gutted by fire or water damage. Don’t become complacent about data security – lessen your risk with the cloud. Your data will be secure under industry best practice, 512-bit SSL encryption, and regular data back-ups; so in case of disaster you can instantly recover a recent system back up.
4. Storage
   Gone are the days of constantly upgrading your groaningly full storage systems and predicting your required network data. Agile cloud systems store your data and expand as need demands. Efficiently access files, create your own data retention policies, and institute your preferred data management system with the cloud.
5. Scalability
   Cloud systems are without boundaries – expand or shrink on the needs of your business, and add more resources into the cloud without a costly refit of IT systems.
6. Save on resources
   Low costs, increased efficiency, and automatic free software updates means, with the cloud, you only pay for what you use. Your IT costs will drop because the cloud operator is responsible for the functionality of the cloud. Reduce your operational costs; streamline your business processes, while allowing your employees the same advantages of big business, without the operational costs. Create a level playing field, with the cloud.

If you’re looking to move to the cloud, or want a cloud accountant, contact us.

From Your Financial Adviser

I am over 40, what should I be thinking about to safeguard my future financially?

This is an excellent time for consolidation of all your hard work and assets. Try our over-40 financial security checklist, and see how you measure up. Do you….

1. Have a savvy financial adviser?
   Your financial adviser should be an expert in your particular investment interests and goals, unpick the trends, and maximise your investment strategies. Meet regularly, and always check ASIC records to verify your advisor has the right qualifications and track record.
2. Have an innovative accountant?
   Ensure your accountant is a partner in wealth creation, legitimately minimizing your taxes and creating extra revenue streams through strategies such as super fund investment. If your current accountant doesn’t match up, consider moving on.
3. Have a debt reduction plan?
   This is crucial. Start paying cash wherever possible. Aim to keep all credit cards at zero each month. Plan to work off all other existing debts, such as mortgages, and prioritise in terms of which has the highest interest rates.
4. Maintain your assets?
   Stocktake your existing assets, and then keep them in excellent condition. This covers everything from your house and car to any articles of high value that you’ve identified are assets unlikely to greatly depreciate.
5. Have an emergency fund?
   Keep it stocked up and accessible. Budget a small amount of money each week into the fund so you’re covered for any unforeseen medical or other emergencies.
6. Understand super performance?
   Understand how much money you will require to retire comfortably, in the lifestyle you desire. Make sure you understand your super investment products, and regularly monitor your account to ensure it is meeting your goals. Consolidate your super in the best product so you’re not paying fees for multiple unsuitable funds. Finally, think about setting up a self-managed super fund (SMSF). With the right advice and investment strategies, an SMSF can be tailored to suit your goals.
7. Have multiple income streams for retirement?
   Which of your long-term investment products will be ripe for yield in twenty years? Diversify wherever possible, such as holding stock options as well as real estate. Look at what equity you can draw upon. Sometimes the modest but regular yearly turnover may be preferable to the high yielding but inconsistent product when planning for retirement.
8. Have a business succession plan?
   If you own a business it’s a good idea to start thinking about how it will tick over once you retire. Start thinking about a likely successor, and consolidating the business so its structure won’t be shaken up by your departure.

If you said yes to more than four of these, then you’re well on your way to being financially secure. If not, this checklist will act as a helpful guide to find where the gaps currently lie in safeguarding your future.

From Your Finance Specialist

What are my options for borrowing to invest in the property market?

Whether you’re a homeowner, an experienced investor, a business owner, or all of the above, you may be thinking about expanding your real estate portfolio. You already know there are many things to consider when investing in property, but we can offer a few tips to enlighten and lighten the stress of buying property.

If you are in the market to borrow and buy an investment property, you may be aware that most lenders have reduced their LVR (Loan to Value Ratio) forcing investors to come up with a bigger deposit. If this is an issue that concerns you, there is still good news. Options are always available to make your financial goals work, despite any hurdles that may present themselves.

1. You could save for a larger deposit. This might seem daunting, but the professionals at YML Group can assist you to assess your finances.
2. You could buy a property using up to 20% of a parent/s’ property as a security. This is a decision that requires thought and consideration, and of course, a willing parent!
3. If you already own a property, you could increase your equity in that property by making bigger monthly payments. By increasing your monthly payments to above the minimum amount, you could save yourself paying additional mortgage insurance.
4. If you have a high limit on your credit card that goes consistently unused, it can be a good idea to reduce the limit on your credit card. If you have multiple cards, it’s also a smart plan to assess the limits, how often you use the cards, and whether you need multiple accounts.  Lenders consider the limit on your credit card, not the actual debt, when assessing your request for finance.

For more information, tips, and financial guidance, give the finance specialists at YML Group a call. We’ll be happy to talk you through the process of investing in the property market.

YML Insight August 2015

From Your Trusted Accountant

Is cloud accounting really worth all the hype?

The number of small business owners switching to cloud computing is expected to double in the next six years, according to a new US study from Emergent Research. That’s a massive increase from 37% to 80% – and here are six reasons it’s worth joining that 80% in the cloud.

1. Improved bookkeeping
   Easy access, multi-level management, and vital record keeping all in a one-stop shop. Moving to the cloud will help you manage payroll tax, transactions, client details, inventory and other accounting records. Automate payment of taxes and invoices with ease.
2. Multi-user access
   Collaborate on projects, manage content and share documents with multiple users in the cloud. Edit documents secure in the knowledge that all updated data and document history remains current and easily accessible from anywhere with an internet connection.
3. Security and data recovery
   Servers crash. Malware and viruses attack networks. USBs and portable drives get lost. Internal systems get gutted by fire or water damage. Don’t become complacent about data security – lessen your risk with the cloud. Your data will be secure under industry best practice, 512-bit SSL encryption, and regular data back-ups; so in case of disaster you can instantly recover a recent system back up.
4. Storage
   Gone are the days of constantly upgrading your groaningly full storage systems and predicting your required network data. Agile cloud systems store your data and expand as need demands. Efficiently access files, create your own data retention policies, and institute your preferred data management system with the cloud.
5. Scalability
   Cloud systems are without boundaries – expand or shrink on the needs of your business, and add more resources into the cloud without a costly refit of IT systems.
6. Save on resources
   Low costs, increased efficiency, and automatic free software updates means, with the cloud, you only pay for what you use. Your IT costs will drop because the cloud operator is responsible for the functionality of the cloud. Reduce your operational costs; streamline your business processes, while allowing your employees the same advantages of big business, without the operational costs. Create a level playing field, with the cloud.

If you’re looking to move to the cloud, or want a cloud accountant, contact us.

From Your Financial Adviser

I am over 40, what should I be thinking about to safeguard my future financially?

This is an excellent time for consolidation of all your hard work and assets. Try our over-40 financial security checklist, and see how you measure up. Do you….

1. Have a savvy financial adviser?
   Your financial adviser should be an expert in your particular investment interests and goals, unpick the trends, and maximise your investment strategies. Meet regularly, and always check ASIC records to verify your advisor has the right qualifications and track record.
2. Have an innovative accountant?
   Ensure your accountant is a partner in wealth creation, legitimately minimizing your taxes and creating extra revenue streams through strategies such as super fund investment. If your current accountant doesn’t match up, consider moving on.
3. Have a debt reduction plan?
   This is crucial. Start paying cash wherever possible. Aim to keep all credit cards at zero each month. Plan to work off all other existing debts, such as mortgages, and prioritise in terms of which has the highest interest rates.
4. Maintain your assets?
   Stocktake your existing assets, and then keep them in excellent condition. This covers everything from your house and car to any articles of high value that you’ve identified are assets unlikely to greatly depreciate.
5. Have an emergency fund?
   Keep it stocked up and accessible. Budget a small amount of money each week into the fund so you’re covered for any unforeseen medical or other emergencies.
6. Understand super performance?
   Understand how much money you will require to retire comfortably, in the lifestyle you desire. Make sure you understand your super investment products, and regularly monitor your account to ensure it is meeting your goals. Consolidate your super in the best product so you’re not paying fees for multiple unsuitable funds. Finally, think about setting up a self-managed super fund (SMSF). With the right advice and investment strategies, an SMSF can be tailored to suit your goals.
7. Have multiple income streams for retirement?
   Which of your long-term investment products will be ripe for yield in twenty years? Diversify wherever possible, such as holding stock options as well as real estate. Look at what equity you can draw upon. Sometimes the modest but regular yearly turnover may be preferable to the high yielding but inconsistent product when planning for retirement.
8. Have a business succession plan?
   If you own a business it’s a good idea to start thinking about how it will tick over once you retire. Start thinking about a likely successor, and consolidating the business so its structure won’t be shaken up by your departure.

If you said yes to more than four of these, then you’re well on your way to being financially secure. If not, this checklist will act as a helpful guide to find where the gaps currently lie in safeguarding your future.

From Your Finance Specialist

What are my options for borrowing to invest in the property market?

Whether you’re a homeowner, an experienced investor, a business owner, or all of the above, you may be thinking about expanding your real estate portfolio. You already know there are many things to consider when investing in property, but we can offer a few tips to enlighten and lighten the stress of buying property.

If you are in the market to borrow and buy an investment property, you may be aware that most lenders have reduced their LVR (Loan to Value Ratio) forcing investors to come up with a bigger deposit. If this is an issue that concerns you, there is still good news. Options are always available to make your financial goals work, despite any hurdles that may present themselves.

1. You could save for a larger deposit. This might seem daunting, but the professionals at YML Group can assist you to assess your finances.
2. You could buy a property using up to 20% of a parent/s’ property as a security. This is a decision that requires thought and consideration, and of course, a willing parent!
3. If you already own a property, you could increase your equity in that property by making bigger monthly payments. By increasing your monthly payments to above the minimum amount, you could save yourself paying additional mortgage insurance.
4. If you have a high limit on your credit card that goes consistently unused, it can be a good idea to reduce the limit on your credit card. If you have multiple cards, it’s also a smart plan to assess the limits, how often you use the cards, and whether you need multiple accounts.  Lenders consider the limit on your credit card, not the actual debt, when assessing your request for finance.

For more information, tips, and financial guidance, give the finance specialists at YML Group a call. We’ll be happy to talk you through the process of investing in the property market.

YML Insight July 2015

In today’s meeting the Reserve Bank of Australia (RBA) decided to leave the cash rate unchanged at 2.00 per cent.

You’ve known us for years as Yoav Mark Lewis Chartered Accountants or as Acctpro, but we are proud to commence the new financial year as our new brand, YML Group.

This year marks our 22-year business anniversary – 22 years, and now, a fresh new look. We started the business as a chartered accounting firm and today we are so proud to have grown this business into a comprehensive financial services organisation.

Many of you have come to know us through a single service – and we’re betting you’ve never realised that we offer so much more.

At YML Group, we’re proud to offer our clients expert advice on Accounting, Tax, Financial Planning, Super Solutions, and Business Services & Finance. Managing individuals and SME companies, YML’s dynamic team can assist you to reach your financial goals and maintain long-term financial success. We address our client’s needs holistically, and our information sharing practices ensures that we offer due consideration to all aspects of your individual and often unique financial situations.

YML Group is now built on five specialised divisions – meaning we offer individualised, integrated plans to satisfy any financial service you may require. If you’d like to learn a little more about YML Group, check out our short video here

We can assist you with:

[ezcol_2third]
Finance

• Arrange a Personal, Car, Residential or Commercial loan with YML
• Negotiate, refinance, and consolidate your financial position
• Discuss your financial security and Superannuation plan

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Business services

• Boost your Financial Performance
• Develop your Performance Management and Strategic Planning needs
• Assess your business Risk Management strategy

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Financial planning

• Develop your personalised portfolio and wealth creation strategy
• Plan for your retirement, make your estate arrangements
• Maximise your Superannuation, and insure against the unexpected

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Super solutions

• Develop your ideal investment plan, self-manage your super, and succeed with YML
• Learn how your super can buy you property
• Manage your audit, administration, and tax reporting

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Chartered accountants

• Plan, prepare, and lodge your tax returns with YML, advice included
• Overseas investor? We manage international tax, and connect businesses to Australia
• Our accountants cover all business needs, from Audits and Company Secretarial to business programs, valuations, and financial statements

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Our company’s recent name change and rebranding process means we may look a little different to you. You’ll notice changes to our look – from our stationery suite to our office signage and of course, our website

We’re excited about these changes, and we hope you are too – take a look and let us know what you think!

We’ll be offering all sorts of useful tips on our facebook page, plus you can check out the photos from our recent Launch Event (25/6). Like and share our Facebook page – we promise, you’ll be glad you did.

We’d also like to extend a warm welcome to Judy Swan, the newest addition to the YML family.
Judy Swan, principal solicitor and notary public, has joined YML Group to head up the YML Legal division – this is a great complimentary service to our financial services’. Welcome Judy! We look forward to a long and prosperous partnership.

As always, we know we wouldn’t be here today without you. YML Group would like to thank you for your loyalty, support, and partnership over the years. We look forward to doing some great business together in the coming months and years!

The YML Team

[/ezcol_2third]

[ezcol_1third_end]

+61 2 8383 4400
info@ymlgroup.com.au
www.ymlgroup.com.au

Turning Vision into Value

[/ezcol_1third_end]

YML Insight July 2015

In today’s meeting the Reserve Bank of Australia (RBA) decided to leave the cash rate unchanged at 2.00 per cent.

You’ve known us for years as Yoav Mark Lewis Chartered Accountants or as Acctpro, but we are proud to commence the new financial year as our new brand, YML Group.

This year marks our 22-year business anniversary – 22 years, and now, a fresh new look. We started the business as a chartered accounting firm and today we are so proud to have grown this business into a comprehensive financial services organisation.

Many of you have come to know us through a single service – and we’re betting you’ve never realised that we offer so much more.

At YML Group, we’re proud to offer our clients expert advice on Accounting, Tax, Financial Planning, Super Solutions, and Business Services & Finance. Managing individuals and SME companies, YML’s dynamic team can assist you to reach your financial goals and maintain long-term financial success. We address our client’s needs holistically, and our information sharing practices ensures that we offer due consideration to all aspects of your individual and often unique financial situations.

YML Group is now built on five specialised divisions – meaning we offer individualised, integrated plans to satisfy any financial service you may require. If you’d like to learn a little more about YML Group, check out our short video here

We can assist you with:

[ezcol_2third]
Finance

• Arrange a Personal, Car, Residential or Commercial loan with YML
• Negotiate, refinance, and consolidate your financial position
• Discuss your financial security and Superannuation plan

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Business services

• Boost your Financial Performance
• Develop your Performance Management and Strategic Planning needs
• Assess your business Risk Management strategy

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Financial planning

• Develop your personalised portfolio and wealth creation strategy
• Plan for your retirement, make your estate arrangements
• Maximise your Superannuation, and insure against the unexpected

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Super solutions

• Develop your ideal investment plan, self-manage your super, and succeed with YML
• Learn how your super can buy you property
• Manage your audit, administration, and tax reporting

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Chartered accountants

• Plan, prepare, and lodge your tax returns with YML, advice included
• Overseas investor? We manage international tax, and connect businesses to Australia
• Our accountants cover all business needs, from Audits and Company Secretarial to business programs, valuations, and financial statements

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Our company’s recent name change and rebranding process means we may look a little different to you. You’ll notice changes to our look – from our stationery suite to our office signage and of course, our website

We’re excited about these changes, and we hope you are too – take a look and let us know what you think!

We’ll be offering all sorts of useful tips on our facebook page, plus you can check out the photos from our recent Launch Event (25/6). Like and share our Facebook page – we promise, you’ll be glad you did.

We’d also like to extend a warm welcome to Judy Swan, the newest addition to the YML family.
Judy Swan, principal solicitor and notary public, has joined YML Group to head up the YML Legal division – this is a great complimentary service to our financial services’. Welcome Judy! We look forward to a long and prosperous partnership.

As always, we know we wouldn’t be here today without you. YML Group would like to thank you for your loyalty, support, and partnership over the years. We look forward to doing some great business together in the coming months and years!

The YML Team

[/ezcol_2third]

[ezcol_1third_end]

+61 2 8383 4400
info@ymlgroup.com.au
www.ymlgroup.com.au

Turning Vision into Value

[/ezcol_1third_end]

YML Insight July 2015

In today’s meeting the Reserve Bank of Australia (RBA) decided to leave the cash rate unchanged at 2.00 per cent.

You’ve known us for years as Yoav Mark Lewis Chartered Accountants or as Acctpro, but we are proud to commence the new financial year as our new brand, YML Group.

This year marks our 22-year business anniversary – 22 years, and now, a fresh new look. We started the business as a chartered accounting firm and today we are so proud to have grown this business into a comprehensive financial services organisation.

Many of you have come to know us through a single service – and we’re betting you’ve never realised that we offer so much more.

At YML Group, we’re proud to offer our clients expert advice on Accounting, Tax, Financial Planning, Super Solutions, and Business Services & Finance. Managing individuals and SME companies, YML’s dynamic team can assist you to reach your financial goals and maintain long-term financial success. We address our client’s needs holistically, and our information sharing practices ensures that we offer due consideration to all aspects of your individual and often unique financial situations.

YML Group is now built on five specialised divisions – meaning we offer individualised, integrated plans to satisfy any financial service you may require. If you’d like to learn a little more about YML Group, check out our short video here

We can assist you with:

[ezcol_2third]
Finance

• Arrange a Personal, Car, Residential or Commercial loan with YML
• Negotiate, refinance, and consolidate your financial position
• Discuss your financial security and Superannuation plan

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Business services

• Boost your Financial Performance
• Develop your Performance Management and Strategic Planning needs
• Assess your business Risk Management strategy

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Financial planning

• Develop your personalised portfolio and wealth creation strategy
• Plan for your retirement, make your estate arrangements
• Maximise your Superannuation, and insure against the unexpected

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Super solutions

• Develop your ideal investment plan, self-manage your super, and succeed with YML
• Learn how your super can buy you property
• Manage your audit, administration, and tax reporting

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Chartered accountants

• Plan, prepare, and lodge your tax returns with YML, advice included
• Overseas investor? We manage international tax, and connect businesses to Australia
• Our accountants cover all business needs, from Audits and Company Secretarial to business programs, valuations, and financial statements

[/ezcol_2third]

[ezcol_1third_end]

[/ezcol_1third_end]

[ezcol_2third]

Our company’s recent name change and rebranding process means we may look a little different to you. You’ll notice changes to our look – from our stationery suite to our office signage and of course, our website

We’re excited about these changes, and we hope you are too – take a look and let us know what you think!

We’ll be offering all sorts of useful tips on our facebook page, plus you can check out the photos from our recent Launch Event (25/6). Like and share our Facebook page – we promise, you’ll be glad you did.

We’d also like to extend a warm welcome to Judy Swan, the newest addition to the YML family.
Judy Swan, principal solicitor and notary public, has joined YML Group to head up the YML Legal division – this is a great complimentary service to our financial services’. Welcome Judy! We look forward to a long and prosperous partnership.

As always, we know we wouldn’t be here today without you. YML Group would like to thank you for your loyalty, support, and partnership over the years. We look forward to doing some great business together in the coming months and years!

The YML Team

[/ezcol_2third]

[ezcol_1third_end]

+61 2 8383 4400
info@ymlgroup.com.au
www.ymlgroup.com.au

Turning Vision into Value

[/ezcol_1third_end]

6 Things that Work Better in The Cloud

6 Things that Work Better in The Cloud

Is all the fuss about cloud computing really an indication of its popularity or worth? A new study by Emergent Research has found that the percentage of small businesses in the US expected to use cloud-based systems will more than double in the next six years, from 37% to 80%. That’s quite an increase, and shows just how prevalent cloud computing is becoming. Here are six reasons why it’s worth considering moving to the cloud.

1. Improved bookkeeping

A cloud system allows easy access and multi-level management of things such as payroll tax, transactions, client details, inventory and other accounting records. Cloud accounting systems, such as those used by Xero accountants, can automatically be set to pay taxes or invoices at a date that suits. This makes for a versatile one-stop-shop where the cloud system stores vital records, as well as allows alerts and payments to be set up and automated.

2. Multi-user access

The cloud allows access for any number of users to collaborate on projects, manage content and share documents. All editing of documents can be easily tracked in the history, and all updated data remains current and easily accessible from anywhere there is an internet connection.

3. Security and data recovery

It’s easy to become complacent about security and the safety of data, but it’s worth remembering that portable drives can be lost or stolen. Servers can crash. Networks can be attacked by malware or viruses. Electrical fires or water damage can gut a whole internal system.

These issues become much less risky with the cloud. Good cloud providers will regularly upgrade security in line with industry best practice, and will ideally offer 512-bit SSL encryption for safety. They will regularly back up all your data according to the needs of your business, so in case of disaster you’ll be able to instantly recover a recent system back up.

4. Storage

Storage is a major draw card for cloud systems. Remember the dark days of having to constantly upgrade your groaningly full storage systems? Or trying to predict how much data your network is likely to chew through for the next financial year? Or having to keep re-allocating resources for archiving records?

Agile cloud systems will store all your data and can keep expanding as needs demand.

They also make it more efficient to access files. For instance, instead of having to email large files that chew up the user’s inbox, you can simply share the file in the cloud with the appropriate recipients. Good systems will allow you to create your own data retention policies, and institute a system of data management that suits you.

5. Scalability

Cloud systems are by definition without boundaries. This means the system you choose can be expanded or shrunk depending on the needs of the business, so you can add more resources into the cloud whenever you need, without a costly refit of the IT system.

6. Save on resources

The cloud is low cost, efficient, and you only pay for what you use. Automatic and free software updates mean that you don’t have to keep forking out on new iterations of important tools. Because the cloud operator is responsible for all the functionality of the cloud, you are no longer spending on IT departments in the same way. The mobile nature of the cloud means you and your employees can access it anywhere, without having to purchase duplicate tools or hardware. Ultimately, it creates a level playing field, allowing small businesses to have all the same advantages of big business, without the operational costs.

Cloud-based solutions can help streamline your business processes, saving you valuable time and money. With cloud-based solutions becoming hard-wired across the small business sector, switching over now can help give your business a head start. If you’re looking to move to the cloud, or want a cloud accountant in Sydney, contact us.

Financial Future Checklist

Over-40 Financial Future Checklist

Are you aged 40 or over? How hard have you thought about your financial future? This is an excellent time for consolidation of all your hard work and assets. Try our over-40 financial security checklist, and see how you measure up. Do you….

• Have a savvy financial adviser?

Your financial adviser should be fully aware of your investment goals and be an expert in your particular investment interests. An astute adviser will help with unpicking the trends, and maximising your investment strategies. Set up regular meetings with them, and make sure to check ASIC records to ensure your chosen advisor has the right qualifications and track record.

• Have an innovative accountant?

How innovative is your accountant? Are they taking advantage of legitimate tax minimisation strategies? The ideal accountant should be a partner in wealth creation, not just managing your money but helping you to create extra revenue streams, through super fund investments for example. There are many good accounting firms in Sydney and the other capital cities that are worth examining if your current accountant doesn’t match up.

• Have a debt reduction plan?

This is crucial. Start paying cash wherever possible. Aim to keep all credit cards at zero each month. Plan to work off all other existing debts, such as mortgages, and prioritise in terms of which has the highest interest rates.

• Maintain your assets?

Once you’ve done a stocktake of your existing assets, it’s important to keep them in excellent condition. This covers everything from your house and car to any articles of high value that you’ve identified are assets unlikely to greatly depreciate.

• Have an emergency fund?

Make sure it’s stocked up and accessible. Budgeting a small amount of money each week into the fund ensures you’re covered in case of any unforeseen medical or other emergencies.

• Understand super performance?

Do you know how much money you will require in order to retire comfortably, depending on the lifestyle you want?

Make sure that you understand the investment products utilised by your super fund, and regularly monitor your account’s performance to ensure it is on track to meeting your goals.

You might also have multiple funds as a result of job-hopping in your 20s. It’s important to consolidate your super, and find the best product. This means you’re not paying fees for multiple funds, or old-style funds with inflexible investment options.

Finally, don’t discount the possibility of setting up a self managed super fund (SMSF). With the right advice and investment strategies, an SMSF can allow you to cherry-pick investment products that are tailored to suit your goals.

• Have multiple income streams for retirement?

What long-term investment products do you currently have that will be ripe for yield in twenty years? It’s also a good idea to diversify wherever possible, for instance having stock options as well as real estate. Look at what equity you can draw upon. Sometimes the modest but regular yearly turnover may be preferable to the high yielding but inconsistent product when planning for retirement.

• Have a business succession plan?

If you own a business it’s a good idea to start thinking about how it will tick over once you retire. Start thinking about a likely successor, and consolidating the business so its structure won’t be shaken up by your departure.

If you said yes to more than four of these, then you’re well on your way to being financially secure. If not, hopefully this checklist will act as a helpful guide as to where the gaps currently lie in safeguarding your future.